Gas-insulated and air-insulated switchgear, circuit breakers, protection relays and substation automation that switch and protect the grid.
Hitachi Energy IndiaDirect supplier · HighListed
SiemensDirect supplier · MediumListed
GE Vernova T&D IndiaDirect supplier · HighListed
ABB IndiaDirect supplier · MediumListed
CG Power and Industrial SolutionsDirect supplier · MediumListed
Schneider Electric InfrastructureDirect supplier · MediumListed
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
Supplies the breakers, disconnectors, instrument transformers and protection systems that isolate faults in milliseconds, plus the SCADA and automation that let operators run substations remotely. Gas-insulated switchgear (GIS) packs a substation into a fraction of the land, which is why cities and new pooling stations use it.
Why it matters
Every new substation and bay needs switchgear, and the MNC subsidiaries that dominate high-voltage GIS (Hitachi Energy, Siemens, GE Vernova) have full order books. Medium-voltage switchgear also rides the data-centre, metro and industrial build-out.
Where the value pool sits
High-voltage GIS and automation earn mid-to-high teens EBITDA for the MNC leaders; medium-voltage products are more competitive. Royalties and technology fees to parent companies are part of the cost structure.