NSE: POWERINDIA · BSE: 543187
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Transmission and HVDC systems, Power transformers, Data centre solutions, Renewables and BESS, Transport equipment, Exports. Project-based, long-cycle heavy electrical equipment manufacturer with multi-year order backlog visibility
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,884 | 4,469 | 5,237 | 6,385 | 8,148 |
| EBITDA (ex other income) | 346 | 236 | 349 | 596 | 1,198 |
| margin % | 7.1 | 5.3 | 6.7 | 9.3 | 14.7 |
| Owners' profit | 203 | 94 | 164 | 384 | 988 |
| EPS, as reported (₹) | 47.99 | 22.16 | 38.64 | 90.36 | 221.63 |
| ROE % · ROCE % | 18.0 · 26.8 | 7.7 · 13.5 | 12.0 · 18.9 | 9.1 · 13.1 | 19.1 · 24.9 |
| Debt / equity (x) | 0.11 | 0.23 | 0.11 | 0.00 | 0.00 |
| Cash from operations | (127) | 5 | 252 | 1,494 | 1,245 |
| Capex | (167) | (12) | (89) | (128) | (509) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,554 | 1,620 | 1,884 | 1,479 | 1,833 | 2,082 | 2,754 | 2,494 |
| Profit before tax | 71 | 184 | 247 | 177 | 353 | 348 | 443 | 390 |
| Net profit | 52 | 137 | 184 | 132 | 264 | 261 | 330 | 294 |
| EPS (₹) | 12.34 | 32.41 | 43.15 | 29.53 | 59.31 | 58.65 | 74.14 | 65.99 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BHEL | 1,41,563 | 58.2 | 5.41 | 47.1 | 6.1 | 4.7 | 14.3 | 9.3 |
| ABB INDIA LIMITED | 1,37,523 | 46.0 | 14.72 | — | 23.0 | 10.2 | — | 15.2 |
| CG POWER AND IND SOL LTD | 1,31,087 | 85.8 | 15.99 | 71.3 | 14.6 | 19.2 | 33.2 | 14.7 |
| HITACHI ENERGY INDIA LTD ◆ | 1,26,820 | 110.2 | 24.50 | — | 19.1 | 24.7 | — | 16.9 |
| SIEMENS LTD | 1,20,079 | 36.7 | 8.67 | 33.8 | 19.9 | 20.6 | 31.1 | 11.6 |
| GE VERNOVA T&D INDIA LTD | 1,04,269 | 79.9 | 38.76 | — | 45.8 | 57.9 | — | 27.4 |
| SIEMENS ENERGY INDIA LTD | 1,01,282 | 68.1 | 21.05 | — | 14.3 | 15.8 | — | 25.9 |
| SUZLON ENERGY LIMITED | 51,299 | 16.4 | 5.42 | 15.9 | 33.4 | 22.7 | 38.0 | 16.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 110.2 | 36.5 | 31 of 34 | 9% |
| P/B | 24.5 | 5.4 | 31 of 33 | 6% |
| ROCE | 24.7 | 16.6 | 8 of 36 | 80% |
| ROE | 19.1 | 14.7 | 13 of 34 | 64% |
| Debt / Equity | 0.0 | 0.1 | 1 of 34 | 67% |
| EBITDA margin | 16.9 | 16.4 | 17 of 35 | 53% |
| Revenue growth | 68.6 | 17.7 | 4 of 33 | 91% |
| Profit growth | 123.5 | 6.7 | 5 of 32 | 87% |
| Market cap | 126820 | 6267 | 4 of 35 | 91% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Postal Ballot Results: All 3 Related Party Transaction Resolutions Approved | board shareholder meetings | medium | — | — |
| 13 Oct 2026 · Postal Ballot Results: 3 Related Party Transaction Resolutions Approved | board shareholder meetings | medium | — | — |
| 12 Oct 2026 · Postal ballot results: three related party transaction resolutions approved | board shareholder meetings | medium | — | — |
| 9 Oct 2026 · Compliance certificate for Q2 FY26 under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 30 Sept 2026 · Trading Window closed for Q2 FY27 results period | compliance | minimal | — | — |
| 17 Sept 2026 · Analyst meeting scheduled with Macquarie India on September 22, 2026 | board shareholder meetings | low | — | — |
| 17 Sept 2026 · Hitachi Energy to meet Macquarie India on 22 Sept 2026 | board shareholder meetings | low | — | — |
| 16 Sept 2026 · Analyst presentation filed for Jefferies India Conference 2026 | investor communications | medium | — | — |
| 12 Sept 2026 · Postal Ballot notice for statutory auditor appointment | compliance | minimal | — | — |
| 11 Sept 2026 · Postal Ballot: Related Party Transactions with Group Entities | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.