Hitachi Energy - Building On Electrification: HDFC Securities Initiates Coverage
Double-digit margin expected by FY25.
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HDFC Securities Institutional Equities
Looking at the government and private capex spending plans, Hitachi Energy India Ltd. seems to be one of the biggest beneficiaries of a large surge in power sector capex due to electric vehicles, metro/high-speed rails, etc.
The company is one of the top technical players in the electrical engineering space having four business units namely, grid automation, grid integration, high voltage products and transformers.
Its revenue is expected to expand through grid automation and modernisation; rail electrification; expansion in the metro network; rise of e-mobility; and hyper growth in data centres.
Hitachi Energy has another Rs 50 billion revenue opportunity from Vande-Bharat ancillary orders. Given robust order inflows, we expect the company FY22-25E earnings per share compound annual growth rate of 67.9%.
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