Hitachi Energy India share price today

Hitachi Energy India Ltd's share price was ₹29,100.00 at the close on 4 November 2026. It has been rising for 185 weeks. That is 0.1% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹16,214 and ₹38,445, and at that close it sat 58% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Hitachi Energy India Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 4 weeks running.

Over the last 6.6 years the share price moved +3,584% while the NIFTY 500 moved +206%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 9 October 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: revenue up on a year earlier for 11 quarters in a row (every quarter we can compare), profit up on a year earlier for 11 quarters in a row (every quarter we can compare) and operating margin up 5 points on a year earlier.

1. Revenue up on a year earlier for 11 quarters in a row (every quarter we can compare)

   In the June 2026 quarter revenue was ₹2,494 crore, +68.6% on a year earlier.

   Why: Revenue rose because more of its order book turned into work and projects were delivered faster.

   Next results: check whether the large transmission projects start adding more revenue as they move past the early stage.

   From the earnings call on 7 Aug 2026.

2. Profit up on a year earlier for 11 quarters in a row (every quarter we can compare)

   In the June 2026 quarter profit was ₹294 crore, +122.7% on a year earlier.

   Why: Profit rose because more of its order book turned into revenue and it spent less on other expenses, which lifted the share of revenue left after running costs.

   Next results: check whether the mix of products sold keeps the margin after direct costs steady, since management blamed the slight fall on mix.

   From the earnings call on 7 Aug 2026.

3. Operating margin up 5 points on a year earlier

   15% in the June 2026 quarter, from 10%.

   Why: The share of revenue left after running costs rose because the company ran projects better and spent much less on other expenses.

   Next results: check whether the margin holds as new battery storage work starts, since its first margins are hurt by low local content.

   From the earnings call on 7 Aug 2026.

For April to June 2026 (the quarter ended 30 June 2026), Hitachi Energy India reported revenue of ₹2,494 crore, up 68.6% from ₹1,479 crore a year earlier, and a profit of ₹294 crore, up 122.7% from ₹132 crore.

Hitachi Energy India results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Hitachi Energy India's management discussed these results on a call held on 7 August 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

Hitachi Energy India closed at ₹29,100.00 on 4 November 2026, up 39.5% from ₹20,863.00 a year earlier (7 November 2025) and up 1,156.7% over five years. Its highest weekly close since April 2020 was ₹38,445.00 on 29 May 2026.

Hitachi Energy India share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

351 weekly closes from 3 April 2020 to 4 November 2026.

4 Nov 2026: Hitachi Energy India closed at ₹29,100.00, up 6.9% on the week and down 7.0% on the month. 21 Aug 2026: ex-date for a dividend of ₹8 a share.

Earlier

• 7 Aug 2026: Hitachi Energy India held its results call for April to June 2026. Management guided: Karjan facility planned for commissioning in Q4 CY2026.
• Results for April to June 2026: Revenue up 68.6% and profit up 122.7% on a year earlier.

Hitachi Energy India paid ₹8 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.03% at the ₹29,100.00 close on 4 November 2026. The last was a dividend of ₹8 a share, ex-date 21 August 2026.

Hitachi Energy India dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here.

Yes. Hitachi Energy India Ltd paid out 4% of its profit as dividends in FY26, and it paid a dividend in 6 of its last 8 reported years.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 7 August 2026, Hitachi Energy India's management guided: Karjan facility planned for commissioning in Q4 CY2026.

“Our point is also very clear: as long as there is a level playing field, we do not see any issue in competing while ensuring that our margin ambition is maintained.”N Venu, on the call for April to June 2026

What management guided

• A full greenfield HVDC project expected to be awarded within six months or early thereafter.
• HVDC revenue and execution expected to pick up after the first year, with stronger second- and third-year contribution.
• BESS scaling to proceed gradually after first execution, focused initially on domestic demand; utility customers remain in scope.
• BESS margins expected to become similar to the rest of the business over time as technology matures and localization increases.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 7 August 2026.

What is changing at Hitachi Energy India, from the latest results and calls: backlog conversion broadens, operating leverage remains visible and data-center and storage adjacency.

• Backlog conversion broadens. Orders and backlog are converting across HVDC, product systems and project execution. ⚠ estimate
• Operating leverage remains visible. Reported revenue growth has coincided with a higher operating-margin range. ⚠ estimate
• Karjan capacity and localization. Karjan can expand transformer and HVDC capability if the revised commissioning goal is real and scope-consistent. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the latest results, written 22 August 2026.

A sustained margin decline alongside delayed Karjan commissioning or renewed evidence that HVDC work crowds out profitable base orders would break the thesis.

Each change stops working if

• Backlog conversion broadens: Backlog conversion slows or capacity allocation again prevents acceptance of base orders.
• Operating leverage remains visible: Product mix, freight or lower utilization pushes operating margin below the monitored floor.
• Data-center and storage adjacency: First BESS execution does not lead to repeat orders or localization fails to improve economics.
• Karjan capacity and localization: Construction milestones slip or management cannot reconcile the changed timetable and facility scope.

The main risks

• Karjan timetable and scope ambiguity: The latest commissioning goal is materially earlier than the prior completion framing. ✓ fact
• Capacity allocation crowds out base orders: Earlier comments acknowledged HVDC absorption could limit acceptance of other orders. ✓ fact
• Margin mix and foreign-exchange volatility: Product mix and foreign exchange can make quarterly profitability uneven. ✓ fact
• New-vertical execution risk: BESS and data-center opportunities are early and their economics remain unproven. ✓ fact

Our read after the latest results, written 22 August 2026.

When Hitachi Energy India reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Greenfield HVDC bid - check award progress and scope against management's near-term expectation.

Hitachi Energy India is on one of our India lists: Power & green energy stocks.

Hitachi Energy India Ltd earned ₹294 Cr of net profit in the Jun 2026 quarter, +122.7% on the same quarter a year earlier. That is the 11th quarter in a row of profit growth. Full-year FY26 profit was ₹988 Cr. Over 7 years profit has grown 29.1% a year on average. That is 11.8% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹132 Cr.

For the full year, FY26 profit was ₹988 Cr (+157.3% on the year before).

Why profit moved: revenue changed +68.6% on a year earlier and the margin moved +5.0 percentage points. Most of the change came from keeping more of each sale.

On average over the last four quarters, profit changed +175.1% and revenue +40.3%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

FY26-Q4. Reported revenue and profit advanced from the comparable quarter while operating margin stayed elevated. The period also showed that prior capacity availability statements should be treated cautiously because base-order constraints were later acknowledged.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Hitachi Energy India Ltd reported ₹2,494 Cr of revenue in the Jun 2026 quarter, +68.6% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 7 years it has grown 14.1% a year on average. The last full year, FY26, came in at ₹8,148 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. The latest call reports a record backlog and order intake, while management says active HVDC projects are still moving into their heavier execution phase.

The last four reported quarters add to ₹9,163 Cr.

FY26 revenue was ₹8,148 Cr, +27.6% on the year before.

Recent pace: the last four quarters grew +40.3% on average, against 14.1% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +40.2%, against +28.8% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +127.5%, against +158.5% a year (rolling over).

FY26-Q4. Reported revenue and profit advanced from the comparable quarter while operating margin stayed elevated. The period also showed that prior capacity availability statements should be treated cautiously because base-order constraints were later acknowledged.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Hitachi Energy India Ltd's operating margin was 15.0% in the Jun 2026 quarter, 5.0 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 8 years it has been between 6.0% and 16.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why the margin moved: operating margin changed +4.1 percentage points on the year while gross margin changed −6.1 points. So the gain came mostly from the gross margin, which means input costs and prices charged.

As noted under valuation: when margins are at a record, every ratio built on profit looks better than usual, so a low multiple can mislead.

FY26-Q4. Reported revenue and profit advanced from the comparable quarter while operating margin stayed elevated. The period also showed that prior capacity availability statements should be treated cautiously because base-order constraints were later acknowledged.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Over the last 3 years, 195% of Hitachi Energy India Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹1,245 Cr of operating cash against ₹988 Cr of profit. After ₹334 Cr of spending on assets, ₹911 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 195% of profit came in as cash: the cash cycle got 15 days longer between Dec 2020 and FY26, so more of each rupee of profit waits in the business before it arrives.

What to look at next: the bigger use of cash is spending on new assets, at 2.0× depreciation over three years. The next section checks what that spending is building.

Hitachi Energy India Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was −42 days in FY26, up from −57 days in Dec 2020. It spent ₹560 Cr on assets over the last 3 years. Customers take 86 days to pay, and stock sits for 119 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹8,148 Cr, each day of that cycle ties up about ₹22.3 Cr, so roughly −₹938 Cr is tied up in the business at any time.

FY26: customers took 86 days to pay and stock sat for 119 days, about 3.9 months of sales sitting as stock, for a full cycle of −42 days, longer than Dec 2020's −57.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 119 days. Customers pay about 86 days after that. Suppliers are paid at 246 days. Together that makes the −42-day cycle.

Spending on assets: ₹560 Cr over the last 3 years, against ₹285 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹192 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Hitachi Energy India Ltd's P/E is 109.0×, near the low end of its own history: it has been lower only 22% of the time. Its usual P/E (the middle reading) is 188.0×, over 6.5 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Why this happened. The latest quarterly operating margin remains above the comparable quarter. Management attributes the improvement to execution discipline and lower other expenses, while acknowledging mix volatility.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹258.09.

Keep one thing in mind: margins are the best this company has ever reported. A multiple that looks low against its own past can mislead when profit is at a record. If margins fall back, today's multiple is higher than it looks.

Why the multiple is where it is: over the past year earnings per share moved +157.3% while the price moved +39.5%. Earnings did better than the price, which pulled the multiple down within its own range.

Where the price move came from: over 5 years the price moved +65.9% a year; about +55.3% a year came from earnings growth and about +10.6 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple.

In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple.

Hitachi Energy India Ltd's business is giving mixed signals. Growth is slowing from a very fast pace: profit growth has eased from +193.6% at its peak to +127.5%, but the business is still expanding, with ROCE rising at 23.3%. This is based on 12 quarters of 4 measures.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: when the lines disagree, each line above matters more than any single label.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Hitachi Energy India Ltd's story is not scored yet against the checks our research set on 22 August 2026. Still open: A sustained margin decline alongside delayed Karjan commissioning or renewed evidence that HVDC work crowds out profitable base orders would break the thesis.

NOT YET CHECKED

From the price. Price stage 2, week 185, below its 200-day line, relative strength falling.

What is not proven yet. A sustained margin decline alongside delayed Karjan commissioning or renewed evidence that HVDC work crowds out profitable base orders would break the thesis.

What would change our mind. A sustained margin decline alongside delayed Karjan commissioning or renewed evidence that HVDC work crowds out profitable base orders would break the thesis.

The test written in advance. A sustained margin decline alongside delayed Karjan commissioning or renewed evidence that HVDC work crowds out profitable base orders would break the thesis. Measured by: the thesis as written as stated by the next result.

The test written in advance. Karjan timetable and scope ambiguity. Measured by: Karjan timetable and scope ambiguity Commissioning goal moves beyond calendar-year-end by the next result.

What the company does. The latest quarter combined faster revenue conversion with operating margins that stayed above the prior-year level. Orders now span HVDC, renewables, data centers, exports and the first battery-storage execution.

The key numbers to watch, and the level that would change the picture

Everything further down this page is evidence for or against these.

What the surface reading misses. The surface reading is: Cash conversion above profit suggests earnings quality. The research reads it further: The cash result is accompanied by lower debtor days and higher payable days; it is not evidence that all current margins are permanent.

What the surface reading misses. The research reads it further: The weekly snapshot uses a different current-value series from the normalized operating analysis; it confirms that price expectations are elevated even though reported earnings are rising.

• 1 · Operating leveragequiet
• 2 · Value-added mixquiet
• 3 · Management changequiet
• 4 · Paying down debtquiet
• 5 · Regulatory approvalquiet
• 6 · Order-book winsbuilding
• 7 · Consolidationbuilding
• 8 · Demerger or value unlockbuilding
• 9 · Buybackquiet
• 10 · New geographiesquiet
• 11 · More business from existing customersquiet
• 12 · New product launchquiet
• 13 · Mandatory normsquiet
• 14 · A bigger market to servequiet
• 15 · Market-share gainsquiet
• 16 · Asset qualityquiet

Lever 6 · Order-book wins: building. Orders and backlog are converting across HVDC, product systems and project execution. What proves it keeps working: Backlog conversion broadens. It stops working if Backlog conversion slows or capacity allocation again prevents acceptance of base orders.

Lever 8 · Demerger or value unlock: building. Reported revenue growth has coincided with a higher operating-margin range. What proves it keeps working: Operating leverage remains visible. It stops working if Product mix, freight or lower utilization pushes operating margin below the monitored floor.

Lever 7 · Consolidation: building. Hyperscaler orders and the first battery-storage project widen the addressable grid-equipment portfolio. What proves it keeps working: Data-center and storage adjacency. It stops working if First BESS execution does not lead to repeat orders or localization fails to improve economics.

Sources: our stock research file (22 August 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

What Hitachi Energy India Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Karjan Facility Timeline Changed · 7 August 2026. The May 2026 call said the Karjan greenfield transformer factory was expected to be completed and producing large power and HVDC converter transformers by the last quarter of calendar year 2028. The August 2026 call instead gave the Karjan facility a planned commissioning date in the last quarter of calendar year 2026, an apparent material acceleration with no explanation of whether the facility scope or milestone definition changed.

Capacity Constraints Contradiction · 26 May 2026. In the Nov 2025 and Feb 2026 calls, management dismissed analyst concerns about capacity limitations, asserting they had proactively scaled capacity and faced no constraints in simultaneously handling large HVDC projects and other orders. However, in the May 2026 call, when explaining why domestic non-HVDC base orders were static, management completely reversed this stance, admitting they had to pass on base orders because capacity was filled by the HVDC portfolio.

Capex Deployment Guidance Miss · 5 February 2026. In the November 2025 call, management explicitly denied delays in the FY26 capex plan, asserting they would be "close to" the INR 750 crore goal range despite a slow start. However, the February 2026 call reveals utilization of only INR 155 crores (just ~20% of the goal with one quarter left) and now cites structural product cycle limitations preventing bulk capex, contradicting the prior assurance that execution was on track. Earlier call (Nov 2025): “We may not be completing INR 750 crores worth of the projects, but we will be close to that range. I don”. Later call (Feb 2026): “Proceeds utilization shows only 155 crores used so far against the 700 crores. We had a slow start. Because of our product cycle, we cannot do bulk capex all at once.”

Other Expenses Guidance Revision · 5 February 2026. Management previously guided for other expenses to hover around the 20% level, attributing temporary dips to variable royalty calculations. In the latest call, they have lowered this guided corridor to 15-19% and shifted the explanation for the improvement to structural operational efficiency and leverage rather than royalty timing. Earlier call (Nov 2025): “We closed 16.9%. But overall, we have been telling that we will be hovering around, let”. Later call (Feb 2026): “Our other expenses usually hover between 15% and 19%. The lower level is an outcome of revenue growth and operational efficiency.”

Every quote above is taken word for word from the company’s own earnings calls.

Hitachi Energy India Ltd earned a ROCE of 29% in FY26. That is up from a low of 13% in FY23. Its return on capital used (ROIC) is 172.0 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 12.1% net margin and 0.68× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why the return is what it is (FY26): a 12.1% net margin × 0.68× asset turnover × 2.33× leverage (assets divided by equity) ≈ 19.2% on equity. The margin does its share; borrowing is a big part of it.

The key test, return on capital used minus the cost of capital: 184.0% − 12.0% = +172.0 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value.

The 184.0% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 160.8%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method.

Hitachi Energy India Ltd has total debt of ₹86.0 Cr against shareholder equity of ₹5,176 Cr as of Jun 2026, so its debt is 0.02× its equity, which is very little. Year by year, that ratio went from 0.17 in FY22 to 0.02 in FY26. So the returns on this page come from the business, not from borrowed money.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

Foreign institutions raised their stake in Hitachi Energy India Ltd by 6.9 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 12.0% of the company. Promoters moved −3.7 points over the same period, to 71.3%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Foreign institutions: +6.9 points over 8 quarters, to 12.0%; Promoters: −3.7 points over 8 quarters, to 71.3%; Domestic institutions: −2.4 points over 8 quarters, to 6.5%.

Why the owners changed: foreign institutions moved +6.9 points and domestic institutions −2.4 points over 8 quarters, while promoters moved −3.7 points. One group of institutions took over shares from the other; it is not a change of mind by the people running the company.

For Hitachi Energy India Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

52.7 out of 100, rank 4 of 6 in Electrical Equipments/HVDC, with 74% of the evidence available.

Hitachi Energy India Ltd scores 52.7 out of 100 against the 6 companies it is compared with in Electrical Equipments/HVDC, ranking 4. Earnings are strong; relative strength in its sector is -14% and the one-year return is 53.1%.

The four parts add up to the total exactly: 26.9 + 15.1 + 8.5 + 2.2 = 52.7. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Hitachi Energy India ranks 4 of 6 Electrical Equipments/HVDC companies on the 4-Factor Sector Score, with 52.7 out of 100.