Hitachi Energy India Revenue Jumps 63.5% as Order Backlog Reaches Record

Synopsis

Hitachi Energy India's revenue jumped 63.5% year-on-year to ₹2,996.5 crore in the September quarter, and net profit grew 21% to ₹319 crore. Orders grew 85.9% to ₹4,120.8 crore, lifting the order backlog to a record ₹33,335.4 crore. Profit before tax increased 22%, while the margin came down to 14.4% from 19.3%. The company reported strong rates of growth in exports and service business.

Hitachi Energy India’s Q2 revenue rose 63.5% to ₹2,996.5 crore from ₹1,832.6 crore, while orders jumped 85.9% to ₹4,120.8 crore, taking the order backlog to a record ₹33,335.4 crore. Net profit increased 21% to ₹319 crore.

Profit increase was less than sales increases

The profit before tax increased 22% from ₹352.9 crore to ₹430.4 crore, but still growth was not matching with the growth in revenue. The PBT margin was circa 14.4% versus 19.3% in the year-ago quarter. The margin dip reports do not break down the margin dip by company.

What is the reason for the orders?

The order breakup was led by transmission followed by data centres. In Q2, exports increased by 41%, and in H1, there was an increase of 184%, with orders from Asia, Africa, the Middle East, Europe and the US. The service business increased by 77% in Q2.

Backlog and visibility

As the company reported, the record backlog of ₹33,335.4 crore as of September 2026 offers revenue visibility for a few quarters. The backlog at the end of June stands at ₹32,222.1 crore, which is 3.5% higher than in the previous quarter. The company said the Q2 results were driven by growth year-on-year orders and revenue, with “disciplined execution”.

The sequential comparison

Standalone net profit jumped 123.5% to ₹294.15 crore in Q1 FY27 on revenue of ₹2,493.69 crore, and the operational EBITDA margin was 16%. The revenue in Q2 is approximately 20% higher than Q1, but the growth in profits has slowed. Investors will be observing if the margins will stabilise on scale up of execution.

Outlook

The reasons for the demand drivers mentioned by the companies are: grid expansion, renewable integration and data-centre power requirements. The factors to consider are the rate of orders being converted to cash and the margin on newly closed orders.