Hitachi Energy India's Q2 profit rises 21%, revenue jumps 64% as margins shrink

Detailed summary

Hitachi Energy India's second-quarter revenue surged 64%, but profit and operating earnings fell short of CNBC-TV18 poll estimates as its EBITDA margin contracted.

Hitachi Energy India reported a 20.5% year-on-year (YoY) increase in standalone profit after tax (PAT) to ₹319 crore for the second quarter of FY27 on Thursday, November 12, compared with ₹264 crore in the corresponding quarter last year.

Revenue from operations surged 63.6% YoY to ₹2,996.5 crore in Q2FY27, from ₹1,832 crore a year ago.

EBITDA rose 36.4% to ₹406.3 crore, compared with ₹297.8 crore in the year-ago period. However, EBITDA margin contracted to 13.6% from 16.3% in Q2FY26.

Compared with the CNBC-TV18 poll, the company's performance was mixed. PAT came in below the estimated ₹345 crore, while revenue surpassed the poll estimate of ₹2,588 crore. EBITDA stood below the expected ₹438 crore, and EBITDA margin missed the estimated 17%.

The company also reported strong order momentum during the quarter, with transmission orders from utilities leading the order book. These included orders for power transformers, STATCOM, cooling systems, air-insulated switchgear (AIS) and gas-insulated switchgear (GIS). Data centres were the second-largest contributor to the segment-wise order breakup.

Exports continued to contribute significantly to the order book, registering 41% YoY growth in Q2FY27 and 184% growth in the first half of FY27. During the quarter, the company secured export orders from Asia, Africa, the Middle East, Europe and the US.

Its services business also gained momentum, with orders rising 77% YoY in Q2FY27 and 36% in H1FY27. Major orders came from utilities, industrial customers and EPC companies for GIS augmentation and extension, substation extension and other services.

The strong order inflows were reflected in the company's order backlog, which stood at a record ₹33,335.4 crore as of September 2026, providing revenue visibility for several quarters.

Commenting on the results, N Venu, Managing Director and CEO of Hitachi Energy India, said the company had invested in new infrastructure and strengthened its existing capabilities to capitalise on emerging…

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