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  5. Hitachi Energy India shares rally 12% after robust Q2 earnings; check what Nomura, Jefferies, other analysts said

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Hitachi Energy India shares rally 12% after robust Q2 earnings; check what Nomura, Jefferies, other analysts said

image Ahana Chatterjee
By Ahana Chatterjee

4 min read | Updated on November 13, 2026, 11:10 IST

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SUMMARY

The heavy electrical equipment firm posted a 20.5% year-on-year (YoY) surge in its profit after tax (PAT) at ₹318.49 crore.

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Hitachi Energy India’s orders soared 85.9% YoY to ₹4,120.8 crore in the quarter ended September 30, 2026. Image: Shutterstock

Hitachi Energy India shares rallied 12% to touch an intraday high of ₹32,070 apiece on Friday, November 13, after the company reported robust earnings for the quarter ended September 30, 2026 (Q2).
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The heavy electrical equipment firm posted a 20.5% year-on-year (YoY) surge in its profit after tax (PAT) at ₹318.49 crore. In the same period of the previous fiscal year, the company had logged a PAT of ₹264.36 crore.

Its revenue from operations advanced 63.5% YoY to ₹2,996.5 crore during the quarter under review, as against ₹1,832.6 crore in the second quarter of the 2025-26 fiscal year (Q2 FY26).

Its EBITDA (earnings before interest, tax, depreciation and amortisation), also known as operating profit, stood at ₹494.4 crore in the quarter ended September 30, 2026, registering a growth of 69.5% YoY from ₹291.6 crore in the year-ago period.

The EBITDA margin expanded by 60 basis points (bps) YoY to 16.5% for the reporting period, in contrast to 15.9% in Q2 FY26, driven by better execution and strong operational excellence.

The firm’s orders soared 85.9% YoY to ₹4,120.8 crore in the quarter ended September 30, 2026, compared with ₹2,217.1 crore in the same period last year.

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Furthermore, it also reported its highest-ever order backlog of ₹33,335.4 crore.

The growth in revenue, orders, and order backlog was supported by strong tailwinds, including India’s electricity generation in Q2 FY27, which was 536 billion units (BU), up 11% YoY.

What analysts said after Q2

In a note on Friday, analysts from Nomura said Hitachi Energy India reported robust order inflows and strong execution in Q2 FY27. They noted a strong demand outlook across base ordering, HVDC and exports. The analysts forecast a 46% EPS CAGR between FY26 and FY29 and said the stock trades at 40 times its FY29 estimated earnings per share.
Jefferies analysts said the firm’s September-quarter EBITDA was 6% above estimates, as a 26% beat in sales was partly offset by margins coming in 250 basis points below expectations. Management highlighted demand visibility until 2035, supported by renewable energy additions, grid modernisation and transmission expansion, while data centres are expected to add to transmission and distribution demand. The analysts expect a 54% EPS CAGR between FY26 and FY29.
Analysts from JP Morgan said Hitachi Energy India continued to report positive surprises in Q2 FY27, with order inflows growing 86% year-on-year and revenue rising 64%, 13% above their estimates. Adjusted EBITDA margins remained stable at 16.5% despite commodity-related headwinds and an adverse product mix.

They also said the company’s HVDC capabilities, plug-and-play solutions for data centres, battery energy storage systems (BESS), localisation levels and execution of the parent’s current and future technology developments in India could support higher relative valuations than peers.

Goldman Sachs analysts said broad-based orders from utility, industrial and data centre segments are supporting Hitachi Energy’s growth, with four to five HVDC projects expected over the next 12 to 24 months.

They noted that capacity expansion through CY27-28 and a targeted export mix of 25-30% strengthen the firm’s medium-term prospects. Exports carry 300-400 bps higher margins than the domestic business, but premium valuations limit the potential for a re-rating.

Hitachi Energy India share price trends

At 10:48 PM, Hitachi Energy India shares were trading at ₹31,910 apiece on the National Stock Exchange, jumping 11.79%.

From the beginning of the year, Hitachi Energy India shares have rallied 73%. Over a month’s time, the stock has gained 6%.

Also read: TD Power Systems share price jumps over 3% after strong Q2 earnings; stock rallies 93% in 2026 so far

Shares of the firm had hit a 52-week high of ₹38,785 on June 1, 2026, and a 52-week low of ₹16,111 on January 16, 2026.

According to NSE data, as of November 13, 2026, Hitachi Energy India has a total market capitalisation of ₹1.43 lakh crore.

Disclaimer: This article is written purely for informational purposes and should not be considered investment advice from Upstox. Securities mentioned are illustrative and not recommendations. Please consult a financial advisor before making any investment decisions.

About The Author

image Ahana Chatterjee
Ahana Chatterjee is a business journalist with 7 years of experience across several leading news platforms. At Upstox, she covers stock markets and corporate news.

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