POWERINDIA · Capital Goods
Hitachi Energy India Ltd. reported revenue of ₹2,494 cr for April to June 2026, +68.6% on the year and −9.4% on the quarter. That is faster than this quarter has grown in recent years (+19.5% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹9,163 cr, +40.2% on the four before.
Operating profit (EBITDA) was ₹364 cr, a margin of 14.6%, +411 bps on the year and −51 bps on the quarter. Over the last 8 quarters the margin has ranged from 7.1% to 16.6%, averaging 12.9%. Operating costs grew +60.9% against revenue growth of +68.6%, so more of each rupee of sales reached operating profit.
Net profit was ₹294 cr, +122.7% on the year and −10.9% on the quarter, with earnings per share of ₹65.99. Profit before other income, one-offs and tax grew faster, at +163.5%; other income, one-offs or tax held the headline back. The tax rate of 24% is in line with its recent average. Profit over the last four quarters totals ₹1,149 cr, +127.5% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹258.09 over the last four quarters, the stock at ₹28,545.00 trades at 110.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,228 cr | ₹1,274 cr | ₹1,695 cr | ₹1,327 cr | ₹1,554 cr | ₹1,620 cr | ₹1,884 cr | ₹1,479 cr | ₹1,833 cr | ₹2,082 cr | ₹2,754 cr | ₹2,494 cr |
| YoY | — | — | — | +28% | +27% | +27% | +11% | +11% | +18% | +29% | +46% | +69% |
| EBITDA margin | 5.3% | 5.3% | 10.7% | 3.6% | 7.1% | 10.3% | 12.6% | 10.5% | 16.3% | 16.6% | 15.1% | 14.6% |
| Other income, % of PBT | 0% | 6% | 3% | 0% | 0% | 28% | 15% | 29% | 24% | 9% | 13% | 15% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 32% | 25% | 31% | 26% | 25% | 25% | 26% | 25% | 25% | 25% | 24% |
| Net profit | ₹25.0 cr | ₹23.0 cr | ₹114 cr | ₹10.0 cr | ₹52.0 cr | ₹137 cr | ₹184 cr | ₹132 cr | ₹264 cr | ₹261 cr | ₹330 cr | ₹294 cr |
| YoY | — | — | — | +400% | +108% | +496% | +61% | +1,220% | +408% | +91% | +79% | +123% |
| Core profit YoY | — | — | — | — | +122% | +313% | +41% | +740% | +280% | +139% | +85% | +163% |
| EPS | ₹5.84 | ₹5.42 | ₹26.82 | ₹2.46 | ₹12.34 | ₹32.41 | ₹41.26 | ₹29.52 | ₹59.31 | ₹58.65 | ₹74.14 | ₹65.99 |
| Flags | · | · | · | ✓ | ✓ | 1 | 1 | 1 | 1 | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Hitachi Energy India Ltd. reported revenue of ₹2,494 cr (+68.6% on the year) and net profit of ₹294 cr (+122.7% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved +163.5% on the year, against +122.7% for reported profit.
None of the 7 checks that could run raised a question.
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