Synopsis: Hitachi Energy India Ltd reported record order backlog of about Rs 29,900 crore with strong 73 percent order growth, 29 percent export contribution, expanding HVDC pipeline, data-centre wins, while also seeing significant growth in revenue and profit.
Being one of the leading power technology companies, Hitachi Energy has been driving India’s electrification and grid modernization. With expertise in HVDC systems, transformers, and automation, it supports utilities, renewables, railways, and data centres. Strong order inflows and export momentum are reinforcing its market leadership and long-term growth visibility.
With a market capitalization of more than Rs. 1.10 lakh crore, the shares of Hitachi Energy Ltd is currently trading around Rs. 24,750 per share, The stock has surged 1,660 percent in five years, gained 103 percent over the past year, and is up by 30 percent in a month.
The Order Book
Hitachi Energy’s order book reached an all-time high of about Rs. 29,900 crores, reflecting strong operational momentum. Quarterly order inflows stood at Rs. 2,478 crores, driven primarily by base orders. Excluding last year’s massive HVDC Khavda project, this represents a significant 73.7 percent year-on-year growth and an 11.7 percent sequential increase.’
Strategic wins spanned across multiple sectors, including high-capacity 765 kV ICTs for captive projects and renewable energy grid integration in Gujarat. The portfolio also expanded through Metro rail traction transformers and grid automation systems. This robust backlog, coupled with steady nine-month inflows of Rs. 16,034 crores, ensures long-term revenue visibility and market leadership.
HVDC Leadership
HVDC remains Hitachi Energy India’s key high-value business. The Mumbai HVDC project is currently nears commissioning after completing pre-commissioning tests. The 6,000 MW Barmer HVDC LCC project is open for TBCB bidding. Company confirms sufficient capacity for new orders.
Ongoing HVDC manufacturing and simulations ensure steady revenue via POC recognition from existing projects. Additionally, Over 70 percent backlog includes price escalation clauses, safeguarding margins against commodity pressures. Strategic capacity builds support bidding on large pipelines like Barmer without limitations.
Data Center Solutions
Hitachi Energy India supplies high-voltage substations, transformers, and grid automation for data centres. Commissioned a 220 kV GIS substation in Pune this quarter for reliable power delivery. Pursuing domestic and global data-centre orders, leveraging high single-digit order contribution and lifecycle partnerships.
Export Momentum
Exports hit 29- 30 percent of revenues, exceeding 25 percent target, via global feeder factories, expanding markets, and component supply. The export numbers are also benefiting from US-India tariff cuts and EU-India FTA.
Company Executive’s Commentary
The CEO stated that the company highlighted accelerating electrification in India and globally, driven by rising electricity demand and AI-led growth. Strategic infrastructure investments, grid expansion, and inclusive access support targets like 2,000 kWh per capita by 2030, positioning the company for sustained leadership in reliable, affordable, and sustainable power.
Outlook
As mentioned before the EU-India FTA is expected to strengthen clean energy cooperation, boosting renewables and green hydrogen through technology exchange and investment. Growing opportunities align with India’s energy goals, but managing capacity, coordination, and control remains critical. Collaborative efforts and strong local manufacturing are essential for long-term infrastructure and innovation.
Financial Overview
In the latest quarter, the company saw a YoY revenue growth of 28 percent, going from Rs 1,620 Cr in Q3FY25 to Rs 2,082 Cr in Q3FY26, while the QoQ growth went up by 14 percent from Rs 1,833 Cr in Q2FY26. The YoY Net Profits growth is at 91 percent, going from Rs 137 Cr in Q3FY25 to Rs 261 Cr in Q3FY26, while the QoQ fell by 1 percent from Rs 264 Cr in Q2FY26.
The company has a 3 year sales CAGR of 9 percent, while the TTM is at 17 percent. The company’s 3 year profit CAGR is at 29 percent, while the TTM number is at 181 percent. The company also has a ROCE of 19 percent and a ROE of 14 percent.
Business Overview
Hitachi Energy India Ltd is a global giant in the power technology sector, providing mission-critical solutions that underpin the modern electrical grid. As a leader in electrification, the company plays a pivotal role in India’s energy transition by balancing soaring electricity demand with the urgent need for sustainable, decarbonized power systems.
The company offers a diverse portfolio, including high-voltage switchgears, transformers, and grid automation software like SCADA. Its technologies serve major clients across utilities, renewables, and data centers. Additionally, it partners with Indian Railways for high-speed rail power systems and supports metro networks nationwide, ensuring reliable energy flow for critical infrastructure.
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