Transcript of 68th Annual General Meeting

Moderator

Good afternoon, dear shareholders, and a very warm welcome to the

68th Annual General Meeting of the shareholders of Siemens Limited through video conferencing. As a reminder, for the smooth conduct of the meeting, the speaker shareholders will be on mute mode, and audio and video will only be enabled when they will speak at the meeting as per their pre-registration. I will now hand over the proceedings to Mr. Deepak

Parekh, the Chairman of the Company.

Deepak Parekh

Thank you, Praneet. Good afternoon, dear shareholders. On behalf of the

Board of Directors of Siemens Limited and on my behalf, I extend a hearty welcome to all of you to the 68th Annual General Meeting of the Company being conducted through video conferencing. Since the requisite quorum is present, I call this meeting to order.

With me present here in the Siemens office in Mumbai are our Directors,

Mr. Shyamak Tata, Mr. Anami Roy, Mr. Matthias Rebellius, Mr. Tim Holt,

Mr. Juergen Wagner, Mr. Sunil Mathur, and Mr. Wolfgang Wrumnig, and the Company Secretary, Mr. Ketan Thaker. Also in attendance are the representatives of the Statutory Auditors, Secretarial Auditors, and the

Scrutinizer. Ms. Sindhu Gangadharan, Independent Director of the

Company, is unable to attend the AGM due to a prior commitment.

The Company has received three letters of representation from shareholders holding 75% of the paid-up share capital of the Company.

The registers and other documents as required under the Companies Act,

2013, are open for inspection through the electronic mode. The Company has taken adequate steps and efforts to enable its members to participate and vote on resolutions being considered at this AGM.

Change in the financial year of your Company: During the year, the Board approved a change in the Company's financial year from October to

September cycle to April to March cycle, effective April 1, 2026.

Accordingly, the Company observed a one-time transitional financial year of 18 months from October 1, 2024, to March 31, 2026. The Company on

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14th May 2026 received approval from the Regional Director, Ministry of

Corporate Affairs, in this connection.

On the basis of the Company's application for seeking an extension for convening and conducting its 68th Annual General Meeting, the Registrar of Companies, Mumbai, Ministry of Corporate Affairs, vide its order dated

25th May 2026, has granted a three months extension from 11th May 2026 for holding this 68th Annual General Meeting.

In accordance with the circulars issued by the Ministry of Corporate Affairs, the Annual Report and the Notice of the 68th AGM of the Company were sent through email to those members whose email addresses were registered. As per SEBI listing requirements, the Company has also sent a letter providing the web link, including the exact path where complete details of the Annual Report are available to those members whose email addresses were not registered.

Since there are no qualifications, observations, or comments on the financial transactions or matters which have any adverse effect on the functioning of the Company in the Statutory Auditor's Report and the

Secretarial Auditor's Report, the same are not required to be read.

Let me now update you on a few key topics. I am sure you must have read the Annual Financial Statements of your Company for the last Financial

Year. All the major events and developments of the Company during the

18-month financial year ending 31st March are given in detail in the Annual

Report 2026. Let me share with you a few highlights.

The Company delivered a resilient performance across businesses, supported by strong demand across key sectors such as data centers, mobility, power distribution, automotive, metals, and pharmaceuticals, alongside emerging opportunities in semiconductors, batteries, and green hydrogen. A particularly proud moment for Siemens was the flagging off by the Honorable Prime Minister of India, Shri Narendra Modi, of the first of the new 9,000 HP D9 electric locomotives for Indian Railways from the

Dahod factory in Gujarat.

Among key highlights, the Company received large orders for signaling and train control technologies for the Mumbai-Ahmedabad high-speed rail corridor and Nagpur Metro. The Company received several orders for automation, digitalization, and customer services, including cybersecurity and IT-OT integration.

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The Company demonstrated technology leadership at Transform Siemens

Innovation Day 2026, its flagship customer event. The event brought together industry leaders, policymakers, partners, and technology experts and showcased how the Company is translating advanced technologies into real-world outcomes across industrial infrastructure and mobility sectors.

With over 700 digital references deployed in India in collaboration with

25 ecosystem partners, the Company demonstrated how AI, automation, software, and electrification are helping customers improve productivity, reduce downtime, and lower energy intensity. These technologies also shorten design-to-production cycles through digital twins and simulation, while enhancing asset performance and resilience across factories, infrastructure, and utilities.

Coming to the total operations of the Company for the financial year

2024-2026, the Company received new orders of INR 33,868 crores. The order backlog as of 31st March 2026 stood at INR 43,430 crores. Sales, excluding other operating revenues, were at INR25,868 crores.

Profit from operations stood at INR 2,724 crores. The Company's profit before tax stood at INR 3,369 crores, and the profit after tax for the financial year was INR 2,546 crores. The Board of Directors of the Company have recommended a dividend of INR 18 per share of face value of INR 2 each for the 18-month financial year ending March 31, 2026.

Demerger of energy business

The Company has after receipt of necessary approvals, demerged its energy business into Siemens Energy

India Limited with effect from 25th March 2025, with the appointed date being 1st March 2025, as per the scheme of arrangement. As per the scheme, Siemens Energy in April 2025 allotted one fully paid-up equity share of face value of INR 2 each for every one fully paid-up equity share of the value of INR 2 each to the shareholders of the Company and cancellation of the entire pre-scheme share capital held by the Company.

Consequently, Siemens Energy ceased to be a wholly owned subsidiary of the Company with effect from 14th April 2025. The equity shares of

Siemens Energy got listed on the Bombay Stock Exchange and the

National Stock Exchange in mid-June 2025.

Macro-economy

Financial year 2024-2026 marked a period of transition and resilience for the Company, set against a global backdrop of moderate

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Siemens Limited - 68th Annual General Meeting - August 11, 2026 growth, persistent geopolitical uncertainty, and evolving economic dynamics. Global growth was impacted due to supply chain disruptions, tariff and commodity price increases, and exchange rate volatility, leading to increasing levels of inflation.

Despite this environment, India continued to outperform as one of the fastest-growing major economies, supported by strong domestic demand, sustained public infrastructure spending, and expanding manufacturing and digital capabilities. Against this backdrop, the Company's businesses performed well, as is evident in the Company's strong performance in new orders, revenue, and net profit in the financial year 2024-2026.

Let me now share the highlights of the first quarter ended 30th June. The

Company received new orders of INR5,493 crores, an increase of 11.7% over the same quarter in the preceding year. The Company's revenue was

15.6% higher at INR4,195 crores, while profit after tax was lower by 12% at INR323 crores over the same period last year.

Sale of the low voltage motor business

On the basis of approval granted by the Board of Directors of the Company at its meeting on 8th December

2025, the Company on 1st June 2026 has sold and transferred its low voltage motors and geared motors businesses, including the related customer service operations, via a slump sale to Innomotics India Private

Limited for a cash consideration enterprise value of INR 2,200 crores on a cash-free, debt-free basis and subject to mutually agreed adjustments. On the basis of the preliminary sale consideration, a provisional gain of

INR 2,099 crores has been recognized during the quarter ended

30th June.

The Board of Directors, on the basis of the recommendations of the Audit

Committee and the Committee of Directors on 26th May 2026, approved the scheme of amalgamation of Siemens Rail Automation Private Limited, a wholly owned subsidiary of the Company, with the Company. The scheme of amalgamation is subject to receipt of requisite approvals.

Changes in the Board of Directors

Let me now inform you about the upcoming changes in the Company's Board of Directors. Mr. Tim Holt does not seek reappointment as a director of the Company on account of his other commitments. Accordingly, he will cease to be a director of the

Company upon conclusion of this AGM. The vacancy arising from

Mr. Holt's retirement is proposed not to be filled up.

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Mr. Matthias Rebellius, Special Director nominee of Siemens AG, is retiring from Siemens AG. Consequently, he has tendered his resignation from the Company's Board as a nominee of Siemens AG, effective close of business hours on 30th September 2026. The Board, based on the recommendations of the NRC, recommends the appointment of

Ms. Veronika Bienert as a Special Director nominee of Siemens AG, Non-

Executive Non-Independent Director on the Company's Board of Directors with effect from 1st October 2026, and Mr. Michael Peter as a Non-

Executive Non-Independent Director on the Company's Board with effect from 12th August 2026.

Ms. Bienert is a member of the Managing Board of Siemens AG and serves as a Chief Financial Officer, while Mr. Peter is the Chief Executive Officer of Siemens Mobility and Managing Director of Siemens Mobility Germany.

On your behalf, and on behalf of all the directors, I would like to place on record our gratitude, our sincere gratitude to Mr. Rebellius and Mr. Holt for their wise counsel, guidance, contribution, support, and everything that they have given and provided to this Company during their respective tenures. Thank you, Mr. Holt. Thank you, Mr. Rebellius.

Last but not the least, I must thank all the members on the Board for their excellent contribution and support. I wish to place on record our appreciation to all the shareholders of the Company, our employees, customers, suppliers, and to other stakeholders. Thank you.

Coming back to the businesses to be transacted at the AGM, the Company has provided remote e-voting facility to all its members to cast their vote on the 8 resolutions forming part of the 68th AGM notice. I hope that you have read the annual report as well as the notice convening this AGM and the explanatory statement and that you are aware of these resolutions proposed for consideration at this meeting. With your permission, I take the notice as read.

I would now like to invite questions from the members who have registered themselves to speak at this meeting. May I please request you to be brief and restrict your questions to the matters as set out in the notice of the

AGM and the operations of your Company for the last year.

As we have many speakers, I would request you to restrict your speech.

Sunil Mathur and I will answer your queries after all members have asked

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Siemens Limited - 68th Annual General Meeting - August 11, 2026 their questions. I shall now request the moderator to read out the names of the speaker members, please. Thank you.

Moderator

Thank you, Chairman sir. I will now invite our first speaker shareholder,

Mr. Murli Dhar Talreja. Please go ahead and ask his question, please,

Mr. Murli Dhar Talreja. Mr. Talreja, are you able to hear us? Yes, please go ahead, Mr. Talreja. Chairman sir, I think there is a technical issue at

Mr. Murli's end. With your permission, I'm proceeding ahead. May I now invite Ms. H.S. Patel to please go ahead and ask a question, please? Ms.

H.S. Patel.

H.S. Patel

Hello?

Moderator

Yes, Ms. Patel. Please go ahead.

H.S. Patel

Thank you. Respected Chairman, Mr. Deepak Parekh ji, MD and CEO

Sunil Mathur ji, our CFO Mr. Wolfgang Wrumnig, and our Company

Secretary. Thank you very much, Company Secretary, for giving me an opportunity to speak at this AGM. I thank not only the Chairman, but not only the Company Secretary but the entire department for -- the secretarial team for helping me out in joining and conducting and giving me a chance to speak at this AGM.

Sir, this is the 68th AGM. Today the share price quoted, it was much fluctuating, very much fluctuating, between 3886 and 3914, quite fluctuating. You are giving us a dividend of INR18. This is to thank the management, the Board of Directors, and all the employees who have worked very hard in giving us good results. This is the 6.5 decades plus 3 years -- sorry, plus 3 months, 6.5 decades plus 3 months of this AGM. And the Company is doing very well, extremely well in our India.

Congratulations for long presence in our India and helping India with electrification and automation and digital transformation. Under your able leadership, sir, we are rapidly changing. Siemens has changed itself very long. A very good -- in fact, Siemens has been a very good investment for the shareholders. It has a very strong market fundamental and solid pipeline orders.

But the price-to-earnings ratio is a little bit fluctuating. It makes the buyers and the analysts turn a little opposite. It has a very strong order book, strong inflows, with equally very strong robust execution of orders. The

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Company offers a low dividend but is very much concentrated on the enormous market growth.

Thank you very much, Board of Directors. I put forth my few questions.

What are the key factors that would affect our operating margins in moving further? How much are we going ahead in completion of new orders? Is there any hindrance or any pressure in completing our new order book?

How much are we planning to expand over our manufacturing units? How much will be our capital allocation used for this expansion? Along with expansion, how would you balance our new acquisitions and investments all together?

Sir, in Euro market, the price quoted today was 276 downturn, posting of high record overall profit, very strong project, and because of the digital and data center and electrification and automation. It is a very strong market that Siemens is having in India. Sir, I would like to just a little – just

2 little points I would like to strike over here. Sir, can we not go in for -- one minute, please hold on, just a minute.

Yeah, I would like to stress here that we should go in mainly for virtual meetings. Please don't -- I request the Board of Directors, please do not go in for physical meetings or hybrid meetings. Physical meetings, ladies are very much cheated and pushed in the physical meeting. And hybrid meeting is also not so convenient. Virtual meeting is very good. People not only from Mumbai or from whole of India or even from abroad, they can participate in the meeting. It is very helpful and very useful to all people around India and around the world to participate in our Siemens India.

And also, please don't split the shares. Let our share price go high and high. I would also feel that sometimes our share price should touch almost like the tire Company and other high hybrid Company. So I personally feel that there should be no split of shares. Also, I request the Company, the

Board of Directors, that can we not associate in our Board of Directors, like, we have people, Nusli Wadia, or we can have Mr. Noel Tata on the

Board of Siemens? Why can't we have them? We can have Mr. Nusli

Wadia or we can have our Mr. Nadir Godrej in the Company if the Board of Directors grant this. Please, I request.

I'm Mrs. Patel, I'm from Mumbai, and I wish all the employees and all the

Board of Directors and the management team all the very best.

Congratulations and good luck to all of you. All the best to you.

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Deepak Parekh

Thank you, Ms. Patel.

Moderator

Chairman sir, our third registered speaker shareholder, Mr. Dinesh Bhatia, hasn't yet logged in. So I’ll now invite our fourth speaker shareholder, Mr.

Bimal Kumar Agarwal. Mr. Bimal Kumar Agarwal, please go ahead and ask your question. Yes, Mr. Agarwal, are you able to hear us?

Bimal Kumar Agarwal

Hello, can you hear me, sir?

Moderator

Yes, please go ahead.

Bimal Kumar Agarwal

Good afternoon to you. Sir, good afternoon to you. Good evening, good night, and good morning to the other directors or other shareholders who have joined from the different parts of the world. Sir, I've got only one question. If dividend declared, like Reliance is giving a payout on the same day, our Company should also have a policy to give the dividend payout on the same day. That's all from me. Thank you very much.

And please continue video conference. If possible, try to arrange a plant visit. For a long time, we have not gone for the plant visit. That's all from me. Thank you very much. I hope we'll get the dividend from next year on the same day, if not this year.

Moderator

Chairman sir, our fifth registered speaker shareholder, Mr. Jahangir

Batiwala, hasn't logged in yet. Hence, I now invite Mr. Manoj Kumar Gupta to please go ahead and ask his question, please. Mr. Manoj Kumar Gupta.

Manoj Kumar Gupta

Hello?

Moderator

Yes, Mr. Gupta. Please go ahead.

Manoj Kumar Gupta

Hello?

Deepak Parekh

Yes, we can hear you, Manoj. Go ahead.

Manoj Kumar Gupta

Yeah, good afternoon, respected Chairman, Board of Directors, fellow shareholders. My name is Manoj Kumar Gupta. I've joined this meeting from my residence, City of Joy, Kolkata. I feel proud to see you as our

Chairman. I always wish to God for your healthy and prosperous safe long life.

And sir, I believe that you will continue as Chairman of Siemens in 100 years. And sir, I thanks to you and your team for the excellent result of the

Company for the year 2025-2026. And sir, I could not see your video. I

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Siemens Limited - 68th Annual General Meeting - August 11, 2026 could not see what happened in the technical team has done. Yes, now I can see you. Sir, you have covered several things which were surrounding in the mind of investors. And how much our order book as on today? And what's your future plan? And sir, earlier Siemens was in the healthcare business.

So, what's your plan in that regard? Because Siemens health business was so excellent. X-ray machine, USG machine, everything were excellent. Now 80% medical system is using your cath lab, Siemens. And so what's your plan in that regard to spread the wings of healthcare product?

And sir, how you have given a good reward to the shareholders by demerging the electricity business, energy business from the Company, and we have got a good return in the stock market after listing. And sir, what's your plan for Bengal? Earlier Siemens was in Bengal. So what's your plan in that regard? Kindly throw some highlights.

Have you any plan to come to Bengal again? Now and after got the double engine government in Bengal, the government has inviting industries to come to Bengal, invest their money. So what's your, what's your plan? And sir, railway is growing, metros are growing, airports are growing. So what's your plan in that regard?

Under the leadership, the country is moving forward. Under the leadership of our beloved Prime Minister, the country is moving forward. So what's your plan in that regard? Kindly throw some highlights for railway projects, metro projects, airport projects. Siemens is an engineering Company. And how you will reward to the shareholder

Have you any plan to split the share from 1:2 of face value of INR1? That will be a good reward to the shareholder. After subdivision, the share will be double and our price will be double. Kindly consider. And sir, unclaimed dividend. Before send the unclaimed dividend to the central government, send a notice to the shareholder that they can collect their dividend from the Company.

And sir, some heads of the expenses has gone up. So how you will reduce the expenses? Take a positive step. And sir, expenses, other expense charges, sir. Other expense charges, some heads of the other expenses has gone up. So take a positive step to reduce some expenses. And some disputed cases are there, long-pending disputed case.

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So how you will resolve that cases? And I do not suggest you to anyone that any name that you take them in the board. It's a Siemens AG's policy that to whom they will invite in the board of our Company. With this, I strongly support all the resolutions and I thanks to the Company Secretary.

Thank you, sir.

Deepak Parekh

Thank you. Thank you, Manoj.

Moderator

I now invite our seventh speaker shareholder, Mr. Santosh Chopra, to please go ahead and ask his question, please, Mr. Santosh Chopra.

Mr. Chopra, are you able to hear us?

Santosh Chopra

Hello, yes, please.

Moderator

Please go ahead.

Santosh Chopra

I'm not visible. You don't provide visibility. Hello?

Moderator

We request you to please switch on your camera.

Santosh Chopra

Okay. So anyway, thank you very much, sir. I am Santosh Chopra from

Delhi NCR, Ghaziabad. So I thank the Company Secretary and CFO sir that they presented me before you on this occasion and accepted my request as a registered speaker shareholder. Sir, I congratulate the CFO sir that he has prepared such a good annual report that I did not see any error in it and it meets all the SEBI guidelines.

So I congratulate them and also thank the management that they gave such good results. I feel proud of the Company's growth, innovation, and corporate governance. Sir, I request the management to continue to focus on sustainability, digitalization, and the India growth story. We shareholders have full faith in you. Sir, I had already sent my questions to you via mail. Still, these were my two-three questions.

And in this, in CSR activities, if you would like to contribute something to education and senior citizens' old age homes, then I will be grateful to you.

And I wish the Company a bright future. I wish you a very happy festive season in advance. Thank you. Ram Ram, Namaskar. Jai Hind.

Moderator

Thank you, Mr. Chopra. I now invite our eighth speaker shareholder, Ms.

Celestine Elizabeth Mascarenhas, to please go ahead and ask her question, please, Ms. Celestine Elizabeth Mascarenhas.

Celestine Mascarenhas

Hello? Hello?

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Moderator

Yes, Ms. Mascarenhas, please go ahead.

Celestine Mascarenhas

Yes. Thank you. Respected Chairman Shri Deepak S. Parekh, MD and

CEO Sunil Mathur, other honorable directors on the board, my dear fellow shareholders. I am Mrs. C. E. Mascarenhas speaking from Mumbai. First of all, I thank the Company Secretary, Mr. Ketan Thaker, and his team for sending me an annual report, also registering me as a speaker and giving me this platform to speak. Thank you very much.

Our annual report is full of information, facts and figures, adhering to all the norms of corporate governance. A very good dividend of INR18 per share. Good market cap and sustainability. Congratulations for all awards accolades received. Good CSR work. ESG and climatic change are well documented in our annual report. Now my queries.

How much is our order book on railways? We provide customer with comprehensive end-to-end automation and digitalization from a single source. How much revenues we receive and the margin we enjoy? Next is, do we have any projects on building data centers and BESS? How much the spend on R&D, innovation, and cyber and data security? How many engineers we have in R&D, male-female ratio, average age, attrition level?

Fifth, who is our main competitor and what is our market shares? Now this is little personal of mine. I have shares in physical and to demat it becomes a hell of a problem. It takes at least three to four years to demat. Every time we send to the registrars, it comes back some reason or the other.

Sir, please, Mr. Deepak Parekh, you help a small investors like me.

There are many who are having this problem who had invested 30 years back and now that time that demat and all was not there, there was no that

Aadhaar card, PAN card and all that was not there and now we are and we are really now at the fag end of our life and we are suffering very, very badly. Unnecessary our blood pressures are going up instead of having a very happy life to demat because we need the money for our medicals now.

So please, I request Mr. Deepak, you have always solved many of the big companies, I can, I am not remembering now, so many companies you have brought them out. So at least this matter, please, I really beg with you to with folded hands, you try to do about dematting of shares, especially the old people who have crossed more than 70 years.

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I support all the resolutions. I wish, sir, you and the entire Siemens people,

Siemens team, good health as health is wealth because if there is health, everything goes well. So with this, thank you so much. Namaskar.

Deepak Parekh

Thank you, Mrs. Mascarenhas.

Moderator

I now invite our ninth speaker shareholder, Mr. Satish Shah, to please go ahead and ask his question, please, Mr. Satish Shah.

Lekha Shah

Hello? Am I audible, sir?

Moderator

Yes, you are.

Lekha Shah

Thank you, sir. Respected Chairman sir, Board of Directors, and my fellow members. Good afternoon and regards to everyone. Myself Lekha Shah and Mr. Satish Shah joined this meeting from Mumbai. At the outset,

I would like to sincerely thank our Company Secretary Ketan-bhai for sending the AGM report well in advance.

I found the AGM report and I am delighted to say it's so beautiful, comprehensive, informative, and enriched with the valuable facts and figures in place. Once again, thank you so much, my Company Secretary

Ketan bhai. Thank you, Chairman sir, for insightful and well-presented addresses. I am proud to be a shareholder of this Company. I congratulate the Chairman sir, the Board of Directors, and all employees for their effort and dedication during the year. I appreciate the Company performance and wish the management continued success growth.

Chairman sir, I would like to ask a few questions. My first question is, how is the Siemens using AI in industrial automation, manufacture, and energy management? And my second question is, what is the planned capital expenditure for the next two to three years? Chairman sir, I would like to say I strongly and wholeheartedly extend my support all the resolutions placed before the meeting today. Thank you, sir.

Moderator

Thank you, Ms. Lekha Shah. I now invite our 10th speaker shareholder,

Mr. Goutam Nandy, to please go ahead and ask his question, please,

Mr. Goutam Nandy.

Goutam Nandy

Am I audible, sir?

Moderator

Yes, yes, please go ahead, Mr. Nandy.

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Goutam Nandy

Thank you. Thank you, sir. Thank you. Very good afternoon and Namaste.

Respected Chairman sir, Board of Directors, my online fellow shareholders. Myself Goutam Nandy from Kolkata, very old equity shareholder of your Company, holding 60 equity shares for a long time.

Sir, I have received the annual report, notice, and joining link through email well in advance. I have also received the hard copy of your annual report as requested for.

So my hearty thanks to our respected Company Secretary and the whole team of your secretarial department for rendering good services to our minority shareholders. Sir, you are organizing your Annual General

Meeting through video conference in a very smooth manner like the previous years. So thanks again. Sir, I am very pleased to receive your wonderful annual report, which is very, very informative and self- explanatory.

So thanks for your excellent representation. Sir, I find excellent performance in every segment, even in this challenging year. Sir, almost all companies are suffering at this moment, but in this market scenario, you are doing very well, sir. Sir, your CSR is also remarkable, so please keep it up. Sir, I am very pleased to receive your excellent dividend even in this challenging situation. Thank you, sir.

Respected Chairman sir, your introductory speech was very much informative and also very encouraging. You have explained everything regarding the performance of our Company in your beautiful speech. Sir, only a few points I like to share with you, sir. Sir, what is the roadmap of our Company for the next three to four years, especially related to the growth of our Company? Sir, who are the main competitors in our country?

Sir, very happy to know that you have adopted AI technology in your

Company very successfully.

Now please tell us how this technology is helping our Company for further modernization. And sir, what is the order book position at this right moment? Sir, your share price is above INR4,000 now, which is all-time high. Sir, I must say I got huge price appreciation in your stock. Sir, one request, please provide speaker serial number with your joining link to our minority shareholders. There are so many meetings in a day, sir. It will be very helpful for us.

Deepak Parekh

Sir, can you please repeat that? Please repeat your last question.

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Goutam Nandy

Yeah. Sir, my last question, last request. I request you to provide speaker serial number with your joining link. Speaker serial number, which you are providing with our joining link. It will be very helpful for us. It's because there are so many meetings throughout the day. It's meeting season right now, isn't it, Sir? That is why I am making this request. And sir, I am very happy and very proud to be a shareholder of your Company.

I have full trust with our strong management like you. And so along with my family, wholeheartedly support your all resolutions, which we have already cast through our e-voting. Sir, looking forward with a positive outlook towards our Company with higher profit margin, handsome dividend, if possible bonus, and return. May God bless you, sir. Stay safe, stay healthy. Myself Goutam Nandy signing off.

Moderator

Thanks, Mr. Nandy. Our 11th speaker shareholder, Ms. Surekha

Sharadkumar Shah, hasn't yet logged in. Hence, I now invite our 12th speaker shareholder, Mr. Sharad Kumar Shah, to please go ahead and ask his question, please, Mr. Sharad Kumar Shah. Yes, Mr. Shah, you are on mute. Please, please unmute and please go ahead with your question.

Mr. Shah, requested to please unmute and please go ahead with your question. Looks like he has a technical issue. Hence, I now invite our

13th speaker shareholder, Mr. Yusuf Yunus Rangwala, to please go ahead and ask his question, please. Our 13th speaker shareholder, Mr. Yusuf

Yunus Rangwala. Please go ahead and ask your question.

Yusuf Yunus Rangwala

Good afternoon, sir.

Moderator

Your voice is coming through very faintly. Please speak closer to the microphone. Mr. Rangwala, there is a lot of disturbance. We are not able to hear you, actually. Please request you to please re-login.

Yusuf Yunus Rangwala

I am speaking from Mumbai, sir. How are you, sir? Chairman sir, Deepak- saab, how are you? Can you hear me clearly? Can you hear me now,

Saab? Have perfect?

Deepak Parekh

Anyway we can't hear you. Rangwala saab, we can't hear you.

Yusuf Yunus Rangwala

Sir, now, now, now, sir one minute.

Moderator

We are not able to hear you, Mr. Rangwala. Chairman sir, for the time being, we will go on to the next speaker shareholder.

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Yusuf Yunus Rangwala

Good afternoon, sir I am an old shareholder of your Company. Sir, Deepak saab, good afternoon, sir. Now the voice is coming, sir? Good afternoon, sir. Good afternoon, sir. Speaking from Mumbai, sir. How are you, Deepak saab? Do you want the same sir? Do you have any voice? What do you want? Do you want a voice? Hello? Hello?

Deepak Parekh

Yusuf bhai, we can't hear you.

Moderator

We will go ahead with our next speaker shareholder, our 14th speaker shareholder, Mr. Aspi Bamanshaw Bhesania. Mr. Bhesania, please go ahead with your question.

Aspi Bhesania

Chairman sir, can you hear me and see me?

Moderator

Yes, please go ahead.

Deepak Parekh

Yeah, Aspi, go ahead.

Aspi Bhesania

Okay, sir. Sir, I am Aspi from Bombay. Sir, thanks for giving me an opportunity to speak. That's mainly because of the Secretary that I'm able to speak today. Sir, first basic question is why no physical AGM? I would have preferred to come to Thane to, and I would have preferred to come to wherever you are, Worli or wherever, for physical meeting.

Sir, first quarter results are not yet come, but fourth quarter was slightly, margins were down year-on-year. Whereas for the full year, the profits were very good and even the top line was very good. So please explain why fourth quarter margins were down and how do you see margins going forward? Sir, I missed you in the HDFC Bank AGM. Thank you, sir, and all the best.

Deepak Parekh

Thank you, Aspi.

Moderator

Our 15th speaker shareholder, Mr. Nalin Shah, hasn't logged in yet. Hence,

I now invite our 16th speaker shareholder, Ms. Homayun Beruz Pouredehi.

Homayun B. Pouredehi

Sir, can you hear me?

Deepak Parekh

Yes, we can hear you.

Homayun B. Pouredehi

Yeah, Mr. Deepak Parekh, I was so delighted to hear your voice. You remember those days when I and my late husband Beruz would come for every AGM of your Company? It was so wonderful to attend your AGM

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Siemens Limited - 68th Annual General Meeting - August 11, 2026 where you were the Chairman. We really used to enjoy. Now, sir, I want to just a few questions, that's all.

Sir, see this Metro 3, which has already been constructed. So what has been Siemens' contribution to the creation, manufacture of this Metro 3?

I'm interested because this Metro 3 is just next to our house. And you all had said that we are constructing Metro 3. So in what way I would like to know you have contributed in the construction of Metro 3?

I think it is really world-class, underground, right? It's Metro 3 underground,

Bombay. Now, second question is, you mentioned again Siemens has sold certain things and we have already got special profits. So I hope we are also going to get special dividend. Second question. Sir, now third question, sir, regarding the closure of the Strait of Hormuz in the Middle

East.

Has it affected our Company in any way? You did mention the war has affected us. Sir, has this closure affected us in any way? Has there been supply chain issues? We have not received certain materials or we have not been able to export? I'm just curious to know about this. Sir, another thing you mentioned about digital, AI. Sir, does that lead to reduction in the number of employees of our Company?

I would like to know. Sir, one more thing, a suggestion. You know that how the Tatas, they write speaker number one, speaker number two, when the speaker is speaking. I'm speaker number 16. My name is there. It should be written speaker number 16 or at least the moderator should call out speaker number 16 so-and-so, speaker number 15 so-and-so, speaker number 14 Aspi Besania.

I even suggested when secretarial team rang me up day before yesterday, but it has not been taken into account. All the Tata companies have done that. Many of them afterwards when we brought them to their notice, they all have done that. Sir, of course, we thank the Company Secretary for putting us in this speaker's platform and even the other members.

We thank all of them. Of course, we wish our Company all the best.

Company does well, we do well. Thank you very much, Mr. Parekh. We wish you also all the best, personally, professionally, and all the entire management team and all the employees. Thank you very much.

Deepak Parekh

Thank you.

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Siemens Limited - 68th Annual General Meeting - August 11, 2026

Moderator

I now invite our 17th speaker shareholder, Ms. Prakashini Shenoy, to please go ahead and ask a question, please. Ms. Prakashini Shenoy, our

17th speaker shareholder.

Prakashini Shenoy

Yeah. Thank you. I'm Prakashini Ganesh Shenoy from Bombay.

Respected honorable Chairman, other dignitaries from the board, and my fellow shareholders. Good afternoon to all of you. I received the AGM report well in time, which is colorful, informative, transparent, and contains all the information as per the corporate governance.

I thank the Company Secretary and his team for the same. I should not forget to thank him once again for reminding me of today's meeting, without which I wouldn't be in a position to speak. The Chairman has given a beautiful picture regarding the Company and its working in all parameters.

Thank you, Chairman sir.

At the outset, I'm thankful to the board for recommending dividend for the financial year 25-26. Also glad to note that the Company is doing outstanding work in the field of CSR activity. Congratulations for various awards and accolades during the year. Now my question. My first question is, kindly highlight the roadmap for growth due to global situation.

My second question is, how do you adopt digital technology to increase the productivity? And my third question is, are we using AI application and what is the attrition rate? Chairman sir, last but not the least, my earnest request to you, please continue with VC so that people all over will have an opportunity to express their views.

I wish the Company good luck for a bright future and pray God that the profit of the Company should reach high in the course. Sir, I strongly and wholeheartedly support all the resolutions put forth in today's meeting.

Thank you, Chairman sir.

Deepak Parekh

Thank you, Ms. Shenoy.

Moderator

I now invite our 18th speaker shareholder, Mr. Harshad Savani, to please go ahead and ask his question.

Harshad Savani

Hello, sir. Can you hear me?

Moderator

Yes, yes, please go ahead, Mr. Savani.

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Siemens Limited - 68th Annual General Meeting - August 11, 2026

Harshad Savani

Respected Chairman, Board of Directors, and fellow shareholders. My name is Harshad Sawani from Mumbai. Sir, I thank you for Company

Secretary and his team for sending annual report. Sir, I am having few questions. Book value you mentioned in financial highlight 379 and last year 400. Why it has been reduced? Because of demerger or what?

Second is...

Moderator

Mr. Savani, we are not able to hear you properly. Request you to please be closer to the mic.

Harshad Savani

Now can you listen me, sir?

Moderator

We can hear you, but it's very feeble, Mr. Sawani.

Harshad Savani

Okay. Hello? Hello, sir. My question is that our pending orders are

INR 33,867 crores. So sir, how, this is for 18 months. So sir, how much is local and how much is for export, sir? Sir, in financial highlight, I request

Company Secretary to include number of shareholders and number of employees at the end of the year.

How much advance amount we receive from the pending orders? Sir, book value is because of the demerger or what is the reason for reduction? Sir, because of the tariff, are we suffering anything from the tariff? Sir, in second row, 82.36. Sir, how much is order amount for the 1,200 locomotives? Sir, we sold low-voltage motors. So sir, are you going to, how this amount received from this, how you are going to utilize this amount?

Thank you, sir.

Moderator

Thank you, Mr. Harshad Savani. Chairman sir, I would now like to call our

12th speaker shareholder, Mr. Sharad Kumar Shah, who's just joined us, to go ahead and ask his question, please, Mr. Sharad Kumar Shah, our

12th speaker shareholder. Mr. Sharad Kumar Shah has again logged out.

Hence, I now invite our 13th speaker shareholder, Mr. Yusuf Yunus

Rangwala, to please go ahead and ask his question, please.

Yusuf Yunus Rangwala

Sir, good afternoon, sir. am i audible?

Moderator

Yes, Mr. Rangwala, please go ahead.

Yusuf Yunus Rangwala

How are you, sir? Deepak sir, your name itself is Deepak sir. What do you need to ask, sir? For someone whose name is Deepak, there's really nothing left for me to ask. Sir, is your health doing well, sir?

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Siemens Limited - 68th Annual General Meeting - August 11, 2026

Deepak Parekh

Ha, ha, yes, all good. Thank you.

Yusuf Yunus Rangwala

I am very thankful to NSDL team. Sir, I would like to know the total number of staff working in our factory. Point number two, what are the order at present, sir? What are the order, sir? sir. How many new products will be introduced in this year?

Deepak Parekh

Haan, thank you, thank you, Yusuf bhai.

Yusuf Yunus Rangwala

Thank you

Moderator

Thank you, Mr. Rangwala. Chairman sir, our third speaker shareholder,

Mr. Dinesh Bhatia, has just logged in. Requesting Mr. Dinesh Bhatia to please go ahead and ask his question, please.

Dinesh Bhatia

Am I audible?

Moderator

Yes, Mr. Bhatia, please, please go ahead.

Dinesh Bhatia

Are you audible? I am audible? You can hear my voice, sir?

Moderator

Yes, please go ahead.

Dinesh Bhatia

My video isn't visible right now. First of all, Mr. Chairman, I would like to thank you and your entire team. Congratulations to all of you. You have put in tremendous hard work; the fact that our share price is currently trading above INR3,880 -- a share with a face value of INR 2 -- is a testament to your efforts and the Company's progress. A Company that is making progress always commands a good share price.

Moderator

So, Chairman sir, with this, we now conclude the question session from all speaker shareholders. Over to you.

Deepak Parekh

Ms. Hutokshi Patel, first of all, you wanted number of shareholders, wanted to thank Ketan Thaker and his secretarial team for allowing you and for helping you get onto the video. So, we also on behalf of the Company thank Mr. Thaker and his team for organizing this meeting seamlessly.

What factors will impact margins? Continued growth in Indian market will help our margins.

The main reason why the margins may have come down this year is because of commodity prices and the appreciation of the Euro. There is no issue in executing orders. We continue to look at M&A and when we have something, we will certainly announce it. Our order book outstanding is

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Siemens Limited - 68th Annual General Meeting - August 11, 2026

INR45,000 crores. This is to Ms. Hutokshi Patel. You said it's a good

Siemens is a good investment, good market presence. The dividend payout ratio was 25%. I mentioned new orders is INR45,000 crores.

Capital allocation is as and when the capital is needed, we do allocate it to different projects.

Then the next speaker, Manoj Kumar Gupta. Order backlog, I said 45,000.

Siemens Healthineers is no longer part of Siemens India. It is now Siemens

AG Company separately and it's 100% owned by Siemens Germany. So, we don't have anything to do with the Siemens Health Company.

Plan for West Bengal? Yes, we will certainly announce some plans to invest around that, around West Bengal. Any plans to split the share? I think the Board has heard you. We will look at it. But this year you got a one-for-one bonus for every share of Siemens, we gave you a free share of Siemens Energy. So that is much more beneficial to the shareholder than a split or a bonus.

Siemens Energy, we have rewarded. Health mentioned. Plan, split.

Unclaimed dividend. We certainly write to every year, every time, now and again. Ketan and his team writes to shareholders who have not taken their past dividends and we are successful in some cases, but when the statutory limit is over, we have to submit these, we have to surrender this amount to the government.

Santosh Chopra, you had sent a letter. You had sent a letter with the queries which we have answered.

Mrs. Mascarenhas. Order book on railways is INR7,920 crores. How much revenue from DI business? It's INR5,699 crores. Do we invest in R&D?

Yes, we invested INR77 crores in '24, '26. Multiple competitors across different business lines and our current employee headcount is 6,346 people on 31st March 2026.

You were happy with the CSR, the balance sheet, you were happy with lots of information. You were happy with Ketan Thaker. I mentioned about artificial R&D, competitors, and demat. Your main problem was you are unable to demat. We will request Ketan and his team to help you to demat your shares. With their support, we'll surely try to help you.

Then you asked about 24-26 turnover, permanent employee attrition you wanted to know. For permanent employees, the attrition is 13.9%, for

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Siemens Limited - 68th Annual General Meeting - August 11, 2026 permanent workers is 9.2%. Last year, the permanent employees' attrition was 7.6% and permanent workers was 1.4%. Our headcount has been reduced by 36% following the demerger of Siemens Energy. All this information is available to you on Page 6 of the BRSR report.

Satish Shah, are we looking at AI? Yes, we support our customers in using

AI in their manufacturing operations. We normally spend about 100-odd crores a year on an average on R&D expenses every year, on capital expenses every year, and we hope to continue to do that. You were happy with the balance sheet with lots of information.

Mr. Nandy, you wanted a physical meeting. We've taken a note. Today, statutorily, we are allowed to have physical meetings according to the

Ministry of Corporate Affairs, and so this allows people from Calcutta and

Delhi and all to participate in the meeting. Again, main competitors, we have different businesses and different competitors in our different sectors.

We offer industrial AI solutions to our customers to make them more competitive. Order book I mentioned.

Speaker number, next time we will give you the speaker number. You're proud to be a Siemens shareholder. Thank you for that. Yusuf Rangwala, a factory visit. You had a network issue and you, we could only hear that you wanted a physical meeting. I've already talked about that and you wanted a factory visit. We'll look at that. Aspi Bamanshaw Bhesania, you said physical AGM. Margins were down, I mentioned due to volatility in foreign exchange and commodity prices.

Homayun, what has Siemens contributed to Metro Line 3? We have not been involved in Metro Line 3. Has closure of West Asia impacted our supply? West Asia crisis has some impact on supply. Any reduction in headcount due to AI? The Company is managing this, no reduction in headcount due to AI. Again, you were happy with the balance sheet.

You wanted subdivision. I mentioned we've given you a kind of bonus this year. Number of employees, 6,346. 4,200 employees have gone to

Siemens Energy. You were speaker number 16 and again you were happy with Ketan Thakar and his team. Thank you for that.

Shenoy, balance sheet on time. All information was there in the balance sheet. Number of employees I mentioned, 6,346. As a full, all resolutions you approved. Thank you for that.

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Siemens Limited - 68th Annual General Meeting - August 11, 2026

Mr. Harshad Savani, our order amount for 1,200 locomotives is INR26,000 crores. You wanted difference between domestic turnover and export turnover. 8.3 is the export turnover, so 91.7, 91.7 is the domestic turnover.

Factory visit we've taken note of and you wanted to know number of employees, I said 6,346. I think we've answered all the questions that we could hear. Praneet? you want to answer any more? No. Sure?

Moderator

Yes, Chairman sir, we are going ahead

Deepak Parekh

To facilitate voting by the members who could not cast their vote through remote e-voting, the Company has offered the facility of e-voting during this meeting and it shall continue for 30 minutes on the conclusion of the meeting. The Company has appointed P.N. Parikh, practicing Company

Secretary, as scrutinizer for scrutinizing the votes cast via e-voting in a fair and transparent manner.

We authorize Ketan Thaker, Company Secretary, to receive and declare the voting results along with the scrutinizer's report, intimate the same to the stock exchanges and place the same on the website of the Company.

The resolutions as set forth in the notice shall be deemed to be passed today subject to the requisite, subject to the receipt of requisite number of votes. With your permission, I call this meeting to an end. Thank you.

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