📉 The Financial Deep Dive
Hitachi Energy India Limited has unveiled a robust financial performance for the third quarter and the first nine months of FY26, characterized by significant year-on-year growth in key metrics and a record order backlog.
The Numbers:
For the third quarter ending December 31, 2025 (Q3FY26), the company posted a 29.6% YoY increase in revenue, reaching ₹2,168.0 crore. Profit After Tax (PAT) witnessed a remarkable surge of 90.3% YoY, amounting to ₹261.4 crore. Operational EBITDA grew by an impressive 100.4% YoY to ₹338.4 crore. Sequentially (QoQ), revenue saw a healthy uptick of 13.2%, though PAT experienced a marginal dip of 1.1% due to an exceptional item related to new labour codes.
For the nine months ended December 31, 2025 (9MFY26), revenue climbed 24.0% YoY to ₹5,603.6 crore, while PAT escalated by a staggering 228.5% YoY to ₹657.4 crore.
The Quality:
Profitability was significantly boosted by improved operational efficiency and disciplined cost management. EBITDA margins expanded substantially to 15.6% in Q3FY26, a considerable improvement from 10.1% in Q3FY25. Similarly, PAT margins improved to 12.1% from 8.2% YoY. An exceptional item of ₹54.24 crore was recognized in the quarter, stemming from the accounting impact of new Labour Codes, which affected the QoQ PAT.
Balance Sheet & Liquidity:
The company maintains a strong liquidity position. Following a Qualified Institutions Placement (QIP) in March 2025 that raised approximately ₹2,520.82 crore, a substantial ₹2,365.74 crore remained unutilized as of December 31, 2025, with most of it held as bank deposits.
Order Book:
Crucially, Hitachi Energy India achieved its highest-ever order backlog, standing at ₹29,872.2 crore as of December 31, 2025. New orders booked in Q3 FY26 totalled ₹2,477.6 crore, a 73.7% YoY increase when adjusted for a large order in the previous year. Key drivers for new orders included transformers, switchgear, data centres, and renewables.
🚩 Risks & Outlook
Management commentary points to sustained growth momentum driven by India's accelerating electrification, the power demands of AI growth, and the transition to sustainable energy. Opportunities are identified in AI-ready data centres, capacity expansion, and grid reliability. While specific quantitative guidance was not provided, the outlook remains positive, focusing on market leadership. The EU-India Free Trade Agreement is also viewed as a potential catalyst for clean energy collaboration and exports. A key challenge highlighted is managing the increasing complexity of the power system amidst rapid industrial and urban expansion. The robust order book and technological prowess position the company well for long-term growth.