Hitachi Energy India reported a 20.5% increase in standalone net profit to Rs 319 crore for the second quarter of FY27 compared with Rs 264 crore in the corresponding quarter last year.
The company's revenue from operations in Q2FY27 surged 63.6% to Rs 2,996.5 crore from Rs 1,832 crore in the year-ago period, year-on-year (YoY).
Operating performance remained mixed, as earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 36.4% YoY to Rs 406.3 crore, while EBITDA margin contracted to 13.6% from 16.3% YoY.
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Hitachi Energy India continued to witness strong order momentum during the quarter, with order inflows increasing 85.9% YoY to Rs 4,120.8 crore, supported by healthy market demand and sustained traction across business segments.
Exports remained a significant contributor to the company's order pipeline, registering 41% YoY growth in Q2 FY27 and 184% growth in the first half of FY27.
The services business also gained traction, with orders rising 77% YoY in Q2 FY27 and 36% in H1 FY27.
Strong order inflows translated into a record-high order backlog of Rs 33,335.4 crore as of September 2026, providing revenue visibility for several quarters.
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Here's what brokerages said on Hitachi Energy India Q2 results:
Goldman Sachs on Hitachi Energy India
Rating: Neutral | Target Price: Rs 30,100
> Broad-based order inflows across utilities, industrials and data centres are supporting growth. The brokerage expects 4–5 high-voltage direct current (HVDC) projects over the next 12–24 months.
> Capacity expansion plans through CY27–28 and a targeted export mix of 25–30% strengthen the company's medium-term growth outlook.
> Exports command 300–400 basis points higher margins than the domestic business, offering scope for margin improvement.
> However, premium valuations could limit the potential for further re-rating.
JPMorgan on Hitachi Energy India
Rating: Overweight | Revised Target Price: Rs 39,000 (Earlier: Rs 40,500)
> Strong order inflows from utilities, data centres and export markets support sustained growth as HVDC project execution gathers pace.
> Management sees potential for 4–5 HVDC projects over the next 12–24 months, alongside more than $7 billion in approved ultra-high-voltage alternating current (UHVAC) and HVDC opportunities.
> The brokerage cut its FY27 earnings per share (EPS) estimates by 7.9%, while raising its FY28 estimates by 3.5%.
> Margin recovery and capacity expansion remain key catalysts for the company.
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