Hitachi Energy India (POWERINDIA) Q1 25/26 earnings summary

Executive summary

• Achieved record order intake of INR 11,339.2 crore in Q1 FY26, up 365.4% year-over-year and 417.6% sequentially, resulting in the highest-ever order backlog of INR 29,135 crore, ensuring strong revenue visibility for future quarters.

• Revenue grew 15.3% year-over-year to INR 1,529.8 crore, though declined 20.4% sequentially, reflecting strong order execution and operational efficiency.

• Profit after tax surged 1163.1% year-over-year to INR 131.6 crore, but fell 28.4% from previous quarter, supported by high-margin orders and improved product mix.

• Operational EBITDA was INR 170.2 crore, with a margin of 11.1% for the quarter, up from 4.6% year-over-year.

• Focused on operational efficiency, safety, sustainability, and employee well-being, with significant recognition and awards for safety, quality, and technical leadership initiatives.

Financial highlights

• Orders for the quarter reached INR 11,339.2 crore, up 365.4% year-over-year and 417.6% sequentially, driven by a major HVDC project win.

• Revenue for Q1 stood at INR 1,529.8 crore, a 15.3% year-over-year increase, but down 20.4% sequentially.

• Profit before tax was INR 176.9 crore, up 1075.3% year-over-year.

• PAT margin improved to 8.6% from 0.8% year-over-year.

• Export orders contributed nearly 25% of the order book (excluding HVDC), with strong orders from Europe, South America, and Asia.

Outlook and guidance

• Priorities include maintaining growth momentum, enhancing efficiency, and leveraging the large order backlog for revenue and margin accretion.

• Focus on strengthening service business, expanding capabilities, and capitalizing on opportunities in data centers, exports, and digital segments.

• Expectation of 1-2 new HVDC projects to be finalized in FY26, with a robust pipeline in core and emerging segments.

• Commitment to deliver on record order backlog and drive future growth, with emphasis on operational excellence and capacity expansion.

• Indian power consumption grew nearly 7% in March 2025; grid infrastructure development remains a priority.