Hitachi Energy India Limited has informed the Exchange about Transcript
POWERINDIA · price
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Hitachi Energy India reported strong Q3 FY-26 results: order inflows of Rs. 2,477.6 crores (73% YoY growth excluding prior HVDC order, 11% QoQ), revenues of Rs. 2,168 crores (up 29.6% YoY, 13.2% QoQ), and PBT before exceptional items at Rs. 402 crores (up 118.4% YoY). Operational EBITDA margin expanded to 15.6% from 10.1% YoY, with PBT margin after a one-time Rs. 54 crore labor code charge at 16%. Order backlog hit a record Rs. 29,872 crores. Management highlighted tailwinds from the Union Budget's capex push, EU-India FTA (97% tariff elimination), and the US-India trade deal (tariffs cut to 18%). Management targets 25-30% export share and is expanding capacities for data centers, HVDC, and high-speed rail. However, CAPEX utilization in FY-26 has been slow at only Rs. 155 crores versus a Rs. 700+ crore target, raising execution pace concerns. Data center contribution remains in high single digits but is expected to grow.
Positive for shareholders: margin trajectory and order backlog signal strong growth visibility, and management is guiding toward sustained double-digit margins. Watch items include the slow pace of CAPEX deployment (Rs. 155 cr vs Rs. 700+ cr targeted) and the eventual execution cadence of the Adani HVDC project as it moves into commissioning.