Siemens Ltd. is expected to gain from India’s robust railway capital expenditure, including electrification projects, the 'Kavach' automatic train collision avoidance system, and rolling stock expansions, according to Nomura analysts. The company’s management is targeting sales growth at twice the pace of India’s real GDP. Siemens’ Indian subsidiary is currently participating in a major tender valued at approximately INR 210 billion. Nomura has raised its FY 2026-27 earnings forecast for Siemens Ltd. by 3%, upgraded the stock rating from “reduce” to “neutral,” and increased the target price from INR 2,780 to INR 3,325. The shares were 0.9% lower at INR 3,204.75.