Neutral Siemens Ltd For Target Rs. 5,750 by Motilal Oswal Financial Services Ltd

* We expect combined revenue (energy and non-energy) to remain flat YoY, with Energy segment growing 5% YoY but digital energy segments declining by 25% YoY. Key monitorables include the demand trajectory of the nonenergy segment, private capex pipeline, margin trajectory, and execution of the locomotive order.
* We expect total EBITDAM to contract ~160bp primarily due to low margin in the Digital industries segment, which had a high base in 2QFY24.
* Demand outlook from both the government and private sectors and export outlook to be monitored keenly.
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