POWERINDIA
Hitachi Energy India share price & financials
- Price
- ₹36,880
- Market cap
- ₹1.6L Cr
- Sector
- Capital Goods
- Calls analysed
- 6
Hitachi Energy India Limited Q1 FY27
What went well
- Robust growth in orders and revenues in Q1 FY27, with order inflow reaching ₹5,096.5 crores.
- Significant order growth (excluding HVDC) of 26.1% YoY and 39.7% QoQ, driven by BESS, wind power evacuation, and data center projects.
- Strong revenue growth of 68.6% YoY to ₹2,493.7 crores, attributed to robust execution of the order backlog.
What to watch
- An unrealized foreign exchange loss of ₹36.37 crores was recorded during the quarter.
- A slight contraction in gross margin YoY was observed due to product mix, although it improved QoQ.
What Hitachi Energy India Limited does
Hitachi Energy India Limited is the Indian subsidiary of Zurich-headquartered Hitachi Energy Ltd, supplying technology and equipment across the power transmission and distribution value chain. Its portfolio spans power transformers, high-voltage products, high-voltage direct current (HVDC) systems, grid integration, grid automation and Flexible AC Transmission Systems (FACTS), sold to utility, renewables, industry, transport and infrastructure customers. The company earns through product sales, turnkey projects and, from FY2025-26, a dedicated services business, and is a key supplier of HVDC technology in India.
Segments
- Transformers
- High Voltage
- Grid Integration
- Grid Automation
- Service
- Manufacturing facilities
- 19 (across 8 locations in India)
- Business units
- 5 — Transformers, High Voltage, Grid Integration, Grid Automation, Service
- Manufacturing hubs
- Vadodara (Maneja, Savli, Halol), Bengaluru (Peenya, Doddaballapura), Chennai (Chengalpattu), Mysuru (Thandavapura)
- Sales network
- 12 sales offices and 7 sales touchpoints
- Operating history in India
- ~75 years (seven decades)
- Parent company
- Subsidiary of Zurich-headquartered Hitachi Energy Ltd
Guidance record · Q1 FY27
what the last two calls moved 10 tracked 0 delivered 3 missed 7 open- HVDC Orders missed said Q4 FY25 Promised: One, if not second one, finalized by the second half of this fiscal year (FY26) Q1 FY27: The target period (H2 FY26) has passed. The promise remains missed.
- Operational EBITDA Margin on track said Q4 FY25 Promised: Maintain the double-digit EBITDA year-wise Q1 FY27: Operational EBITDA margin of 16.0% in Q1 FY27, well above the double-digit target, putting the company on track for the year.
All 10 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 68.6%, net profit up 122.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,554 | 1,620 | 1,884 | 1,479 | 1,833 +18% | 2,082 +29% | 2,754 +46% | 2,494 +69% |
| EBITDA | 110 | 167 | 238 | 155 | 299 +172% | 345 +107% | 416 +75% | 364 +135% |
| Net profit | 52 | 137 | 184 | 132 | 264 +408% | 261 +91% | 330 +79% | 294 +123% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +59.8% 1Y
1Y: ₹19,675 on 10 Sept 2025 → ₹31,435. High ₹38,445 (29 May 2026), low ₹16,214 (16 Jan 2026).
How the price took the results
close before → close after
- Q1 FY27
- +2.2%
- 7 Aug
- Q4 FY26
- +1.0%
- 26 May
- Q3 FY26
- +0.8%
- 5 Feb
- Q2 FY26
- +3.2%
- 7 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 22.2% a year over 3 years, FY23 to FY26. Operating margin widened to 14.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹4.5k Cr | ₹5.2k Cr | ₹6.4k Cr | ₹8.1k Cr |
| Operating profit | ₹236 Cr | ₹349 Cr | ₹563 Cr | ₹1.2k Cr |
| Operating margin | 5.3% | 6.7% | 8.8% | 14.9% |
| Interest | ₹39 Cr | ₹47 Cr | ₹45 Cr | ₹13 Cr |
| Depreciation | ₹80 Cr | ₹90 Cr | ₹91 Cr | ₹105 Cr |
| Net profit | ₹94 Cr | ₹164 Cr | ₹383 Cr | ₹987 Cr |
| Net margin | 2.1% | 3.1% | 6.0% | 12.1% |
| Cash from operations | ₹5 Cr | ₹252 Cr | ₹1.5k Cr | ₹1.2k Cr |
| Free cash flow | ₹-7 Cr | ₹163 Cr | ₹1.4k Cr | ₹735 Cr |
| ROCE | 13.0% | 18.0% | 19.0% | 29.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | — | ₹8 Cr | ₹8 Cr | ₹8 Cr | ₹9 Cr | ₹9 Cr |
| Reserves | — | ₹1.1k Cr | ₹1.2k Cr | ₹1.4k Cr | ₹4.6k Cr | ₹5.2k Cr |
| Borrowings | — | ₹190 Cr | ₹334 Cr | ₹214 Cr | ₹84 Cr | ₹86 Cr |
| Other liabilities | — | ₹2.2k Cr | ₹2.4k Cr | ₹3.1k Cr | ₹5.1k Cr | ₹6.8k Cr |
| Total liabilities | — | ₹3.5k Cr | ₹3.9k Cr | ₹4.7k Cr | ₹9.8k Cr | ₹12.0k Cr |
| Fixed assets | — | ₹653 Cr | ₹713 Cr | ₹695 Cr | ₹697 Cr | ₹845 Cr |
| Capital work in progress | — | ₹118 Cr | ₹49 Cr | ₹63 Cr | ₹117 Cr | ₹192 Cr |
| Investments | — | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | — | ₹2.8k Cr | ₹3.2k Cr | ₹4.0k Cr | ₹8.9k Cr | ₹11.0k Cr |
| Total assets | — | ₹3.5k Cr | ₹3.9k Cr | ₹4.7k Cr | ₹9.8k Cr | ₹12.0k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs added +5.25 pp while DIIs trimmed −3.95 pp. The shareholder count grew 11% to 1,02,826.
- Promoters
- 71.3%
- FIIs
- 12.4%
- DIIs
- 6.3%
- Public
- 9.9%
Since Jun 2025
- FIIs +5.25 pp
- DIIs −3.95 pp
- Public −1.29 pp
How it drifted, 12 quarters
Over this window FIIs went from 4.3% to 12.4% — +8.1 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 75.0%, FIIs 4.3%, DIIs 8.0%, Public 12.6%.Dec '23: Promoters 75.0%, FIIs 4.1%, DIIs 8.5%, Public 12.4%.Mar '24: Promoters 75.0%, FIIs 3.5%, DIIs 9.7%, Public 11.8%.Jun '24: Promoters 75.0%, FIIs 5.0%, DIIs 8.5%, Public 11.4%.Sep '24: Promoters 75.0%, FIIs 5.1%, DIIs 9.0%, Public 10.9%.Dec '24: Promoters 75.0%, FIIs 4.5%, DIIs 9.2%, Public 11.3%.Mar '25: Promoters 71.3%, FIIs 5.0%, DIIs 12.3%, Public 11.4%.Jun '25: Promoters 71.3%, FIIs 7.2%, DIIs 10.3%, Public 11.2%.Sep '25: Promoters 71.3%, FIIs 9.7%, DIIs 7.9%, Public 11.1%.Dec '25: Promoters 71.3%, FIIs 10.7%, DIIs 7.2%, Public 10.8%.Mar '26: Promoters 71.3%, FIIs 11.7%, DIIs 7.0%, Public 10.1%.Jun '26: Promoters 71.3%, FIIs 12.4%, DIIs 6.3%, Public 9.9%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Hitachi Energy India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Hitachi Energy Ltd | 71.31% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in POWERINDIA
Filings to Aug 2026
0 new, 10 added, 3 trimmed, 0 sold out — net +0.19 L shares (+9.0%).
- Held by funds
- ₹758 Cr
- 14 schemes
- Biggest holder
- Nippon India Multi Cap Fund
- ₹295 Cr · 0.5% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹295 Cr | −0.20 L | Oct '23 |
| HDFC Arbitrage Fund HDFC Mutual Fund | ₹157 Cr | +0.29 L | Mar '26 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹138 Cr | +0.07 L | Feb '26 |
| Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund | ₹41 Cr | +0.01 L | Sep '24 |
| Nippon India Nifty 500 Momentum 50 Index Fund Nippon India Mutual Fund | ₹38 Cr | +0.00 L | Sep '24 |
| Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund | ₹29 Cr | +0.00 L | Sep '24 |
| Nippon India Arbitrage Fund Nippon India Mutual Fund | ₹28 Cr | held | Feb '26 |
| SBI Nifty Midcap 150 Index Fund SBI Mutual Fund | ₹13 Cr | +0.00 L | Sep '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
10 added, 3 trimmed — net +18,660 shares (+9.0%)
- Funds are sitting on
- +75%
- vs est. average cost
- Held by funds
- ₹758 Cr
- 14 schemes · ≈ 0.53% of the company
- Biggest holder
- Nippon India Multi Cap Fund
- ₹295 Cr · 0.5% of that fund
Shares held by these funds +77%
Aug '23 2.38 L shares Jul '26
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Hitachi Energy India Limited
Guides on how to read this kind of business and the numbers that matter.