Siemens bets on private capex revival in India, sees local businesses leapfrog to AI-led automation

₹8.44 trillion) universe and, like several other MNCs, is its fastest-growing market.And now, after years of waiting, the one missing ingredient in India may finally be arriving for Siemens. The government's reductions in income tax and good and services tax (GST) rates are beginning to stir private consumption, and Mathur believes that by April the first real signs of a revival in private sector capital expenditure should be visible.The investment community has taken notice.

In a 15 December, 2025 note titled "Ready to Roll," ICICI Securities upgraded Siemens shares to a buy with a revised target price of ₹3,700 each, arguing that earnings are likely to grow more than 15% over the next two years. Analyst Mohit Kumar, who had earlier put the stock on hold, concluded that a strong order book in the company's smart infrastructure and mobility businesses, an uptick in margins led by the locomotive ramp-up, and the exit from the low-margin low-voltage motors business together create a case for re-rating the stock.At the recent Siemens Transform event in Mumbai, Peter Koerte, Siemens AG's chief product officer (CPO) and Mathur, managing director and chief executive officer (CEO) of Siemens Ltd, in an exclusive conversation with Mint, laid out a vision to capture the shifts reshaping the industry globally.Mathur has long argued that India's growth story is structural, not cyclical.

At an analyst meet post announcing Siemens Ltd's FY2025 results, he pointed to the macro economy: “6.5% growth, from my perspective, is more or less a given. The question is, can we get to 7-7.5%?”He pointed to the government's twin interventions in reducing income tax and GST rates as the catalysts that could unlock the private consumption cycle