ENRIN posted Q3 FY26 results that were ahead of estimates on all counts. Revenue growth was fueled by robust performance in both power transmission and power generation, and the EBIT margin recovered for the transmission segment while staying strong for generation.
Overall order inflows rose 3% year‑on‑year to INR34 billion, pushing the total order book to INR193 billion, a 16% increase. The growth was mainly driven by a 37% year‑on‑year rise in transmission inflows to INR24 billion, whereas generation inflows fell 10% year‑on‑year to INR10 billion.
Exports now make up 28.4% of total revenue in the first nine months of FY26, up from 21.4% in the same period of FY25. ENRIN is expected to continue benefiting from domestic and export‑led opportunities in renewables, data centres and steam turbines.
We have revised our FY26/27/28 estimates by +7%/-1%/-1% to reflect the 9MFY26 performance. The recommendation remains BUY with a revised target price of INR4,100 (up from INR3,950), implying a 55‑times two‑year forward earnings multiple.
Siemens Energy India is currently trading at 53.2x/43.6x P/E on FY27/28 earnings estimates. We have marginally revised our FY26/27/28 estimates by +7%/-1%/-1% and keep a BUY stance with a target price of INR4,100, based on a roll‑forward to a 55‑times multiple on September 2028 earnings.
In summary, both ENRIN and Siemens Energy India show a positive outlook, with ENRIN’s strong Q3 performance and Siemens Energy India’s steady valuation reinforcing confidence in their growth prospects.