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Hitachi Energy

Q2 FY26

Hitachi Energy Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹28,990

Market cap₹1.3L Cr

P/E108.5

Updated16 Oct 2026

Read4 min read

Hitachi Energy Q2 FY26 key numbers

Revenue: They are expanding factories and increasing CAPEX (~INR 2000 crores) to scale up production capacity and meet growth demands.

As stated in Hitachi Energy's Q2 FY26 earnings call transcript · published 8 Aug 2026. Reported figures, not investment advice.

The short version

The company is experiencing strong order backlog of around INR 29,000 crores, providing good revenue visibility over several quarters (Page 23). The company aims to sustain double-digit EBITDA margins by FY 2025 and has already reached ahead of that curve.

From Hitachi Energy's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

The company is experiencing strong order backlog of around INR 29,000 crores, providing good revenue visibility over several quarters (Page 23).
They are expanding factories and increasing CAPEX (~INR 2000 crores) to scale up production capacity and meet growth demands (Pages 22, 27).
Revenue growth has been strong, with 23% YoY growth in the recent quarter, and execution is expected to improve (Page 23).
The focus remains on domestic market growth, prioritizing energy transition in India, with exports targeted around 25%-30% of sales (Pages 26-27).
The company is growing consistently higher than the market, supported by exports and service plays (Pages 23, 26).

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Profitability & Margins

The company aims to sustain double-digit EBITDA margins by FY 2025 and has already reached ahead of that curve.
Guidance remains to enter and sustain double-digit EBITDA margins from Q4 FY 2026 onwards.
Long-term strategy focuses on sustainable growth and improving bottom line through better portfolio management, cost structure, and expanding service and export businesses.
Growth levers include expanding exports (targeting 25-30% of production), operational excellence, pricing excellence, and leveraging a large installed base for service revenues.
Order backlog is strong (~INR 29,000 crores), providing good revenue visibility and execution ramp-up expected going forward.
CAPEX of around INR 2,000 crores underway to support capacity expansion for future growth.

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Capital Expenditure Plans

Current CAPEX plan for FY '26 is around INR 750 crores, with a similar amount (~INR 720 crores) planned for FY '27.
Capex deployment is ramping up, with approximately INR 67 crores spent in H1 FY '26; strong increase expected in second half of FY '26 and into FY '27-FY '28.
INR 2000 crores CAPEX planned for ongoing and future expansions across multiple locations including Chennai, Bangalore, Mysore, and Baroda to meet future demands.
Focus on expanding factories, localizing equipment and technology to improve cost-effectiveness and scale.
Several CAPEX projects are at different stages of execution and are progressing on schedule without delays.

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Fundraising & Capital Structure

The company recently completed a QIP (Qualified Institutional Placement) equity fundraising.
Post QIP, the company has a large cash balance and has earned significant interest income (about INR 120 crores in H1).
CAPEX plans are being funded from internal accruals and capital raised during the QIP.

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Order Book & Pipeline

Current order backlog is approximately INR 29,400 crore, providing good visibility for several quarters. (Page 8)
Base order backlog (excluding large HVDC projects) is around INR 10,000 crore. (Page 13)
Export orders constitute about 25% of overall orders, with most export orders being short cycle except for large projects like Marinus Link. (Page 13)
Order inflow grew by 13.6% YoY this quarter, with a 28% QoQ growth after excluding large orders from the previous quarter. (Page 8)
Export orders have seen 59% YoY growth this quarter, including orders from Europe, Southeast Asia, Middle East, and North America. (Page 8)

2 more points from Hitachi Energy's call on order book

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Hitachi Energy — Quarterly revenue & net profit

Revenue Net profit

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹2.8K Cr, net profit ₹330 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Hitachi Energy's management said in earlier quarters

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Frequently Asked Questions

What were Hitachi Energy Q2 FY26 results?

The company is experiencing strong order backlog of around INR 29,000 crores, providing good revenue visibility over several quarters (Page 23). The company aims to sustain double-digit EBITDA margins by FY 2025 and has already reached ahead of that curve.

What is Hitachi Energy share price analysis?

Hitachi Energy currently shows a neutral. The stock trades at a P/E of 108.5 with a market cap of ₹129,215 Cr. Investors should review the full earnings analysis for detailed insights.

Is Hitachi Energy planning capital expenditure?

Current CAPEX plan for FY '26 is around INR 750 crores, with a similar amount (~INR 720 crores) planned for FY '27.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.