Siemens Energy Taps Transformer Veteran for India While Naftogaz Deal and Buyback Advance

Siemens Energy appoints Ajay Jain to head Grid Technologies-Transformers in India, as grid demand and gas turbine orders drive its fiscal 2026 outlook.

Siemens Energy has moved to deepen its footprint in India's transmission equipment market, naming Ajay Jain as Executive Head of Grid Technologies-Transformers at its Indian subsidiary, effective immediately. The appointment, announced Monday by Siemens Energy India, is aimed squarely at scaling local manufacturing capacity and day-to-day transformer operations.

Jain brings more than thirty years of experience in the production and operation of power transformers. He spent over three years as Vice President of the transformer business at CG Power before this role, and previously held senior posts at Hitachi Energy India and GE T&D India. He succeeds Ganesh Nadgouda, who had been running the unit on an interim basis and will return to his position as General Manager for plant operations.

Grid Spending Underpins the Push

The personnel move reflects how central grid technology has become to the group's strategy. Worldwide, the build-out of renewable generation and the overhaul of aging transmission networks are fueling demand for modern grid equipment. In fast-growing emerging economies in particular, network operators are committing substantial capital to expanding their grids, clearing transport bottlenecks and securing additional feed-in capacity. Power transformers sit at the heart of that effort, serving as an indispensable component for reliably managing voltages across long-distance transmission lines.

Kyiv Partnership Eyes Underground Storage

On a separate front, Ukraine's Naftogaz and Siemens Energy are joining forces to shore up energy infrastructure. According to Reuters, the two sides signed an agreement today covering cooperation on energy security, the protection of critical facilities and power generation. A central pillar of the plan is the modernization of underground gas storage.

As part of the partnership, Naftogaz is also weighing the purchase of five gas turbine compressors from Siemens Energy. Neither party disclosed financial terms or delivery schedules for the units. The arrangement highlights the company's role in repairing Europe's supply systems.

Turbine Orders Stack Up Across Markets

Demand for the group's gas turbine technology is evident elsewhere as well. On September 30, Siemens Energy struck a multi-year supply agreement with US firm Dynamis Power Solutions covering 119 SGT-400 gas turbine cores for mobile power generation. The first batch of those units is slated for delivery in 2027.

Plant modernization work is adding to the order book too. A consortium of Canada's Aecon Group and Siemens Energy won the contract to replace turbines and generators at the Pickering nuclear plant, a project worth a total of 1.3 billion Canadian dollars. Subject to regulatory approvals, execution is planned for 2027.

Guidance Held Steady Ahead of November 11

The operational momentum is underpinning the financial targets for the current fiscal year. On a pre-close call held September 30, management reaffirmed its outlook for fiscal 2026. Siemens Energy continues to expect comparable revenue growth of 14 to 16 percent, with the board projecting a net profit of roughly 4 billion euros. Free cash flow before taxes is seen at around 8 billion euros. A detailed look at the books will follow shortly: final results for fiscal 2026 are scheduled for release on November 11.

Buyback Grinds On as Ownership Stays Dispersed

Alongside its operational expansion, the company is pressing ahead with its ongoing share repurchase program. In its second interim report, the group said it bought back a further 894,429 of its own shares last week through European trading venues including Xetra.

The ownership structure remains clearly defined as well. Former parent Siemens AG, after earlier disposals, holds only a minority stake in the energy technology group, in the low single-digit percentage range. The largest single shareholder is the legally independent Siemens Pension-Trust e. V., which manages its holding separately from the Munich technology conglomerate.

Shares Take a Breather

In the markets, the stock paused after gains in the preceding days. Siemens Energy shares are trading at 145.00 euros, a slight daily decline of 0.4 percent. The stock has gained 21 percent since the start of the year.