ICICI Securities: Hold Siemens Energy India, Target Rs 3125

• ICICI Securities maintains a 'HOLD' rating on Siemens Energy India with an unchanged target price of INR 3,125.
• Siemens Energy India (SEI) has experienced a strong year, primarily driven by its transmission segment.
• SEI's margin expanded by 660bps over two years to 19.3%, attributed to a better mix, improved pricing, and rising export contribution, with expectations to sustain at ~20%.
• The company's order backlog significantly increased from INR 77bn in FY23 to INR 162bn in FY25.
• ICICI Securities anticipates strong transmission bidding activity of INR 0.8–1 trillion per annum over the next three years.

Why It Matters: It provides investment advice for Siemens Energy India shares.