Hitachi Energy India Limited announces Q2FY26 results: Strong orderbook, resilient margins and strategic execution driving sustained growth

QUARTER HIGHLIGHTS

• Orders up 13.6%, revenue up 23.3%, PAT up four-fold YoY
• Solid Op EBITDA margin of 15.2%; reinforcing operational strength and strategic agility
• Order backlog of INR 29,412.6 crore 

Bengaluru, Nov. 3, 2025 – Hitachi Energy India Ltd. announces results for Jul. to Sept. 2025 (Q2FY26).

Sharing his views on the quarter results, N Venu, Managing Director & CEO, Hitachi Energy India Ltd., said, "The country has successfully built-up its non-fossil fuel energy installed base, to 50 percent of its electricity generation capacity. This notable milestone brings with it the challenges of seamlessly integrating intermittent, distributed energy into the national grid. It is essential that we enhance the resilience, reliability, and intelligence of the whole energy ecosystem to effectively deploy the expanding capacity. This shifts the focus to advanced grid technologies, digitalization, and integrated solutions, which is reflected in our operations and financial performance.

Orders

During Jul. to Sept. 30, 2025 quarter, orders totaled INR 2,217.1 crore, up 13.6 percent year-on-year (YoY). This was led by large orders for gas-insulated switchgear (GIS) and air-insulated switchgear (AIS) stations and locomotive transformers. In terms of segment, industries and renewables were key contributors to the orderbook, followed by transmission and transport.

During Q2FY26, Exports maintained a contribution of 30.4 percent of the total orders. The Company received export orders from utilities in Europe, data centers in Southeast Asia, and renewables in the Middle East and North America. Similarly, service clocked a 35% YoY order growth. Some of the key service orders came from utilities and industries, including an air core reactor for a high voltage direct current (HVDC) project, GIS and & AIS extensions, and repair & retrofitting and the first EconiQ order in India (game changing SF6-free technology).

The order backlog stood at INR 29,412.6 crore for the quarter ending on Sept. 30, 2025, providing revenue visibility for the coming quarters.

Revenue

The Company maintained its strong performance for Q2FY26, with a YOY growth of 23.3 percent, as revenue stood at INR 1,915.2 crore. Continued focus on effective order execution and overall operational efficiency has helped the Company sustain its growth momentum.

Profit

With effective execution of good margin orders, sustained operational excellence, a good product mix, and increased export momentum, the Company reported a significant YoY growth in profit before tax (PBT) and profit after tax (PAT) due to a lower base in the corresponding previous quarter. PBT and PAT recorded a four times YoY growth, i.e., 399.8 percent and 405.6 percent respectively.

The Operational EBITDA for the quarter ending Sept. 30th stood at INR 291.6 crore, resulting in a sustained double-digit margin of 15.2 percent. Furthermore, during Q2 FY26, a good collection supported by advances resulted in a positive cash impact.

Outlook

Despite global trade uncertainties and geopolitical tensions, India remains one of the fastest-growing economies. Strong domestic demand, steady investments, and a resilient external sector drive a positive outlook. Key factors such as a favorable monsoon, GST 2.0 reforms, easier access to credit, and rising capacity utilization have contributed to this momentum.

India continues to make significant strides in clean energy. In the first half of 2025 alone, the renewable energy sector attracted investments of nearly INR1 lakh crore (BloombergNEF 2H 2025 Renewable Energy Investment Tracker Report), which underscores the country’s growing confidence and commitment to sustainability. In addition, the government’s focus is shifting from capacity expansion to capacity absorption - with grid integration, energy storage, hybridization, and market reforms, to meet national energy goals.