Hitachi Energy India Limited – Investor Presentation Summary
Key Operational Highlights
- Orders (with HVDC) for Q2 FY27 stood at ₹4,120.8 Cr, growing 85.9% YoY and declining 19.1% QoQ.
- Orders (without HVDC) grew 85.9% YoY and 21.8% QoQ.
- Order backlog as on September 30, 2026, was ₹33,335.4 Cr, up 13.3% YoY and 3.5% QoQ.
- Key drivers: Secured four marquee transformers and substation orders from two leading EPC players, including a STATCOM project; multiple grid automation orders including digital substation control for an HVDC project; multiple data center projects from leading global hyperscalers; service orders including a digitally enabled SLA for a major semiconductor customer; key win from Khavda South–Olpad HVDC project comprising cooling system and 22 × 420 kV GIS bays.
Key drivers of operational performance: Strong order inflow across transmission, data centers, and export markets; successful project execution in key infrastructure projects.
Segment-wise Performance
Not Specified
Financial Highlights
Revenue: ₹2,996.5 Cr for Q2 FY27
EBITDA: ₹494.4 Cr operational EBITDA for Q2 FY27
PAT: ₹318.5 Cr for Q2 FY27
EPS: Not Specified
Margins: Operational EBITDA margin of 16.5% for Q2 FY27; PBT margin of 14.4%; PAT margin of 10.6%
YoY/QoQ comparison: Revenue up 63.5% YoY and 20.2% QoQ; PBT up 22.0% YoY and 10.5% QoQ; PAT up 20.5% YoY and 8.3% QoQ; Operational EBITDA up 69.5% YoY and 23.6% QoQ
Drivers of financial performance: Higher revenue growth, improved operational efficiency
Comparison to market estimates: Not Specified
Key Risks: Not disclosed
Geographical Revenue Split
Domestic vs Export/Regional Revenue:
- Export orders received from Asia, Africa, the Middle East, Europe, and the USA including TenneT order
- Domestic revenue breakdown not specified
Balance Sheet Snapshot
Net Debt/Equity: Not Specified
Reserves: Not Specified
Current Assets/Liabilities: Not Specified
Working Capital/Leverage Metrics: Not Specified
Financial Health Insights: Not Specified
Capex & Cash Flow Health
Capital Expenditure: Multi-location capacity expansion plan underway with majority of capex to complete by 2028
Free Cash Flow: Not Specified
Operating Cash Flow: Not Specified
Net Debt Movement: Not Specified
Investment Rationale: Building capacity ahead of demand; expansions include Karjan greenfield large power transformer, Maneja feeder factory, Savli power transformer factory expansion, Chennai HVDC and power electronics expansion, Halol dry bushing factory, Mysuru ultra low carbon pressboard expansion, Mysuru insulation factory expansion, Peenya grid automation expansion, Doddaballapura capacitor factory expansion
Strategic & R&D Initiatives
Investments in Innovation: Digitally enabled services and service level agreements; augmentation & extension services; grid forming STATCOM technology
Expected impact on growth: Not Specified
Strategic Rationale: Strengthen core businesses (renewables, utilities, HVDC, industries, transport); harness new segments (data centers, BESS, semiconductor industries); focus on exports, service, and digital; strengthen BU service offerings; operational excellence to improve productivity, quality & AI adoption
Industry Trends & Business Environment
Macro/Industry Trends: India's RE capacity reached 299.25 GW in H1FY27 (33% of non-fossil target of 900 GW by 2036); PM Dhara GEC Phase III approves investment ₹1.86 lakh cr to connect 135 GW renewables including 50 Gwh of BESS; India approves 1150 kV system with estimated investment of ₹68,816 crs; electricity demand from data centers could reach 17 GW by 2031-32; Dept of Atomic Energy released draft SHANTI rules for private sector participation in nuclear power; ₹1 lakh Crs investment commitments under Semicon 2.0
Impact on Company: Creates multi-year structural opportunity for grid investments; drives order growth in transmission, industries and data centers
Management Commentary & Growth Outlook
Strategic Outlook: Strengthen the core – renewables, utilities, HVDC, industries and transport; harness new segments – data centers, BESS and semiconductor industries; focus and drive exports, service and digital; strengthen BU service offerings; operational excellence to improve productivity, quality & AI adoption; convert strong backlog into revenue & margin growth
FY Guidance: Not Specified
Market Share Targets: Not Specified
Risks and Opportunities: Not Specified
ESG Updates
- Safety: TRIFR YTD 0.10 (Target: 0.09); 1100+ lifesaving rules inspections performed; 2000+ Safety Observation Tours performed; 98.75% high risk hazards closed on time; zero Non-Conformance Reports open and overdue
- ESG Progress: 74% reduction in CO₂ emissions (86% excl. SF₆) vs 2030 target of 50% reduction; 100% clean energy operations; 10% reduction in freshwater vs 2030 target of 25% reduction; 99.59% waste produced processed for recycling
- Diversity: 10% gender diversity achieved vs 2030 target of 16-18%
- ESG Rating: CRISIL ESG 69 in September 2026 vs 61 in 2025
- Awards: Peenya received "Excellence in Waste Management" FKCCI Awards 2026