Hitachi Energy
Hitachi Energy
Capital Goods F&OKey Fundamentals
LargecapElectrical EquipmentCapital GoodsTapetide Score
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Key Insights
Strengths
3- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 53.7% CAGR over last 5 years
Weaknesses
2- Stock is trading at 27.1 times its book value
- Promoter holding has decreased over last 3 years: -3.69%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoHitachi Energy India Ltd commands a market cap of ₹1,37,907 Cr with a PE of 120.4x and PB of 26.75x, reflecting extremely rich valuations. The company has delivered 136% TTM profit growth and 40% TTM sales growth while remaining nearly debt-free, but ROE at 22% last year must be weighed against the premium pricing.
- TTM profit growth of 136% signals a sharp acceleration in earnings momentum
- TTM sales growth of 40% indicates robust demand in the power and energy infrastructure space
- Company is almost debt-free, providing a clean balance sheet and financial flexibility
- 5-year compounded profit CAGR of 54% demonstrates sustained long-term earnings expansion
- ROE improved to 22% in the last year from a 3-year average of 18%, showing improving capital efficiency
- 3-year compounded sales CAGR of 22% reflects consistent top-line growth well above GDP
- Backed by Hitachi Energy (global parent), providing technology access, brand strength, and order pipeline in the energy transition theme
- Stock CAGR of 93% over 3 years reflects strong market recognition of the company's positioning in India's power infrastructure buildout
- PE ratio of 120.4x is extremely elevated even by capital goods standards, leaving little margin for execution misses
- Price-to-book of 26.75x is exceptionally high, meaning investors pay ₹26.75 for every ₹1 of book value
- Dividend yield of just 0.03% offers virtually no income cushion against any capital depreciation
- Promoter holding has declined by 3.69% over the last 3 years, which can signal reduced insider conviction
- At 136% TTM profit growth, the base effect is favorable now but creates a demanding comparison for future quarters
- 1-year stock CAGR of 60% has already priced in much of the near-term growth, raising the risk of mean reversion
- Capital goods sector is inherently cyclical; any slowdown in government or private capex spending could impact order inflows
- ROE of 22% while healthy does not fully justify a 26.75x PB multiple — implied return on equity expectations are far higher than current delivery
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- ₹6,000cr RPT signals revenue surge Sep 12
Hitachi Energy India seeks ₹6,000 crore in related-party transaction limits for FY27, nearly 3x the FY26 actuals of ₹2,106 crore, indicating significant projected growth in intercompany business with HE Sweden (₹2,800cr) and HE USA (₹1,900cr).
- AGM clears all resolutions Aug 28
All five resolutions passed at the 7th AGM on August 28, including FY26 financials approval, dividend declaration, and a special resolution for employee stock plans supporting talent retention.
- Analyst meet at Jefferies conference Sep 10
Hitachi Energy India will host analysts and institutional investors on September 16, 2026 in Gurgaon as part of the Jefferies India Conference 2026.
- Shareholder vote on RPT deals Aug 28
Board approved postal ballot for material related-party transactions with Hitachi Energy Sweden AB, USA Inc, and Switzerland. E-voting window runs September 13 to October 12, 2026.
- Morgan Stanley management meeting Aug 17
One-on-one meeting scheduled with Morgan Stanley on August 20, 2026 under SEBI Regulation 30 disclosure requirements.
TL;DR: Hitachi Energy India shows no notable headwinds in recent news flow. The standout development is the ₹6,000 crore RPT approval request for FY27, nearly 3x FY26 actuals of ₹2,106 crore, signaling strong anticipated order flow from the parent group. Active institutional engagement with Morgan Stanley and Jefferies conferences reflects sustained investor interest. The trend is constructive, with the key forward catalyst being whether FY27 intercompany volumes materially ramp as projected.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,040 | 1,228 | 1,274 | 1,695 | 1,327 | 1,554 | 1,620 | 1,884 | 1,479 | 1,833 | 2,082 | 2,754 | 2,494 |
| Expenses | 1,006 | 1,163 | 1,206 | 1,513 | 1,279 | 1,444 | 1,453 | 1,646 | 1,324 | 1,534 | 1,737 | 2,338 | 2,130 |
| Operating Profit | 34 | 65 | 68 | 182 | 48 | 110 | 167 | 238 | 155 | 299 | 345 | 416 | 364 |
| OPM % | 3.2% | 5% | 5% | 11% | 3.6% | 7% | 10% | 13% | 10% | 16% | 17% | 15% | 15% |
| Other Income | 3 | 0 | 2 | 4 | 0 | 0 | 52 | 38 | 51 | 83 | 32 | 57 | 58 |
| Interest | 11 | 11 | 14 | 11 | 11 | 16 | 12 | 6 | 4 | 3 | 3 | 3 | 3 |
| Depreciation | 22 | 22 | 23 | 23 | 22 | 23 | 23 | 23 | 25 | 26 | 27 | 27 | 28 |
| PBT | 3 | 32 | 34 | 152 | 15 | 71 | 184 | 247 | 177 | 353 | 348 | 443 | 390 |
| Tax % | 29% | 24% | 32% | 25% | 31% | 26% | 25% | 25% | 26% | 25% | 25% | 25% | 24% |
| Net Profit | 2 | 25 | 23 | 114 | 10 | 52 | 137 | 184 | 132 | 264 | 261 | 330 | 294 |
| EPS in Rs | 0.57 | 5.84 | 5.42 | 26.82 | 2.46 | 12.34 | 32.41 | 41.26 | 29.52 | 59.31 | 58.65 | 74.14 | 65.99 |
Profit & Loss
| Particulars | Dec 2019 | Dec 2020 | Dec 2021 | Mar 2022 15m | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,236 | 3,420 | 3,771 | 4,884 | 4,469 | 5,237 | 6,385 | 8,148 | 9,162 |
| Expenses | 2,899 | 3,152 | 3,526 | 4,560 | 4,218 | 4,878 | 5,780 | 6,879 | 7,738 |
| Operating Profit | 337 | 269 | 244 | 323 | 250 | 359 | 605 | 1,268 | 1,424 |
| OPM % | 10% | 8% | 6% | 7% | 6% | 7% | 9% | 16% | 16% |
| Other Income | -41 | -18 | 74 | 101 | 15 | 9 | 57 | 185 | 229 |
| Interest | 28 | 38 | 32 | 53 | 54 | 57 | 54 | 28 | 12 |
| Depreciation | 48 | 77 | 81 | 95 | 80 | 90 | 91 | 104 | 108 |
| PBT | 221 | 136 | 206 | 277 | 131 | 222 | 516 | 1,321 | 1,534 |
| Tax % | 25% | 27% | 26% | 26% | 28% | 26% | 26% | 25% | — |
| Net Profit | 165 | 100 | 152 | 203 | 94 | 164 | 384 | 988 | 1,150 |
| EPS in Rs | 39.02 | 23.55 | 35.8 | 47.99 | 22.16 | 38.64 | 86.15 | 222 | 258 |
| Div. Payout % | 0% | 8% | 0% | 6% | 15% | 10% | 7% | 4% | — |
Balance Sheet
| Particulars | Dec 2019 | Dec 2020 | Dec 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 8 | 8 | — | 8 | 8 | 8 | 9 | 9 |
| Reserves | 831 | 924 | — | 1,124 | 1,207 | 1,351 | 4,205 | 5,167 |
| Borrowings | 348 | 39 | — | 190 | 334 | 214 | 88 | 86 |
| Other Liabilities | 2,253 | 2,532 | — | 2,201 | 2,369 | 3,134 | 4,311 | 6,782 |
| Total Liabilities | 3,441 | 3,503 | — | 3,524 | 3,919 | 4,707 | 8,613 | 12,044 |
| Fixed Assets | 579 | 656 | — | 653 | 713 | 695 | 717 | 845 |
| CWIP | 57 | 32 | — | 118 | 49 | 63 | 90 | 192 |
| Investments | 0 | 0 | — | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 2,804 | 2,815 | — | 2,753 | 3,157 | 3,950 | 7,807 | 11,006 |
| Total Assets | 3,441 | 3,503 | — | 3,524 | 3,919 | 4,707 | 8,613 | 12,044 |
Cash Flow
| Particulars | Dec 2019 | Dec 2020 | Dec 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Operating | -73 | 610 | -127 | -127 | 5 | 252 | 1,494 | 1,245 |
| Investing | -73 | -89 | -167 | -167 | -12 | -89 | -110 | -271 |
| Financing | 333 | -390 | 61 | 61 | 84 | -199 | 2,295 | -91 |
| Net Cash Flow | 188 | 131 | -233 | -233 | 77 | -35 | 3,679 | 883 |
| Free Cash Flow | -146 | 519 | -294 | -294 | -7 | 163 | 1,366 | 735 |
| CFO/OP | 0 | 244 | -14 | -10 | 29 | 84 | 273 | 138 |
Ratios
| Particulars | Dec 2019 | Dec 2020 | Dec 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 201 | 168 | — | 106 | 125 | 106 | 90 | 86 |
| Inventory Days | 102 | 103 | — | 93 | 110 | 101 | 91 | 119 |
| Days Payable | 286 | 327 | — | 213 | 204 | 205 | 202 | 246 |
| Cash Conversion Cycle | 18 | -57 | — | -14 | 31 | 2 | -20 | -42 |
| Working Capital Days | 0 | -10 | — | 19 | 21 | 29 | -31 | -46 |
| ROCE % | — | 19% | — | 26% | 13% | 18% | 19% | 29% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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62 extracted metrics + investor summaries across FY17–FY26.
Documents
Frequently Asked Questions about Hitachi Energy
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Company Information
Hitachi Energy India Ltd (formerly known as ABB Power Products and Systems India Ltd.) was created in 2019 as a Joint Venture between Hitachi and ABB's Power Grids. The company serves utility and industry customers, with a complete range of engineering, products, solutions, and services in areas of Power technology. [1][2]
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