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Hitachi Energy India Results: Latest Quarterly Results & Analysis

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Hitachi Energy India Ltd. 26 May 2026 12:01 PM
Result PDF

Q4FY26 & FY26 Result Announced for Hitachi Energy India Ltd.

Heavy Electrical Equipment company Hitachi Energy India announced Q4FY26 & FY26 results

Financial Highlights:

  • The Company reported standalone Revenue from operations of Rs 2,754.05 crore for Q4FY26, witnessing a growth of 46.2% YoY compared to Rs 1,883.68 crore in Q4FY25 and an increase of 32.3% QoQ from Rs 2,082.21 crore in Q3FY26.
  • Standalone Profit Before Tax (PBT) for Q4FY26 stood at Rs 443.35 crore, marking a 79.7% YoY increase from Rs 246.67 crore and a 27.5% growth QoQ from Rs 347.78 crore in Q3FY26.
  • Standalone Profit After Tax (PAT) reached Rs 330.46 crore in Q4FY26, an increase of 79.7% YoY from Rs 183.89 crore and a 26.4% rise QoQ from Rs 261.42 crore.
  • Operational EBITDA for the quarter was Rs 452.4 crore, reflecting a 92.0% YoY growth from Rs 235.6 crore and a 33.7% QoQ growth from Rs 338.4 crore.
  • For the full year FY26, standalone Total Revenue from operations rose to Rs 8,147.71 crore, up by 27.6% YoY from Rs 6,384.93 crore in FY25.
  • Annual PBT for FY26 was Rs 1,320.92 crore, showing a significant growth of 155.8% YoY from Rs 516.39 crore in the previous year.
  • Annual PAT for FY26 stood at Rs 987.84 crore, an increase of 157.2% YoY from Rs 383.98 crore in FY25.
  • The Company received orders totaling Rs 2,422.5 crore in Q4FY26, representing a 10.6% YoY growth from Rs 2,190.8 crore, despite a 2.2% QoQ decline from Rs 2,477.6 crore.
  • The order backlog reached a record high of Rs 29,555.3 crore as of March 31, 2026, representing an increase of 53.5% YoY.
  • The Board of Directors has recommended a final dividend of Rs 8 per equity share (400%) of face value Rs 2 each for the financial year ended March 31, 2026.
  • Basic and Diluted Earnings Per Share (EPS) for FY26 stood at Rs 221.63, compared to Rs 90.36 in FY25.

Business Highlights:

  • Segment Performance: The Company identifies "Power Grids" as its single operating segment.
  • Order Composition: During Q4FY26, the orderbook was led by orders for HVDC control system refurbishment, grid connection solutions, and transformer and disconnector supply.
  • Sector Contributors: The major contributor to orders was the data center segment, followed by rail and metro.
  • Exports: Exports accounted for 36.8% of the total orders booked in Q4FY26, with orders received from the US, Europe, and APAC regions.
  • Services: Service orders contributed 23.9% to the Q4FY26 order book, originating from state utilities, data centers, transmission, and industry for system refurbishment, SCADA upgrades, and life cycle services.
  • Major Investment: The Board approved an investment of Rs 2,000 crore to establish a greenfield large power transformers facility in Karjan, Vadodara, Gujarat. This brings the cumulative capital expenditure to Rs 4,000 crore.
  • Project Commissioning: The Company successfully commissioned India’s first HVDC city center infeed in Mumbai.
  • Sustainability: The Company achieved a 74% reduction in CO2 emissions and an 82% reduction in waste disposed to landfill or incineration in FY26 compared to the 2019 baseline.

N Venu, Managing Director & CEO, Hitachi Energy India, said: "The Q4 and full-year results reiterate the Company’s commitment to enhance its overall efficiency across all spheres of work, along with a sharp focus on improving customer experience through robust project implementation. The recently commissioned India’s first HVDC city center infeed in Mumbai is a testament to Hitachi Energy India Limited’s strong on time execution. A strong order backlog and long-term planning have sustained the Company’s growth momentum even amid the volatile geopolitical landscape."

Result PDF

Result PDF

Heavy Electrical Equipment company Hitachi Energy India announced Q3FY26 results

  • The Company continued its strong revenue growth in Q3FY26, with YoY growth of 29.6 percent, reaching Rs 2,168.0 crore.
  • The company achieved strong YoY growth in PBT (profit before tax) and PAT (profit after tax).
  • Operational EBITDA continues to be in a double-digit margin corridor of 15.6 percent with Rs 338.4 crore.
  • The order backlog stood at Rs 29,872.2 crore as of December 31, 2025, providing revenue visibility for several upcoming quarters.
  • PAT: Rs 261.4 crore against Rs 137.4 crore during Q3FY25, change 90.3%

N Venu, Managing Director & CEO, Hitachi Energy India, said: Hitachi Energy India delivered a robust Q3 performance, supported by sustained growth momentum, strong order execution and a robust order backlog, which reinforces its market leadership. Sharing his views on the quarter results.

“Our Q3 results highlight the increasing pace of electrification in India and the world, with global electricity demand projected to surge over 70 percent.

AI's power-intensive growth demands strategic infrastructure investments, and we are proud to be at the forefront, powering AI-ready data centers and the sustainable energy future ahead. In India, this huge focus on electrification also signals robust capacity expansion, grid reliability, and inclusive access to meet ambitious targets like 2,000 kWh per capita consumption by 2030. These trends offer a clear glimpse of our nation's evolving energy needs, both immediate and long-term, and position our company for sustained leadership in delivering reliable, affordable, and sustainable power.”

Result PDF

Heavy Electrical Equipment company Hitachi Energy India announced Q2FY26 results

  • Orders totaled Rs 2,217.1 crore, up 13.6% YoY.
  • Revenue: Rs 1,915.2 crore compared to Rs 1,553.8 crore during Q2FY25, change 23.3%.
  • EBITDA: Rs 291.6 crore compared to Rs 126.3 crore during Q2FY25, change 130.5%.
  • EBITDA Margin: 15.2% for Q2FY26.
  • PBT: Rs 352.9 crore compared to Rs 70.6 crore during Q2FY25, change 399.8%.
  • PAT: Rs 264.4 crore compared to Rs 52.3 crore during Q2FY25, change 405.6%.

N Venu, Managing Director & CEO, Hitachi Energy India, said: "The country has successfully built-up its non-fossil fuel energy installed base, to 50 percent of its electricity generation capacity. This notable milestone brings with it the challenges of seamlessly integrating intermittent, distributed energy into the national grid. It is essential that we enhance the resilience, reliability, and intelligence of the whole energy ecosystem to e?ectively deploy the expanding capacity. This shifts the focus to advanced grid technologies, digitalization, and integrated solutions, which is reflected in our operations and financial performance."

Result PDF

Heavy Electrical Equipment company Hitachi Energy India announced Q1FY26 results

  • The Company delivered a strong revenue performance, at Rs 1,529.8 crore, with a 15.3% YoY growth from April to June 2025. This was achieved through effective order execution during the quarter and continued improvement in overall operational efficiency.
  • PBT and PAT recorded a YoY growth of 1075.3% and 1163.1%, respectively. Operational EBITDA for the quarter stood at Rs 170.2 crore, resulting in a double-digit margin of 11.1%.
  • In the quarter ending June 30, 2025, orders totaled Rs 11,339.2 crore, up 365.4 % year-on-year (YoY), led by the large project win of Bhadla-Fatehpur High Voltage Direct Current (HVDC) link.
  • The Company also received a bulk order from POWERGRID to supply 30 units of 765-kilovolt (kV) 500 megavoltampere (MVA) single-phase transformers.
  • Orders up ~365% with significant large order wins, revenue up ~15% YoY; Record order backlog of Rs 29,125.3 crore

N Venu, Managing Director & CEO of Hitachi Energy India said, "India’s ongoing e?orts to integrate renewables, coupled with growth in data centers and AI, the increasing electrification needs of industry and transport continue to drive grid infrastructure development in the country. As one of the fastest growing large economies in the world, India needs to persist with deploying state-of-the-art technologies at speed and scale as it powers ahead to inspire the next era of a sustainable energy future for all.”

Result PDF

Heavy Electrical Equipment company Hitachi Energy India announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Orders up ~56%, revenue up ~13% YoY
  • Operational excellence and better revenue mix boosts PAT up ~62% YoY
  • Double digit Op EBITDA margin of 12.3%
  • Revenue from Operations: Rs 1921.9 crore vs. Rs 1699.2 crore in Q4 FY24 — up 13.1%
  • Profit After Tax (PAT): Rs 183.9 crore vs. Rs 113.7 crore in Q4 FY24 — up 61.8%

FY25 Financial Highlights:

  • Order growth of 228% YoY on back of large HVDC order
  • Revenue up 23%, PAT 134% YoY
  • Highest-ever order backlog of Rs 19,245.9 crore at year-end
  • Board recommends dividend of Rs 6 per share (300%)
  • Revenue from Operations: Rs 6442.1 crore vs. Rs 5246.8 crore in FY24 — up 23%
  • Profit After Tax (PAT): Rs 384 crore vs. Rs 163.8 crore in FY24 — up 134%

N Venu, MD & CEO of Hitachi Energy India said "A strategic approach and our adaptability to the rapidly changing global economic landscape have enabled us to sustain our growth momentum. The increasing prominence of electricity in the global energy system will continue to drive the energy transition, making it a focal point of the world's economic growth despite geopolitical dynamics. This growth phenomenon will ensure more capital flow in the energy sector to meet burgeoning demand. At Hitachi Energy India Ltd., we foresee these opportunities and are well-positioned to leverage them.”

Result PDF

Heavy Electrical Equipment company Hitachi Energy India announced Q3FY25 results

  • The company reported its highest-ever quarterly order of Rs 11,594.3 crore in Q3FY25.
  • Revenue was up 31% YoY at Rs 1672.4 crore in Q3FY25, on the back of execution mix and improving operational efficiencies.
  • Profit before tax up four times YoY to Rs 184.1 crore. Profit after tax is up nearly five times YoY from a low base, at Rs 137.4 crore.
  • Operational EBITDA for the third quarter stood at Rs 168.9 crore, resulting in a double-digit margin of 10.1%.

N Venu, MD & CEO, Hitachi Energy India, said: “As nations and organizations steer towards their net-zero targets, energy investments are gaining momentum across verticals – utilities, industries, transport & infra. Over the years, we at Hitachi Energy India Limited have pre-empted this growth phenomenon and have been strengthening our manufacturing capabilities and the quarter’s positive trending performance reflects returns on localization, expansion and talent development.”

Result PDF

Heavy Electrical Equipment company Hitachi Energy India announced Q2FY25 results

  • Orders totaled Rs 1,952 crore, up 11.7% YoY, during Q2FY25.
  • As of Q2FY25, the order backlog stood at a record high of Rs 8,910 crore, providing revenue visibility for the coming several quarters.
  • Revenue for Q2FY25 were Rs 1,553.8 crore. Showcasing a strong revenue growth of 26.5 % YoY on the back of favorable mix and good order execution during quarter.
  • Profit before tax for Q2FY25 was Rs 70.6 crore, up by 118% YoY, and profit after tax was Rs 52.3 crore, up by 111.4% YoY.
  • Operational EBITDA for Q2FY25 was Rs 126.3 crore, resulting in a margin of 8.1%.

N Venu, MD & CEO of Hitachi Energy India, said: "The growing urgency to accelerate energy transition in India and across the globe has significantly boosted investment in the energy sector." 

"This surge has created favorable conditions for our overall business, leading to increased order intake, revenue, and profitability. Our focused approach toward strong execution of orders with better margins and operational efficiency contributed to favorable performance in Q2FY25.”

Result PDF

Heavy Electrical products company Hitachi Energy India announced Q1FY25 results:

  • Revenues for the March-June 2024 quarter were Rs 1,327.3 crore, up 27.3% YoY.
  • Profit before tax for the quarter was Rs 15.1 crore and profit after tax was Rs 10.4 crore, both up around three times YoY. Operational EBITDA for the first quarter was Rs 61.5 crore (Op.EBITDA margin 4.6%) reflecting seasonality and business mix.
  • In the quarter ended June 30, 2024, orders totaled Rs 2,436.7 crore, more than doubling YoY.

“As the energy transition gathers pace, investments in the power sector - especially renewables continued to grow,” said N Venu, MD & CEO of Hitachi Energy India “This is reflected in our strong order intake and record order backlog which we are steadily converting to revenues through solid execution while keeping a close watch on costs. We are optimistic on ongoing market support, especially in our identified high growth segments - renewables, HVDC, data centers, electrification of transport, etc.”

 

Result PDF

Heavy Electrical Equipment company Hitachi Energy India announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • At Rs 1,699.2 crore, up 33.1% QoQ and 27.2% YoY, the company delivered a strong revenue performance. This was a result of solid order execution reflects a diverse revenue mix and focus on continuous improvement in operations.
  • At Rs 172.6 crore or 10.2% Operational EBIDTA was in double-digits as a result of a favorable revenue mix, operational excellence and digitalization efforts.
  • Profit before tax stood at Rs 152.2 crore, up 133.8% YoY and profit after tax was at Rs 113.7 crore, up 123.7% YoY.
  • Orders and revenue post double digit QoQ and YoY growth
  • Exports and services contribution to orders stays stable
  • Diversified revenue mix and operational excellence boosts PAT up ~124% YoY
  • Op EBITDA% crosses double digits

FY24 Financial Highlights:

  • For the full year ending March 31, 2024, orders were at Rs 5,536.3 crores up 14% (excl HVDC) from the corresponding last twelve months, while revenue stood at Rs 5,246.8 crores with a 17% increase during the same period.
  • Orders up ~14% YoY over corresponding period (w/o HVDC)
  • Order backlog of Rs 7,229.5 crore at year-end
  • 88% reduction in carbon emission under Sustainability 2030
  • Board recommends dividend of Rs 4 per share (200%)

“A strong revenue performance, helped by a favorable external environment helped to deliver double digit margins,” said N Venu, MD & CEO of Hitachi Energy India “Sustained economic growth, and ongoing investments in the energy transition especially renewables, transmission infrastructure, data centers and electrification of transport are encouraging trends from a market perspective and we are well positioned to leverage these as we continue to grow the business.”

Result PDF

Heavy Electrical Equipment company Hitachi Energy India announced Q3FY24 results:

Key Highlights:

  • Revenue: The revenue for the quarter ending December 31, 2023, was reported at Rs 1,276.4 crore, reflecting a year-over-year (YoY) growth of 23% and a quarter-over-quarter (QoQ) increase of 3.9%.
  • Profit Before Tax (PBT): Increased by 152% YoY to Rs 33.8 crore.
  • Profit After Tax (PAT): Showed a substantial recovery with a 400% YoY increase, totaling Rs 23 crore.
  • Operational EBITA: The company evaluates profitability based on Operational EBITA, which stood at Rs 58.4 crore.
  • Order Backlog: The company reported an order backlog of Rs 7,552.3 crore as of December 31, 2023, ensuring revenue visibility for upcoming quarters.
  • Order Value: Orders received during the quarter amounted to Rs 1,235 crore, maintaining a steady performance year on year but showing a decline in QoQ due to an exceptionally large order in Q2.

Operational Highlights:

  • Export Orders: Increased by over 60% YoY during the quarter, indicating strong demand for transformers and high-voltage products from international markets.
  • Order Execution: Noted for driving revenue growth, with solid performance across the board, particularly with orders for data centers and renewables segments.
  • Supply Chain: The company has mitigated some of the external supply chain challenges contributing to the recovery in profits.

Sustainability and Outlook:

  • Sustainability: The company continued implementing sustainability projects aimed at improving waste flow management.
  • Outlook: The Indian economy's growth momentum is expected to increase energy usage proportionally, highlighting the importance of a resilient energy ecosystem

"Technologies and market innovations are playing a pivotal role in navigating the complexities of the evolving energy landscape. These have further expedited energy transition across sectors, helping us sustain our growth this quarter," said N Venu, Managing Director and CEO, Hitachi Energy India.

"Strong order execution and mitigation of some supply chain challenges have helped deliver revenue and bottom-line growth. We stay focused on growth opportunities and improving our overall operational efficiencies," he added.

 

 

Result PDF

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