Railways’ electric locomotives project powers Siemens, brokerages see 20% upside

Macquarie has an ‘outperform’ call on the stock with a target price of Rs 3,120

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The share price of Siemens gained over 6 percent on December 7 after the engineering company said it emerged as the lowest bidder for manufacturing 1,200 electric locomotives for the India Railways. The cost of the project is reportedly around Rs 20,000 crore.

At 1 pm, the stock was quoting at Rs 2,938 on the National Stock Exchange, up by 6.33 percent from the previous day. Trading volumes on the exchange stood at 21.6 lakh, over 5x higher than 20-day average volume of 368,271.

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Prime Minister Narendra Modi in April laid the foundation stone for the manufacturing project of 9,000 HP electric locomotives at the railway production unit in Gujarat’s Dahod.

The locomotives will be manufactured at the facility in 11 years from 2023-24 to 2033-34. The railways expects delivery of the first locomotive in early 2024.

Antique Stock broking believes that Siemens will emerge as one of the biggest beneficiaries of the upcoming railway capex and thus maintains its positive stance with a “buy” rating and target price of Rs 3,500 a share.

“Siemens has developed an entire gamut of railway products comprising signalling and electrification, propulsion units, bogies, electrical products to take advantage of this capex,” the broking firm said.

Also Read: Santa rally for Railway stocks | Tactical bets ahead of upcoming Union Budget spur buying

Foreign brokerage Macquarie also has an “outperform” call on the stock, with a target price of Rs 3,120 apiece.

“Dahod order would be substantially higher than current order backlog. We are baking in a 23 percent order inflow CAGR for mobility segment over FY21–25,” it said.

At the end of September quarter, the company’s total order book stood at Rs 17,183 crore. Profit after tax increased 23 percent year-on-year to Rs 392 crore.

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