Hitachi Energy India (POWERINDIA) Q3 25/26 earnings summary

Executive summary

• Achieved strong revenue and profit growth in Q3 FY26, with robust order inflow, margin expansion, and record order backlog across core and emerging segments.

• Maintained leadership in utilities, HVDC, and infrastructure, while expanding into data centers, BESS, and energy storage.

• Focused on operational efficiency, margin improvement, and leveraging a record order backlog for future growth.

• Orders declined year-over-year due to a large HVDC order in the prior year, but underlying business momentum remains robust.

• Operational EBITDA margin reached 15.6%, highlighting operational strength and strategic agility.

Financial highlights

• Q3 FY26 revenue rose 29.6% year-on-year to INR 2,168 crore; PAT up 90.3% to INR 261.4 crore; operational EBITDA at INR 338 crore, margin at 15.6%.

• Orders for Q3 FY26 at INR 2,477.6 crore, down 78.6% year-over-year due to prior year HVDC order; 73% YoY growth excluding HVDC, and 11.7% sequential growth.

• PBT before exceptional items at INR 402 crore, up 118% year-on-year; PAT margin at 12.1%.

• Order backlog at an all-time high of INR 29,872 crore as of December 31, 2025.

• EPS for Q3 FY26: Basic and diluted at INR 29.31.

Outlook and guidance

• Strong order backlog and electrification trends in India and globally support a positive multi-year growth outlook.

• Expects no slowdown in revenue growth despite HVDC project transitions; robust pipeline and capacity in place.

• Data center segment expected to grow rapidly from current high single-digit order inflow.

• Export share targeted at 25-30% of orders, with flexibility to address global and domestic demand.

• EU-India FTA and global trends expected to boost clean energy collaboration and investment.