Siemens reported a robust 11.3% YoY revenue growth and a 246bps YoY EBITDA margin expansion, driven by strong demand in its Energy, Smart Infrastructure, and Mobility segments, despite challenges in Digital Industries. The company is strategically demerging its Energy business to enhance shareholder value and has announced a capex of ~Rs1.0bn for capacity expansion. Maintaining an 'Accumulate' rating, the target price is revised to Rs7,716, reflecting a P/E of 73x for Sep-26E.