Hitachi Energy India posted a 20.5% rise in standalone net profit to ₹319 crore for the second quarter of FY27, powered by rapid project execution across power transmission and digital infrastructure. But margins took a hit. Operating profitability fell short of Street projections as execution costs climbed, pushing company shares down 1.9% to ₹28,545 on the National Stock Exchange on Thursday.
Revenue from operations leaped 63.6% to ₹2,996.5 crore during the July–September quarter, up from ₹1,832 crore in the corresponding period last year. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) advanced 36.4% to ₹406.3 crore from ₹297.8 crore. Yet EBITDA margin contracted by 270 basis points to 13.6%, down from 16.3% a year ago.
The Street gave a split verdict. While top-line revenue comfortably cleared consensus market estimates of ₹2,588 crore, the bottom line missed the projected ₹345 crore mark. EBITDA also trailed the Street expectation of ₹438 crore, dragged down by an operating margin that missed the 17% forecast.
| Financial Metric | Q2 FY27 | Q2 FY26 | YoY Change (%) | Consensus Estimate |
|---|---|---|---|---|
| Revenue from Operations | ₹2,996.5 crore | ₹1,832.0 crore | +63.6% | ₹2,588.0 crore |
| EBITDA | ₹406.3 crore | ₹297.8 crore | +36.4% | ₹438.0 crore |
| EBITDA Margin | 13.6% | 16.3% | -270 bps | 17.0% |
| Standalone PAT | ₹319.0 crore | ₹264.0 crore | +20.5% | ₹345.0 crore |
| Total Order Backlog | ₹33,335.4 crore | — | Record High | — |
Order momentum remained fierce. Utility-driven power transmission projects anchored the intake, led by purchases of high-voltage equipment, power transformers, STATCOM units, specialized cooling systems, and air-insulated as well as gas-insulated switchgear.
Data centres emerged as the second-largest demand engine. Surging power consumption across hyperscale server farms forced developers to secure dedicated transmission lines, pumping fresh volume directly into the company’s high-capacity hardware order pipeline.
Exports provided crucial ballast. International orders jumped 41% year-on-year during the quarter and rocketed 184% across the first half of FY27, with fresh contracts booked across Asia, Africa, the Middle East, Europe, and the United States.
The services business expanded at an even faster clip. Service orders leaped 77% year-on-year in the quarter and 36% in the first half of FY27, driven by industrial operators, engineering contractors, and utilities commissioning gas-insulated switchgear augmentations and regional substation expansions.
By the end of September 2026, Hitachi Energy India had built an order backlog of ₹33,335.4 crore—the highest in its operating history.
Both orders and revenue continue to secure sustained year-on-year growth, backed by disciplined order execution over the quarter," said N Venu, Managing Director and Chief Executive Officer of Hitachi Energy India. "Our growing order backlog is a testimony to this.
Venu stated that the company had poured capital into fresh infrastructure and expanded manufacturing capabilities to absorb the capital expenditure wave sweeping through regional electrical grids.
Market Context: While Hitachi Energy India has shed 8.8% over the past month as investors re-evaluated high industrial equipment multiples, the stock remains up 54.5% year-to-date in 2026. The ₹33,335.4 crore order book shields revenue visibility through FY28, leaving margin restoration during forthcoming delivery cycles as the core checkpoint for institutional desks.