Schneider Electric Infrastructure Ltd.

“SEIL participates in a genuine, policy-underwritten India T&D capex cycle and has demonstrated a credible operational turnaround, but 75% parent ownership with active royalty extraction, zero dividends, and a competing Schneider-owned Indian entity create a durable governance structure that caps minority shareholder value — regardless of how well the underlying business performs. At 61x forward earnings and near its 52-week high, the market has already priced a decade of flawless execution, leaving a probability-weighted intrinsic value ~22% below the current price and a likely 10-year return insufficient to compensate for the permanent governance risk.”