Q2 FY27 results analysis · November 12, 2026
Hitachi Energy India Ltd (POWERINDIA) Q2 FY27 Results Analysis: Revenue Surges 64%, Order Inflow Jumps 86%
+20.5%PAT year on year, Rs. 318.49 Cr
Source: Quarterly results filing (NSE)
Quick summary
Hitachi Energy India Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 2,996.51 Cr (+63.52% YoY) and PAT growth of +20.48% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | November 12, 2026 |
|---|---|
| Revenue (Q2) | Rs. 2,996.51 Cr (+63.52% YoY) |
| PAT (Q2) | Rs. 318.49 Cr (+20.48% YoY) |
| EBITDA margin | 16.50% (+60 bps YoY) |
| EPS (Q2) | Rs. 71.46 (+20.48% YoY) |
Quarter Snapshot
Revenue grew 63.52% YoY with orders up 85.9% and a record Rs.33,335.4 Cr backlog, while Op EBITDA margin expanded to 16.5% for a fifth straight quarter, meeting management's sustain-and-improve guidance. Reported PAT grew only 20.48% due to a Rs.56.07 Cr FX/derivative loss and a 554 bps YoY rise in the material-cost ratio, and H1 cash conversion was weak (CFO/PAT 0.15x) amid a working-capital build. Execution and order momentum are the alpha drivers; the HVDC award expected around February 2027 is the next watch item.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue/demand | "Revenue / demand — likely ahead" on backlog and execution momentum | Revenue +63.52% YoY, +20.16% QoQ; orders +85.9%; record backlog | Played out |
| Op EBITDA margin | "flat-to-compressing risk... test... whether the quarter holds near Q1FY27's 16.0%" — "the cost tape argues for pressure at the margin rather than expansion" | 16.5% — expanded vs both 16.0% (QoQ) and 15.9% (YoY) — margin expanded | Contradicted |
| Material-cost ratio | "the YoY metal step-up is a live headwind to material cost %" | 59.00% vs 53.46% YoY — rose as expected, but was absorbed at the operating line | Played out |
| Exchange & commodity line | "a swing factor" vs Q1's Rs.60.0 Cr loss, "the realized/unrealized FX split matters" | Rs.56.07 Cr net loss; notional component Rs.88.1 Cr disclosed; realized split not separately disclosed | Played out / partially answered |
| Orders & backlog | inflow vs soft Rs.2,217.1 Cr base; backlog above Rs.32,222.1 Cr | Rs.4,120.8 Cr (+85.9%); backlog Rs.33,335.4 Cr | Played out |
| Capex credibility | "QIP deployment beyond Rs.634.63 Cr is the capex credibility check" | H1 capex Rs.369.52 Cr (51.3% of FY27 plan); QIP unutilized Rs.1,665.26 Cr | Played out |
| DGTR/CRGO duty; India–US tariff execution; HVDC award | watch-list items | Not addressed in the filing — remain open for the call | Not observable in filing |
Read our full results preview.
Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Double-digit Op EBITDA margin, "sustain and improve" | Q4FY26 / Q1FY27 earnings calls ("double-digit EBITDA margin... we will sustain, and then we will also improve") | 16.5% on the company's own Op EBITDA basis, expanded YoY and QoQ | Met |
| ~Rs.720 Cr FY27 capex ("Rs. 700 plus crores for the first year... on track very much") | QIP document plan, reiterated Q1FY27 call | Rs.369.52 Cr in H1 (51.3% of plan); QIP unutilized down to Rs.1,665.26 Cr | On Track |
| Karjan LPT facility completion December 2028 | Q4FY26 board approval / AGM chairman's address | CWIP Rs.408.07 Cr vs Rs.192.01 Cr at March — construction progressing | Too Early |
| HVDC award "within the next six months" of Aug 7, 2026 | Q1FY27 earnings call | No HVDC award disclosed in the Q2 filing; transmission orders led the quarter — open for the call | Too Early |
Key Numbers, Quarter by Quarter
| Metric | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|
| Orders | 2,217.1 | 2,477.6 | 2,422.5 | 5,096.5 | 4,120.8 |
| Backlog (close) | 29,412.6 | 29,872.2 | 29,555.3 | 32,222.1 | 33,335.4 |
| Revenue | 1,832.6 | 2,082.2 | 2,754.1 | 2,493.7 | 2,996.5 |
| Op EBITDA | 291.6 | 338.4 | 452.3 | 399.9 | 494.4 |
| Op EBITDA % | 15.9 | 16.3 | 16.4 | 16.0 | 16.5 |
| PAT % | 14.4 | 12.1 | 12.0 | 11.8 | 10.6 |
Key Investment Insights
Key Positives
- Revenue grew 63.52% YoY to Rs.2,996.51 Cr (+20.16% QoQ); H1FY27 revenue Rs.5,490.20 Cr, +65.79% YoY
- Orders of Rs.4,120.8 Cr grew 85.9% YoY; record backlog of Rs.33,335.4 Cr (+3.46% QoQ)
- Op EBITDA margin expanded to 16.5% (+60 bps YoY, +50 bps QoQ), fifth consecutive quarter of expansion
- Export orders +41% YoY and service orders +77% YoY; transmission orders led, followed by data center
- FX-adjusted PAT grew 41.29% YoY to Rs.359.98 Cr
- Employee-cost ratio fell 227 bps YoY and other-expense ratio 105 bps YoY on volume leverage
- Effectively debt-free with Rs.4,472.66 Cr cash against only Rs.83.66 Cr lease liabilities
- H1 capex of Rs.369.52 Cr is 51.3% of the ~Rs.720 Cr FY27 plan; CWIP rose to Rs.408.07 Cr from Rs.192.01 Cr
Risk Factors
- FX/derivative net loss of Rs.56.07 Cr (Rs.88.1 Cr notional) vs a Rs.12.79 Cr year-ago gain; reported PAT margin compressed to 10.6% from 14.4%
- Material-cost ratio rose 554 bps YoY to 59.00% as material costs grew 80.45% YoY, faster than revenue
- H1 CFO of Rs.91.33 Cr was 0.15x of PAT; FCF negative at Rs.(278.19) Cr vs +Rs.807.41 Cr year-ago
- Inventories built Rs.724.05 Cr and receivables/other assets Rs.1,360.72 Cr since March 2026
- Five straight quarters of PAT-margin compression (14.4% → 10.6%) alongside Op EBITDA expansion
- Bad-debt/impairment write-offs of Rs.33.87 Cr in H1FY27 vs Rs.9.35 Cr in H1FY26
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.