Hitachi Energy India Ltd
Hitachi Energy India Ltd
Capital Goods F&OKey Fundamentals
LargecapElectrical EquipmentCapital GoodsInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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43 extracted metrics + investor summaries across FY17–FY26.
Tapetide Score
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Technical Indicators
Key Insights
Strengths
3- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 53.7% CAGR over last 5 years
Weaknesses
2- Stock is trading at 30.5 times its book value
- Promoter holding has decreased over last 3 years: -3.69%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoHitachi Energy India is a capital goods company riding India's energy transition wave, with FY25 revenue of ₹6,442 crore (+23% YoY), PAT of ₹384 crore (+134% YoY), and a record order backlog of ₹19,246 crore as of March 2025. The stock trades at a PE of 138x and 30.7x book value, reflecting elevated expectations relative to current earnings.
- Record order backlog of ₹19,246 crore as of March 2025, providing over 2 years of revenue visibility and underpinning future growth
- FY25 PAT surged 134% YoY to ₹384 crore, demonstrating strong operating leverage as revenue scales
- FY25 orders received jumped 228% YoY to ₹18,174 crore, reflecting robust demand from renewables, transmission, and electrification
- Compounded profit growth of 54% CAGR over 5 years indicates sustained earnings momentum, not a one-off spike
- Company is virtually debt-free, providing financial flexibility to invest in capacity and working capital as order book converts to revenue
- TTM sales growth of 40% is accelerating versus the 5-year CAGR of 19%, suggesting an inflection in execution pace
- ROE improved to 22% in the last year from an 18% three-year average, showing improving capital efficiency alongside profit growth
- Structural tailwinds from India's green energy corridor buildout, grid modernization, and railway electrification provide a multi-year demand runway
- PE of 138x current earnings leaves virtually no room for execution missteps or order delays without significant de-rating risk
- Price-to-book of 30.7x is extreme even for a high-growth capital goods company, implying the market has priced in many years of flawless compounding
- Promoter holding has declined by 3.69% over the last 3 years, signaling potential parent-level dilution or reduced skin in the game
- Dividend yield of just 0.02% offers negligible income cushion; investors are entirely dependent on capital appreciation
- Stock CAGR of 102% over 3 years has far outpaced profit CAGR of 122% (from a low base), meaning valuation expansion has contributed materially to returns and may not repeat
- Capital goods sector is cyclical — any slowdown in government capex or renewable energy tendering could compress order inflows from the current ₹18,174 crore level
- Large order backlog of ₹19,246 crore carries execution risk around supply chain, project timelines, and cost inflation that could compress margins
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 21h ago- Q1FY27 profit surges 123.5% Aug 7
Net profit jumped 123.5% YoY to ₹294.2 crore in Q1FY27, driven by 68.6% revenue growth and a record order backlog.
- Double-digit margin growth target Aug 10
Management aims for continued double-digit margin improvement while converting strong order backlog into revenues. The 6 GW Barmer HVDC project is expected to conclude in 3-6 months.
- ₹8 dividend and ESPP approval Jul 31
Board declared ₹8 per share final dividend for FY26 and seeks shareholder approval for a global employee stock purchase plan at the August 28 AGM.
- 74% GHG emission reduction Jul 31
BRSR filing for FY 2025-26 disclosed a 74% reduction in Scope 1 and 2 GHG emissions alongside ₹8,147.71 crore turnover.
- Investor presentation in Singapore/HK Aug 11
Hitachi Energy India disclosed presentation materials for Citi's 2026 India Industrials Access Day scheduled for August 12-13 in Singapore and Hong Kong.
- Q1FY27 analyst call recording uploaded Aug 7
Audio recording of the August 7 analyst and investor conference call is now available on the company's investor relations website.
- Nippon MF virtual analyst meet Aug 5
Company scheduled a virtual one-on-one meeting with Nippon Mutual Fund on August 10, with no unpublished price-sensitive information to be shared.
- Q1 results call scheduled Aug 7 Jul 27
Board meeting and investor conference call for Q1 FY27 results were scheduled for August 7, 2026, featuring key management personnel.
TL;DR: Hitachi Energy India is delivering exceptional growth with Q1FY27 profit more than doubling and revenue up 68.6%, backed by a record order backlog. Margin trajectory is positive with management targeting double-digit improvement and a major HVDC project nearing completion. No material headwinds are visible in the current news cycle. The trend is clearly improving with strong operational momentum heading into FY27.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,040 | 1,228 | 1,274 | 1,695 | 1,327 | 1,554 | 1,620 | 1,884 | 1,479 | 1,833 | 2,082 | 2,754 | 2,494 |
| Expenses | 1,006 | 1,163 | 1,206 | 1,513 | 1,279 | 1,444 | 1,453 | 1,646 | 1,324 | 1,534 | 1,737 | 2,338 | 2,130 |
| Operating Profit | 34 | 65 | 68 | 182 | 48 | 110 | 167 | 238 | 155 | 299 | 345 | 416 | 364 |
| OPM % | 3.2% | 5% | 5% | 11% | 3.6% | 7% | 10% | 13% | 10% | 16% | 17% | 15% | 15% |
| Other Income | 3 | 0 | 2 | 4 | 0 | 0 | 52 | 38 | 51 | 83 | 32 | 57 | 58 |
| Interest | 11 | 11 | 14 | 11 | 11 | 16 | 12 | 6 | 4 | 3 | 3 | 3 | 3 |
| Depreciation | 22 | 22 | 23 | 23 | 22 | 23 | 23 | 23 | 25 | 26 | 27 | 27 | 28 |
| PBT | 3 | 32 | 34 | 152 | 15 | 71 | 184 | 247 | 177 | 353 | 348 | 443 | 390 |
| Tax % | 29% | 24% | 32% | 25% | 31% | 26% | 25% | 25% | 26% | 25% | 25% | 25% | 24% |
| Net Profit | 2 | 25 | 23 | 114 | 10 | 52 | 137 | 184 | 132 | 264 | 261 | 330 | 294 |
| EPS in Rs | 0.57 | 5.84 | 5.42 | 26.82 | 2.46 | 12.34 | 32.41 | 41.26 | 29.52 | 59.31 | 58.65 | 74.14 | 65.99 |
Profit & Loss
| Dec 2019 | Dec 2020 | Dec 2021 | Mar 2022 15m | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,236 | 3,420 | 3,771 | 4,884 | 4,469 | 5,237 | 6,385 | 8,148 | 9,162 |
| Expenses | 2,899 | 3,152 | 3,526 | 4,560 | 4,218 | 4,878 | 5,780 | 6,879 | 7,738 |
| Operating Profit | 337 | 269 | 244 | 323 | 250 | 359 | 605 | 1,268 | 1,424 |
| OPM % | 10% | 8% | 6% | 7% | 6% | 7% | 9% | 16% | 16% |
| Other Income | -41 | -18 | 74 | 101 | 15 | 9 | 57 | 185 | 229 |
| Interest | 28 | 38 | 32 | 53 | 54 | 57 | 54 | 28 | 12 |
| Depreciation | 48 | 77 | 81 | 95 | 80 | 90 | 91 | 104 | 108 |
| PBT | 221 | 136 | 206 | 277 | 131 | 222 | 516 | 1,321 | 1,534 |
| Tax % | 25% | 27% | 26% | 26% | 28% | 26% | 26% | 25% | — |
| Net Profit | 165 | 100 | 152 | 203 | 94 | 164 | 384 | 988 | 1,150 |
| EPS in Rs | 39.02 | 23.55 | 35.8 | 47.99 | 22.16 | 38.64 | 86.15 | 222 | 258 |
| Div. Payout % | 0% | 8% | 0% | 6% | 15% | 10% | 7% | 4% | — |
Balance Sheet
| Dec 2019 | Dec 2020 | Dec 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 8 | 8 | — | 8 | 8 | 8 | 9 | 9 |
| Reserves | 831 | 924 | — | 1,124 | 1,207 | 1,351 | 4,205 | 5,167 |
| Borrowings | 348 | 39 | — | 190 | 334 | 214 | 88 | 86 |
| Other Liabilities | 2,253 | 2,532 | — | 2,201 | 2,369 | 3,134 | 4,311 | 6,782 |
| Total Liabilities | 3,441 | 3,503 | — | 3,524 | 3,919 | 4,707 | 8,613 | 12,044 |
| Fixed Assets | 579 | 656 | — | 653 | 713 | 695 | 717 | 845 |
| CWIP | 57 | 32 | — | 118 | 49 | 63 | 90 | 192 |
| Investments | 0 | 0 | — | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 2,804 | 2,815 | — | 2,753 | 3,157 | 3,950 | 7,807 | 11,006 |
| Total Assets | 3,441 | 3,503 | — | 3,524 | 3,919 | 4,707 | 8,613 | 12,044 |
Cash Flow
| Dec 2019 | Dec 2020 | Dec 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Operating | -73 | 610 | -127 | -127 | 5 | 252 | 1,494 | 1,245 |
| Investing | -73 | -89 | -167 | -167 | -12 | -89 | -110 | -271 |
| Financing | 333 | -390 | 61 | 61 | 84 | -199 | 2,295 | -91 |
| Net Cash Flow | 188 | 131 | -233 | -233 | 77 | -35 | 3,679 | 883 |
| Free Cash Flow | -146 | 519 | -294 | -294 | -7 | 163 | 1,366 | 735 |
| CFO/OP | 0 | 244 | -14 | -10 | 29 | 84 | 273 | 138 |
Ratios
| Dec 2019 | Dec 2020 | Dec 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 201 | 168 | — | 106 | 125 | 106 | 90 | 86 |
| Inventory Days | 102 | 103 | — | 93 | 110 | 101 | 91 | 119 |
| Days Payable | 286 | 327 | — | 213 | 204 | 205 | 202 | 246 |
| Cash Conversion Cycle | 18 | -57 | — | -14 | 31 | 2 | -20 | -42 |
| Working Capital Days | 0 | -10 | — | 19 | 21 | 29 | -31 | -46 |
| ROCE % | — | 19% | — | 26% | 13% | 18% | 19% | 29% |
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Company Information
Hitachi Energy India Ltd (formerly known as ABB Power Products and Systems India Ltd.) was created in 2019 as a Joint Venture between Hitachi and ABB's Power Grids. The company serves utility and industry customers, with a complete range of engineering, products, solutions, and services in areas of Power technology. [1][2]