Hitachi Energy India Ltd(POWERINDIA)

NSE: POWERINDIABSE: 543187

₹ 26,880+2.40%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 1.20 L crWebsite: www.hitachienergy.com/in/en/investor-relationsUpdated: 27 Oct 2026

About

Hitachi Energy India Ltd is a heavy electrical equipment manufacturer supplying power transformers, HVDC systems, grid automation, and traction equipment to utilities, renewables, railways, and industrial customers across India and export markets. The company reported FY26 revenue of ₹8,147.7 crore and carries an order backlog of ₹32,222.1 crore as of Q1 FY27, reflecting strong multi-year revenue visibility. It operates 19 manufacturing facilities across India with a 20th greenfield facility under construction.^[1][2][3]

Order book and inflows

Order backlog stood at INR 32,222.1 crore as of end-Q1 FY27, up 10.6% YoY and 9.0% QoQ, providing multi-quarter revenue visibility.^[2]
Order backlog was INR 29,555.3 crore at March 2026, up 53.6% from INR 19,245.9 crore at March 2025.^[1]
Q1 FY27 order inflows were INR 5,096.5 crore, down 55.1% YoY reported but up 26.1% YoY excluding the large HVDC booking in the prior-year period.^[2]
FY26 full-year order inflows were INR 18,456.5 crore, up 1.6% YoY; transmission segment orders grew 145% in FY26.^[1]
H1 FY26 order inflows were INR 13,556.3 crore, up 208.9% YoY, largely driven by large HVDC orders in Q1 FY26.^[4]

Revenue by end-market and exports

Export revenue share was approximately 25% of total revenue in Q1 FY27; management targets a sustained 25 - 26% export share going forward.^[2]
Export orders grew 59% YoY in Q2 FY26, serving utilities in Europe, data centres in South East Asia, and renewables in the Middle East and North America.^[4]
Data centre sector order inflows grew 81% in FY26; the segment's share of the order mix was high single digits in Q3 FY26 but is expected to grow faster.^[1][5]
Renewables order inflows grew 40% YoY and Rail & Metro grew 61% YoY in Q2 FY26. Railway and metro momentum slowed in Q1 FY27, with recovery expected from H2 FY27.^[4][2]

Key operating numbers

Revenue from operations was INR 2,493.7 crore in Q1 FY27, up 68.6% YoY, driven by execution of the accumulated order backlog across segments.^[2]
FY26 full-year revenue was INR 8,147.7 crore, up 27.6% YoY; Q4 FY26 revenue was INR 2,754.1 crore, up 46.2% YoY.^[1]
Operational EBITDA margin reached 16.0% in Q1 FY27 (vs 11.5% in Q1 FY26) and 15.4% for FY26 (vs 9.3% in FY25), reflecting operating leverage on a scaling revenue base.^[2][1]
Material costs were 58.1% of revenue in Q3 FY26 and 55.0% in Q2 FY26; other expenses declined from 20.0% of revenue in FY25 to 16.9% in FY26.^[5][4][1]

Manufacturing operations

The company operates 19 manufacturing facilities across India; construction of the 20th facility began at Karjan, Vadodara in June 2026.^[2]
A groundbreaking ceremony was held for a new high-voltage product facility in Savli, Gujarat in Q3 FY26, intended to serve transmission and high-speed rail markets.^[5]
New manufacturing capacities under the INR 2,000 crore capex program are being built across Chennai, Bangalore, Mysore, and Baroda, with traction expected from H2 FY27.^[4]
Capacity additions of 40 - 50%+ per product line are planned across the existing manufacturing portfolio.^[5][4]

Customers and distribution

Customers include utilities, renewable energy developers, hyperscale data centre operators, railway and metro authorities, and industrial conglomerates across India and export markets.^[2][4]
In Q1 FY27 the company secured multiple data centre orders from hyperscalers, including a 40×2500 kVA project in Hyderabad awarded by a leading Indian multinational conglomerate.^[2]
Hitachi Energy India's addressable share of data centre capex is estimated at 15 - 20%, covering grid connection, substations, automation, and transformers.^[4]
Export bidding pipeline had reached the 29 - 30% range as of Q3 FY26, ahead of the stated 25% target, driven by global feeder factory strategy, allocated markets, and component supply.^[5]

Expansion and capex

Total cumulative capex commitment is Rs 4,000 crore: an initial Rs 2,000 crore program under execution and an additional Rs 2,000 crore announced in Q4 FY26 for the Karjan greenfield facility.^[2][1]
The Karjan, Vadodara greenfield large power transformer factory broke ground in June 2026 and is targeted for commissioning by December 2028; it is designed as a fully digital smart manufacturing facility.^[2]
FY26 capex spend was approximately INR 750 crore; FY27 capex is planned at a further Rs 700+ crore.^[4][5]

Recent developments

In Q1 FY27, secured its first Battery Energy Storage System (BESS) order: a 165 MW/330 MWh project in Andhra Pradesh from a commercial and industrial customer.^[2]
In Q1 FY27, secured a flagship export order for offshore grid connection systems for a 2 GW wind power evacuation project in Europe across three transmission links, valued at approximately INR 1,700 crore.^[2]
The Mumbai city infeed HVDC 1000 MW VSC project at Aarey and Kudus (+/−320 kV, 1×1000 MW) was successfully commissioned in Q4 FY26.^[1]
One greenfield HVDC project is currently under bidding as of Q1 FY27 and is expected to be awarded within approximately six months.^[2]

Market Cap

₹1,19,811 Cr

High / Low

₹38,800 / 16,104

Stock P/E

101.7

Price / Book

22.6

Book Value

₹1,161

EPS

₹221.6

No. of Shares

4.46 Cr

ROCE

28.8%

ROE

21.0%

OPM

16.6%

Debt / Equity

0.00

Sales

₹8,148 Cr

Net Profit

₹988 Cr

Promoter holding

71.3%

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