Hitachi Energy India (POWERIND IN) – Q2FY27 Result Update – Strong Q2; Surging orders strengthens growth visibility – Upgrade to ‘BUY’
Published on 13 Nov 2026
Hitachi Energy India (POWERIND) reported a strong Q2FY27 performance, with revenue growing 63.5% YoY to ~INR30bn, while operational EBITDA margin expanded 60bps YoY to 16.5%, driven by robust execution and operating leverage despite an adverse product mix and raw material cost pressures. Order momentum (+85.9% YoY) was broad-based across domestic transmission, industries, data centres, exports (+41% YoY) and services (+77% YoY). The data centre opportunity continues to gain traction across India and APAC, with the recently launched grid-to-rack solution expected to be manufactured locally upon securing orders. We roll forward to Sep’28E and upgrade our rating from ‘Hold’ to ‘Buy’, given recent correction in the stock price, valuing the stock at P/E of 65x Sep’28E (65x Mar’28E earlier) arriving at TP of INR37,725 (INR34,026)
