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
Designs and builds the heaviest and slowest-to-make item in a substation: the core is stacked from CRGO steel, wound with copper, tanked, oil-filled and tested. Large units are made to order and take a year or more from order to delivery.
Why it matters
Transformers are the grid's tightest bottleneck worldwide. US large-transformer prices are up sharply since 2019 and lead times have more than doubled (BNEF, 2026), so Indian makers are exporting as well as serving a record domestic pipeline. Every major maker is adding capacity: Siemens Energy India approved ~₹2,060 Cr for 30,000 MVA (Feb 2026), and Hitachi Energy broke ground on a new factory at Karjan, Gujarat (Jun 2026).
Where the value pool sits
Margins have widened from high single digits to mid-teens or higher EBITDA for the leaders because demand exceeds capacity and pricing has reset. The pool is large and growing, but it is cyclical: new capacity arriving in FY27-FY28 and any export slowdown could bring pricing back down.
Key drivers
NEP plan to lift transformation capacity from ~1,251 GVA (2024) to ~2,342 GVA by 2032
Renewable pooling substations and BESS connections
US and European shortage pulling exports
Data-centre and industrial substations
Potential bottlenecks
CRGO electrical steel: India imports most of its need and supply is gated by BIS certification