Hitachi Energy Ltd and persons acting in concert have confirmed that no encumbrance was created over the shares held by them in Hitachi Energy India Limited during the financial year ended March 31, 2026. The confirmation was provided in an annual declaration submitted to the stock exchanges.

The disclosure was made pursuant to Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The declaration covers Hitachi Energy Ltd, formerly known as Hitachi ABB Power Grids Ltd, along with Hitachi, Ltd.

The confirmation was signed by Fred Stoepel and Piermauro Rossetti, authorised signatories for Hitachi Energy Ltd. The company requested the exchanges to update their records accordingly.

Hitachi Energy India has received an Outperform rating initiation from Macquarie, with the global brokerage setting a target price of ₹38,500 for the stock. The initiation reflects a broadly positive assessment of the company's competitive positioning and growth prospects across multiple segments of India's power and energy infrastructure landscape.

Macquarie's Initiation: Key Highlights

Macquarie's coverage initiation underscores several structural strengths that distinguish Hitachi Energy India from its peers. The following table summarises the key factors cited by the brokerage:

Competitive Strengths and Market Leadership

Macquarie's initiation places particular emphasis on Hitachi Energy India's dominant standing in India's High Voltage Direct Current (HVDC) market. The brokerage characterises the company as possessing the strongest competitive moat among its peer group, a distinction that is reinforced by what Macquarie describes as the most robust order backlog in the sector. These factors collectively position the company as a preferred beneficiary of India's expanding power transmission infrastructure investments.

Growth Drivers Cited by Macquarie

Beyond its HVDC leadership, Macquarie highlights a range of additional catalysts supporting its positive outlook on Hitachi Energy India:

• Capacity Expansion: Ongoing investments in expanding manufacturing and operational capacity
• Broader Product Offerings: A diversified portfolio that extends the company's addressable market
• Transmission Sector Exposure: Direct participation in India's large-scale grid modernisation and transmission buildout
• Data Center Growth: Increasing demand for power infrastructure linked to the data center segment
• Export-Driven Opportunities: Potential to leverage global demand for energy solutions

The combination of these factors forms the basis of Macquarie's constructive stance, with the ₹38,500 target price reflecting the brokerage's assessment of the company's valuation potential given these identified strengths.