Hitachi Energy India Q4FY26: Revenue up 46%, PAT 80%

Key takeaway from the quarter

Hitachi Energy India Limited (POWERINDIA) reported a strong finish to FY26, with sharp year-on-year growth in revenue and profitability in Q4FY26. The company said momentum was supported by execution across segments, including industries and data centres. Alongside the results, Hitachi Energy India announced an additional capital expenditure plan for a new power transformer facility in Gujarat. The company also highlighted a record order backlog at the end of March 2026, which it said improves revenue visibility for the coming quarters.

Q4FY26 revenue rises on execution across segments

For Q4FY26, revenue from operations increased 46.2% year-on-year to ₹2,754.1 crore, compared with ₹1,883.7 crore in the corresponding quarter last year. The company linked the growth to solid performance across industries and data centre segments. In an earnings commentary, management said demand remained sustained across segments and execution stayed consistent through the quarter ended March 31, 2026. Separately, one market note cited Q4 revenue of about ₹2,750 crore and said it was ahead of consensus estimates by around 10%, but the company’s reported figure was ₹2,754.1 crore.

Profitability improves with higher operating leverage

Profit after tax (PAT) for Q4FY26 rose 79.7% year-on-year to ₹330.5 crore, versus ₹183.9 crore a year ago. Operational EBITDA grew 92% to ₹452.4 crore, up from ₹235.6 crore in the same period last year. EBITDA margin for the quarter stood at 16.4%, compared with 12.5% in the prior-year period, indicating improved operating leverage. A separate market note reported EBITDA of about ₹420 crore and PAT of about ₹360 crore for the quarter, along with an EBITDA margin of about 16.3%, highlighting differences in reported summaries across sources.

Orders and record backlog: what the company reported

Hitachi Energy India said orders for Q4FY26 totalled ₹2,422.5 crore, up 10.6% year-on-year. The company also reported a record order backlog of ₹29,555.3 crore as of March 31, 2026, up by about 53.5% year-on-year. Management said the backlog provides revenue visibility for several quarters. Another market note put the order book at roughly ₹29,600 crore, up 54% year-on-year, and said exports accounted for 37% of total inflows.

Full-year FY26: revenue up 27.6%, PAT up 157.3%

For FY26, the company reported revenue of ₹8,147.7 crore, up 27.6% year-on-year. FY26 PAT was ₹987.8 crore, up 157.3% year-on-year, while PBT (profit before tax) was reported at ₹1,375.2 crore, up 166.3%. Full-year operational EBITDA margin was reported at 15.4%. Orders for FY26 increased 1.6% to ₹18,456.5 crore, reflecting a high base.

The company also reported operating cash of ₹1,746 crore for the year. Separately, a report cited total income of ₹8,388 crore in FY26 (INR 83.88 billion), compared with ₹6,442 crore in the previous year (INR 64.42 billion), a rise of around 30%.

Capex plan: additional ₹2,000 crore for Gujarat plant

Hitachi Energy India announced an additional ₹2,000 crore capital expenditure for a new power transformer facility in Gujarat. This takes the company’s total capex plan to ₹4,000 crore, as stated in the provided details. The expansion is aligned with demand linked to grid upgrades and electrification-led investments, where transformer capacity is often a key bottleneck. The company did not provide a commissioning timeline in the provided information.

Project milestones and sector exposure

In its quarter highlights, Hitachi Energy India referenced the commissioning of India’s first HVDC city center infeed in Mumbai. The company also said it delivered major projects across renewables, utilities, and data centres, supporting India’s energy transition. It highlighted maintaining leadership in core segments while expanding into data centres and BESS (battery energy storage systems). In a market note, data centres were described as the largest contributing sector in Q4, followed by rail and metro, alongside orders led by HVDC control system refurbishment and grid connection solutions.

Dividend: ₹8 per share recommended

Based on performance for the year ended March 31, 2026, the Board of Directors recommended a final dividend of ₹8 per share (400%) on a face value of ₹2 each. The recommendation is subject to shareholder approval at the ensuing Annual General Meeting (AGM). The company trades on NSE and BSE under the legal entity name Hitachi Energy India Limited, with the ticker POWERINDIA and BSE scrip code 543187.

Summary of reported numbers

Order book, FY26 totals, and capex snapshot

Why the results matter for investors

The Q4FY26 print shows faster growth in profitability than revenue, alongside an improvement in margins from last year’s quarter. The record backlog figure is a key indicator for near-term execution visibility, particularly in a business that depends on large project ordering cycles. The additional transformer facility capex signals an intent to scale capacity, which becomes important when grid expansion, renewables integration, and data centre power demand rise at the same time. Investors will also track how order inflows evolve after a modest 1.6% growth in FY26 orders on a high base, and whether margins remain stable given one report flagged a 30 bps year-on-year contraction in gross margin to 36.9%.

Conclusion

Hitachi Energy India closed Q4FY26 with 46.2% revenue growth and a 79.7% rise in PAT, backed by higher operational leverage and a record order backlog reported at the end of March 2026. The company’s additional ₹2,000 crore capex announcement for a Gujarat transformer plant takes total capex to ₹4,000 crore, while the Board’s proposed ₹8 per share final dividend awaits AGM approval. The next set of updates investors will watch include the AGM outcome on the dividend and progress on capacity expansion plans alongside order and execution trends.