Buy Siemens Energy India Ltd for the Target Rs. 3,800 by Motilal Oswal Financial Services Ltd

* We expect revenue to decline 2% YoY on a high base.
* Key monitorables include the status of capacity expansion, HVDC orders and margin trajectory.
* T&D sector ordering and execution ramp-up on commissioning of additional capacities will be in focus.
* We expect EBITDA margin to expand ~250bp YoY, with sequential improvement expected in power transmission and generation on better pricing.
* TP was increased to INR3,800 to factor in better execution.
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