Hitachi Energy Q4 FY26 Results & Concall Highlights: Order Book ₹29,555.3 Cr

Q4 FY26 earnings call analysis: revenue, margin, capex, fundraise and order book outlook from management commentary.

Published 3 Jul 2026 | Electrical Equipment | Market Cap: ₹1.6L Cr

Structural, multi-year growth expected driven by sustained demand for electrification, transmission, renewables, and data centers. Hitachi Energy India Limited anticipates multi-year growth driven by structural demand in renewables, data centers, transmission, and electrification sectors. - FY26 revenue grew 27.6% YoY to Rs.

From Hitachi Energy's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.

Price

₹34,190

Market Cap

₹1.6L Cr

P/E Ratio

133.6

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Hitachi Energy — Quarterly revenue & net profit

Revenue Net Profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹2.8K Cr, net profit ₹330 Cr.

Full financials →

📊 Revenue & Sales Performance

→Structural, multi-year growth expected driven by sustained demand for electrification, transmission, renewables, and data centers.
→Domestic market pipeline remains robust with increased capacity to address growing needs.
→Expansion into high-growth areas like battery energy storage (~80 GW planned over 5-6 years) and data centers projected to contribute significantly.
→Export revenue targeted around 25-30% of total, focusing on allocated markets and feeder factory products.
→New greenfield large power transformer factory (Karjan, Vadodara) to be operational by Q4 2028, enhancing supply capability.
→Capacity expansion aims to double transformer manufacturing capacity to 30-40 GVA.
→Continuous growth expected from renewables, data centers, and industrial segments.
→HVDC project pipeline robust with 3-4 projects in next 2 years, combining LCC and VSC technologies.
→Focus on localization and technology adoption supports sustainable, scalable growth.

📈 Profitability & Margins

→Hitachi Energy India Limited anticipates multi-year growth driven by structural demand in renewables, data centers, transmission, and electrification sectors.
→FY26 revenue grew 27.6% YoY to Rs. 8,147.7 Crores; PBT more than doubled to Rs. 1,375.2 Crores; PAT rose 157.3% to Rs. 987.8 Crores.
→Operational EBITDA margin improved to 15.4% in FY26 from 9.3% last year.
→Order backlog stands at Rs. 29,555 Crores, up 53.6% YoY, indicating strong revenue visibility.
→Data center market expected to expand 6-9x in 5 years, with Hitachi’s opportunity at about 15% of data center capex.
→HVDC projects pipeline is robust, with capacity to take on more orders without constraints.
→Rs. 4,000 Crores planned capex (including Rs. 2,000 Crores accelerated investment) will boost capacity by 30-40 GVA, supporting growth.
→Margin protection aided by commodity price pass-through clauses despite inflationary pressure.

See what Hitachi Energy said on profitability & margins — free account, 30 seconds.

🏗️ Capital Expenditure Plans

→Hitachi Energy India announced an additional capex of Rs. 2,000 Crores approved in Q4FY26.
→This includes establishing a greenfield large power transformer facility in Karjan, Vadodara, Gujarat.
→The new factory will manufacture large power transformers and HVDC converter transformers.
→The manufacturing at this new facility is expected to start by the last quarter of calendar year 2028.
→This Rs. 2,000 Crores is in addition to a previously announced capex program from October 2024.
→Total cumulative capex now stands close to Rs. 4,000 Crores.
→Capex is aimed at expanding manufacturing capacity to meet growing demand from renewables, transmission, and new sectors like data centers.
→Capacity is also being increased with additional lines in the Bangalore factory for power quality products due to rising demand.
→The investment is based on multiyear structural growth rather than short-term spikes.

💰 Fundraising & Capital Structure

→There is no mention of any current or future new fundraising through debt or equity in the document.
→The company has announced an additional investment of Rs. 2,000 Crores for capacity expansion, which is part of a cumulative Rs. 4,000 Crores capital expenditure program.
→This capex is aimed at strengthening manufacturing capabilities and supporting growth in renewables, data centers, and transmission sectors.
→The funding for this capex is not specified as coming from new debt or equity issuance.
→Focus appears to be on internal growth, capacity expansion, and operational efficiency rather than external fundraising at this time.

See what Hitachi Energy said on fundraising & capital structure — free account, 30 seconds.

📋 Order Book & Pipeline

→Hitachi Energy India Limited reported a strong order backlog of ₹29,555.3 Crores as of FY26 end, reflecting a 53.6% YoY increase.
→The company achieved order intake of ₹18,456.5 Crores for FY26, with a 1.6% growth over the previous year.
→Q4FY26 order intake was ₹2,422.5 Crores, a 10.6% YoY growth.
→The pipeline includes at least 3 to 4 HVDC projects over the next 2 years.
→The demand outlook across transmission, renewables, data centers, and industrial sectors is robust, underpinning sustained order inflow.
→Focus remains on domestic market with substantial exports contributing around 25%-30% of revenue.
→Capacity expansions via greenfield projects like the large transformer facility at Karjan targeted for late 2028 to meet increasing order demand.

Key Metrics

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Frequently Asked Questions

What were Hitachi Energy Q4 FY26 results?

What is Hitachi Energy share price analysis?

Hitachi Energy currently shows a neutral. The stock trades at a P/E of 133.6 with a market cap of ₹159,123 Cr. Investors should review the full earnings analysis for detailed insights.

Is Hitachi Energy planning capital expenditure?

Hitachi Energy India announced an additional capex of Rs.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.