Siemens Limited (SIEMENS.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-53.4%

₹1,584.64

vs ₹3,398.80 price

Levered DCF

₹1,311.66

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	52.89×	49.36×	34.64×	40.61×	38.25×	30.39×	24.69×	19.33×
P/B	8.41×	8.73×	5.19×	4.41×	3.81×	2.46×	3×	2.1×
P/S	6.41×	6.03×	3.47×	3.18×	2.98×	2.35×	2.07×	1.36×
EV / EBITDA	42.34×	42.58×	27.12×	26.71×	25.8×	17.31×	17.41×	10.28×
Gross margin	19.1%	31.8%	30.7%	31.1%	31.0%	35.2%	31.7%	31.6%
Operating margin	9.9%	20.8%	19.6%	19.6%	18.4%	20.8%	19.4%	19.3%
Net margin	12.1%	12.2%	10.0%	9.6%	8.2%	7.7%	8.4%	7.0%
Current ratio	2.54×	2.26×	2.06×	1.91×	1.92×	2.17×	2.1×	1.94×
Debt / equity	0.01×	0.02×	0.01×	0.02×	0.02×	0.02×	0×	0×
Interest coverage	114.35×	46.09×	61.48×	46.74×	46.06×	43.13×	92.66×	90.31×
Dividend yield	0.4%	0.3%	0.5%	0.6%	0.6%	1.3%	1.1%	1.7%
Payout ratio	20.3%	13.1%	18.2%	18.5%	22.9%	39.1%	27.3%	33.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.9%	17.7%	15.0%	13.3%	10.5%	8.1%	12.2%	10.9%
Return on invested capital	9.1%	20.8%	20.7%	19.1%	16.0%	15.2%	18.0%	18.2%
Return on assets	10.5%	10.7%	8.8%	7.7%	6.1%	4.8%	7.2%	6.3%
Free cash flow yield	0.5%	1.0%	1.8%	1.6%	3.3%	3.0%	4.3%	-0.5%
Earnings yield	1.9%	2.0%	2.9%	3.0%	2.8%	3.3%	4.1%	5.2%
Enterprise value	₹1.1T	₹1.3T	₹669B	₹504.3B	₹391.6B	₹216.5B	₹264.3B	₹148.6B
Net debt / EBITDA	-0.6×	-0.5×	-0.41×	-0.43×	-0.15×	-1.37×	-0.47×	-1.77×
Cash conversion cycle (days)	83	74	71	72	82	74	80	82