Hitachi Energy India is the country’s most deeply embedded power-grid technology company - it makes the hardware, software and services that move electricity from where it is generated to where it is used, and it has been doing so in India since 1949, starting as Hindustan Electric. The business was forged into its current shape when ABB’s global power-grids division was combined with Hitachi in a joint venture in 2018, and it became a wholly Hitachi-owned entity in 2022, giving it access to the parent’s balance sheet, brand and technology while retaining the ABB engineering heritage. The recurring approach that explains everything else is this: the company wins large, complex, custom-engineered orders - a substation for a solar park, an HVDC (high-voltage direct current) link for a city, traction transformers for a metro - and then executes them from design through to commissioning, locking in decades of service work on the equipment it has installed. # Business segments A single engine - grid infrastructure and services - that earns across three interlocking streams: selling products, executing projects, and servicing the vast installed base those products and projects create. ## 1. Products: the hardware that builds and upgrades the grid **Transformers, switchgear and power-electronics equipment manufactured across 19 Indian factories, with roughly 80 percent of the portfolio made locally and several product lines serving as single-point global supply sources.** - **The core of every substation** - the company makes power transformers (including large and medium units, dry-type transformers and traction transformers for locomotives), gas-insulated switchgear (GIS) up to 420 kilovolts, live-tank breakers, instrument transformers and reactors, which together form the backbone of transmission and distribution networks. - **Power quality as a product line** - a dedicated factory in Doddaballapur, Bengaluru, produces advanced capacitor units, banks and other power-quality equipment that stabilise grids as more intermittent renewable energy comes online. - **HVDC and power electronics made in India** - the Chennai factory manufactures advanced power electronics for HVDC Light, HVDC Classic and STATCOM (a technology that regulates voltage), along with the MACH control and protection system; it houses the world’s second testing lab for power-quality control solutions. - **EconiQ: the green hardware bet** - the company has built an eco-efficient portfolio under the EconiQ brand, including the world’s first SF6-free 420-kilovolt GIS, which eliminates a greenhouse gas with 23,500 times the warming potential of CO₂, and ester-filled transformers that use biodegradable fluids instead of mineral oil. - **Global feeder factories** - certain products, such as 66 kV high circuit breakers and COMBIFLEX relays, are manufactured only in India for the entire Hitachi Energy ecosystem, which means the Indian entity is the sole supplier to sister companies worldwide for those lines. ## 2. Projects: the turnkey systems that stitch the grid together **End-to-end design, engineering, supply, erection and commissioning of complex grid infrastructure - from city infeed projects to renewable-energy substations - where the company acts as a single-point contractor.** - **City-sized power infeed** - the company commissioned India’s first city infeed project in Mumbai, a 1,000-megawatt VSC-based HVDC link connecting converter stations at Aarey and Kudus, which involved the full scope from design through to commissioning. - **Renewable evacuation at scale** - it executes substation grid connections for solar and wind parks, such as a 300 MW renewable evacuation project for Ayana Renewables and a STATCOM installation for the Fatehgarh-III project designed to evacuate 20 GW of solar power. - **Rail and metro electrification** - nine out of ten metro rail services in India deploy the company’s technology, and it supplies traction transformers, automation and GIS for metro systems including Chennai Metro and the high-speed Ahmedabad-Mumbai rail corridor. - **Data-centre power infrastructure** - roughly one in three data centres in India is powered through the company’s grid-integration solutions, with multi-year projects for hyperscalers covering GIS substations, dry transformers and power-automation systems. - **The order backlog as forward cover** - the company’s order backlog stood at Rs 29,555 crore as of March 2026, providing revenue visibility stretching several quarters ahead, because projects are booked and then executed over long cycles. ## 3. Services: the lifetime cash stream from the installed base **A dedicated services business unit, launched in April 2025, that monetises an installed base worth over Rs 83,000 crore across generation, transmission and industrial power systems - with an addressable annual services market of roughly Rs 2,000 crore.** - **The installed-base moat** - the company has been putting equipment into the Indian grid for 75 years, creating an installed base of more than 10 billion US dollars that no competitor can replicate quickly, and every piece of that equipment needs maintenance, spares and eventual replacement. - **From break-fix to remote monitoring** - the service portfolio spans traditional annual maintenance contracts and replacement equipment, plus digital offerings like RelCare and RelScan that provide remote condition monitoring and predictive maintenance for transformers and substations, turning a cost centre for customers into a managed service. - **Digital twins for high-voltage assets** - the IdentiQ platform creates a digital twin of HVDC and power-quality installations, pulling together all site information and analytics so operators can see the health of their assets in real time, while the TXpert ecosystem does the same for transformers. - **Lifecycle lock-in** - because the company designs, manufactures and commissions the original equipment, it is the natural choice for upgrades, retrofits and end-of-life solutions, and it already holds service contracts for lifecycle support and remote operations of HVDC stations for national and private utilities. # Group structure and partners **A 75 percent-owned subsidiary of Hitachi Energy Ltd (Zurich), with full access to the parent’s technology, global procurement and brand - and a three-pronged export strategy that turns Indian factories into global supply hubs without competing with sister companies.** - **The parentage** - Hitachi Energy Ltd, the Zurich-headquartered global leader in transmission and distribution with roughly $16 billion in revenue and 50,000 people across 60 countries, holds 71.31 percent of the Indian listed entity and provides technology through a royalty and fee arrangement, along with managerial support via board delegates. - **India as a global factory** - the export strategy has three legs: selling products in allocated markets alongside local Hitachi Energy sales teams; manufacturing certain products only in India for the entire group (global feeder factories); and making components that go into full products sold by other Hitachi Energy companies, with a strict rule that no two Hitachi Energy entities compete in the same market. - **Engineering talent at scale** - the company runs global engineering centres in Chennai employing over 1,500 engineers who support R&D and project execution for more than 40 countries, while its in-house R&D is embedded in local businesses and linked to global technology centres. - **Academic and industry partnerships** - it has built a smart electric-grid lab and a centralised monitoring centre with NIT Warangal, collaborates with IIT Roorkee on electric-vehicle infrastructure, and is a member of key industry bodies including CII, IEEMA and FICCI, which gives it a seat at the table when grid standards and policies are shaped.