• Order book momentum: Hitachi Energy's order backlog reached nearly ₹30,000 crore, supported by strong FY26 performance where operating margins expanded from 12.5% to 15.1% and profitability rose 80% year-on-year.
• Capex and capacity: The company announced an additional ₹2,000 crore Capex funded via internal accruals to build a greenfield large power transformer plant in Gujarat, supplementing an earlier ₹2,000 crore investment funded via a QIP.
• HVDC market opportunity: Hitachi Energy commands roughly 50% domestic HVDC market share and sees an addressable market of 50% to 60% in converter stations for upcoming projects, including an already-tendered 6,000 MW project and 2 to 3 more in the pipeline.
• Data center expansion: Although starting from a low base, data center business is growing at 6 to 8x, with Hitachi Energy addressing around 15% of total hyperscale data center Capex.
• Services and exports: Exports sustainably account for 25% to 30% of the order book with superior margins, while the service business reached ₹1,000 crore in orders against a near-term potential of ₹2,000 crore.