Hitachi Energy India Limited delivers strong Q2FY27 performance: Strong market momentum drives orders, revenue growth, and record backlog
Press Release | Bengaluru, India | 12.11.2026 | 4 min read
Q2FY27 HIGHLIGHTS
- Order growth up 85.9% YoY
- Revenue growth of 63.5% YoY
- Double-digit Op EBITDA margin of 16.5%
- Highest-ever order backlog of INR 33,335.4 crore
Bengaluru, November 12, 2026 – Hitachi Energy India Ltd. announces results for July to September 2026 (Q2FY27).
1. Orders excluding HVDC surged 21.8% QoQ in Q2 FY27 and 53.1% YoY in H1 FY27.
**Margins are calculated as percent of revenue from operations. The Company evaluates profitability based on Operational EBITDA. Operational EBITDA represents income from operations excluding (i) amortization expense on intangibles, (ii) restructuring and restructuring-related expenses, (iii) non-operational pension cost, (iv) gains and losses from the sale of businesses, acquisition-related expenses, and certain non-operational items (v) foreign exchange/commodity timing differences in income from operations consisting of (a) unrealized gains and losses on derivatives (foreign exchange, commodities, embedded derivatives) (b) unrealized foreign exchange movements on receivables/payables (and related assets/liabilities), for the quarter ended Sept 30, 2026: notional loss of Rs 88.1 Crores, and (vi) Depreciation expenses on tangibles assets.
Results for Q2FY27 ended on September 30, 2026:
Hitachi Energy India Limited's order and revenue growth continued in Q2 FY27. The growth has been supported by strong tailwinds- India’s electricity generation in Q2 FY27 was 536 billion units (BU), which is up 11% year-on-year, while peak demand met was 270 GW, recorded on 16 July 2026, an 18% increase from the 230 GW peak in Q2 FY26, according to the Central Electricity Authority (CEA).
The country added over 3,000 circuit km of high-voltage transmission lines during July-September 2026, including a record 1,807 ckm in September alone, taking the national transmission network beyond 512,000 ckm. India has entered an energy intensive phase which indicates strong investments in modernization of the grid, transmission and digitization of the grid. A steady, systematic shift to electricity across sectors and industries has further accelerated the pace of energy transition in the country, with electricity growth directly linked to India’s economic growth.
Commenting on the quarterly results, N Venu, Managing Director & CEO of Hitachi Energy India Ltd., said, “At Hitachi Energy India Limited, we anticipate these underlying opportunities and have invested in new infrastructure and are strengthening our existing capabilities. These efforts reflect in our Q2FY27 results. Both orders and revenue continue to secure sustained year-on-year (YoY) growth, backed by disciplined order execution over the quarter.
He added, “Our teams have ensured seamless customer experience and on-time delivery, while we pursue elevating our overall operational efficiency across our offerings and services. The same has helped the Company to maintain sustained growth momentum quarter-on-quarter (QoQ) and YoY. Our growing order backlog is a testimony to it.”
Orders
Q2FY27 saw a significant 85.9% YoY growth totaling INR 4,120.8 crore, primarily supported by positive market demand and sustained order momentum. This quarter, transmission orders from utilities for power transformers, STATCOM, cooling systems, Air-Insulated Switchgear (AIS) & Gas-Insulated Switchgear (GIS), etc., spearheaded the order book. In terms of segment-wise order breakup, transmission led the pack, followed by data center.
Exports continue to play a significant role in the total order book, with 41% YoY growth in Q2 FY27 and 184% in H1 FY27. This quarter, the Company received export orders from Asia, Africa, the Middle East, Europe, and the USA.
The Company’s Service business is also gaining momentum, up 77% YoY in Q2 FY27 and 36% YoY in H1 FY27. The major orders came from utilities, industry, and EPCs for GIS augmentation and extension, substation extension, and more.
The strong order growth for the quarter is also positively reflected in the Company’s order backlog. It secured a record-high backlog of INR 33,335.4 crore again, as of September 2026, providing revenue visibility for several quarters.
Revenue
For the second quarter, revenue stood at INR 2,996.5 crore, with 63.5% YoY growth. The significant growth can be attributed to a sustained focus on operational efficiency, ensuring timely order execution.
Profit
For Q2 FY27, profit before tax (PBT) grew by 22.0% YoY to INR 430.4 crore, and profit after tax (PAT) grew by 20.5% to INR 318.5 crore.
The company continued to secure a double-digit Operational EBITDA margin of 16.5%, driven by better execution and strong operational excellence. For Q2 FY27, Operational EBITDA grew by 69.5% YoY to INR 494.4 crore.
Sustainability
Sustainability is in the DNA of Hitachi Energy India Limited’s business strategy, shaping the approach the Company takes toward the environment, society, and its own governance. The Company’s improved ESG rating from 61 (FY2024-25) to 69 (FY2025-26) in the recently published CRISIL Sustainability ESG Rating (September 2026) corroborates the same.
Outlook
Recent market reports suggest that the country’s electricity demand will surpass overall energy demand within a decade (by 2035), marking an era of electricity. Industrial clusters are emerging as major centers of energy consumption and grid investment according to the World Economic Forum, and India's industrialization is increasingly electricity-based rather than fossil-fuel-based.
India’s latest Economic Survey 2024-25 also highlighted infrastructure and industrial expansion as critical growth enablers. This makes rapid modernization of grids indispensable. Hence, the focus is on technologies that make the grid more flexible, more visible, and more resilient.
The PM-DHARA scheme too will play a significant role in India’s energy transition journey. Through the scheme, the policymakers have tried to address key challenges of grid readiness, resilience, renewable energy intermittency, energy security, and flexibility. A special focus on Battery Energy Storage Systems (BESS) makes it more pertinent to the rapidly evolving energy landscape.
About Hitachi Energy
Hitachi Energy is a global technology leader in electrification, powering a sustainable energy future with innovative power grid technologies with digital at the core. Over three billion people depend on our technologies to power their daily lives. With over a century in pioneering mission-critical technologies like high-voltage, transformers, automation, and power electronics, we are addressing the most urgent energy challenge of our time – balancing soaring electricity demand, while decarbonizing the power system. With an unparalleled installed base in over 140 countries, we co-create and build long-term partnerships across the utility, industry, transportation, data centers, and infrastructure sectors. Headquartered in Switzerland, we employ over 50,000 people in 60 countries and generate revenues of around $16 billion USD.
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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 https://www.hitachi.com.