Hitachi Energy India Limited (POWERINDIA)

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Hitachi Energy India Limited (POWERINDIA) · mywealthgrid

About

Hitachi Energy India manufactures heavy electrical equipment serving the industrials and power sectors. The ₹1,59,222 Cr market-cap company generated ₹2,493.69 Cr revenue in Q1 FY2026 with 15.37% operating margins and zero debt, demonstrating strong profitability and financial stability. The 72.38% one-year stock return reflects recent momentum, though a PE of 138.41 signals stretched valuation.

Face value: ₹2

Market cap

₹1,39,553 Cr

P/E

121.3×

P/B

27.0×

Dividend yield

ROE

21%

ROCE

28.8%

Debt / equity

OPM

15.4%

EPS (TTM)

₹257.9

Book value

₹1,160.5

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Extreme valuation: PE of 138.41 implies little room for earnings disappointment; any shortfall relative to ₹65.99 recent EPS would trigger sharp revaluation
Operating margin volatility: OPM swings from 7.06% (Sep 2024) to 16.58% (Dec 2025), exposing profitability to project execution and mix shifts
Revenue lumpiness: Quarterly revenue ranges ₹1,478.9–₹2,754 Cr; verify order book visibility, project pipeline stability, and customer concentration
Cyclical demand exposure: Heavy equipment demand depends on infrastructure and power sector capex cycles; verify government spending trends and customer capex plans

Generated analysis · source review pending

Growth drivers

Earnings growth outpacing revenue: EPS grew 123% from ₹29.53 (Jun 2025) to ₹65.99 (Jun 2026); verify if margin expansion reflects pricing power, mix, or capacity utilization
Operating margin recovery: OPM rebounded from 7.06% (Sep 2024) to 15.37% (current); verify whether this reflects structural operational improvement or cyclical recovery
Revenue acceleration: Quarterly revenue grew 68% YoY from ₹1,478.9 Cr to ₹2,493.69 Cr; verify if sustained demand-driven growth or order timing bulge
Financial capacity: Zero debt (D/E 0) and 21.04% ROE create flexibility for reinvestment or returns; verify capex intensity and payout policy

Generated analysis · source review pending

1,606 historical price candles were omitted because the exchange source has not been verified.

₹31,290.0+1.8%1Y

Quick read

rule-based

Pros

+High return on capital employed of 22.8%
+Profit CAGR of 55.1% over the last 5 years
+Revenue CAGR of 17.6% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 108.6×
+High promoter holding of 71.3% with no pledge

Cons

−Expensive at 121.3× trailing earnings
−Trading at 27× book value
−Low dividend payout of 3.1% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

58/100

Business quality: 76
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY NEXT 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Dec 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	3,420	3,624	4,884	4,469	5,237	6,385	8,148
COGS	1,761	1,916	2,771	2,711	3,219	3,695	4,573
Gross profit	1,660	1,708	2,113	1,758	2,018	2,689	3,575
	1,409	1,432	1,802	1,522	1,669	2,094	2,323
	251	276	311	236	349	596	1,252
OPM %	7.3%	7.6%	6.4%	5.3%	6.7%	9.3%	15.4%
Depreciation	77	79	95	80	90	91	104
Interest	20	23	41	40	47	45	13
	-17	-24	103	15	9	57	186
Profit before tax	136	150	277	131	222	516	1,321
Tax	36	40	73	37	58	132	333
Tax %	26.8%	26.8%	26.5%	28.2%	26.1%	25.6%	25.2%
	100	110	203	94	164	384	988
PAT margin %	2.9%	3%	4.2%	2.1%	3.1%	6%	12.1%
EPS (₹)	23.6	26	48	22.2	38.6	90.4	221.6
EPS adjusted (₹)	23.5	26	48	22.2	38.6	86.1	221.5
	8.5%	7.7%	6.3%	15.3%	10.4%	6.6%	3.6%
Annual report	Annual report for Dec 2020	—	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Dec 2019	Dec 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	8	8	8	8	8	8	9	9
Reserves	—	924	924	1,124	1,207	1,351	4,205	5,167
	—	0	125	125	275	150	0	0
	—	2,571	2,446	2,266	2,428	3,198	4,399	6,868
Total equity & liabilities	—	3,503	3,503	3,524	3,919	4,707	8,613	12,044
	579	656	609	653	713	695	717	845
CWIP	—	32	32	118	49	63	90	192
Investments	—	0	—	0	0	0	0	0
	—	2,815	2,861	2,753	3,157	3,950	7,807	11,006
Total assets	—	3,503	3,503	3,524	3,919	4,707	8,613	12,044

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Dec 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	48.5%	47.1%	43.3%	39.3%	38.5%	42.1%	43.9%
EBITDA margin %	7.3%	7.6%	6.4%	5.3%	6.7%	9.3%	15.4%
EBIT margin %	5.1%	5.5%	4.4%	3.5%	4.9%	7.9%	14.1%
PAT margin %	2.9%	3%	4.2%	2.1%	3.1%	6%	12.1%
Working capital
Receivable days	168	159	100	125	106	121	86
Inventory days	103	94	93	110	101	91	119
Payable days	327	8	213	204	205	202	246
NWC days	-57	245	-20	31	2	10	-42
Leverage
Current ratio	1.09	1.09	1.15	1.16	1.16	1.76	1.55
Debt to EBITDA	0	0.45	0.4	1.17	0.43	0	0
Debt to equity	0	0.13	0.11	0.23	0.11	0	0
Interest coverage	9.4	9	6.8	4.3	5.8	12.4	108.6
Asset turnover	0.98	1.03	1.39	1.14	1.11	0.74	0.68
Return ratios
Return on assets %	2.8%	3.1%	5.8%	2.4%	3.5%	4.5%	8.2%
Return on capital employed %	20%	21.6%	26.3%	13.9%	20%	19.7%	28.8%
Return on equity %	10.7%	11.8%	18%	7.7%	12%	9.1%	19.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	75%	75%	75%	75%	75%	75%	71.31%	71.31%	71.31%	71.31%	71.31%	71.31%
	4.33%	4.07%	3.48%	5.02%	5.11%	4.51%	4.96%	7.2%	9.66%	10.69%	11.68%	12.44%
	8.04%	8.52%	9.75%	8.54%	9%	9.21%	12.34%	10.28%	7.93%	7.18%	6.95%	6.33%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	12.63%	12.41%	11.77%	11.44%	10.89%	11.28%	11.39%	11.21%	11.1%	10.82%	10.06%	9.92%
No. of shareholders	—	—	—	—	—	—	—	—	99,147	97,771	90,555	1,02,826

Promoter holding down 3.69 percentage points since Sep 2023.

15 deals · 19 Sept 2022 – 16 Oct 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
16 Oct 2025	GOLDMAN SACHS BANK EUROPESE - ODI	Block	NSE	Buy	10,510	₹17,703.00	₹18.61 Cr
16 Oct 2025	GOLDMAN SACHS (SINGAPORE) PTE.- ODI	Block	NSE	Sell	10,510	₹17,703.00	₹18.61 Cr
26 Aug 2025	BNP PARIBAS FINANCIAL MARKETS	Bulk	NSE	Sell	4,19,164	₹19,794.72	₹829.72 Cr
11 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	29,519	₹3,419.60	₹10.09 Cr
11 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	29,519	₹3,419.60	₹10.09 Cr
11 Oct 2022	ISHARES INDIA SC MAURITIUS COMPANY	Block	BSE	Sell	4,613	₹3,419.60	₹1.58 Cr
11 Oct 2022	ISHARES MSCI INDIA SMALL-CAP ETF	Block	BSE	Buy	4,613	₹3,419.60	₹1.58 Cr
3 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	28,660	₹3,489.45	₹10.00 Cr
3 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	28,660	₹3,489.45	₹10.00 Cr
3 Oct 2022	ISHARES MSCI INDIA SMALL-CAP ETF	Block	NSE	Buy	4,479	₹3,489.45	₹1.56 Cr

1–10 of 15

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Mr. ISMO ANTERO HAKANon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. MUKESH HARI BUTANINon-Executive - Independent Director
Ms. AKILA KRISHNAKUMARNon-Executive - Independent Director
Ms. MEENA GANESHNon-Executive - Independent Director
Mr. NUGURI VENUExecutive Director-CEO-MD
Mr. JAN NIKLAS PERSSONNon-Executive - Non Independent Director
Mr. Ajay SinghChief Financial Officer
Mr. Poovanna C. AmmatandaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹30,629.6 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹30,630.0	-155	-0.5%	₹30,630.0	18,300	-168	1,968	25
23 Nov 2026	₹30,870.0	-15	-0%	₹30,870.0	316	+8	85	25
29 Dec 2026	₹30,830.0	-365	-1.2%	₹31,113.0	4	+4	4	25

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

133

across 21 fund houses

Held by these funds

1.68%

of the company's equity

All mutual funds

3.51%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

133 schemes · 21 fund houses

		Shares
Multi Cap FundNEW	Nippon India Mutual Fund	87,492	295.37	0.52%	0.196%	—
Mid Cap FundNEW	ICICI Prudential Mutual Fund	46,246	156.13	1.86%	0.104%	—
Mid Cap Fund	DSP Mutual Fund	45,579	153.87	0.73%	0.102%	-0
Arbitrage FundNEW	SBI Mutual Fund	40,850	137.91	0.29%	0.092%	—
Large Cap Fund	Baroda BNP Paribas Mutual Fund	37,800	127.61	4.83%	0.085%	-900
Balanced Advantage Fund	Baroda BNP Paribas Mutual Fund	24,300	82.04	1.54%	0.054%	-700
Flexi Cap Fund	Helios Mutual Fund	23,967	80.91	0.92%	0.054%	+4,120
Arbitrage Fund	Axis Mutual Fund	20,925	70.64	0.67%	0.047%	-0

1–8 of 133

1 / 17

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

6

Final dividend21 Aug 2026 · ex-date₹8
Final dividend13 Aug 2025 · ex-date₹6
Final dividend14 Aug 2024 · ex-date₹4
Final dividend10 Aug 2023 · ex-date₹3.4
Final dividend14 Jul 2022 · ex-date₹3
Dividend dividend19 May 2021 · ex-date₹2

1

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

36 announcementsExport CSV

30 Sept 2026, 6:55 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

Loading announcements…

Ratio	Dec 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	48.5%	47.1%	43.3%	39.3%	38.5%	42.1%	43.9%
EBITDA margin %	7.3%	7.6%	6.4%	5.3%	6.7%	9.3%	15.4%
EBIT margin %	5.1%	5.5%	4.4%	3.5%	4.9%	7.9%	14.1%
PAT margin %	2.9%	3%	4.2%	2.1%	3.1%	6%	12.1%
Working capital
Receivable days	168	159	100	125	106	121	86
Inventory days	103	94	93	110	101	91	119
Payable days	327	8	213	204	205	202	246
NWC days	-57	245	-20	31	2	10	-42
Leverage
Current ratio	1.09	1.09	1.15	1.16	1.16	1.76	1.55
Debt to EBITDA	0	0.45	0.4	1.17	0.43	0	0
Debt to equity	0	0.13	0.11	0.23	0.11	0	0
Interest coverage	9.4	9	6.8	4.3	5.8	12.4	108.6
Asset turnover	0.98	1.03	1.39	1.14	1.11	0.74	0.68
Return ratios
Return on assets %	2.8%	3.1%	5.8%	2.4%	3.5%	4.5%	8.2%
Return on capital employed %	20%	21.6%	26.3%	13.9%	20%	19.7%	28.8%
Return on equity %	10.7%	11.8%	18%	7.7%	12%	9.1%	19.1%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Bharat Heavy Electricals LimitedBHELBHEL	₹1,46,596 Cr	₹1,54,783 Cr	₹35,993 Cr	₹3,383 Cr	6.9%	₹2,432 Cr	4.7%	6.8%	6.3%	119
Hitachi Energy India LimitedPOWERINDIAPOWERINDIA	₹1,39,553 Cr	₹1,39,553 Cr	₹9,163 Cr	₹1,424 Cr	15.4%	₹1,150 Cr	12.1%	28.8%	21%	-42
Cg Power And Industrial Solutions LimitedCGPOWERCGPOWER	₹1,38,443 Cr	₹1,38,443 Cr	₹12,821 Cr	₹1,638 Cr	13.1%	₹973 Cr	9.7%	26.2%	20.4%	48
Siemens Energy India LimitedENRINENRIN	₹1,18,724 Cr	₹1,18,724 Cr	₹9,436 Cr	₹2,024 Cr	19.3%	₹1,488 Cr	14.1%	33.8%	29%	-175
Ge Vernova T&D India LimitedGVT&DGVT&D	₹1,08,882 Cr	₹1,08,882 Cr	₹6,712 Cr	₹1,757 Cr	27.1%	₹1,305 Cr	19.9%	73.2%	55.3%	90
Suzlon Energy LimitedSUZLONSUZLON	₹53,473 Cr	₹53,737 Cr	₹17,429 Cr	₹3,019 Cr	18.1%	₹3,144 Cr	18.9%	31.7%	40.6%	117
Thermax LimitedTHERMAXTHERMAX	₹40,058 Cr	₹42,346 Cr	₹10,839 Cr	₹870 Cr	9.6%	₹593 Cr	6.7%	15.7%	13.7%	-0
Schneider Electric Infrastructure LimitedSCHNEIDERSCHNEIDER	₹30,495 Cr	₹30,939 Cr	₹2,920 Cr	₹336 Cr	12.8%	₹184 Cr	7.4%	28.5%	31.8%	61
Azad Engineering LimitedAZADAZAD	₹18,481 Cr	₹18,938 Cr	₹638 Cr	₹240 Cr	37.4%	₹139 Cr	22.2%	12.4%	9.1%	1,720
Triveni Turbine LimitedTRITURBINETRITURBINE	₹16,849 Cr	₹16,849 Cr	₹2,253 Cr	₹428 Cr	20.7%	₹336 Cr	16%	35.7%	26.3%	8
Karamtara Engineering LimitedKARAMTARAKARAMTARA	₹13,225 Cr	₹14,255 Cr	₹4,312 Cr	₹498 Cr	11.6%	₹229 Cr	5.3%	27.2%	20.8%	—
Atlanta Electricals LimitedATLANTAELEATLANTAELE	₹13,200 Cr	₹13,247 Cr	₹2,001 Cr	₹367 Cr	18.6%	₹224 Cr	10.9%	34.8%	21.7%	74

27

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
8	0	0	₹1,705.6	29,500	₹0.0	0	0	0
420	+18	326	₹1,426.7	30,000	₹735.0	1,295	+9	1,126
390	+212	820	₹1,128.1	30,500	₹942.5	304	+49	208
1,037	+141	1,888	₹905.3	31,000	₹1,204.4	540	+99	1,373
193	+114	563	₹710.6	31,500	₹1,548.3	31	+2	70
1,319	+144	1,920	₹540.3	32,000	₹1,847.3	48	+2	845
341	+71	427	₹415.9	32,500	₹2,310.0	6	+1	11
1,064	+166	1,840	₹326.0	33,000	₹2,590.0	0	0	303

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

Date	Category	Subject	Filing
30 Sept 2026, 6:55 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
17 Sept 2026, 8:18 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
16 Sept 2026, 6:14 pm	Company Update Investor Presentation	Announcement under Regulation 30 (LODR)-Investor Presentation	PDF
12 Sept 2026, 9:54 am	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
11 Sept 2026, 6:47 pm	AGM/EGM Postal Ballot	Shareholder Meeting / Postal Ballot-Notice of Postal Ballot	PDF
10 Sept 2026, 3:11 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
2 Sept 2026, 6:15 pm	Company Update General	Disclosure Of Information Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF
28 Aug 2026, 9:56 pm	Company Update General	Outcome Of The Board Meeting Held On August 28, 2026 - Considered And Approved The Issuance Of Postal Ballot Notice	PDF

₹ Cr	Mar 2019	Dec 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-73	610	610	-127	5	252	1,494	1,245
	-73	-89	-89	-167	-12	-89	-110	-271
	333	-390	-390	61	84	-199	2,295	-91
Net cash flow	188	131	131	-233	77	-35	3,679	883
Free cash flow	-146	519	519	-294	-7	163	1,366	736
CFO / Operating profit %	—	243%	220.8%	-40.8%	2.3%	72.3%	250.7%	99.4%

Hitachi Energy India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Events

6

1

Announcements

Announcements

6

1

3

Annual reports

Credit ratings

Investor Presentation and earnings call

27

Compounded sales growth

Compounded profit growth

Return on equity

Hitachi Energy India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Fund holders

Documents

Announcements

Events

Dividends6

Board meetings1

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Announcements

Dividends6

Board meetings1

Futures3

Annual reports

Credit ratings

Investor Presentation and earnings call

Option chain27

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

3

6

1

6

1

3

27