Hitachi Energy India (POWERIND IN) – Initiating Coverage – Energy transition & data center driving multi-faceted growth – HOLD
Published on 10 Mar 2026
We initiate coverage on Hitachi Energy India (POWERIND) with ‘Hold’ rating at TP of Rs26,108 valuing the company at P/E of 60x Mar’28E. POWERIND is poised for strong growth driven by 1) it being a leading player in HVDC technology with ~Rs434bn addressable opportunity over the next 3 years, 2) energy-transition-led addressable market opportunity of Rs1trn+, 3) increasing demand from high-growth industries such as data centers, 4) strong global parentage and 5) improving share of services and exports driving margin expansion. We estimate revenue/adj PAT CAGR of 34.3%/67.5% over FY25-28E with EBITDA margin expanding by 712bps led by operating leverage. The stock is currently trading at P/E of 79.7x/57.8x on the earnings of FY27/28E. Initiate with ‘Hold’.
