Hitachi Energy India (POWERINDIA) Q2 25/26 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q2 FY 2026, with orders up 13.6% year-over-year to INR 2,217 crore and revenue up 23.3% year-over-year to INR 1,915.2 crore, driven by robust demand in renewables, transmission, and railways.

• Profit after tax surged 405.6% year-over-year to INR 264.4 crore, with operational EBITDA margin improving to 15.2% from 8.1% in the prior year.

• Maintained highest-ever order backlog of INR 29,412.6 crore, ensuring strong revenue visibility for future quarters.

• Maintained a focus on safety, sustainability, and ESG targets, with notable reductions in CO2 emissions and landfill waste, and ongoing diversity and governance initiatives.

• India's energy sector growth and government reforms continue to provide tailwinds, with substantial investments in renewables and transmission infrastructure.

Financial highlights

• Q2FY26 revenue reached INR 1,915.2 crore, up 23.3% year-over-year; H1FY26 revenue totaled INR 3,435.6 crore.

• Profit before tax for Q2FY26 was INR 352.9 crore (18.4% margin), up 399.8% year-over-year; PAT was INR 264.4 crore (13.8% margin), up 405.6% year-over-year.

• Operational EBITDA for Q2FY26 was INR 291.6 crore, a 130.5% increase year-over-year, with a margin of 15.2%.

• Highest ever order backlog at INR 29,412.6 crore, providing strong revenue visibility.

• Exports contributed 25-30% of total orders, with major deliveries to Europe, Southeast Asia, Middle East, North America, and service orders grew 35% year-over-year.

Outlook and guidance

• Focus remains on delivering the record order backlog, expanding capacity, and maintaining leadership in renewables, utilities, HVDC, and infrastructure.

• CapEx projects are progressing on schedule, with INR 750 crore planned for FY 2026 and similar levels in subsequent years.

• Double-digit EBITDA margin guidance reaffirmed, with expectations to sustain and improve margins year-over-year.

• Positive outlook supported by strong domestic demand, steady investments, and a resilient external sector.