Siemens Ltd Management Discussions

Overview

From October 2024 through March 2026, the global economy navigated a prolonged phase of moderate growth, disinflation and elevated uncertainty. Entering late calendar year 2024, growth across major economies had already slowed below historical averages, driven by tight monetary conditions, weak global trade volumes and rising geopolitical fragmentation. The IMF projected global growth at around 3.3% in 2024, easing further to 3.2% in 2025 and 3.1% in 2026, underscoring a structurally softer growth trajectory compared to the pre-pandemic period. Growth across major economies remained uneven, shaped by ongoing geopolitical tensions – particularly in West Asia – supply chain disruptions, and elevated interest rate levels in advanced economies. While inflationary pressures showed signs of moderation globally, policy uncertainty and delayed monetary easing continued to weigh on investment sentiment and cross-border trade flows. Geopolitical risks and energy price volatility have been flagged as key factors influencing the global economy in early 2026.

Against this challenging global backdrop, India sustained its position as the fastest-growing major economy. As of April 2026, the Reserve Bank of India (RBI) projects Indias real GDP growth for the Financial Year 2024-26 (18 months) at 7.6%, supported by strong domestic demand, public infrastructure spending and resilient services activity.

Growth was broad-based. Indias industrial sector recorded moderate but uneven growth during the final quarter of Financial Year 2024-26. The Index of Industrial Production expanded by 4.1% year on year in March 2026 led by strong performance in manufacturing and capital goods.

Manufacturing activity remained in expansion territory but showed visible signs of softening toward March 2026. The HSBC India Manufacturing PMI averaged above the expansion threshold of 50 during January–March 2026, supported by strong domestic demand, technology investments and capacity utilization. However, the index eased to 53.9 in March 2026, its lowest level in nearly four years, weighed down by heightened cost pressures, global uncertainty and geopolitical disruptions affecting input supplies.

A number of core vertical segments that are part of the Companys key markets witnessed growth. These include data centers, power transmission and distribution, metals, cement, automotive, e-vehicles and pharmaceuticals. Financial Year 2024-26 also saw the emergence of new verticals such as semiconductors, batteries, electronics and green hydrogen. In the rail transportation segment, continued ordering was seen in rolling stock, signaling and electrification projects. The Company has a leadership position through its technologies and comprehensive product portfolio across industry, infrastructure and mobility. In Financial Year 2024-26, the businesses performed well despite a slowdown in ordering of industrial automation products on account of normalization of demand following shorter delivery cycles. During the Financial Year 2024-26, the Company continued to strengthen its strategic focus on technology-led areas. The Company reinforced its leadership across industry, infrastructure and mobility through project wins and flagship customer engagements, including the deployment of Industrial AI, digital twins, automation and electrification showcased at Transform – Siemens Innovation Day 2026. In Mobility, the Company advanced Indias rail modernization agenda through advanced signaling, electrification and high-performance locomotive technologies, including participation in Indias first high-speed rail corridor. The Company also expanded its digitalization footprint through Siemens Xcelerator-based deployments supporting efficiency, sustainability and scalability for customers, while continuing to secure strong order inflows across businesses. On August 8, 2025, the Board of Directors approved a change in the financial year of the Company from October – September to April – March. Accordingly, the Financial Year 2024-26 comprised eighteen months from October 1, 2024 to March 31, 2026. Consequently, the financial information for Financial Year 2024-26 is not comparable with that of the previous financial year, which covered a period of twelve months from October 1, 2023 to September 30, 2024. Percentages and growth rates, where presented, should therefore be read with this limitation in mind. During the Financial Year 2024-26 (18 months), New Orders increased by 43.7 percent at Rs. 338,678 million. Sales (excluding Other operating revenues) increased by 26.8 percent to Rs. 256,677 million. Profit after Tax (PAT) was at

Rs. 25,460 million. The above financial performance is for total operations of the Company.

The Companys Operating Profit Margin (percent) and Net Profit Margin (percent) for Financial Year 2024-26 was 10.4 and 9.9. The Companys Debtors Turnover stood at 6.7 times while Inventory Turnover was at 7.8 times. The current ratio was 2.7 and debt-equity ratio was 0.02.

The details of change in Return on Net Worth are as under:

Particulars	Financial	Financial
	Year 2024-26 (percent)	Year 2024 (percent)
Return on Net Worth (after tax)	17.7	18.9

DIGITAL INDUSTRIES

The Companys Digital Industries (DI) business provides technologies for automation and digitalization of discrete, hybrid and process industries, enabling customers to combine the real and digital worlds and advance their transformation into adaptive and sustainable digital enterprises. Its portfolio comprises industrial software, automation and drive technologies, supporting the manufacturing value chain from product design and engineering to production, operations and lifecycle optimization. Through Siemens Xcelerator and its Digital Enterprise solutions, the business helps industries, general engineering segments and original equipment manufacturers (OEMs) improve flexibility, productivity and efficiency, including those engaged in machine tools, printing, packaging and various other domains. The business environment is primarily driven by core sector industries. During the Financial Year 2024-26, the DI business operated in a stable demand environment, with customers increasingly prioritizing digital transformation, standardization and data driven operations over capacity expansion. Investments were driven by the need to enhance productivity, operational resilience and sustainability, particularly across brownfield manufacturing environments. The business supported customers in scaling digital solutions across plants and production lines, leveraging software, connected automation and real-time data analytics to enable faster, more informed decision making and continuous performance optimization. The year saw increased adoption of Industrial Edge, industrial software and digital twin technologies, enabling customers to virtualize assets, integrate IT and OT systems, and optimize processes across the manufacturing lifecycle. Solutions incorporating advanced analytics and AI-supported applications helped customers improve asset utilization, energy efficiency and quality, while ensuring secure and interoperable operations.

During the 18-month period, the Company further strengthened its partnerships across multiple industry verticals through software and services-led offerings. Key focus areas included Industrial Edge, IT/OT integration, Industrial Cybersecurity, Digital Twin and Industrial AI, with growing demand across renewables, metals, food & beverage, water & wastewater, machine building and other discrete and process industries. The business received several orders for automation, digitalization and customer services, including cybersecurity and IT/OT integration. DI also engaged customers through various industry platforms, highlighting advancements in AI enabled engineering, connected automation and software defined manufacturing.

For the Financial Year 2024-26, New Orders increased by 74.5 percent to Rs. 58,577 million, Sales (excluding Other Operating Revenues) increased by 45.1 percent to Rs. 56,995 million, while Profit from Operations stood at Rs. 3,042 million, compared to

Rs. 4,930 million in the previous year.

Outlook

Core industries continue to demonstrate steady growth, supported by infrastructure investments, and manufacturing- focused government initiatives. The emergence of sectors such as semiconductors, batteries and electronics presents additional opportunities for the DI business. With its strong portfolio of Digital Enterprise solutions, industrial software, connected automation, Industrial Edge, Industrial AI, cybersecurity and IT/OT integration, the DI business is well positioned to support Indian industries in improving competitiveness, resilience, and sustainability.

MOBILITY

The Companys Mobility business is constantly innovating its portfolio. Its core areas include rolling stock, rail automation and electrification, a comprehensive software portfolio, and turnkey systems as well as related services. With digital products and solutions, and the use of industrial AI, the business is enabling mobility operators to make their infrastructure intelligent, increase value sustainably over the entire lifecycle, enhance passenger experience, and guarantee availability.

Among the highlights of the Financial Year, the Mobility business secured an order from IRCON International Limited worth approximately Rs. 2,084 million for the electrification of the Sivok–Rangpo rail line. This is part of the first electrified rail line in the region, connecting Sikkim to the national rail grid.

Honble Prime Minister of India, Shri Narendra Modi, flagged off the first of the new D9 – 9000 HP electric locomotives at Indian Railways factory in Dahod, Gujarat. This follows the award to the Company in January 2023 for the design, engineering, manufacturing, and maintenance of 1,200 electric locomotives of 9000 horsepower (HP). The locomotives are equipped with Siemens Railigent X platform for predictive maintenance, ensuring the highest availability and performance.

A Siemens consortium is equipping Indias first High-Speed Rail project with advanced signaling and telecommunication technologies. The consortium, led by Dineshchandra R. Agrawal Infracon Private Limited, Siemens Limited, and Siemens Mobility GmbH, has been awarded a landmark contract by the National High Speed Rail Corporation Limited (NHSRCL), the implementing agency for the project. The order, valued at approximately Rs. 41,400 million, includes Siemens Limiteds share of Rs. 12,300 million for the design, installation, and long-term maintenance of advanced signaling and telecommunications technologies.

The Mobility business received two separate orders from Maharashtra Metro Rail Corporation Limited (MAHA-METRO), aggregating to approximately Rs. 7,873 million. These orders cover the design, manufacture, supply, installation, testing, and commissioning of Communication-Based Train Control (CBTC) signaling technology for the Nagpur Metro Rail Project Phase 2 (including augmentation of Phase 1), as well as advanced telecommunication technologies for the same phase.

This Mobility business also received an internal work allocation from its group company for manufacturing and supply of bogies, traction motors and gearboxes, valued at Rs. 18,250 million, on March 25, 2026.

The Mobility business executed several key landmark projects and installed state-of-the-art technologies across major projects, including the Ahmedabad Metro Rail Project – Phase II, the Udhampur–Srinagar–Baramulla Rail Link (including the longest rail tunnel of 12.8 kilometers in the Pir Panjal range at an altitude of approximately 1,700 meters above sea level), three new lines for the Kolkata Metro, and the Yellow Line for the Bengaluru Metro.

Siemens Limited showcased its comprehensive portfolio of next-generation rail technologies, infrastructure solutions, and digital innovations at the 16^th International Railway Equipment Exhibition (IREE) 2025, Asias largest event for the rail transportation sector. Under the banner ‘We Transform Mobility in India, Siemens demonstrated how it is enabling safer, greener, and more efficient transport systems through real-time digitalization, advanced electrification, and localized manufacturing. The Companys innovations support Indias goals of 100% railway electrification, net-zero emissions, and enhanced passenger convenience.

For the Financial Year, new orders increased by 153.2 percent to Rs. 79,207 million. Sales (excluding other operating revenues) increased by 72.8 percent to Rs. 46,982 million, while profit from operations stood at Rs. 2,608 million, compared to

Rs. 1,498 million in the previous year.

Outlook

The Union Budget 2026–27 has strengthened the overall outlook by reinforcing rail as a backbone of national infrastructure, spanning high-speed passenger corridors, freight-led logistics efficiency, and future-ready urban mobility. The focus of the business remains firmly on deploying advanced signaling, electrification, rolling stock, and rail infrastructure technologies that are digitally enabled, safety-led, and manufactured in India for India and the world. While the Mobility business participates in many of these opportunities, its order position remains largely dependent on the timing of when these opportunities are tendered.

SMART INFRASTRUCTURE

The Companys Smart Infrastructure (SI) business is the preferred technology partner for critical and premium infrastructure, enhancing the way people live and work, while significantly improving efficiency and sustainability. It is shaping the market for intelligent, adaptive infrastructure for today and the future. "Smart infrastructure is sustainable infrastructure." The business helps pave the way to an all-electric world by supporting the transition from fossil energy sources to renewable energy sources and enabling the growth of e mobility. The business also helps buildings – which account for 40 percent of the worlds energy use – become more human-centric and autonomous, and as a result, more sustainable.

SI provides customers with a comprehensive end-to-end automation and digitalization portfolio from a single source, encompassing products, software, systems, solutions, and services – from the point of power generation all the way to consumption. The SI business performed well during the Financial Year 2024-26, with increased demand from sectors such as grid infrastructure, including power utilities and renewables, urban infrastructure, including data centers and ports, industrial infrastructure, including minerals & metals and oil & gas, as well as emerging industries such as semiconductors. TheSIbusinessshowcaseditswiderangeofproducts,solutions, and services at industry events attended by decision-makers, policymakers, technology providers, ecosystem partners, and customers. This included Siemens Xcelerator offerings such as Building X, Electrification X, and Gridscale X, which help grid, urban, and industrial infrastructure customers on their digital transformation journeys. This resulted in appreciation from numerous customers for the impact created in addressing their operational challenges.

For the financial year, New Orders increased by 83.6 percent to

Rs. 134,523 million, Sales (excluding other operating revenues) increased by 74.7 percent to Rs. 111,790 million, while Profit from Operations stood at Rs. 15,045 million compared to

Rs. 9,077 million in the previous year.

Outlook

A significant contributor to the demand for Smart Infrastructure offerings is the rapid pace of Indias urbanization. Investments are expected to continue toward modernization of power distribution networks, integration of renewables, and expansion of e-charging infrastructure, driven by the increasing adoption of electric vehicles by both public transportation authorities and consumers. Urban infrastructure growth is also evident in the commercial buildings sector, transportation, and data centers. Indias data center capacity is set for accelerated growth and is expected to more than double by 2030, with significant capacity expansion already underway over the next three to four years. This growth is being driven by AI workloads, hyperscale cloud investments, and strong policy support. Continued expansion of manufacturing facilities is also anticipated, benefiting from investments in infrastructure such as minerals & metals and oil & gas, as well as new investments in emerging industries.

ENERGY

During the Financial Year 2024-26, the now-listed Siemens Energy India Limited was operating as a segment of the Company until February 28, 2025. During Financial Year 2024, the Board of Directors of Siemens Limited had approved the proposal to demerge its Energy business into a separate legal entity. Siemens Energy India Limited was subsequently listed in June 2025. As per the scheme of arrangement, shareholders of Siemens Limited received 1 (one) equity share of Siemens Energy India Limited for every 1 (one) equity share of Siemens Limited. The new entity is listed on the BSE Limited and National Stock Exchange of India Limited. The demerger has led to the creation of two strong and independent entities which are able to better address their respective markets and customers with a more focused approach.

For the period October 1, 2024 to February 28, 2025, Sales (excluding Other operating revenues) of the Energy business was Rs. 25,459 million and Profit from Operations was Rs. 5,636 million.

Portfolio Companies – Low Voltage Motors

Low Voltage Motors segment designs, researches, develops, tests, maintains, repairs, distributes, markets, offers for sale and sells low voltage AC motors designed for direct on-line applications or low voltage AC motors designed in their mechanical dimensions in accordance with the IEC Standard and with cooling fins at the motors surface, including the motor ranges 1LE7, 1SE0, 1LA2, 1PQ0, 1LA8, 1PQ8, 1MB7 and customized products 1PT0 and 1PC7, geared low voltage motors. It also provides customer services, spare parts and ancillary products related to these products.

In December 2025, the Company announced that its Board of Directors has approved the sale of its Low Voltage Motors businessasagoingconcernonaslumpsalebasis,toInnomotics India Private Limited for a consideration (enterprise value) of

Rs. 22,000 million, on a cash-free, debt-free basis, subject to mutually agreed adjustments. During the Financial Year 2024-26, Sales (excluding Other operating revenues) increased by 66.3 percent to Rs. 15,199 million. Profit from Operations was Rs. 710 million.

PEOPLE AND ORGANIZATION

Siemens Limited remains deeply committed to its people and to cultivating a strong, values driven organizational culture. The Company consistently prioritizes learning, wellbeing, and innovation, while fostering an inclusive environment and continuously enhancing the overall people experience across key moments. During the year, Siemens Limited hired employees across functions, with significant recruitment in manufacturing, engineering, and sales to support business growth.

To enable the Companys growth ambitions, our strategic people and organizational priorities were developed in close alignment with business priorities and strategic focus areas. The Company developed a comprehensive strategy focused on building strong leaders, fostering continuous learning, and creating an agile organization to support growth and was successful in advancing in its key strategic priorities. Several focused initiatives were undertaken to embed a customer-first mindset across the organization.

Learning has been a key focus pillar. Through learning interventions, people are empowered to grow, to gain not just skills for today, but skills for life in order to stay relevant and future ready. During the Financial Year 2024-26, the Company recorded over 330,000 cumulative hours of learning. Siemens Limited significantly strengthened its Learning & Growth agenda by scaling leadership capability-building and accelerating the development of future-ready skills across businesses. Flagship leadership development programs such as L.E.A.P., the Leadership Accelerator Program, and C.O.R.E. helped build a robust pipeline of leaders equipped to lead transformation, manage complexity, and drive growth at scale. Elevate was launched as a flagship leadership development program for 150 mid-level managers, focused on enhancing people development capabilities, enriching people experience, and driving operational excellence within teams. The Company also accelerated AI-led capability development through focused initiatives such as AI in Mobility and AI in Factories, innovating and prototyping AI into engineering, operations, and everyday work. Sales leaders and professionals were upskilled on developing a consultative mindset, vertical and digital acumen, and One Tech mindset to drive differentiated customer impact and profitable growth. Collectively, these initiatives reinforced a culture of continuous learning and lifelong skills development, while preparing leaders to successfully navigate transformation in the age of AI and digitalization. The Company leveraged Growth Talks as a means of driving a high-performance culture and honing the aspirations and interests of our people, while staying aligned with evolving expectations in a rapidly changing world. The Company continued to strengthen diversity, equity, and inclusion through its 4C approach – Commit, Connect, Collaborate, and Communicate – supported by initiatives such as Diversity Talks, theatre-based workshops, and the celebration of global awareness days. Through the university hiring program, 76% women were onboarded, strengthening diverse talent pipelines. The Smart Infrastructure business also launched SheImpact, an all women employee resource group, to further enhance inclusive people experiences. Through the bi annual Siemens Global Engagement Survey, the Company systematically monitors and strengthens an inclusive workplace culture and implements targeted interventions to foster belonging. This sense of belonging is believed to drive innovation and enhance business outcomes. Wellbeing of people remains a key priority for the Company. The holistic ‘We Care program exemplifies Siemens Limiteds commitment to employee wellbeing by encouraging open dialogue, offering extensive support resources, and promoting healthy work practices. Flexible mobile-working policies, leadership support initiatives, and comprehensive health and safety measures further underscore the Companys focus on creating a supportive, safe, and empowering workplace. The contribution and impact of the People & Organization team across all HR domains were further recognized when the team received the Golden Peacock Award 2025 for HR Excellence, reaffirming its role as a strategic partner to the business. The Company reported 6,346 number of employees as of March 31, 2026.

RISK & INTERNAL CONTROL

The Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting (ICFR). The ICFR is designed to provide reasonable assurance regarding reliability of financial reporting and preparation of financial statements for external purposes in accordance with applicable accounting principles and includes those policies and procedures that: Pertain to maintenance of records that in reasonable detail, accurately and fairly reflect the transactions and dispositions of assets of the Company; provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made in accordance with authorizations of management and directors of the Company; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Companys assets that could have a material effect on the financial statements. The Companys Management assessed the effectiveness of the Companys ICFR as of March 31, 2026. As a result of the evaluation, the Management has concluded that the Companys ICFR was effective in identifying deficiencies and there was no material weakness in financial reporting as of March 31, 2026. During the Financial Year 2024-26, the Company actively participated in industry forums of Enterprise Risk Managers.

The Risk and Internal Control team is actively involved in training and developing the employees of the Company to foster a conducive internal control environment and risk culture. The Siemens Enterprise Risk Register captures key points related to the risks that could impact the businesses and ensures that adequate mitigation measures are put in place and monitored.

COMPLIANCE

At Siemens Limited, active ownership and a strong culture of integrity define who we are as a technology-focused Company. Integrity is embedded at the core of everything we do and underpins the trust that stakeholders place in Siemens. The Company is widely recognized for its commitment to Reliability, Fairness, and Integrity, which guide our decisions, behaviors, and business conduct across all operations. Promoting Integrity means consistently acting in line with our core values of Responsible, Excellent, and Innovative. These values are translated into practice through the Companys Business Conduct Guidelines (BCG), which provide a unified framework for ethical and compliant business conduct. The BCG supports employees in applying Siemens values in their daily work, ensuring compliance with applicable laws and regulations, including anti corruption requirements and principles of fair competition.

As part of an integrated Compliance architecture, Siemens Limited maintains a 24/7 whistleblower system, "Tell Us", which enables employees, directors, and external stakeholders to report potential compliance concerns or violations. The system is operated by an independent external provider and allows for anonymous and confidential reporting, ensuring protection against retaliation and fostering a speak-up culture across the organization.

The Company continues to follow a clear zero-tolerance approach towards non-compliant behavior. Any violations are addressed through appropriate disciplinary measures, reinforcing Siemens commitment to "Clean Business – Everywhere, Every Time". Compliance governance and related activities are further detailed in the Business Responsibility and Sustainability Report, available on the Companys website at www.siemens.co.in. Recognizing its responsibility towards sustainable and ethical business practices, Siemens Limited remains committed to fostering a corruption-free environment. The Company actively promotes awareness on integrity and anti-corruption through internal programs as well as external engagement at public forums. By collaborating with like-minded organizations and sharing its compliance framework and experiences, Siemens demonstrates that ethical conduct and business success go hand in hand and contributes to the creation of a transparent and level playing field for businesses.

ENVIRONMENTAL PROTECTION, HEALTH MANAGEMENT AND SAFETY

TheCompanysEnvironmentalProtection,HealthManagement and Safety (EHS) performance is regularly reviewed by the Heads of Businesses, who actively promote EHS through continuous communication, periodic location and project site visits, and monitoring as an integral part of monthly business review meetings. The EHS performance is also appraised to the Board of Directors quarterly.

During the period, the Company reinforced its commitment to environmental protection, sustainability, employee wellbeing, and maintaining a safe and healthy workplace. To strengthen the safety culture across the organization, various campaigns on focused topics under the broader "Hamari Suraksha Hamara Sankalp" (Our Safety, Our Pledge) campaign continued to effectively promote safe work practices and behaviors by encouraging ownership and proactive safety measures. The Company continues to foster zero-harm culture through effective implementation of the

• CAPA (Corrective Action, Preventive Action) tracker initiative. 3 CAPA cycles focusing on 265 high-risk and high-frequency activities at factories, offices, project sites and service operations were implemented. This proactive continual process entailed revisit of processes by cross-functional teams, detailed reviews of risk assessments in close collaboration with subject matter experts and implementation of engineering controls wherever feasible.

• Under the implemented Contractor management process, strict assessment and monitoring continued to strengthen contractors safety compliance.

• Comprehensive Electrical Safety Guidelines were issued to reinforce safety in electrical operations across the Company.

• EHS oversight for service activities through the deployment of a digital solution was extended to service business units. SITRUST (Global Center of Competence for Safety Skilling, Innovation and Competency Development) imparts flagship programs in electrical technology, manufacturing and occupational safety by strong experienced trainers and high-impact agile training content on the philosophy of practical hands-on and experience-based learning. Through core, customized, and onsite programs, SITRUST trained more than 5,500 participants during the Financial Year 2024-26. To enhance safety competency in the eco-system, SITRUST extended its footprint at customers location by establishing a safety training center.

The Company maintained strong focus on employees psychosocial and physical wellbeing through preventive health check-ups across all locations and health camps at remote project sites. It also organized structured sensitization programs for managers, run in collaboration with the Employee Wellbeing and Assistance Partner, physical health education and mental health awareness sessions.

Employee engagement and fitness initiatives also continued. Walkathons held in across locations attracted over 1,900 participants, including family members. World Mental Health Day in October 2025 was marked through panel discussions and related sessions.

In recognition of its EHS initiatives and safety performance, the Company received more than 70 awards and appreciation from customers and industry bodies.

The Company complies with Extended Producer Responsibility (EPR) requirements for the collection and recycling of electrical and electronic waste, battery waste and plastic packaging waste. As of March 2026, the company had fulfilled the recycling targets under various applicable EPR, ~186 metric tons for e-waste, ~444 metric tons for packaging plastic and ~754 kg for battery waste.

World Environment Day was observed across factory and office locations through awareness sessions led by internal and external experts. The Company also conducted cleanup drives across project and factory locations, along with voluntary e-waste and battery collection drives that collected 110 kg of e-waste.

The Company has expanded its rooftop solar photovoltaic capacity at the Goa facility by 384 kWp, contributing to a total installed rooftop solar capacity exceeding 5.5 MWp across its Kalwa and Goa facilities. The Company generated and consumed over 7,161 MWh of solar energy from its rooftop installations. It also procured offsite solar power amounting to 8,398 MWh and Renewable Energy Certificates (RECs) amounting to 45,987 MWh, corresponding to an avoidance of over 32,650 tons of CO2 emissions.

As a result of these combined initiatives and in line with the Companys decarbonization strategy and its commitment to the RE100 initiative, 100% of the Companys total electricity consumption is procured as renewable energy (including sourcing of IRECs along with offsite and onsite solar).

The Company also implemented energy and process efficiency measures across manufacturing operations, resulting in electricity savings of over 950 MWh, equivalent to more than 670 tons of CO2 emissions. It continued efforts to conserve water and adopt alternative, reusable, and environmentally friendly packaging materials, reducing the use of plastic, wood, and cardboard packaging.

Further details are available in the Companys Business Responsibility and Sustainability Report and in "Annexure II – Conservation of Energy" of the Annual Report.

OUTLOOK

The global macroeconomic environment remains uncertain, with the ongoing conflict in West Asia emerging as a significant near-term risk to Indias growth trajectory. Elevated crude oil prices, supply chain disruptions, and higher logistics costs are expected to exert pressure on inflation, the current account deficit, and industrial input costs. Indias high dependence on imported energy continues to amplify these risks, with crude price volatility directly impacting fiscal balances and consumption demand. While Indias underlying macroeconomic fundamentals remain relatively strong, growth forecasts have moderated as higher energy prices and external uncertainties weigh on private consumption, investment sentiment, and sectoral profitability. In response, the Government of India has undertaken targeted measures to cushion the impact, including reductions in fuel taxes, export controls to ensure domestic supply, and efforts to diversify energy sourcing and strengthen strategic reserves. Monetary policy has remained calibrated, with a focus on balancing inflation risks and growth imperatives. Importantly, the current environment is also accelerating structural policy priorities – namely energy security, supply chain resilience, and domestic manufacturing competitiveness – alongside a sustained push toward electrification, clean energy, and digitalization. Against this backdrop, the medium- to long-term outlook for Siemens Limited remains positive. While short-term headwinds such as input cost volatility and slower private sector capex may impact execution cycles, the structural drivers underpinning the Companys portfolio are intact. Increased investments in energy transition, grid modernization, rail electrification, and smart infrastructure, coupled with rising demand for digitalization and automation across industry, are expected to create sustained growth opportunities. The ongoing realignment of policy and capital allocation toward resilient, efficient, and low-carbon systems positions Siemens Limited favorably to support Indias long-term development priorities while delivering value across its key business verticals. The Management of the Company believes that growth would be in line with the market in financial year 2027. Note: This report contains forward-looking statements based on beliefs of Siemens management. The words "anticipate," "believe," "estimate," "forecast," "expect," "intend," "plan," "should," and "project" are used to identify forward-looking statements. Such statements reflect the Companys current views with respect to future events and are subject to risks and uncertainties. Many factors could cause the actual result to be materially different, including, among other things, changes in general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products, lack of acceptance of new products or services, and changes in business strategy. Actual results may vary materially from those projected here. Siemens Limited does not intend to assume any obligation to update these forward-looking statements.

On behalf of the Board of Directors

For Siemens Limited

Deepak S. Parekh

Chairman

DIN – 00009078

Mumbai

May 26, 2026