Hitachi Energy India FY26 PAT surges 157.2% on strong revenue growth

Hitachi Energy India Limited reported a 157.2% year-on-year increase in profit after tax (PAT) to ₹987.8 crore for the financial year ended March 31, 2026, driven by robust revenue growth and operational efficiency. The company's revenue from operations for FY26 rose 27.6% to ₹8,147.7 crore. For the fourth quarter, PAT grew to ₹330.5 crore compared to ₹183.9 crore in the same period last year, while revenue increased 46.2% to ₹2,754.1 crore. The Board of Directors has recommended a final dividend of ₹8 per equity share (400%) of face value ₹2 each, subject to shareholder approval at the Seventh Annual General Meeting scheduled for August 28, 2026. The audited financial results were published on May 26, 2026, in "The Hindu Business Line" and "Vijaya Karnataka" pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance

The company's order backlog reached a record high of ₹29,555.3 crore as of March 31, 2026, an increase of 53.5% year-on-year. Operational EBITDA for the full year stood at ₹1,252.6 crore, with margins expanding to 15.4%. The strong performance was attributed to robust project execution and a focused strategic approach across segments including data centers, rail, and metro.

Metric (₹ crore)	FY26	FY25	YoY Growth
Revenue from Operations	8,147.7	6,384.9	27.6%
Profit After Tax	987.8	384.0	157.2%
Operational EBITDA	1,252.6	592.3	111.5%
Order Backlog	29,555.3	19,254.5	53.5%

Q4 Performance Highlights

The fourth quarter results reflected strong momentum, with Q4 EBITDA rising to ₹452.4 crore from ₹235.6 crore in the same period last year. EBITDA margin for the quarter stood at 16.4% compared to 12.5% in the prior year period, underscoring improved operational leverage. Q4 net profit stood at ₹330.5 crore versus ₹183.9 crore year-on-year, while Q4 revenue grew to ₹2,754.1 crore from ₹1,883.7 crore in the corresponding quarter.

Metric (₹ crore)	Q4 FY26	Q4 FY25
Revenue	2,754.1	1,883.7
Net Profit	330.5	183.9
EBITDA	452.4	235.6
EBITDA Margin	16.4%	12.5%

Board Decisions and Strategic Investments

In a meeting held on May 25, 2026, the Board approved an investment of ₹2,000 crores to establish a greenfield large power transformers facility in Karjan, Vadodara, Gujarat. This investment is in addition to the capital expenditure announced previously, taking the cumulative capex commitment to ₹4,000 crores. The statutory auditors, M/s. S. R. Batliboi & Associates LLP, issued an unmodified opinion on the audited financial statements.

Outlook

Management highlighted that energy security and sustainability remain top priorities, with electricity being a primary driver of growth. The company noted that the allocation of funds in the Union Budget FY 2026-27 for the clean energy sector is expected to add momentum to the energy ecosystem. Hitachi Energy India Limited also reported significant progress in its sustainability goals, achieving a 74% reduction in CO2 emissions and certifying its Halol facility as Water Positive.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.05%	-5.51%	-2.22%	+75.18%	+86.22%	+1,697.98%

Hitachi Energy India Limited announced an additional capital expenditure of ₹2,000 crore to establish a greenfield large power transformer facility in Karjan, Vadodara, taking its cumulative capex commitment to ₹4,000 crore. The company also reported a 157.3% year-on-year increase in profit after tax (PAT) to ₹987.8 crore for the financial year ended March 31, 2026 (FY26), driven by strong operational performance and margin expansion. Revenue from operations for FY26 rose 27.6% to ₹8,147.7 crore, while operating EBITDA surged 111.5% to ₹1,252.6 crore.

Q4FY26 Performance

In the quarter ended March 31, 2026 (Q4FY26), the company recorded a PAT of ₹330.5 crore, an increase of 79.7% compared to ₹183.9 crore in the corresponding period of the previous year. Revenue from operations for the quarter grew 46.2% to ₹2,754.1 crore from ₹1,883.7 crore in Q4FY25. Operating EBITDA for the quarter stood at ₹452.3 crore, a 92% jump year-on-year, with an operating EBITDA margin of 16.4% compared to 12.5% in the prior year. Total orders for FY26 reached ₹18,456.5 crore, a marginal increase of 1.6% from ₹18,173.8 crore in FY25.

Particulars:	Q4FY26 (₹ Cr)	Q4FY25 (₹ Cr)	YoY Growth	FY26 (₹ Cr)	FY25 (₹ Cr)	YoY Growth
Revenue from Operations:	2,754.10	1,883.70	46.2%	8,147.70	6,384.90	27.6%
PAT:	330.50	183.90	79.7%	987.80	384.00	157.3%
Op. EBITDA:	452.30	235.60	92.0%	1,252.50	592.30	111.5%
Op. EBITDA Margin:	16.4%	12.5%	—	15.4%	9.3%	—

Capital Expenditure and Expansion

Hitachi Energy India's decision to invest an additional ₹2,000 crore in a greenfield large power transformer facility at Karjan, Vadodara, brings its total capex commitment to ₹4,000 crore. This expansion underscores the company's focus on scaling domestic manufacturing capacity to meet growing demand across the power sector.

Strategic Outlook and Orders

The company secured orders across various sectors in Q4FY26, including control and protection upgrades for industries, transformers for data centers, and traction transformers for metro rail projects. Major commissioning projects included the Mumbai city infeed HVDC 1000MW VSC project and substations in Rajasthan. The order mix for FY26 showed a shift towards products (53%) compared to projects (41%), with utilities remaining the dominant sector at 85% of total orders.

ESG and Safety Targets

Hitachi Energy India achieved significant progress on its environmental, social, and governance (ESG) targets in FY26. The company reported a 74% reduction in CO2 emissions along the value chain compared to 2019 and achieved 100% renewable electricity in its operations. The Halol and Mysore facilities received 'Zero Waste to Landfill – Platinum' certification. Safety performance remained a priority with a total recordable injury frequency rate of 0.11 in FY26. The company received an ESG rating of '62 Adequate' from NSE and '61 Strong' from Crisil for FY26.