General information and education, not investment advice. The author is not a SEBI-registered adviser or research analyst. No recommendation, no promised returns. Markets carry risk including loss of capital. Figures may not be current. Always consult a SEBI-registered adviser.
1. At a Glance
Revenue for the June 2026 quarter came in at ₹2,493.7 crore, against ₹1,478.9 crore a year earlier — up 68.6%. PAT was ₹294.2 crore versus ₹131.6 crore, up 123.5%. Operating profit reached ₹363.5 crore. Order backlog closed at ₹32,222.1 crore, which the company describes as its highest ever.
The quarter also contained the company’s first Battery Energy Storage order — 165 MW / 330 MWh at Hebbatam, Andhra Pradesh — and the groundbreaking of a 20th manufacturing facility at Karjan, Vadodara, an event attended by the Gujarat Chief Minister and, per the company’s own slide, 250-plus customers. Few companies can make a ceremonial shovel into a supply-chain milestone with that many witnesses.
Order intake was ₹5,096.5 crore against ₹11,339.2 crore in the year-ago quarter, a comparison management addressed by presenting the number excluding HVDC in both periods, where it rose 26.1% YoY. That is a footnote doing an enormous amount of load-bearing work, and the company puts it right at the top of the press release rather than hiding it near the bank details.
Sequentially, revenue was down 9.5% from ₹2,754.1 crore in the March quarter, which the company attributes to the higher base in that quarter. Everything else in the P&L moved in the same direction and roughly the same distance, like a family walking single file.
Exports, per the CFO, are running at around 25% of revenue. The backlog number is where the rest of this entry starts.
2. Introduction
Hitachi Energy India Limited was incorporated in February 2019, following the demerger of ABB India’s power grid business unit, and was formerly known as ABB Power Products and Systems India Ltd. It was created as a joint venture between Hitachi and ABB’s Power Grids. The name has since been simplified to remove ABB entirely, which is what happens when a joint venture stops being quite so joint.
Hitachi Limited, Japan, holds 100% of Hitachi Energy Ltd, Zurich, which in turn holds 71.31% of the Indian entity. Hitachi Ltd operates across four sectors — Digital Systems & Services, Energy, Mobility, and Connective Industries — plus a Strategic SIB Business Unit, with 618 consolidated subsidiaries and approximately 2,80,000 employees worldwide. The Indian company, by contrast, has no subsidiary, associate or joint venture as of June 30, 2026. One parent with 618 children; one child with none.
The company powers 9 of India’s 17 HVDC links, its transformers power 1 of 3 Indian Railways locomotives, its technology connects over 60 GW of renewable energy, and 80% of metros run on its solutions. It maintains an installed base in over 140 countries and a presence in 60, supported by 12 sales offices and 7 sales touchpoints.
March 2025 brought a QIP: 21,90,688 equity shares at ₹11,507 each, aggregating approximately ₹2,520.82 crore. As at June 30, 2026, ₹1,841.66 crore of that remained unutilised, of which ₹1,755.00 crore sits as deposits with banks. Money raised for capacity is currently earning interest while the concrete cures.
The capex plan explains where it is headed. October 2024 brought a roughly ₹2,000 crore investment plan over four to five years, including ₹300 crore to expand the Mysuru transformer insulation facility, doubling extra-high-voltage pressboard and laminated board capacity by mid-2027. June 2026 added another ₹2,000 crore for the Karjan large power transformer plant, taking cumulative capex to ₹4,000 crore, with completion targeted for December 2028.
US
Now live
US Stocks terminal is live
13,000+ US tickers · EDGAR fundamentals · screener and filings feed — the same terminal, for American markets.
Explore →
3. Business Model: WTF Do They Even Do?
Four verticals. Grid Automation covers substation automation, communication networks, grid automation services, grid edge solutions and enterprise software. Grid Integration spans transmission and substation applications and has delivered more than 4,000 projects. High Voltage Products goes up to 1,200 kV for AC and 1,100 kV for DC — voltages at which air itself becomes a conductor if you’re careless, which is presumably why the safety slide leads with 450+ lifesaving-rule inspections. Transformers covers power transformers, traction transformers, insulation and components, digital sensors, and transformer services.
The physical output is unglamorous and enormous: gas-insulated substations, switchyard bays, gas-insulated busduct measured in kilometres. In the quarter, execution included a GIS for an iron ore processing plant at Bacheli, Chhattisgarh, 220 kV switchyard bays with auxiliaries at Damonjodi, Odisha, a 220 kV GIS in Mumbai, and the 1,000 MW Kudus-Aarey HVDC transmission project, also Mumbai. Management describes the scope as design, engineering, manufacturing, supply, erection, testing, and end-to-end commissioning — a sentence that starts on a CAD screen and ends with someone in a hard hat throwing a switch.
Nineteen manufacturing facilities across 8 locations in India, with Karjan becoming the 20th. FY26 revenue split 75% domestic and 25% exports, versus 73/27 in FY25.
The FY26 order book of ₹29,555 crore was 53% Product, 41% Project, 5% Service; by sector, 85% Utilities, 9% Industries, 7% Transport & Infra; by channel, 75% direct end user, 14% OEM, 9% EPC, 1% distribution. Note what that channel mix means in practice: three-quarters of the book comes from customers who own the grid themselves and are therefore extremely relaxed about lead times measured in years.
The newest line is BESS, and the CEO’s description of
