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Revenue
₹2,168 Cr
verification pending
Revenue YoY
29.6%
reported change
EBITDA
Pending
latest reported figure
Source
manual review required
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Hitachi Energy India delivered a strong Q3 FY26 with revenue of ₹2,168 crore (+29.6% YoY) and PAT of ₹261 crore (12.1% margin). Order inflows were ₹2,477 crore (up 73% YoY excluding HVDC), and order backlog hit an all-time high of ₹29,872 crore. Growth was driven by robust execution across utilities, renewables, and data centers, with exports reaching ~30% of revenue. Management highlighted favorable macro tailwinds from the Union Budget, EU-India FTA, and US-India trade deal. Capex plans remain on track with ₹700+ crore per year for expansion. Key risk: potential slowdown in HVDC execution between projects could create a temporary revenue gap, though management expects continued growth.
Colored figures show movement against the previous available record.
Guidance to track
- Management confirmed the capex plan of ₹700+ crore in FY26 and another ₹700+ crore in FY27, as outlined in the QIP document, with a slow start but pipeline in place.
- Management expects exports to sustain in the 25-30% range of total orders, excluding large HVDC projects, driven by a three-pronged strategy.
- Data center contribution is currently high single-digit but expected to grow rapidly, driven by India's emerging demand and global export opportunities.
Risks flagged
- With the Adani HVDC project nearing completion and new HVDC orders yet to start, there could be a temporary revenue slowdown in coming quarters.
- Rising commodity prices could pressure margins, though 70%+ of the order book has price escalation clauses.
- Potential Chinese imports or local manufacturing could increase competition, but management is confident given level playing field.
Key quotes
- We are super excited about this market growth, market environment and we are super impressed with the way in which we are driving energy futures.
- We have been building on a long-term basis and you have seen in the last not three quarters but several quarters how we are what we are saying and what we are doing it.
- We don't see that as a major threat and we are not due to that we are not holding any of our expansion plans.
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