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Hitachi Energy India Ltd.

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hitachienergy.com/inBSE: 543187NSE: POWERINDIA
Market Cap₹ 1,38,464 Cr.
Current Price
High / Low₹ 38,785 / 16,111
Stock P/E120.4
Book Value₹ 1,227
Price to Book20.86
Dividend Yield0.03 %
ROCE28.7 %
ROE21.0 %
Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Sale of products: 65.7% • Revenue from Execution of Contracts for Projects & Services: 28.9% • Other Operating Revenues: 2.8%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence
72%
View full sector analysis →

PROS

  • Company is almost debt free
  • Company has a healthy return on capital (ROCE) of 22.4%
  • Latest quarter profit grew 123.5% YoY, showing strong momentum
  • Operating margins have improved to 15.6% from 5.9%
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.95x)

CONS

  • Promoter holding has decreased over last 2 years: -3.7pp
  • Stock is trading at 20.9x its book value
  • Though reporting repeated profits, the company pays out little dividend (3.6%)
  • Rich enterprise valuation - EV/EBITDA of 68.5x

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsElectric Equipment
Part ofNIFTY ALPHA 50NIFTY MNCNIFTY500MOMENTM50NIFTYLARGEMIDCAP250NIFTYMIDCAP150
S.No.Name
1.ABB7330.0051.99155328.840.543623.00930.0235588.701110.3130.1812.56
2.CGPOWER908.00114.44143050.870.14308.2815.523280.8113.9927.9412.11
3.SIEMENS3972.0043.19141451.060.45214.31-49.384713.708.4421.429.14
4.POWERINDIA31065.00120.36138464.050.032941.502135.1824936.901586.1828.7314.58
5.GVT&D4500.00617.01115220.940.22362.9924.651836.1438.0475.5125.10
6.ENRIN3180.5076.12113264.130.13440.9067.832485.6039.2840.1923.56
7.WAAREEENER2545.0019.1873207.260.16891.8715.397931.7979.2237.9218.15
8.APARINDS17293.0061.2972409.830.354674.501677.9865910.601191.3131.8411.50
9.HAVELLS1116.0042.8870035.880.90289.71-16.646518.1919.4825.747.15
10.SUZLON44.4419.4361085.610.00305.22-5.893829.0922.8335.7915.55
11.SCHNEIDER1195.30155.5328580.110.0012.44-69.84651.364.7831.015.23
12.TDPOWERSYS762.8586.6823835.770.14862.9372.336400.5472.1034.0119.00
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
1,0041,1921,2391,6611,2931,5081,5831,8401,4291,7602,0212,7072,494
1,0061,1631,2061,5131,2791,4441,4531,6461,3241,5341,7372,3382,162
Operating Profit-230331471464129195105227284370332
OPM %-0.22%2.48%2.64%8.88%1.08%4.22%8.17%10.58%7.37%12.88%14.07%13.65%13.30%
30240052385183325758
Interest11111411111612643333
Depreciation22222323222323232526272728
Profit before Tax332341521571184247177353348443390
Tax %28.70%23.57%32.00%25.31%30.76%25.95%25.36%25.45%25.60%25.09%24.83%25.46%24.48%
Net Profit225231141052137184132264261330294
0.575.845.4226.822.4612.3432.4143.1529.5359.3158.6574.1465.99

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
4,8844,4695,2376,3858,1488,983
4,5624,2194,8785,7806,8807,770
Operating Profit3222503596051,2671,212
OPM %6.59%5.59%6.86%9.47%15.55%13.50%
10315957186229
Interest535457542812
Depreciation95809091104108
Profit before Tax2771312225161,3211,534
Tax %26.46%28.22%26.13%25.64%25.22%24.99%
Net Profit203941643849881,150
EPS47.9922.1638.6386.09221.49—
Dividend Payout %6.25%15.35%10.36%6.97%3.61%—

COMPOUNDED SALES GROWTH

10 Years:
—
5 Years:
—
3 Years:
22%

COMPOUNDED PROFIT GROWTH

10 Years:
—
5 Years:
—
3 Years:
119%

STOCK PRICE CAGR

10 Years:
—
5 Years:
68%
3 Years:
93%
1 Year:
62%

RETURN ON EQUITY

10 Years:
—
5 Years:
15%
3 Years:
16%
Last Year:
21%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Aug 21

₹ 4

Rs.8.0000 per share(400%)Final Dividend

2025

Aug 13

₹ 3

Rs.6.0000 per share(300%)Final Dividend

2024

Aug 14

₹ 2

Rs.4.0000 per share(200%)Final Dividend

2023

Aug 10

₹ 1.70

Rs.3.4000 per share(170%)Final Dividend

2022

Jul 14

₹ 1.50

Rs.3.0000 per share(150%)Final Dividend

2021

May 19

₹ 1

Rs.2.0000 per share(100%)Dividend

Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital88899
1,1241,2071,3514,2055,167
18132420681175
Trade Payables1,6191,5151,8102,0423,081
5578331,2782,1913,513
Total Liabilities3,4893,8874,6548,52711,945
653713695717845
Capital Work in Progress118496390192
7078188889261,485
001,5221,5801,913
Cash & Bank861631283,8074,689
1,9252,1431,3581,4082,819
Total Assets3,4893,8874,6548,52711,945

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
-34722521,4941,245
Cash from Investing-167-12-89-110-271
Cash from Financing6184-1992,295-91
-23377-353,679883

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
75.0075.0075.0071.3171.3171.3171.3171.3171.31
5.025.104.524.967.199.6710.6911.6812.44
8.538.989.1912.3310.277.927.176.956.32
Government0.000.000.000.000.000.000.000.000.00
11.4510.9111.2911.4011.2111.0910.8110.069.92

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11
Shareholders meeting

2026-09-11 - Hitachi Energy India Limited has informed the Exchange regarding Notice of Postal Ballot

2026-09-10
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-10 - Hitachi Energy India Limited has informed the Exchange about Schedule of meet

2026-09-02
General Updates

2026-09-02 - Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015 read with the SEBI Master Circular No. SEBI/HO/49/14/14(7)2025-CFDPOD2/I/3762/2026 dated January 30, 2026, as amended, this is to inform that Crisil ESG Ratings &Analytics Ltd ( the Rating Agency ), a SEBI registered Category I - ESG Rating Provider, hasindependently assigned rating of Crisil ESG 69 to the Company for the year 2026. The overall ESG rating of the Company improved to CRISIL ESG 69 from earlier rating of CRISIL ESG 61 , as assigned for the year 2025. This ESG rating score reflects the Company s performance on Environmental, Social and Governance parameters as assessed by the Rating Agency.Please be informed that the Company did not engage the Rating Agency for the evaluation or issuance of its ESG Rating. The said report was prepared independently using publicly available information.The Company has received the said report by email on September 01, 2026, at 9:14 pm IST and the disclosure is made accordingly.

2026-08-28
General Updates

2026-08-28 - Pursuant to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI Listing Regulations ), a Meeting of the Board of Directors of the Company was held as scheduled today i.e., August 28, 2026, inter-alia, have considered and approved the issuance of Postal Ballot Notice for approval of Material Related Party Transactions with Hitachi Energy Sweden AB, Hitachi Energy USA Inc. and Hitachi Energy Ltd., Switzerland, which is subject to approval of the Shareholders through Postal Ballot.Notice of the Postal Ballot including other related information as required pursuant to provisions of the Companies Act, 2013 and SEBI Listing Regulations, will be published and intimated in due course of time.

2026-08-28
Outcome of Board Meeting

2026-08-28 - Hitachi Energy India Limited has informed the Exchange regarding Outcome of Board Meeting held on August 28, 2026.

2026-08-28
General Updates

2026-08-28 - Hitachi Energy India Limited has informed the Exchange about Proceedings of the 7th Annual General Meeting of the Company held today i.e., on August 28, 2026

2026-08-28
General Updates

2026-08-28 - Hitachi Energy India Limited has informed the Exchange about Chairman' Speech of the 7th Annual General Meeting of the Company held today i.e., on August 28, 2026

2026-08-28
Shareholders meeting

2026-08-28 - Hitachi Energy India Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 28, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting results.

2026-08-17
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-17 - Hitachi Energy India Limited has informed the Exchange about Schedule of meet

News

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