Hitachi Energy India Limited Results Analysis-Q1FY27

Financial performance and key Operating Metrics (Consolidated) : Operating Revenue for Q1FY27 is Rs. 2,494 Crs., 68.62% growth YoY, Total Income is Rs. 2,551 Crs., 66.78% growth YoY, Gross Profit is Rs. 1,065 Crs., 47.62% growth YoY, Operating EBITDA is Rs. 400 Crs., 135% growth YoY, EBITDA Margin is 16% improved by 450 basis points YoY, PBT Rs. 390 Crs., 120.21% growth YoY, PAT Rs. 294 Crs. 123.52% growth YoY. On QoQ basis Operating Revenue is down by 9.45%, Total Income is also down by 9.25%, Gross Profit is down by 3.85%, Op. EBITDA is down by 11.6%, PBT is down by 12.14% and PAT is also down by 10.99%. Orders: INR 5,096.5 cr in Q1 FY27, Because Q1 FY26 had a “large HVDC order,” company presented like-for-like: orders excluding HVDC +26.1% YoY and +39.7% QoQ. Backlog: INR 32,222.1 cr, described as “strong double-digit growth compared with Q1 FY26,” providing “good revenue visibility.” Maintain focus on Utilities and HVDC, while strengthening Services to support installed base continuity/resilience. encouraged by the strength of the current order pipeline across both domestic and export markets.” HVDC pipeline: “A full greenfield HVDC project is already under bidding,” expected award “in 6 months.” Growth vectors: explicitly called out BESS, renewable integration, data centers, and grid modernization.