Hitachi Energy India (POWERIND IN) – Q4FY26 Result Update – Structural growth drivers reinforce long-term outlook – Downgrade to ‘REDUCE’
Published on 27 May 2026
We remain positive in long term on POWERIND given 1) it being a leading player in HVDC technology with a healthy order pipeline 2) robust order book of Rs295.6bn (3.6x TTM revenue) 3) increasing demand from high-growth industries such as data centres and BESS, 4) strong global parentage and 5) improving share of services and exports driving margin expansion. The stock is currently trading at P/E of 109.1x/76.0x on the earnings of FY27/28E. We downgrade our rating from ‘Hold’ to ‘Reduce’ given sharp rally in stock price valuing the stock at P/E of 65x Mar’28E (60x Mar’28E earlier) arriving at TP of Rs30,768 (Rs26,108)
