Any current/future capex/capital investment/strategic investment?

Hitachi Energy globally announced a $1.5 billion CAPEX investment focused on expanding transformer manufacturing capacity. In India, the company has been investing for the last 3-4 years in capacity expansion of power transformers, dry bushing factories, and new greenfield factories. Continued investments have been made even during COVID times, signaling commitment to growth. Regular CAPEX run rate in India is around Rs. 100 crores per year. CAPEX partly aligned with parent company’s $6 billion allocation towards energy transition, though no specific India roadmap provided. New greenfield fact

Future growth expectations in sales/revenue/volumes?

Hitachi Energy expects sustained growth driven by a robust order backlog (Rs. 8,500+ crores) and ongoing project execution. Revenue grew 27% YoY to Rs. 1,327 crores in Q1 FY25, indicating positive momentum. Expansion in high-growth segments like transmission (up 567% YoY) and renewables (up 553% YoY) underpins future growth. The company aims to maintain exports at 25%-30% of sales consistently, leveraging its manufacturing capabilities. Investments in capacity expansions (greenfield factory in Chennai, dry bushing factories) align with projected demand increases. Growth is supported by domesti

Future growth expectations in earnings/operating earnings/profits/EPS?

Hitachi Energy aims to achieve sustainable double-digit EBITDA margins by end of FY 2025, building on a Q4 FY24 performance where double-digit margins were already achieved. EBITDA margins depend on revenue mix and risk management; higher risks in projects can lead to better rewards. Revenue growth is expected with order backlog of over Rs. 8,500 crores, supported by large projects like HVDC and renewable energy segments. Operational efficiencies and productivity improvements are key focus areas for margin expansion. Full financial year 2024-25 is expected to normalize higher IT and FOREX-rela

Current/ Expected Orderbook/ Pending Orders?

Order backlog as of Q1 FY25 stands at over Rs. 8,500 crores, the highest since company inception (Page 7, 8). Q1 FY25 order inflows were Rs. 2,436.7 crores, up 73.2% quarter-on-quarter and 112% year-on-year (Page 8). Export orders contribute around 25-30% of the order book regularly; excluding large projects like Marinus Link, exports are about 27% (Page 7, 18). Large HVDC projects pending include: - A 6,000 MW HVDC project in final bidding stage expected to conclude in next 1-2 quarters. - Another 6,000 MW HVDC Khavda project expected to conclude bidding in next 2 quarters. - A 2,000 MW

Hitachi EnergyQ1 FY25Electrical Equipment

Hitachi Energy Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹31,290P/E: 116.1Market Cap: ₹1.4L CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 3

Margin

Category 2

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

Hitachi Energy expects sustained growth driven by a robust order backlog (Rs. 8,500+ crores) and ongoing project execution.
Revenue grew 27% YoY to Rs. 1,327 crores in Q1 FY25, indicating positive momentum.
Expansion in high-growth segments like transmission (up 567% YoY) and renewables (up 553% YoY) underpins future growth.
The company aims to maintain exports at 25%-30% of sales consistently, leveraging its manufacturing capabilities.
Investments in capacity expansions (greenfield factory in Chennai, dry bushing factories) align with projected demand increases.
Growth is supported by domestic market emphasis but balanced with increasing exports to Europe, Middle East, Australia, and South Asia.
The Indian market demand, including power infrastructure and railway electrification, indicates higher activity ahead.
New government setups and fast-tracked bidding processes are expected to accelerate order inflow.
Focus on services, digital solutions, and energy transition-related products is seen as a key growth avenue in the medium to long term.

Margin guidance

Category 2

Hitachi Energy aims to achieve sustainable double-digit EBITDA margins by end of FY 2025, building on a Q4 FY24 performance where double-digit margins were already achieved.
EBITDA margins depend on revenue mix and risk management; higher risks in projects can lead to better rewards.
Revenue growth is expected with order backlog of over Rs. 8,500 crores, supported by large projects like HVDC and renewable energy segments.
Operational efficiencies and productivity improvements are key focus areas for margin expansion.
Full financial year 2024-25 is expected to normalize higher IT and FOREX-related expenses, stabilizing margins.
Profit before tax (PBT) and profit after tax (PAT) showed threefold year-on-year growth in the recent quarter.
EPS growth is supported by increasing operational leverage as revenues grow, especially beyond Rs. 2,000 crores quarterly revenue run rate.
Long-term focus on service, export, digital services, and high-growth segments fuels sustainable earnings growth.

See what Hitachi Energy management said on margin guidance — free account, 30 seconds.

Fundraise plans

- The company did not provide specific guidance on capital expenditure at the time of the call but mentioned a plan to reserve announcements for a later part of the year. - Current capital expenditure run rate is around Rs. 100 crores per year. - No explicit mention was made regarding new fundraising through debt or equity during the discussed period. - The emphasis was on ongoing investments in capacity expansion and technology without reference to raising fresh funds via debt or equity. - The firm maintains focus on operational efficiency and leveraging large order backlog for revenue and profit growth without discussing new financing rounds. In summary, no concrete plans or announcements for new debt or equity fundraising were disclosed in the provided section of the document.

Order book

Yes

Order backlog as of Q1 FY25 stands at over Rs. 8,500 crores, the highest since company inception (Page 7, 8).
Q1 FY25 order inflows were Rs. 2,436.7 crores, up 73.2% quarter-on-quarter and 112% year-on-year (Page 8).
Export orders contribute around 25-30% of the order book regularly; excluding large projects like Marinus Link, exports are about 27% (Page 7, 18).
Large HVDC projects pending include:
- A 6,000 MW HVDC project in final bidding stage expected to conclude in next 1-2 quarters.
- Another 6,000 MW HVDC Khavda project expected to conclude bidding in next 2 quarters.
- A 2,000 MW VSC Khavda HVDC project likely to come for bidding by end of FY24 (Page 16).
Some delays in finalization of transmission orders in India likely due to elections and government transitions but expected to accelerate (Page 12).
The factory capacity set up for Marinus Link is currently full, leading to considerations for further expansion (Page 17).

See what Hitachi Energy management said on order book — free account, 30 seconds.

Capex plans

Yes

Hitachi Energy globally announced a $1.5 billion CAPEX investment focused on expanding transformer manufacturing capacity.
In India, the company has been investing for the last 3-4 years in capacity expansion of power transformers, dry bushing factories, and new greenfield factories.
Continued investments have been made even during COVID times, signaling commitment to growth.
Regular CAPEX run rate in India is around Rs. 100 crores per year.
CAPEX partly aligned with parent company’s $6 billion allocation towards energy transition, though no specific India roadmap provided.
New greenfield factory set up in Chennai to cater to both domestic and export demand.
These investments are aimed at strengthening manufacturing capabilities to support medium to long-term growth and make India a manufacturing hub for transformers and related equipment.

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