Hitachi Energy India Reports Strong Q3FY26 Performance with 29.6% Revenue Growth and 90% Rise in PAT

Hitachi Energy India Limited announced its financial results for the third quarter ended December 31, 2025 (Q3FY26), reporting robust revenue growth and significant improvement in profitability, supported by strong order execution, sustained demand momentum, and a healthy order backlog.

For the quarter, the company recorded revenue of ₹2,168.0 crore, marking a year-on-year (YoY) growth of 29.6% compared to ₹1,672.4 crore in Q3FY25. Profit after tax (PAT) surged 90.3% YoY to ₹261.4 crore, while profit before tax (PBT) after exceptional items rose 88.9% to ₹347.8 crore. Operational EBITDA stood at ₹338.4 crore, with margins remaining strong at 15.6%.

PBT before exceptional items increased 118.4% YoY and 13.9% quarter-on-quarter (QoQ) to ₹402.0 crore, reflecting improved operational efficiencies, disciplined cost management, and higher contribution from core business segments.

Order Intake and Backlog

During Q3FY26, the company secured orders worth ₹2,477.6 crore. While this represented a decline of 78.6% YoY due to a high base effect from a large order win in Q3FY25, orders grew 73.7% YoY when adjusted for the exceptional large order. Sequentially, order intake increased 11.7% from ₹2,217.1 crore in Q2FY26.

The strong order inflow was driven by demand for power, traction, and dry-type transformers, reactors, gas-insulated switchgear (GIS), and air-insulated switchgear (AIS). Data centers and renewable energy projects emerged as the largest contributors across industry segments.

Exports accounted for 29.8% of total orders during the quarter, with key wins from utilities and data centers across Southeast Asia and Southern Africa. The services business contributed 4.3% to the order book, including major projects such as Substation Automation System (SAS) extension packages, SCADA upgrades, and the company’s largest SCADA integration order for a leading renewable energy developer in India.

As of December 31, 2025, Hitachi Energy India’s order backlog stood at ₹29,872.2 crore, providing strong revenue visibility for the coming quarters.

Financial Performance

For the nine months ended December 31, 2025 (9MFY26), the company posted revenue of ₹5,603.6 crore, up from ₹4,520.3 crore in the corresponding period of the previous year. PAT for the nine-month period rose to ₹657.4 crore from ₹200.1 crore, while PBT increased to ₹877.6 crore from ₹269.7 crore.

Despite marginal QoQ declines of 1.5% in PBT and 1.1% in PAT during Q3FY26, attributed to the impact of new labor code implementation, overall profitability remained resilient, underpinned by stable margins and operational excellence.

Management Commentary

Commenting on the performance, N Venu, Managing Director and CEO, Hitachi Energy India Limited, said the results reflect the accelerating pace of electrification in India and globally, driven by rapid digitalization, data center expansion, and energy transition initiatives.

“Our Q3 results highlight the increasing pace of electrification in India and the world, with global electricity demand projected to surge over 70%. AI’s power-intensive growth requires strategic infrastructure investments, and we are proud to be at the forefront, powering AI-ready data centers and a sustainable energy future. In India, this focus on electrification underscores robust capacity expansion, enhanced grid reliability, and inclusive access, supporting ambitious targets such as 2,000 kWh per capita consumption by 2030,” Venu said.

Outlook

The company highlighted that the recently concluded EU–India Free Trade Agreement (FTA) is expected to strengthen clean energy collaboration, particularly across renewable energy and green hydrogen segments. Analysts believe the agreement will accelerate technology exchange, boost investment flows, and enable Indian energy firms to expand exports while attracting long-term capital for infrastructure and innovation.

As India advances toward its long-term energy goals, the company noted that managing electricity supply under increasingly complex industrial and urban conditions will require coordinated efforts, strong domestic manufacturing, and advanced technological capabilities.