Hitachi Energy India Limited announces Q4 FY26 results: The Company closes the quarter on a high note with a focused strategic approach and robust execution

QUARTER HIGHLIGHTS

• Strong revenue growth of 46.2 % YoY 
• PAT up by 79.7% YoY 
• Double - digit Op EBITDA margin of 16.4 % YoY 
• Commissioning of India’s first HVDC city center infeed in Mumbai 

FULL YEAR HIGHLIGHTS (ended March 31, 2026)

• Strong revenue growth of 27.6 % YoY 
• Order backlog at a record high, up by 53.5 % YoY to INR 29,555.3 crore 
• Board recommends dividend of INR 8 per share (400 %) 

Mumbai, May 25, 2026 – Hitachi Energy India Ltd. announces results for Jan to Mar, 2026 (Q4 FY26) and for the financial year from April 1, 2025, to March 31, 2026 (FY26). 

Results for the financial year ended March 31, 2026: 

Hitachi Energy India Limited ended its fourth quarter and financial year on a high note. The sustained focus on operational efficiency and effective order execution helped the Company to maintain its growth momentum for the quarter and entire FY26. 

Commenting on the quarterly results, N Venu, Managing Director & CEO of Hitachi Energy India Ltd., said, "The Q4 and full - year results reiterate the Company’s commitment to enhance its overall efficiency across all spheres of work, along with a sharp focus on improving customer experience through robust project implementation. The recently commissioned India’s first HVDC city center infeed in Mumbai is a testament to Hitachi Energy India Limited’s strong on-time execution. A strong order backlog and long- term planning have sustained the Company’s growth momentum even amid the volatile geopolitical landscape." 

India’s exposure to global energy price shocks is significant, and it reiterates the importance of investments in the grid. The transmission infrastructure stands to benefit from India’s energy transition. Hitachi Energy India Limited’s quarterly results reflect this industry’s reality , and the Company has effectively navigated it while staying focused on long - term growth drivers. 

Orders 

During Q4 FY26, orders totaled INR 2,422.5 crore, up 10.6% year-on-year (YoY), reflecting the evolving energy landscape worldwide. In this quarter, the orderbook was led by orders for HVDC control system refurbishment, grid connection solutions, and transformer and disconnector supply. In terms of segment, the major contributor is the data center, followed by rail and metro. 

In Q4 FY26, exports accounted for 36.8 % of total orders booked for the quarter. The Company received export orders from the US, Europe, and APAC. Whereas service contributed 23.9 % to the Q4 order book. Some of the key service orders came from the state utility, data center, transmission, and industry for system refurbishment, SCADA upgrades, and lifecycle services. 

The Company’s sustained growth momentum over the last three quarters has positively impacted order backlog in Q4 FY26. The Q4 also saw a surge in total order backlog with INR 29,555.3 crore as of March 31, 2026, providing strong revenue visibility for several quarters. 

Revenue 

Backed by strong order execution across projects, products, services, and a focused strategic approach, the Company sustained revenue growth in Q4FY26. For the quarter, the Company secured robust YoY revenue growth of 46.2 %, reaching INR 2,754.1 crore. 

Profit 

The Company recorded a strong YoY growth in PBT (profit before tax) and PAT (profit after tax). Both PBT and PAT saw an ~ 80% growth YoY in Q4 FY26 . PBT stands at INR 443.4 crore (79.7 %) and PAT at INR 330.5 crore (79.7 %). 

Full Year 

For the full year ending March 31, 2026, total orders received stood at INR 18,456.5 crore, while revenue (from operations) rose to INR 8,147.7 crore. 

For FY26, the Company has taken definitive measures which are in line with its 2030 sustainability goals. It has achieved a 74 % reduction in CO2 emissions and an 82 % reduction in waste disposed to landfill or incineration in FY26 from the baseline year 2019. Also, 99 % of the waste produced has been processed for recycling in the same financial year.   

Hitachi Energy India Limited’s Halol manufacturing facility has been certified as Water Positive following independent verification of its Water Positive Index for FY26. Additionally, the Company’s Halol and Mysore facilities have achieved the “Platinum Level” certification for Zero Waste to Landfill. 

Board meeting outcome 

Based on the Company’s performance for the year ended March 31, 2026, the Board of Directors has recommended a final dividend of INR 8 per share of face value INR 2 each, i.e. 400 % , subject to the approval of shareholders at the ensuing Annual General Meeting. 

During the meeting, the Board of Directors also approved an investment of INR 2,000 crores to set up, in addition to others, a greenfield large power transformers facility in Karjan, Vadodara, Gujarat. This investment is in addition to the capital expenditure announced vide the Company’s press release dated October 7, 2024, taking the cumulative capex to INR 4,000 crores. 

Outlook 

The prevailing global scenario has pushed energy security to the top of the agenda alongside sustainability. Electricity is now a primary driver of growth. Meeting this rising electricity demand and integrating renewable energy sources into the grid will be the two critical challenges seeking coordinated efforts from government, industry, and academia. 

India’s energy sector will need to navigate a period of uncertainty, due to geopolitical tensions that continue to disrupt global supply chains and impact the availability and cost of critical inputs. 

The rise in crude oil prices is adding to cost pressures across the value chain, especially in India with its significant import dependence. 

The allocation of more funds in the Union Budget FY 2026-27 for the clean energy sector will, however, add momentum toward s the energy ecosystem in the country. The same will have a positive multiplier effect on the clean energy segment, helping India stay on course on its energy goals.

About Hitachi Energy

Hitachi Energy is a global leader in electrification, powering the electricity era to meet the energy demands of today, and the next 25 years. As the energy arm of Hitachi Group, over three billion people depend on our pioneering, mission-critical technologies to power their daily lives. With over a century of innovation, we are addressing the most urgent energy challenge of our time: driving the evolution of the world’s energy system to ensure abundant, secure, affordable, and sustainable power for today’s generation and the next. With an unparalleled installed base in over 140 countries, we are the grid ecosystem partner across the utility, industry, data center, and transportation sectors. Headquartered in Switzerland, we employ over 56,000 people in 60 countries and generate revenues of around $20 billion USD.

In India, Hitachi Energy operates under the legal entity name Hitachi Energy India Limited and is listed on the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) as POWERINDIA, Scrip code 543187. 

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About Hitachi Ltd.

Through its Social Innovation Business (SIB) that brings together IT, OT (Operational Technology), and   products, Hitachi contributes to a harmonized society where the environment, wellbeing, and  economic growth are in balance. Hitachi operates globally in four sectors – Digital Systems & Services, Energy, Mobility, and Connective Industries and the Strategic SIB Business Unit for new growth businesses. With Lumada at its core, Hitachi generates value from integrating data, technology and domain knowledge to solve customer and social challenges. Revenues for FY2024 (ended March 31, 2025) totaled 9,783.3 billion yen, with 618 consolidated subsidiaries and approximately 280,000 employees worldwide.

Visit us at www.hitachi.com.