Prabhudas Lilladher: Siemens Energy India 'Accumulate', Rs 3312 Target

• Prabhudas Lilladher recommends 'Accumulate' for Siemens Energy India with a target price of Rs 3,312.
• The Power Transmission segment expects continued growth, driven by STATCOMs with an annual tender pipeline of 8-10 projects.
• Growth in Power Generation is anticipated from steady demand in sectors like cement, steel, and paper & pulp, supported by large service contracts.
• A key constraint is the limited visibility of VSC HVDC projects in India, materializing roughly once every two years.
• The target price was revised downwards from Rs 3,566 to Rs 3,312 due to the limited VSC HVDC pipeline.

Why It Matters: This report gives investment advice for Siemens Energy India.