POWERINDIA
Mid CapHitachi Energy India Limited
Industrials
Hitachi Energy India Limited is an energy technology company providing solutions across transmission, distribution, renewables, data centers, and transport sectors in India, focusing on grid resilience and energy transition. It offers products, systems, software, and services for the entire value chain.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +46% YoY · PAT +79% YoY · margin expansion · +32% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,754 Cr | +46.2% | +32.3% |
| EBITDA | ₹416 Cr | +74.8% | +20.6% |
| Operating margin | 15.0% | +200 bps | -200 bps |
| PAT | ₹330 Cr | +79.3% | +26.4% |
| PAT margin | 12.0% | +221 bps | -56 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Hitachi Energy India reported strong FY26 performance with revenue up 27.6% and PAT surging 157.3% YoY. Q4FY26 also saw robust growth, with revenue up 46.2% and PAT up 79.7% YoY, driven by solid order execution and margin expansion.
Strong FY26 financial performance, marked by significant revenue and PAT growth, and margin expansion, validates the company's strategic focus. Robust order execution and capacity investments in high-growth sectors like renewables and data centers underpin future prospects, though full-year order growth was modest.
Order Mix by Segment (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Data Centers
Significant investments announced in India's data center space (Rs 6.5 Lakh Cr in FY26, Rs 8.3 Lakh Cr announced).
Renewables (Wind & Solar)
Rs 7.93 Lakh Cr investment for 900 GW Non-Fossil capacity integration by 2035 announced at BES-2026.
Transmission & Utilities
Energy security is emerging as a structural, policy-driven investment in India, shifting focus to resilience and self-reliance.
Transport (EV & Metro)
India’s EV sector attracted Rs 2.23 Lakh Cr from 2020-2025; metro rail projects securing traction transformer orders.
Greenfield Large Power Transformer Facility
Additional Rs 2,000 Cr capex for a greenfield large power transformer facility in Karjan, Vadodara, bringing cumulative capex to Rs 4,000 Cr.
HVDC Project Commissioning
Mumbai city infeed HVDC 1000MW VSC Project commissioned, including converter stations at Aarey and Kudus.
Utility Transformer Commissioning
Three 500 MVA, 765/400/33 kV ICTs commissioned for a leading utility at Ramgarh and Bhiwani.
Increased Government Capex
Government capital expenditure increased from Rs 3.1 Lakh Cr in 2019 to Rs 11.2 Lakh Cr in 2026, supporting industrial expansion.
Energy Security Focus
Energy security is a structural, policy-driven investment in India, driving resilience, self-reliance, and reduced import dependence.
Improved DISCOM Health
DISCOMs recorded profit of over Rs 2,701 Cr in 2024-25, with AT&C losses dropping to 15% in FY25.
Economic Conditions
Actual results may differ materially due to risks and uncertainties beyond the Company’s control, including economic conditions.
Regulatory Changes
Regulatory changes are identified as a risk factor that may cause actual results to differ materially.
Currency Fluctuations
Currency fluctuations are a risk factor that may lead to material differences in actual results.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY is essential for assessing annual growth and project cycle comparisons. QoQ provides insight into sequential execution momentum, margin trends, and the impact of recent project commissioning in this capital goods sector.
Order Inflow
Orders FY26: 18,456.5 Cr (1.6% YoY growth); Q4FY26: 2,422.5 Cr (10.6% YoY growth, -2.2% QoQ).
Revenue from Operations
Revenue FY26: 8,147.7 Cr (27.6% YoY growth); Q4FY26: 2,754.1 Cr (46.2% YoY growth, 32.3% QoQ).
Operational EBITDA
Op. EBITDA FY26: 1,252.6 Cr (111.5% YoY), margin 15.4%. Q4FY26: 452.4 Cr (92.0% YoY), margin 16.4%.
Order Book (OBL)
Order Book at Mar-26: 29,555.3 Cr (53.6% YoY growth).
Maintain Leadership
Maintain leadership in core segments – Renewables, Utilities, HVDC, Industries and Infrastructure.
Harness New Segments
Harness new segments – such as data centers, BESS and expand at the edge.
Operational Excellence
Strong focus on BU service and operational excellence to improve productivity, quality & usage of AI.
Capacity Building
Build capacities for future growth and deliver on a strong backlog for revenue & margin.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Inflow Growth | FY26: 1.6% YoY | Sustained acceleration in order inflow growth across key segments. |
| Operational EBITDA Margin | FY26: 15.4% | Continued expansion or stability of operational EBITDA margins. |
| Order Book Execution | OBL at Mar-26: 29,555.3 Cr | Timely execution of the strong order backlog into revenue. |
| New Capacity Ramp-up | Greenfield large power transformer facility in Karjan announced. | Progress and ramp-up of new capacity additions, especially the Karjan facility. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +44.9% / mo
Technical chart
POWERINDIAdaily · 6M+82.3%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 50. Wait for confirmation.
- SMA20 rising (~9.3% over last month) — short-term momentum positive.
- RSI(14) at 50 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 11% off 52W high · 115% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 20/25 to the score.
- Quality contributes 16/20 to the score.
Main drags
- Fair-value margin of safety is negative at -247.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 100th percentile of the scored universe and 100th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 71.3%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Industrials: 100th pctile, median 68 · Mid: 99th pctile, median 76
132 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 71.3%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.6%.
- ▸4 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 152.00
- P/B
- 30.16
- EV/EBITDA
- 115.14
- Market Cap
- 156048.00Cr
Profitability
- ROE
- 21.90%
- ROCE
- 29.00%
- ROA
- 8.20%
- Dividend Y
- 0.02%
Growth (CAGR)
- Revenue 5Y
- 19.00%
- EPS 5Y
- 54.00%
- Revenue 3Y
- 22.00%
- EPS 3Y
- 122.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 96.31×
- Altman Z
- 7.77
- Book Value
- 1161.00
Cash Flow
- FCF Yield
- 0.62%
- FCF Positive Y
- 4/5
- OCF
- 1245.00 Cr
- EPS TTM
- 221.63
Shareholding
- Promoter Hold
- 71.31%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 83%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.