Siemens India faced a rough trading day on December 20, as its stock tumbled 10%, hitting a one-month low of ₹6,868 per share. This marks the company’s sharpest intraday fall since June, following a lackluster September quarter earnings call. For the September quarter, Siemens reported a revenue of ₹5,894 crore, an 11% increase from ₹5,297 crore a year ago. Despite strong fundamentals and growth in new orders, Siemens faces short-term challenges, including private capex unevenness, supply chain constraints, and margin pressures in certain segments. The Digital Industries division is grappling with a global semiconductor shortage and customer destocking, which have pressured margins and created an unfavorable product mix. The management anticipates a recovery in this segment as destocking trends subside. The management highlighted that private capital expenditure (capex) remains uneven, with robust investments in emerging areas like semiconductors and batteries but sluggish activity in traditional technologies. Siemens announced an additional ₹100 crore capex to expand its power transformer factory in Kalwa, bringing the total investment to ₹460 crore.