Hitachi Energy India shares were trading lower in early trade on May 26 despite the company reporting a strong set of Q4FY26 numbers, with revenue, profitability and margins all posting sharp year-on-year growth.
The stock was down nearly 3% at ₹34,715 on the NSE at the time of publishing, even as the company delivered robust operational performance for the March quarter.
For Q4FY26, Hitachi Energy India reported revenue from operations of ₹2,754.1 crore, up 46.2% YoY from ₹1,883.7 crore in the year-ago quarter. Operating EBITDA surged 92% YoY to ₹452.4 crore from ₹235.6 crore, while EBITDA margin expanded sharply to 16.4% from 12.5%.
Profit after tax (PAT) rose 79.7% YoY to ₹330.5 crore against ₹183.9 crore last year. Order inflows during the quarter stood at ₹2,422.5 crore, up 10.6% YoY, driven by HVDC control system refurbishment, grid connection solutions, transformers and disconnectors.
The company’s order backlog touched a record ₹29,555.3 crore as of March 31, 2026, marking a 53.5% YoY rise and providing strong revenue visibility for the coming quarters.
For the full FY26, revenue increased 27.6% YoY to ₹8,147.7 crore, while PAT jumped 157.2% YoY to ₹987.8 crore. EBITDA for the year more than doubled to ₹1,252.6 crore from ₹592.3 crore in FY25. The board also recommended a dividend of ₹8 per share for FY26.
The company highlighted that it commissioned India’s first HVDC city center infeed project in Mumbai during the quarter. Managing Director and CEO N Venu said the company maintained strong execution momentum amid a volatile geopolitical environment, supported by operational efficiency and long-term planning.
On the outlook, Hitachi Energy India said the prevailing global environment has pushed energy security and sustainability to the top of the agenda. The company noted that rising electricity demand and renewable integration into the grid will require coordinated efforts from government, industry and academia.
It also warned that geopolitical tensions and higher crude oil prices continue to disrupt global supply chains and increase input cost pressures. However, the company said higher allocation towards clean energy in the Union Budget FY27 is expected to support India’s energy transition and create positive momentum for the sector.
Disclaimer: This article is for informational purposes only and should not be construed as investment advice.