Hitachi Energy India Ltd formerly ABB Power Company Analysis

POWERINDIA Hitachi Energy India operates in the power transmission and grid technology sector. Its products and solutions include power transformers, high-voltage switchgear, gas-insulated substations, HVDC systems, grid automation and digital power solutions. Q2 FY27 performance: The company delivered an exceptionally strong quarter. Revenue from operations increased 63.5% YoY to ₹2,996.5 crore, compared with ₹1,832.6 crore in Q2 FY26. Net profit increased 20.5% to ₹318.5 crore, while profit before tax grew 22% to ₹430.4 crore. Operational EBITDA increased 69.5% to ₹494.4 crore, with the company's adjusted operational EBITDA margin at 16.5%. However, the statutory EBITDA margin was approximately 13.6%, compared with 16.3% a year earlier. This is one of the company's biggest strengths. Q2 order inflows increased 85.9% YoY to ₹4,120.8 crore, and the order backlog reached a record ₹33,335.4 crore as of September 2026. Export orders grew 41% during Q2, while service orders increased 77%. H1 FY27 revenue grew 65.8% to ₹5,490.2 crore and PAT increased 54.7% to ₹612.6 crore. One qualification: total H1 order bookings were down 32% YoY because of the comparison with large HVDC orders in the previous year; excluding HVDC, H1 order growth was 53.1%. At approximately ₹31,595 per share on November 13, 2026, the market capitalisation was around ₹1.41 lakh crore. The trailing P/E was approximately 117x, price-to-book around 21–27x depending on the data provider, ROE approximately 21% and ROCE around 28–30%. Hitachi Energy India is a high-quality business operating in an attractive long-term sector. Its record order backlog, strong revenue growth, export opportunities and leadership in high-voltage transmission technology are significant positives.