Hitachi Energy Targets Double-Digit Revenue Growth in FY26, Downplays Impact Of US Tariffs

Hitachi Energy India Ltd. is targeting double-digit revenue growth in FY26 on the back of a strong order pipeline of Rs 19,000 crore, according to N Venu, managing director and CEO of Hitachi Energy in India and South Asia.

In an interaction with NDTV Profit on Monday, Venu said that the company won’t face significant impact from the reciprocal tariff policy announced by US President Donald Trump due to the minimum exposure to the US market.

“Our order backlog at the end of the third quarter of last fiscal year was close to Rs 19,000 crore. We also see the double-digit revenue growth going forward. In our view, the tariffs are short-term things and I am sure they will settle down over a period of time. For Hitachi Energy in India, our play for the US market is very small, low-single-digit, and even there, the energy transition-related demand is very robust. With the differential tariff for India versus the rest of the countries in Asia, I don't see any impact for us,” he told NDTV Profit.

The company, along with Bharat Heavy Electricals Ltd., recently secured a high-voltage direct current (HVDC) transmission contract from Adani Energy Solutions. The company will design and deliver HVDC terminals to transmit renewable energy from Bhadla, Rajasthan, to the industrial area in Fatehpur, Uttar Pradesh. The consortium of Hitachi Energy and BHEL will develop a six gigawatt HVDC project with the potential of supplying power to approximately 6 crore households.

“When it comes to the Bhadla-Fatehpur project, it will start from Q1 of FY26. We will complete it in 48 to 54 months. The revenue of this in the first year will be very low, and the second year onwards will start ramping up. HVDC projects are like power superhighways. It will provide 6,000 MW of power to around 60 million households. It is quite a big order in a five-digit crore range. We have almost 65–70% of the scope, and the remaining is with BHEL,” he said.

He added that two more projects are coming up for bidding, and depending upon the scope and business model, they could have an order value similar to the Bhadla-Fatehpur project. The two projects he was referring to are the Khavda-Olpad project in Gujarat and the Pang (Ladakh)-Kaithal (Haryana) HVDC project.

The CEO underlined incidents like the recent Heathrow Airport power shutdown as global "eye-openers”, highlighting the critical need for robust and resilient power grids. He noted that India's own national plans, like the Central Electricity Authority's plan for 2032, emphasise creating a strong interstate and intrastate network.

“Those are the things that are creating a lot of opportunities not only for the transformers but also for the rest of the portfolio of Hitachi Energy,” he said.

Shares of Hitachi Energy India closed 4.29% lower at Rs 11,600 apiece on the NSE on Monday. In comparison, the benchmark Nifty 50 settled at 22,161.60, down 742.85 points, or 3.24%.