Hitachi Energy India Profit More Than Doubles as Record Order Backlog Fuels Growth
Revenue surged 69% and profit jumped 124% year-on-year, driven by strong execution of a record order book and margin expansion.
Hitachi Energy India's Q1 FY27 profit more than doubled to ₹294 crore, powered by a 69% surge in revenue. The company's order backlog hit a record high, providing clear visibility for future growth.
Hitachi Energy India’s first quarter was a story of momentum meeting execution. As India’s grid expansion gathers pace, the company’s record-high order book translated into a powerful surge in revenue and profit, proving its capacity to capitalize on the structural energy transition.
The numbers tell a story of robust year-on-year growth with a sequential pause. Revenue for Q1 FY27 stood at ₹2,494 crore, a sharp 68.6% increase from the same quarter last year. Profit more than doubled, rising 123.5% to ₹294 crore. Sequentially, both revenue and profit dipped by about 10% from the March quarter, a move the company attributed to a higher base in the prior period.
Revenue (₹ Cr)
Profit (₹ Cr)
Net Profit Margin (%)
| Metric | CurrentQ1 FY27 | PreviousQ4 FY26 | Same quarter LYQ1 FY26 |
|---|---|---|---|
| Period | Jun 2026 | Mar 2026 | Jun 2025 |
| Revenue (₹ Cr) | 2,493.69YoY +69% | 2,754.05 | 1,478.90 |
| Profit (₹ Cr) | 294.15YoY +124% | 330.46 | 131.60 |
| Net Profit Margin (%) | 11.8YoY +33% | 12.0 | 8.9 |
The Engine: A Record Backlog in Motion
The growth was driven by timely execution of a massive order backlog, which reached a historic high of ₹32,222 crore. According to the company’s release, this provides revenue visibility for several quarters. New orders, excluding large HVDC projects, grew 26% year-on-year to over ₹5,100 crore, led by demand from data centers, industries, and renewables. The quarter also marked a milestone with the company’s first major battery energy storage system (BESS) order.
Why Margins Expanded
Profit growth significantly outpaced revenue, lifting the net profit margin by 290 basis points year-on-year to 11.8%. The company cited efficient execution, a favorable product mix, and strong operational efficiencies. Business Standard reported that operating profit margin expanded by 590 basis points to 17%, aided by operating leverage and a growing contribution from exports, which accounted for about 25% of revenue.
The Outlook and the Catch
Management is optimistic, noting a healthy pipeline across transmission, HVDC, railways, and emerging segments like BESS and AI data centers. However, the stock’s rich valuation is a key talking point. As per a Motilal Oswal report cited by DSIJ, the stock trades at a significant premium, with the current price reflecting expectations of large HVDC order wins every year. This leaves little room for execution missteps or delays in project awards.
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· POWERINDIA
(BSE)
ISIN: INE07Y701011
Key Points
- Profit after tax more than doubled year-on-year to ₹294 crore on a 69% surge in revenue.
- The order backlog hit a record ₹32,222 crore, providing strong multi-quarter revenue visibility.
- Net profit margin expanded by 290 basis points, driven by operational efficiency and a favorable business mix.
- New growth verticals are emerging, with the company securing its first major BESS order and strong inflows from data centers.
- The stock’s valuation is high, pricing in continued success in winning and executing large, complex projects.
Hexa Perspective
The quarter solidifies Hitachi Energy India’s position in the heart of India’s grid build-out cycle. The record backlog is a tangible asset, converting policy tailwinds into executable revenue. The margin expansion demonstrates operating leverage at work, a positive sign of scalability.
The challenge is that this strength is no secret. With the stock commanding a premium valuation, the investment thesis now hinges entirely on flawless execution. Investors are paying for the expectation that the company will consistently win large HVDC orders and convert its towering backlog into cash profit without hiccups. Any slowdown in order inflows or pressure on execution margins could test this premium.
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