Hitachi Energy India Ltd.
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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 GENERATEDCapital Goods
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ABB | 7330.00 | 51.99 | 155328.84 | 0.54 | 3623.00 | 930.02 | 35588.70 | 1110.31 | 30.18 | 12.56 |
| CGPOWER | 908.00 | 114.44 | 143050.87 | 0.14 | 308.28 | 15.52 | 3280.81 | 13.99 | 27.94 | 12.11 |
| SIEMENS | 3972.00 | 43.19 | 141451.06 | 0.45 | 214.31 | -49.38 | 4713.70 | 8.44 | 21.42 | 9.14 |
| POWERINDIA | 31065.00 | 120.36 | 138464.05 | 0.03 | 2941.50 | 2135.18 | 24936.90 | 1586.18 | 28.73 | 14.58 |
| GVT&D | 4500.00 | 617.01 | 115220.94 | 0.22 | 362.99 | 24.65 | 1836.14 | 38.04 | 75.51 | 25.10 |
| ENRIN | 3180.50 | 76.12 | 113264.13 | 0.13 | 440.90 | 67.83 | 2485.60 | 39.28 | 40.19 | 23.56 |
| WAAREEENER | 2545.00 | 19.18 | 73207.26 | 0.16 | 891.87 | 15.39 | 7931.79 | 79.22 | 37.92 | 18.15 |
| APARINDS | 17293.00 | 61.29 | 72409.83 | 0.35 | 4674.50 | 1677.98 | 65910.60 | 1191.31 | 31.84 | 11.50 |
| HAVELLS | 1116.00 | 42.88 | 70035.88 | 0.90 | 289.71 | -16.64 | 6518.19 | 19.48 | 25.74 | 7.15 |
| SUZLON | 44.44 | 19.43 | 61085.61 | 0.00 | 305.22 | -5.89 | 3829.09 | 22.83 | 35.79 | 15.55 |
| SCHNEIDER | 1195.30 | 155.53 | 28580.11 | 0.00 | 12.44 | -69.84 | 651.36 | 4.78 | 31.01 | 5.23 |
| TDPOWERSYS | 762.85 | 86.68 | 23835.77 | 0.14 | 862.93 | 72.33 | 6400.54 | 72.10 | 34.01 | 19.00 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,004 | 1,192 | 1,239 | 1,661 | 1,293 | 1,508 | 1,583 | 1,840 | 1,429 | 1,760 | 2,021 | 2,707 | 2,494 | |
| 1,006 | 1,163 | 1,206 | 1,513 | 1,279 | 1,444 | 1,453 | 1,646 | 1,324 | 1,534 | 1,737 | 2,338 | 2,162 | |
| Operating Profit | -2 | 30 | 33 | 147 | 14 | 64 | 129 | 195 | 105 | 227 | 284 | 370 | 332 |
| 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% |
| 3 | 0 | 2 | 4 | 0 | 0 | 52 | 38 | 51 | 83 | 32 | 57 | 58 | |
| Interest | 11 | 11 | 14 | 11 | 11 | 16 | 12 | 6 | 4 | 3 | 3 | 3 | 3 |
| Depreciation | 22 | 22 | 23 | 23 | 22 | 23 | 23 | 23 | 25 | 26 | 27 | 27 | 28 |
| Profit before Tax | 3 | 32 | 34 | 152 | 15 | 71 | 184 | 247 | 177 | 353 | 348 | 443 | 390 |
| 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 Profit | 2 | 25 | 23 | 114 | 10 | 52 | 137 | 184 | 132 | 264 | 261 | 330 | 294 |
| 0.57 | 5.84 | 5.42 | 26.82 | 2.46 | 12.34 | 32.41 | 43.15 | 29.53 | 59.31 | 58.65 | 74.14 | 65.99 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|
| 4,884 | 4,469 | 5,237 | 6,385 | 8,148 | 8,983 | |
| 4,562 | 4,219 | 4,878 | 5,780 | 6,880 | 7,770 | |
| Operating Profit | 322 | 250 | 359 | 605 | 1,267 | 1,212 |
| OPM % | 6.59% | 5.59% | 6.86% | 9.47% | 15.55% | 13.50% |
| 103 | 15 | 9 | 57 | 186 | 229 | |
| Interest | 53 | 54 | 57 | 54 | 28 | 12 |
| Depreciation | 95 | 80 | 90 | 91 | 104 | 108 |
| Profit before Tax | 277 | 131 | 222 | 516 | 1,321 | 1,534 |
| Tax % | 26.46% | 28.22% | 26.13% | 25.64% | 25.22% | 24.99% |
| Net Profit | 203 | 94 | 164 | 384 | 988 | 1,150 |
| EPS | 47.99 | 22.16 | 38.63 | 86.09 | 221.49 | — |
| 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
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 8 | 8 | 8 | 9 | 9 |
| 1,124 | 1,207 | 1,351 | 4,205 | 5,167 | |
| 181 | 324 | 206 | 81 | 175 | |
| Trade Payables | 1,619 | 1,515 | 1,810 | 2,042 | 3,081 |
| 557 | 833 | 1,278 | 2,191 | 3,513 | |
| Total Liabilities | 3,489 | 3,887 | 4,654 | 8,527 | 11,945 |
| 653 | 713 | 695 | 717 | 845 | |
| Capital Work in Progress | 118 | 49 | 63 | 90 | 192 |
| 707 | 818 | 888 | 926 | 1,485 | |
| 0 | 0 | 1,522 | 1,580 | 1,913 | |
| Cash & Bank | 86 | 163 | 128 | 3,807 | 4,689 |
| 1,925 | 2,143 | 1,358 | 1,408 | 2,819 | |
| Total Assets | 3,489 | 3,887 | 4,654 | 8,527 | 11,945 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| -34 | 72 | 252 | 1,494 | 1,245 | |
| Cash from Investing | -167 | -12 | -89 | -110 | -271 |
| Cash from Financing | 61 | 84 | -199 | 2,295 | -91 |
| -233 | 77 | -35 | 3,679 | 883 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Hitachi Energy India Limited has informed the Exchange regarding Notice of Postal Ballot
2026-09-10 - Hitachi Energy India Limited has informed the Exchange about Schedule of meet
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 - 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 - Hitachi Energy India Limited has informed the Exchange regarding Outcome of Board Meeting held on August 28, 2026.
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 - 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 - 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 - Hitachi Energy India Limited has informed the Exchange about Schedule of meet
News
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