Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹2,754 Cr
verification pending
Revenue YoY
46.2%
reported change
EBITDA
₹452 Cr
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 Q4 FY26 with revenue of ₹2,754 crore (+46.2% YoY) and PAT of ₹330.5 crore (+80% YoY), driven by robust execution and operating leverage. Full-year revenue crossed ₹8,147 crore (+27.6% YoY) with EBITDA margin expanding to 15.4% (vs 9.3% last year). Record order backlog of ₹29,553 crore (+53.6% YoY) provides multi-year visibility. Growth was broad-based across renewables, data centers, and exports, while HVDC contributed ~15% of revenue. Management announced an additional ₹2,000 crore capex for a greenfield transformer facility in Gujarat, doubling capacity. Guidance remains positive with strong pipeline in transmission, data centers, and energy storage. Key risk: inflationary pressures and supply chain disruptions from geopolitical tensions could impact margins if not fully passed through.
Colored figures show movement against the previous available record.
Guidance to track
- The greenfield large power transformer factory in Kutch, Gujarat, will commence production by the last quarter of calendar year 2028, adding ~30 GVA capacity.
- Including the previously announced ₹2,000 crore and the new ₹2,000 crore investment, total capex commitment stands close to ₹4,000 crore.
- Management highlighted a robust pipeline in data centers (India capacity expected to grow 6-9x) and battery energy storage (80 GW over 5-6 years), with Hitachi addressing 15% of data center capex.
Risks flagged
- Geopolitical tensions in the Middle East have elevated metal prices and transport costs; while some contracts have pass-through clauses, not all costs can be passed on, potentially squeezing margins.
- Analysts noted that excluding HVDC and exports, domestic order inflow appeared weak in FY26, raising concerns about underlying demand. Management attributed this to capacity constraints and lumpiness.
- High royalty payments to the parent company for technology access (with no local R&D spend) could pressure margins, especially if localization requirements increase.
Key quotes
- Our growth has been supported by consistent execution, a resilient business model and a strong go to market and sustained demand across segments.
- The electrification era has arrived and everything is getting electrified whether it is transport sector, industry sector, data center, energy storage.
- We are navigating it. It's not easy. It's challenging but most of our portfolio we have commodity prices as a pass through with price variation clauses built in.
Research modules