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Siemens Energy India (ENRIN) reported a 26% year-over-year revenue increase to Rs 19.1 billion and an EBITDA margin of 20.5%. The Power Transmission segment grew by 34%, contributing ~59% to revenue, while Power Generation rose by 16%.

The order book increased by ~38% to Rs 176 billion. ENRIN will expand power transformer capacity by 30,000 MVA. However, recent competition in VSC HVDC projects may limit future opportunities. Prabhudas Lilladher maintains an 'Accumulate' rating with a target price of Rs 3,145.