Synopsis: Hitachi Energy India Limited delivered a blockbuster Q4 and full-year FY26 on May 25, 2026 with PAT up 157% year-on-year, order backlog at a record Rs. 29,555 crore, and a Board-approved Rs. 2,000 crore greenfield power transformer facility in Vadodara, taking cumulative capex to Rs. 4,000 crore.
In a regulatory filing and press release submitted on May 25, 2026, Hitachi Energy India Limited announced its audited financial results for Q4 FY26 and the full financial year ended March 31, 2026. The statutory audit was conducted by M/s. S. R. Batliboi & Associates LLP, which issued an unmodified opinion giving the reported numbers full credibility.
Shares of Hitachi Energy India Limited traded lower by nearly 1% on Tuesday, slipping to Rs. 35,340 after touching an intraday low of Rs. 34,005. Despite the mild correction, the stock continued to witness strong trading activity with turnover nearing Rs. 770 crore by mid-session.
The company remains one of the top-performing energy infrastructure plays in the market, with the stock gaining nearly 90% in 2026 so far and delivering over 114% returns in the past one year, supported by strong momentum in India’s power transmission and grid modernisation sector.
The numbers themselves are remarkable. Full-year revenue from operations rose 27.6% year-on-year to Rs. 8,148 crore from Rs. 6,385 crore in FY25. But the real story is at the profitability level: profit before tax surged 166.3% to Rs. 1,375 crore from just Rs. 516 crore in FY25, while profit after tax jumped 157.2% to Rs. 988 crore from Rs. 384 crore. PAT margin expanded from 6.0% in FY25 to 12.1% in FY26 a doubling of profitability at the net level. Earnings per share for FY26 came in at Rs. 221.63 versus Rs. 90.36 in the prior year.
Q4 Was the Strongest Quarter
The fourth quarter further demonstrated the acceleration in momentum. Q4 FY26 revenue from operations came in at Rs. 2,754 crore up 46.2% year-on-year and 32.3% sequentially over Q3 FY26. Q4 PAT stood at Rs. 330 crore, up 79.7% year-on-year, with an Op EBITDA margin of 16.4% the highest in recent memory. The company also commissioned India’s first HVDC city center infeed project in Mumbai during the quarter, a landmark infrastructure milestone that validates Hitachi Energy India’s technical execution capability at the highest level of complexity.
Order inflows in Q4 FY26 totaled Rs. 2,423 crore, with data centers emerging as the largest segment contributor, followed by rail and metro. Exports accounted for 36.8% of Q4 orders, with inflows from the US, Europe, and APAC. Full-year order inflows stood at Rs. 18,457 crore.
The Order Backlog Number That Changes Everything
Perhaps the most significant number in the entire filing is the order backlog: Rs. 29,555 crore as of March 31, 2026 up 53.5% year-on-year from the prior year’s backlog. This represents approximately 3.6 times the company’s FY26 annual revenue, providing extraordinary multi-year revenue visibility. For a company in the power infrastructure and grid solutions space, this kind of backlog is transformative; it signals that revenue growth will not only sustain but likely accelerate over the next two to three years as these orders are executed.
Greenfield Plant
Beyond the financial results, the Board meeting on May 25 produced a decision that will define the company’s next decade. The Board approved a fresh investment of Rs. 2,000 crore to establish, among other facilities, a greenfield large power transformers manufacturing plant in Karjan, Vadodara, Gujarat. This is in addition to the Rs. 2,000 crore capex announced in October 2024, taking cumulative capex commitments to Rs. 4,000 crore.
The investment is a direct response to the massive demand for power transformers arising from India’s grid expansion, renewable energy integration, and the data center boom all of which require significant transformer capacity that the country currently cannot meet domestically at scale.
Dividend and AGM
The Board recommended a final dividend of Rs. 8 per equity share of face value Rs. 2 each a payout of 400% subject to shareholder approval at the 7th Annual General Meeting, scheduled for August 28, 2026 at Bengaluru. The record date for dividend payment is August 21, 2026.
Hitachi Energy India Limited, is the Indian subsidiary of Hitachi Energy a global leader in power transmission and grid technologies headquartered in Switzerland, with revenues of approximately $20 billion and operations across 140 countries. In India, the company provides a comprehensive portfolio of power grid solutions spanning transformers, HVDC systems, grid automation, and digital energy management, serving utilities, data centers, railways, and industrial clients.
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