HITACHI ENERGY INDIA LTD

Manufactures and supplies heavy electrical equipment for power transmission and grid infrastructure in India, earning from base orders across transmission, data centres, renewables and transport. FY26 revenue stood at Rs 8,147.71 cr, up 27.6% year-on-year, with PAT of Rs 987.84 cr and operating EBITDA of Rs 1,252.56 cr at a 15.4% margin. Order backlog reached an all-time high of Rs 29,872 cr in Q3 FY26, while orders received in FY26 surged 145.3% to Rs 18,456.47 cr, providing multi-year revenue visibility. Key product lines include HVDC transmission systems — a Mumbai HVDC project has completed pre-commissioning and the company is bidding for the Barmer 6000 MW LCC HVDC project — and large power transformers, with an additional Rs 2,000 cr capex approved for a new greenfield transformer facility at Karjan, Gujarat, taking cumulative capex commitment to Rs 4,000 cr. Data centres, metro rail transformers, renewables and BESS are flagged as growth areas. Exports contributed 29-30% of revenue in Q3 FY26, ahead of the 25% target, served through a feeder, allocated and component model. Materials are the largest cost at 56.7% of revenue, followed by other operating expenses at 20.6% and employee costs at 7.9%. The workforce totals 3,578 (2,281 employees and 1,297 workers). Operations run on 100% renewable electricity, with Scope 1 and 2 CO2 emissions cut 74% from 2019 levels.