Mumbai: Hitachi Energy India Ltd. announced its results for Jan. to Mar. 2026 (Q4FY26) and for the financial year from April 1, 2025, to March 31, 2026 (FY26).
| (INR crore) | Q4FY26 | Q4FY25 | YoY% | Q3FY26 | QoQ% | FY26 (Apr2025- Mar2026) |
FY25 (Apr2024- Mar2025) |
YoY% |
| Orders | 2422.5 | 2,190.8 | 10.6% | 2,477.6 | -2.2% | 18456.5 | 18173.8 | 1.6% |
| Revenue from operations | 2754.1 | 1,883.7 | 46.2% | 2,082.2 | 32.3% | 8147.7 | 6384.9 | 27.6% |
| PBT before exceptional item | 443.4 | 246.7 | 79.7% | 402.0 | 10.3% | 1375.2 | 516.4 | 166.3% |
| PBT before exceptional item % | 16.1% | 13.1% | 19.3% | 16.9% | 8.1% | |||
| PBT
|
443.4 | 246.7 | 79.7% | 347.8 | 27.5% | 1320.9 | 516.4 | 155.8% |
| PBT%
|
16.1% | 13.1% | 16.7% | 16.2% | 8.1% | |||
| PAT
|
330.5 | 183.9 | 79.7% | 261.4 | 26.4% | 987.8 | 384.0 | 157.2% |
| PAT%
|
12.0% | 9.8% | 12.6% | 12.1% | 6.0% | |||
| Op EBITDA*
|
452.4 | 235.6 | 92.0% | 338.4 | 33.7% | 1252.6 | 592.3 | 111.5% |
| Op EBITDA %
|
16.4% | 12.5% | 16.3% | 15.4% | 9.3% |
*Margins are calculated as percent of revenue from operations. The Company evaluates profitability based on Operational EBITDA. Operational EBITDA represents income from operations excluding (i) amortization expense on intangibles, (ii) restructuring and restructuring-related expenses, (iii) non-operational pension cost, (iv) gains and losses from the sale of businesses, acquisition-related expenses, and certain non-operational items, (v) foreign exchange/commodity timing differences in income from operations consisting of (a) unrealized gains and losses on derivatives (foreign exchange, commodities, embedded derivatives), (b) unrealized foreign exchange movements on receivables/payables (and related assets/liabilities) and (vi) Depreciation expenses on tangibles assets.
Results for the financial year ended March 31, 2026:
Hitachi Energy India Limited ended its fourth quarter and financial year on a high note. The sustained focus on operational efficiency and effective order execution helped the Company to maintain its growth momentum for the quarter and entire FY26. Commenting on the quarterly results, N Venu, Managing Director & CEO of Hitachi Energy India Ltd., said, “The Q4 and full-year results reiterate the Company’s commitment to enhance its overall efficiency across all spheres of work, along with a sharp focus on improving customer
experience through robust project implementation. The recently commissioned India’s first HVDC city center infeed in Mumbai is a testament to Hitachi Energy India Limited’s strong on time execution. A strong order backlog and long-term planning have sustained the Company’s growth momentum even amid the volatile geopolitical landscape.”
India’s exposure to global energy price shocks is significant, and it reiterates the importance of investments in the grid. The transmission infrastructure stands to benefit from India’s energy transition. Hitachi Energy India Limited’s quarterly results reflect this industry’s reality, and the Company has effectively navigated it while staying focused on long-term growth drivers.
Orders
During Q4FY26, orders totaled INR 2,422.5 crore, up 10.6% year-on-year (YoY), reflecting the evolving energy landscape worldwide. In this quarter, the orderbook was led by orders for HVDC control system refurbishment, grid connection solutions, and transformer and disconnector supply. In terms of segment, the major contributor is the data center, followed by rail and metro.
In Q4FY26, exports accounted for 36.8% of total orders booked for the quarter. The Company received export orders from the US, Europe, and APAC. Whereas service contributed 23.9% to the Q4 order book. Some of the key service orders came from the state utility, data center, transmission, and industry for system refurbishment, SCADA upgrades, and life cycle services.
The Company’s sustained growth momentum over the last three quarters has positively impacted order backlog in Q4FY26. The Q4 also saw a surge in total order backlog with INR 29,555.3 crore as of March 31, 2026, providing strong revenue visibility for several quarters.
Revenue
Backed by strong order execution across projects, products, services, and a focused strategic approach, the Company sustained revenue growth in Q4FY26. For the quarter, the Company secured robust YoY revenue growth of 46.2 %, reaching INR 2,754.1 crore.
Profit
The Company recorded a strong YoY growth in PBT (profit before tax) and PAT (profit after tax). Both PBT and PAT saw an ~80% growth YoY in Q4FY26. PBT stands at INR 443.4 crore (79.7%) and PAT at INR 330.5 crore (79.7%).
Full Year
For the full year ending March 31, 2026, total orders received stood at INR 18,456.5 crore, while revenue (from operations) rose to INR 8147.7 crore.
For FY26, the Company has taken definitive measures which are in line with its 2030 sustainability goals. It has achieved a 74% reduction in CO2 emissions and an 82% reduction in waste disposed to landfill or incineration in FY26 from the baseline year 2019. Also, 99% of the waste produced has been processed for recycling in the same financial year.
Hitachi Energy India Limited’s Halol manufacturing facility has been certified as Water Positive following independent verification of its Water Positive Index for FY26. Additionally, the Company’s Halol and Mysore facilities have achieved the “Platinum Level” certification for Zero Waste to Landfill.
Board meeting outcome
Based on the Company’s performance for the year ended March 31, 2026, the Board of Directors has recommended a final dividend of INR 8 per share of face value INR 2 each, i.e. 400%, subject to the approval of shareholders at the ensuing Annual General Meeting.
During the meeting, the Board of Directors also approved an investment of INR 2,000 crores to set up, in addition to others, a greenfield large power transformers facility in Karjan, Vadodara, Gujarat. This investment is in addition to the capital expenditure announced vide the Company’s press release dated October 7, 2024, taking the cumulative capex to INR 4,000 crores.
Outlook
The prevailing global scenario has pushed energy security to the top of the agenda alongside sustainability. Electricity is now a primary driver of growth. Meeting this rising electricity demand and integrating renewable energy sources into the grid will be the two critical challenges seeking coordinated efforts from government, industry, and academia.
India’s energy sector will need to navigate a period of uncertainty, due to geopolitical tensions that continue to disrupt global supply chains and impact the availability and cost of critical inputs. The rise in crude oil prices is adding to cost pressures across the value chain, especially in India with its significant import dependence.
The allocation of more funds in the Union Budget FY 2026-27 for the clean energy sector will, however, will add momentum towards the energy ecosystem in the country. The same will have a positive multiplier effect on the clean energy segment, helping India stay on course on its energy goals.
