Hitachi Energy India Limited announces Q3FY26 results: Continued growth momentum with strong execution and a solid order backlog drives Q3 performance

QUARTER HIGHLIGHTS

• Revenue up ~29.6% YoY, PAT up 90.3% YoY
• Double-digit Op EBITDA margin of 15.6%; reinforcing operational strength and strategic agility
• Highest ever order backlog of INR 29, 872.2 crore 

Hitachi Energy India delivered a robust Q3 performance, supported by sustained growth momentum, strong order execution and a robust order backlog, that reinforces its market leadership. Sharing his views on the quarter results, N Venu, Managing Director & CEO, Hitachi Energy India Ltd., said, “Our Q3 results highlight the increasing pace of electrification in India and the world, with global electricity demand projected to surge over 70 percent. AI's power

intensive growth demands strategic infrastructure investments, and we are proud to be at the forefront, powering AI-ready data centers and the sustainable energy future ahead. In India, this huge focus on electrification also signals robust capacity expansion, grid reliability, and inclusive access to meet ambitious targets like 2,000 kWh per capita consumption by 2030. These trends offer a clear glimpse of our nation's evolving energy needs, both immediate and long-term, and position our company for sustained leadership in delivering reliable, affordable, and sustainable power.”

Orders

During the quarter ended December 31, 2025, orders totaled INR 2,477.6 crore, up 73.7 percent year-on-year (YoY) excluding a large order during the same period of FY25. This was led by orders for transformers (power, traction, and dry) reactors, gas insulated switchgear (GIS) and air-insulated switchgear (AIS). In terms of segment- industries, datacenter and renewables were major contributors to the orderbook.

During Q3 FY26, exports grew, accounting for 29.8 percent of the total orders booked for the quarter. The Company received export orders from utilities, data centers, from Southeast Asia, and Southern Africa, respectively. Whereas Service contributed 4.3 percent to the third-quarter order book. Some of the key service orders came from utilities and industries, including Substation Automation System (SAS) Extension package, SCADA upgrade, and the largest SCADA integration order for a leading renewable energy company in India.

The order backlog stood at INR 29,872.2 crore as of December 31, 2025, providing revenue visibility for several upcoming quarters.

Revenue

The Company continued its strong revenue growth in Q3FY26, with YoY growth of 29.6 percent, reaching INR 2,168.0 crore. This is largely due to a robust demand in India and other key markets, expanded market share, and successful execution of strategic initiatives.

Profit

For the quarter, the Company achieved strong YoY growth in PBT (profit before tax) and PAT (profit after tax). This is driven by higher revenues from core operations, efficient execution and continued focus on cost management.

On YoY basis and on QoQ basis PBT (before exceptional items) grew by 118.4 percent and 13.9 percent respectively to INR 402.0 crore in Q3FY26.

On YoY basis PBT (after exceptional items) grew by 88.9 percent to INR 347.8 crore and PAT grew by 90.3 percent to INR 261.4 crore in Q3FY26. Whereas, on QoQ basis PBT (after exceptional items) and PAT declined by 1.5 percent and 1.1 percent, respectively, due to the impact following the implementation of the new labor code.

The Operational EBITDA continues to be in a double-digit margin corridor of 15.6 percent with INR 338.4 crore.

Outlook

The recent EU‑India FTA strengthens clean‑energy collaboration according to analysts, especially in renewables and green hydrogen, this is likely to boost opportunities for Indian energy firms through enhanced technology exchange and investment flows. It is also likely to create a more stable, climate‑aligned trade framework that helps Indian energy players expand exports and attract long‑term capital for infrastructure and innovation.

On this energy front, opportunities are growing as India moves toward its larger energy goals. But the challenge ahead is not only to supply electricity, but to manage it under more demanding conditions. Capacity, control, and coordination will determine whether the power system can keep pace with industrial complexity and urban growth. To achieve the same, a collaborative, structured approach is required from all stakeholders, supported by strong local manufacturing and technology capabilities.