Overview

Detailed Summary

Hitachi Energy India Limited supplies power‑grid products, systems, software and lifecycle services across four business units — Grid Automation, Grid Integration, Transformers and High‑Voltage Products — serving utilities, renewables, rail, industry and data centers with integrated design, manufacture, supply, erection, testing and commissioning solutions.
The company reported a strong Q3 FY26 with revenue growth of 29.6% YoY to Rs. 2,168 crore, substantial margin expansion (PBT before exceptional items reached Rs. 402 crore), and an all‑time high order backlog of Rs. 29,872 crore, highlighting improving profitability and robust execution momentum across product and project lines.
Management is actively pivoting to higher‑value adjacent markets — data centers, BESS/energy storage and services — creating a dedicated global services BU, acquiring eks Energy from Powin, and targeting exports to reach 25%–30% of revenue while sequencing a multi‑year CAPEX plan of ~Rs.700+ crore annually to expand high‑voltage manufacturing capability.
Hitachi Energy India emphasizes localization and HVDC capability, having localized HVDC transformers and converter components, executed major HVDC projects with imminent commissioning milestones, and positioning manufacturing capacity to bid for very large HVDC tenders such as the 6,000 MW Barmer link, reflecting strategic depth in high‑value grid projects.
Sustainability and governance are embedded in operations: the company operates on 100% renewable electricity, is ahead on operational CO2 reduction targets versus 2019 base, improved ESG ratings (CRISIL and NSE), and reports defined water, waste and safety improvements across plants and projects.

Sector: Electrical Equipment
Industry: Heavy Electrical Equipment
Market Cap: 1,47,972 Cr
Volatility: Low Risk
P/E Ratio: 175.9
Industry P/E: 56.6
PEG Ratio: 3.2
P/B Ratio: 32.0
52W High: 26,322.80
52W Low: 11,299.65

Sales CAGR

1Y: 21.91%
3Y: 9.34%
5Y: —
10Y: —

Profit CAGR

1Y: 134.45%
3Y: 23.59%
5Y: —
10Y: —

ROE

TTM: 15.65%
3Y: 9.45%
5Y: 10.67%
10Y: —

ROCE

TTM: 20.84%
3Y: 14.35%
5Y: 16.15%
10Y: —

Technicals

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Peers

Industrials Capital Goods Electrical Equipment Heavy Electrical Equipment

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ABB		6149.95	1,53,951 Cr	92.28	19.65	0.54	21.29	28.36	12.23
POWERINDIA		25017.10	1,46,619 Cr	174.28	31.99	0.02	15.65	20.84	8.62
SIEMENS		3022.70	1,34,491 Cr	76.11	10.17	0.32	12.75	17.04	8.85
CGPOWER		820.40	1,30,239 Cr	117.04	17.46	0.15	14.32	19.43	9.56
BHEL		287.85	1,19,940 Cr	147.30	4.92	0.15	2.29	3.17	1.13
ENRIN		2610.15	1,17,938 Cr	99.84	26.92	0.12	25.11	31.50	12.38
GVT&D		3823.70	1,14,760 Cr	107.46	55.01	0.11	44.09	59.14	17.61
Median: 7 Co.	—	3022.70	1,30,239 Cr	107.46	19.65	0.15	15.65	20.84	9.56

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	1,228	1,274	1,695	1,327	1,554	1,620	1,884	1,479	1,833	2,082
Expenses	1,163	1,206	1,513	1,279	1,444	1,453	1,646	1,324	1,534	1,737
Operating Profit	65	68	182	48	110	167	238	155	299	345
OPM %	5.32	5.34	10.73	3.61	7.06	10.30	12.63	10.47	16.32	16.58
Other Income	0.21	2.22	3.92	0.09	0.09	52	38	51	83	32
Interest	11	14	11	11	16	12	5.99	3.95	2.86	2.53
Depreciation	23	23	23	22	23	23	23	25	26	27
Profit Before Tax	32	34	152	15	71	184	247	177	353	348
Tax %	23.57	32.00	25.31	30.76	25.95	25.36	25.45	25.60	25.09	24.83
Net Profit	25	23	114	10	52	137	184	132	264	261
EPS in Rs	5.55	5.15	25.50	2.34	11.73	30.82	43.15	29.53	59.31	58.65

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Dec 2019	Dec 2020	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	3,236	3,420	4,884	4,469	5,237	6,385	6,537
Expenses	2,900	3,170	4,573	4,233	4,889	5,789	5,867
Operating Profit	336	251	311	236	349	596	670
OPM %	10.38	7.34	6.36	5.28	6.66	9.33	10.24
Other Income	-40	-17	103	15	9.29	57	141
Interest	26	20	41	40	47	45	38
Depreciation	48	77	95	80	90	91	94
Profit Before Tax	221	136	277	131	222	516	678
Tax %	25.04	26.77	26.46	28.22	26.13	25.64	25.52
Net Profit	165	100	203	94	164	384	505
EPS in Rs	—	—	36.79	21.07	36.75	88.04	190.64
Dividend Payout %	0.00	8.49	6.25	15.34	10.35	6.64	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Dec 2019	Dec 2020	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	8.48	8.48	8.48	8.48	8.48	8.92
Reserves	831	924	1,124	1,207	1,351	4,205
Borrowings	348	39	190	334	214	88
Other Liabilities	2,253	2,532	2,201	2,369	3,134	4,311
Total Liabilities	3,441	3,503	3,524	3,919	4,707	8,613
Fixed Assets	579	656	653	713	695	717
CWIP	57	32	118	49	63	90
Investments	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	2,804	2,815	2,753	3,157	3,950	7,807
Total Assets	3,441	3,503	3,524	3,919	4,707	8,613

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Dec 2019	Dec 2020	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-73	610	-127	5.37	252	1,494
Cash from Investing Activity	-73	-89	-167	-12	-89	-110
Cash from Financing Activity	333	-390	61	84	-199	2,295
Net Cash Flow	188	131	-233	77	-35	3,679

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	71.31%	71.31%	71.31%	71.31%	71.31%
FIIs	4.53%	4.33%	4.07%	3.48%	5.02%	5.11%	4.51%	5.33%	7.20%	9.66%	10.69%	11.67%
DIIs	8.10%	8.04%	8.52%	9.75%	8.55%	9.00%	9.21%	12.13%	10.28%	7.93%	7.18%	6.96%
Public	12.37%	12.63%	12.41%	11.77%	11.43%	10.89%	11.28%	11.22%	11.21%	11.09%	10.81%	10.06%
Total Shareholders	62,844	61,793	61,563	62,489	72,536	73,288	82,384	89,925	92,331	99,147	97,771	90,555

Market Transactions

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Projection

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Available on Pro Plan