| Results date | November 06, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 4,714 Cr (+14.8% YoY) |
| Previous quarter PAT | Rs. 343 Cr (vs Rs. 422 Cr) |
| Market cap | Rs. 124,962.69 Cr |
| CMP | Rs. 3,509.0 |
Per the board-meeting intimation, the Board meets November 6, 2026 to consider the unaudited results for the quarter/half-year ended September 30, 2026. The intimation was filed by Company Secretary Ketan Nandkishor Thaker.
The quarter is a test of whether Siemens' two lagged price increases (a 3-4 month lag on profitability) can lift margins against input costs that stayed at or near record highs through July-September 2026 — LME copper was up 46.3% YoY as of 21 August and peaked at $14,617/t on 8 September, while silver peaked at $71.20/oz on 28 August.
The euro-linked headwind persisted too, with EUR/INR elevated around Rs. 109.7-112 through July-August, and management has said it cannot fully pass on the 20% foreign exchange impact and the 50-150% surge in copper and silver costs. Demand, by contrast, is not the question: electrical-equipment IIP output grew 28.3% in July, 30.9% in August and 33.9% in September 2026, and the company enters the quarter with a record order backlog of Rs. 46,670 Cr (+9.6%) after Q1 revenue growth of 14.8% YoY.
Against guidance, Digital Industries printed a 5.15% EBIT margin in Q1, below its open-ended 6-8% band, so Q2 is the check on whether lagged price increases restore the band, while Mobility's 'double-digit going forward' revenue path and margin expansion toward the ~10% global benchmark are tracked against the 40 to 80 to 100 to 160 locomotive delivery ramp.
Data centres — roughly 12-15% of the order book — remain a fast-growing vertical, with India's operational capacity at 1,789 MW at H1 2026 and a 3,860 MW pipeline to 2030 per Cushman & Wakefield.
Margin recovery vs the commodity/FX drag: Q1 FY27 profit-from-operations margin was 7.6% vs 11.0% a year ago.
Mobility ramp and railway tender conversions
Order intake, backlog and data-centre share
LVM, SRAPL and C&S Electric corporate actions
Capacity and demand signals
Management has guided to 'significant growth in the next couple of years. Definitely double-digit going forward', tied to the 9,000 HP locomotive delivery ramp of 40, then 80, then 100, then 160 units. It declined to guide to a specific long-term revenue CAGR, citing short-term visibility and dependence on private CapEx timing.
Management has given an open-ended guidance of 6-8% operating margins for Digital Industries, stressing the band is transfer-price driven. Past peak margins reflected special supply-chain circumstances, and Q1 FY27's DI EBIT margin printed at 5.15%, below the band.
Management attributed the pressure to a 45% rise in copper prices, a 160% rise in silver and 18% INR depreciation vs the euro, with supplier price increases it 'couldn't completely pass on to the market'. Two price increases have been implemented, but their benefit comes with a 3-4 month lag on profitability.
Management sized data centres at approximately 12-15% of the order book and called it one of the fastest-growing businesses, aided by AI-driven demand. It committed to verifying the exact figure excluding the large bogie order, a follow-up item for the upcoming call.
The slump sale of the India LVM business to Innomotics India Private Limited completed on June 1, 2026 for an enterprise cash consideration of Rs. 22,000 Mn (Rs. 2,200 Cr). A provisional gain of Rs. 20,990 Mn (Rs. 2,099 Cr) was recorded in discontinued operations, with the final gain still to be confirmed.
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