Hitachi Energy India Q2 orders rise 86%, backlog hits record

Hitachi Energy India Limited reported Q2FY27 orders of Rs 4,120.8 crore, up 85.9% year-on-year, and a record order backlog of Rs 33,335.4 crore as of September 30, 2026. Utility transmission equipment, exports and services contributed to orders during the July-to-September 2026 quarter.

Why did Hitachi Energy India orders rise in Q2FY27?

Hitachi Energy India said orders rose 85.9% year-on-year to Rs 4,120.8 crore in Q2FY27, from Rs 2,217.1 crore in Q2FY26. Transmission was the largest order segment and data centres followed, while utility orders for power transformers, static synchronous compensators (STATCOM), cooling systems, air-insulated switchgear (AIS) and gas-insulated switchgear (GIS) led the intake.

The company linked this demand to electricity generation of 536 billion units in Q2FY27, up 11% year-on-year, and peak demand met of 270 gigawatts on July 16, 2026. It cited peak demand of 230 gigawatts in Q2FY26, meaning the later peak was 18% higher, according to figures it attributed to the Central Electricity Authority.

India added more than 3,000 circuit kilometres of high-voltage transmission lines during July-September 2026, including 1,807 circuit kilometres in September alone, according to the company’s disclosure. The national transmission network exceeded 512,000 circuit kilometres, providing the market context Hitachi Energy India cited for grid modernisation, transmission and digitisation spending.

How did Q2FY27 orders compare with Q1FY27 and H1FY26?

Hitachi Energy India booked 19.1% less order value in Q2FY27 than the Rs 5,096.5 crore reported in Q1FY27. The company separately said that orders excluding high-voltage direct current (HVDC) increased 21.8% quarter-on-quarter, without disclosing the value of HVDC orders in either quarter.

For the six months ended September 30, 2026, orders were Rs 9,217.3 crore, down 32.0% from Rs 13,556.3 crore in H1FY26. However, Hitachi Energy India said orders excluding HVDC increased 53.1% year-on-year in H1FY27, indicating that the reported half-year comparison differed from the non-HVDC measure.

Revenue moved in the opposite direction to headline orders on a sequential basis. Q2FY27 revenue from operations was Rs 2,996.5 crore, 20.2% above Rs 2,493.7 crore in Q1FY27, while H1FY27 revenue rose 65.8% year-on-year to Rs 5,490.2 crore from Rs 3,311.5 crore.

Which businesses and regions contributed to orders?

Hitachi Energy India said export orders increased 41% year-on-year in Q2FY27 and 184% year-on-year in H1FY27. The company received export orders from Asia, Africa, the Middle East, Europe and the United States, although it did not provide the value of export orders for either period.

The service business increased 77% year-on-year in Q2FY27 and 36% year-on-year in H1FY27. Orders came from utilities, industry customers and engineering, procurement and construction companies for work including GIS augmentation and extension and substation extensions.

Transmission equipment was the principal driver of the Rs 4,120.8 crore Q2FY27 order intake, whereas data centres were the second-largest segment. The disclosure does not quantify the segmental split because the company identifies Power Grids as its single operating segment for financial reporting purposes.

What does the Rs 33,335.4 crore backlog indicate?

Hitachi Energy India reported its highest-ever order backlog of Rs 33,335.4 crore as of September 2026 and said it provides revenue visibility for several quarters. The backlog followed Q2FY27 orders of Rs 4,120.8 crore and revenue from operations of Rs 2,996.5 crore, showing that the disclosed backlog was substantially larger than quarterly revenue.

The company attributed Q2FY27 revenue growth of 63.5% year-on-year to operational efficiency and timely order execution. Managing Director and Chief Executive Officer N Venu said the company had invested in new infrastructure and was strengthening existing capabilities in response to the opportunities it anticipates.

Balance-sheet figures showed inventories of Rs 2,209.09 crore as of September 30, 2026, compared with Rs 1,485.04 crore on March 31, 2026. Trade receivables rose to Rs 2,121.34 crore from Rs 1,913.26 crore over the same period, while cash and cash equivalents declined to Rs 4,472.66 crore from Rs 4,689.17 crore.

How did Q2FY27 orders translate into profit and margins?

Hitachi Energy India reported Q2FY27 profit before tax of Rs 430.4 crore, up 22.0% year-on-year, and profit after tax of Rs 318.5 crore, up 20.5%. Revenue increased faster, at 63.5%, while profit-before-tax margin fell to 14.4% from 19.3% and profit-after-tax margin fell to 10.6% from 14.4%.

Operational earnings before interest, tax, depreciation and amortisation, or Operational EBITDA, rose 69.5% year-on-year to Rs 494.4 crore. Its margin was 16.5%, compared with 15.9% in Q2FY26 and 16.0% in Q1FY27, based on revenue from operations.

Hitachi Energy India defines Operational EBITDA as income from operations excluding, among other items, depreciation on tangible assets and foreign-exchange and commodity timing differences. For Q2FY27, these exclusions included a Rs 88.1 crore notional loss from unrealised derivatives and foreign-exchange movements, according to the company.

Conclusion

Hitachi Energy India’s Q2FY27 results combined sharply higher year-on-year orders, revenue and Operational EBITDA with a record Rs 33,335.4 crore backlog. Utility transmission demand led the quarter, while export orders and service activity added to the order book; reported half-year orders nevertheless declined from H1FY26, while the company’s non-HVDC measure increased.

The next results will show whether order conversion sustains the 20.2% sequential increase in Q2FY27 revenue and whether new orders continue to replenish the September 2026 backlog. Management has disclosed investment in new infrastructure and stronger existing capabilities, while the filing does not give a backlog execution schedule or an order and revenue forecast.