Bengaluru, February 5, 2026 – Hitachi Energy India Limited, a global leader in power grid technologies, announced outstanding unaudited financial results for the third quarter ending December 31, 2025, with profits nearly doubling year-on-year driven by strong execution and robust demand.
Financial Performance Highlights (Q3 FY2026)
Profit & Revenue Growth
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Net Profit: ₹261.42 crore – Massive 90.3% Year-on-Year (YoY) increase from ₹137.38 crore in Q3 FY2025
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Revenue from Operations: ₹2,168.01 crore – 29.6% YoY growth from ₹1,672.38 crore
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Profit Before Tax (PBT): ₹402.02 crore (before exceptional) – 118.4% YoY growth
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PBT (after exceptional): ₹347.78 crore – 88.9% YoY growth
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Operational EBITDA: ₹338.4 crore – 100.4% YoY growth
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Earnings Per Share (EPS): ₹58.65 (Basic & Diluted)
Exceptional Item Impact
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Labour Codes Implementation: ₹54.24 crore recognized as exceptional item
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Reason: Incremental impact from new Labour Codes effective November 21, 2025
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Components: Increased gratuity liability and leave liability (compensated absences)
Nine-Month Performance (April-December 2025)
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Net Profit: ₹657.38 crore – 228% YoY increase from ₹200.09 crore
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Revenue: ₹5,603.64 crore – 24% YoY growth
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PBT (before exceptional): ₹931.81 crore – 245% YoY growth
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Operational EBITDA: ₹800.2 crore – 124% YoY growth
Key Operational Metrics
Margin Performance
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Operational EBITDA Margin: 15.6% in Q3 FY2026 (vs 10.1% in Q3 FY2025)
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PBT Margin (before exceptional): 18.5%
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Net Profit Margin: 12.1%
Order Book Strength
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Record Order Backlog: ₹29,872.2 crore as of December 31, 2025
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Quarterly Orders: ₹2,477.6 crore (up 73.7% YoY excluding large order in Q3 FY2025)
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Export Contribution: 29.8% of total orders in Q3
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Service Segment: 4.3% contribution to order book
Segment & Market Performance
Key Order Contributors
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Transformers: Power, traction, and dry transformers
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Switchgear: Gas insulated switchgear (GIS) and air-insulated switchgear (AIS)
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Major Industries: Data centers and renewables leading demand
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Service Orders: Substation Automation System (SAS) extensions, SCADA upgrades, largest SCADA integration for renewable energy company
Export Markets
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Regions: Southeast Asia and Southern Africa
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Customers: Utilities and data centers
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Growth Strategy: Expanding global footprint alongside domestic market
Strategic Positioning & Market Outlook
Growth Drivers
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AI Infrastructure Demand: Power-intensive AI growth requiring strategic infrastructure investments
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India's Electrification Push: Targeting 2,000 kWh per capita consumption by 2030
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Renewables Expansion: Growing renewable energy capacity creating grid infrastructure needs
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EU-India FTA: Expected to boost clean-energy collaboration, especially in renewables and green hydrogen
Management Commentary
N Venu, Managing Director & CEO, Hitachi Energy India Ltd.:
"Our Q3 results highlight the increasing pace of electrification in India and the world. AI's power intensive growth demands strategic infrastructure investments, and we are proud to be at the forefront, powering AI-ready data centers and the sustainable energy future ahead."
Financial Position & Capital Structure
QIP Funds Utilization
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QIP Raised: ₹2,520.82 crore in March 2025 (21,90,688 shares at ₹11,507 each)
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Current Utilization: ₹2,365.74 crore unutilized
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Bank Deposits: ₹2,260.00 crore kept as deposits
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Purpose: Strategic investments and growth initiatives
Capital Structure
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Paid-up Equity Capital: ₹8.92 crore (Face value ₹2 per share)
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Reserves: ₹147.49 crore
Operational Excellence
Cost Management
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Raw Material Costs: ₹1,281.41 crore (59% of revenue)
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Employee Benefits: ₹167.70 crore
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Finance Costs: Minimal at ₹2.53 crore
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Other Expenses: ₹309.46 crore
Inventory Management
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Inventory Decrease: ₹116.46 crore in Q3, indicating efficient working capital management
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Subcontracting: ₹70.45 crore, supporting capacity optimization
Industry Trends & Challenges
Opportunities
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Grid Modernization: Need for capacity, control, and coordination in power systems
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Local Manufacturing: Strong domestic manufacturing capabilities supporting growth
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Technology Collaboration: Enhanced technology exchange through international partnerships
Challenges
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Complex Power Management: Meeting industrial complexity and urban growth demands
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Infrastructure Investment: Required structured approach from all stakeholders
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Regulatory Compliance: Adapting to new labour regulations and other policy changes
Company Profile & Global Position
Hitachi Energy Global
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Global Revenue: Approximately $16 billion (FY ended March 31, 2025)
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Global Workforce: Over 50,000 employees across 60 countries
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Market Presence: Over 140 countries with unparalleled installed base
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Core Technologies: High-voltage systems, transformers, automation, power electronics
India Operations
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Listed As: POWERINDIA (NSE & BSE, Scrip code 543187)
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Operating Segment: "Power Grids" (single reportable segment)
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Strategic Focus: Mission-critical technologies for utility, industry, transportation, data centers, and infrastructure sectors
Audit & Compliance
The financial results were reviewed by S.R. Batliboi & Associates LLP, Chartered Accountants. The Board meeting commenced at 2:10 PM and concluded at 3:35 PM on February 5, 2026.
Forward Outlook
Hitachi Energy India is well-positioned to capitalize on India's ambitious electrification goals and global energy transition trends. With a record order backlog providing strong revenue visibility and double-digit margins reflecting operational excellence, the company is poised for sustained growth in the evolving energy landscape.
About Hitachi Energy: A global technology leader in electrification, powering sustainable energy future with innovative power grid technologies with digital at the core. Headquartered in Switzerland, the company addresses the urgent energy challenge of balancing soaring electricity demand while decarbonizing the power system.