Hitachi Energy India Q2 revenue rises 64%, profit margin falls

Hitachi Energy India Limited reported Rs 2,996.51 crore of revenue from operations for the quarter ended September 30, 2026, a 64% year-on-year increase, while profit after tax rose 20% to Rs 318.49 crore and its profit margin narrowed from 14.4% to 10.6% of revenue.

How did Hitachi Energy India’s Q2 revenue change?

Hitachi Energy India’s revenue from operations increased by Rs 1,163.96 crore, or 63.5%, from Rs 1,832.55 crore in the quarter ended September 30, 2025. Revenue also rose 20.2% from Rs 2,493.69 crore in the preceding quarter ended June 30, 2026.

Sales and income from operations were Rs 2,928.47 crore in the September 2026 quarter, compared with Rs 1,760.23 crore a year earlier and Rs 2,441.42 crore in the June 2026 quarter. Other operating revenue was Rs 68.04 crore, lower than Rs 72.32 crore in the year-earlier quarter but higher than Rs 52.27 crore sequentially, indicating that sales and income from operations accounted for most of the annual increase.

For the six months from April 1, 2026 to September 30, 2026, revenue from operations reached Rs 5,490.20 crore, compared with Rs 3,311.45 crore in the corresponding prior-year period. Hitachi Energy India identifies Power Grids as its operating segment and does not provide separate segment financials because its chief operating decision-maker reviews performance at the overall-company level.

What happened to Hitachi Energy India’s Q2 profit and margins?

Hitachi Energy India’s profit after tax was Rs 318.49 crore in the September 2026 quarter, compared with Rs 264.36 crore a year earlier and Rs 294.15 crore in the June 2026 quarter. Profit before tax rose to Rs 430.40 crore from Rs 352.91 crore a year earlier, an increase of 21.9% that was below the 63.5% growth in revenue from operations.

Profit after tax as a share of revenue from operations was 10.6% in Q2, calculated from Rs 318.49 crore of profit and Rs 2,996.51 crore of revenue. That compares with 14.4% in the corresponding 2025 quarter, calculated from Rs 264.36 crore of profit and Rs 1,832.55 crore of revenue; profit before tax margin similarly moved to 14.4% from 19.3%.

Total expenses rose to Rs 2,622.94 crore from Rs 1,562.24 crore in the September 2025 quarter. Raw materials and components consumed rose to Rs 1,808.73 crore from Rs 985.50 crore, project bought-outs increased to Rs 138.51 crore from Rs 28.61 crore, and other expenses increased to Rs 497.92 crore from Rs 323.86 crore.

Employee-benefit expense rose to Rs 186.74 crore from Rs 155.69 crore, while depreciation and amortisation increased to Rs 30.16 crore from Rs 25.82 crore. Tax expense was Rs 111.91 crore, compared with Rs 88.55 crore a year earlier, and basic and diluted earnings per share were both Rs 71.46 against Rs 59.31 in Q2 of the previous year.

What do the half-year results show?

Hitachi Energy India recorded profit after tax of Rs 612.64 crore for the six months ended September 30, 2026, up from Rs 395.96 crore in the corresponding period of 2025. Profit before tax increased to Rs 819.91 crore from Rs 529.79 crore, while total income rose to Rs 5,604.77 crore from Rs 3,435.63 crore.

Total expenses for the six-month period were Rs 4,784.86 crore, compared with Rs 2,905.84 crore a year earlier. Raw materials and components consumed rose to Rs 3,422.55 crore from Rs 1,750.79 crore, while the inventory change was Rs 500.05 crore against Rs 71.70 crore in the corresponding prior-year period.

The unaudited results were approved by the board on November 12, 2026, after review by the audit committee. S.R. Batliboi & Associates LLP issued its limited review report on the same date and stated that nothing had come to its attention suggesting that the results lacked required disclosures or contained a material misstatement.

What changed in Hitachi Energy India’s balance sheet and cash flow?

Hitachi Energy India’s total assets stood at Rs 14,126.52 crore on September 30, 2026, compared with Rs 12,043.72 crore on March 31, 2026. Inventories rose by Rs 724.05 crore to Rs 2,209.09 crore, trade receivables increased by Rs 208.08 crore to Rs 2,121.34 crore, and other current assets rose to Rs 3,179.06 crore from Rs 2,079.73 crore.

Cash and cash equivalents were Rs 4,472.66 crore at September 30, 2026, down from Rs 4,689.17 crore at the March 2026 year end. Net cash generated from operating activities in the six months was Rs 91.33 crore, compared with Rs 874.18 crore a year earlier, after working-capital movements including a Rs 724.05 crore inventory increase and a Rs 1,360.72 crore rise in receivables, loans and other assets.

Purchases of property, plant and equipment, including capital advances, were Rs 369.52 crore in the six months ended September 30, 2026, compared with Rs 66.72 crore a year earlier. Capital work-in-progress increased to Rs 408.07 crore at September 30 from Rs 192.01 crore at March 31, while net cash used in investing activities was Rs 255.21 crore against Rs 53.16 crore of net cash generated in the prior-year period.

What disclosed matters should readers monitor next?

Hitachi Energy India had Rs 1,665.26 crore of unutilised proceeds from its qualified institutional placement as of September 30, 2026, including Rs 1,630.00 crore held as bank deposits. The company had allotted 21,90,688 equity shares through the placement during the quarter ended March 31, 2025, raising approximately Rs 2,520.82 crore.

The company also continues to monitor implementation developments for India’s four Labour Codes, which were notified on November 21, 2025. It recorded a Rs 54.24 crore exceptional item in the year ended March 31, 2026 for increased gratuity and leave liabilities, and said it would continue assessing accounting implications as rules, developments or guidance emerge.

Conclusion

Hitachi Energy India delivered higher revenue and profit in the September 2026 quarter, with revenue from operations reaching Rs 2,996.51 crore and profit after tax reaching Rs 318.49 crore. However, expenses increased to Rs 2,622.94 crore from Rs 1,562.24 crore a year earlier, causing profit growth to trail revenue growth and reducing the calculated profit-after-tax margin.

The next disclosed items to monitor are the use of Rs 1,665.26 crore in remaining qualified institutional placement proceeds, working-capital movement after inventories reached Rs 2,209.09 crore, and any further accounting impact from Labour Code implementation. Hitachi Energy India has said it will continue to assess the Labour Codes as related guidance and rules develop.