HVDC converter stations (LCC and VSC), STATCOMs and other FACTS devices that move bulk power long distances and stabilise a renewable-heavy grid.
Hitachi Energy IndiaDirect supplier · HighListed
GE Vernova T&D IndiaDirect supplier · HighListed
Bharat Heavy ElectricalsDirect supplier · MediumListed
Siemens Energy IndiaDirect supplier · MediumListed
Quality Power Electrical EquipmentsDirect supplier · HighListed
Hitachi Energy India (POWERINDIA)
Indian arm of Hitachi Energy (ex-ABB Power Grids): power transformers, HVDC, GIS, grid automation and power quality - the broadest grid-equipment maker in India (also in the data-centre sector)
Price
₹27,800
snapshot 6 Nov 2026
Strengths
Record order backlog of ₹32,222 Cr at 30 Jun 2026
HVDC technology partner for Khavda-Nagpur (with BHEL) and AESL's Rajasthan link
Revenue up ~69% and profit more than doubled in Q1 FY27; new transformer factory at Karjan (Gujarat)
Risks
Very rich valuation - see the figures
HVDC orders are lumpy; Q1 FY27 intake fell after a large HVDC order a year earlier
Execution risk on several large fixed-price projects at once
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹1.24L Cr
Stock P/E
104.0x
Div Yield
0.03%
ROCE
29.4%
ROE
21.9%
P/B
23.9x
Revenue growth
+27.6%FY26
Profit growth
+157.3%FY26
Net margin
12.1%FY26
1Y vs Nifty
+40 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
4,884FY22
4,469FY23
5,237FY24
6,385FY25
8,148FY26
Stock price return · as of 6 Nov 2026
1Y price return
+38%
3Y CAGR
+83%
5Y CAGR
+64%
Trend84th percentile
52-week range as of 6 Nov 2026 vs snapshot price · 28% below its high
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Builds the converter stations at each end of an HVDC link - valves, converter transformers, filters and controls - and the STATCOM and reactive-power devices that keep voltage steady as solar and wind swing. Only a handful of global groups own the technology; Indian partners do civil, transformers and parts of the build.
Why it matters
HVDC carries bulk power with lower losses over 1,000+ km, which is how Khavda's and Rajasthan's renewables reach Maharashtra. Two ±800 kV, 6 GW terminal pairs are now under order: Khavda-Nagpur (BHEL-Hitachi Energy, Nov 2024) and Barmer-II to South Kalamb (GE Vernova T&D, Sep 2026), plus AESL's Rajasthan link. These are among the largest single orders the equipment makers have ever booked.
Where the value pool sits
Large, lumpy orders (several thousand crore per terminal pair) with long execution (3-4 years). Margins are decent for the technology owner but projects carry execution and penalty risk. Converter transformers are the biggest equipment item.
Key drivers
Renewable zones in Rajasthan, Gujarat and Ladakh far from load centres
STATCOMs for grid stability with high renewable share
Cross-border links (Sri Lanka, Nepal, Bangladesh)
Potential bottlenecks
Only three or four HVDC technology suppliers worldwide, all booked by European offshore-wind and interconnector demand
Converter-transformer and valve capacity
Terrain: the Leh-Kaithal (Ladakh) HVDC tender drew a single bidder and POWERGRID is weighing an AC design (FY26)
Investor metrics to watch
HVDC orders booked and timing of revenue recognition