WatchTalking point
Profit and cash flow diverged
Reported profit rose 157.3% but operating cash flow fell 16.7% — worth investigating whether the profit is being collected.
Importance 80 / 95 · cash quality
HITACHI ENERGY INDIA LIMITED · Research view
HITACHI ENERGY INDIA LIMITED
NSE: POWERINDIABSE: 543187ISIN INE07Y701011Face value ₹2standalone
₹31,200
+2.30% · 2026-10-01 · 52-wk ₹16,214–₹38,445
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
StrengthTalking point
Profit outpacing revenue
Profit grew 157.3% while revenue grew 27.6%, so the company kept more of each rupee of revenue as profit.
Importance 72 / 95 · growth
WatchTalking point
Volatile earnings
Profit has swung sharply over 4 years (from ₹94 to ₹988) — one year is a weak guide to the earnings power.
Importance 65 / 95 · growth
WatchTalking point
Stock has run ahead of the business
Over 4 years the stock returned 96.7% a year while profit compounded at 48.5% a year.
Importance 64 / 95 · business vs stock
Section 03 · The company
Who is this company?
Classified by the exchange under Industrials › Capital Goods › Electrical Equipment › Heavy Electrical Equipment.
- Market cap
- ₹1.39 L cr
- FY2026 revenue
- ₹8,148 cr
- FY2026 net profit
- ₹988 cr
- Net worth
- ₹5,176 cr
- Total debt
- ₹0 crnet cash
- EPS (basic)
- ₹221.63
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 8 heavy electrical equipment.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Profit grew 157.3% while revenue grew 27.6%, so the company kept more of each rupee of revenue as profit.
Rule PROFIT_FASTER_THAN_REVENUE
- Revenue growth per year
- +13.6%over 4 years
- Revenue growth
- +27.6%vs last year
- Net profit growth
- +157.3%vs last year
- Change in net profit since FY22
- +386%
Profit has swung sharply over 4 years (from ₹94 to ₹988) — one year is a weak guide to the earnings power.
Revenue compounded at 13.6% a year over 4 years (₹4,884 → ₹8,148).
Over 4 years profit compounded at 48.5% a year while revenue compounded at 13.6% a year — though FY2026 saw a one-off step-change of 157% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Net profit grew 157.3% year on year (FY2025 → FY2026).
Revenue grew 27.6% year on year (FY2025 → FY2026).
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 revenue was ₹2,494 cr, up 68.6% from ₹1,479 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 net profit was ₹294 cr, up 123.5% from ₹132 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 net profit grew 123.5% while revenue grew 68.6% vs the same quarter last year — a gap of 54.9 percentage points.
Rule QTR_PROFIT_VS_REVENUE_GROWTH
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 1,554 | — | 52 | — | 3.4% |
| Q3 FY25 | 1,620 | +27.2% | 137 | +498.1% | 8.5% |
| Q4 FY25 | 1,884 | +11.1% | 184 | +61.8% | 9.8% |
| Q1 FY26 | 1,479 | +11.4% | 132 | +1163.0% | 8.9% |
| Q2 FY26 | 1,833 | +17.9% | 264 | +405.6% | 14.4% |
| Q3 FY26 | 2,082 | +28.5% | 261 | +90.3% | 12.6% |
| Q4 FY26 | 2,754 | +46.2% | 330 | +79.7% | 12.0% |
| Q1 FY27 | 2,494 | +68.6% | 294 | +123.5% | 11.8% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹9,163 crTTM
- EBITDA
- ₹1,708 crTTM
- EBIT
- ₹1,600 crTTM
- PBT
- ₹1,534 crTTM
- Net profit
- ₹1,150 crTTM
C. Corporate actions
21 Aug 2026DividendFinal Dividend - Rs. - 8.0000 — ₹8.00/share
13 Aug 2025DividendFinal Dividend - Rs. - 6.0000 — ₹6.00/share
14 Aug 2024DividendFinal Dividend - Rs. - 4.0000 — ₹4.00/share
10 Aug 2023DividendFinal Dividend - Rs. - 3.4000 — ₹3.40/share
14 Jul 2022DividendFinal Dividend - Rs. - 3.0000 — ₹3.00/share
19 May 2021DividendDividend - Rs. - 2.0000 — ₹2.00/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
EBITDA margin of 18.3% is the widest in 4 years (prior range 5.6% to 10.2%).
Rule MARGIN_AT_MULTI_YEAR_HIGH
- EBITDA margin now
- 18.3%
- 5-year range
- 5.6–18.3%
- ROE FY2026
- 21.0%
- ROCE FY2026
- 29.6%
ROE of 21.0% is the highest in 4 years (prior range 8.0% to 18.0%).
ROE improved from 13.8% to 21.0% year on year.
EBITDA margin improved from 10.2% to 18.3% of revenue.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Watch
Reported profit rose 157.3% but operating cash flow fell 16.7% — worth investigating whether the profit is being collected.
Rule PROFIT_UP_CASH_DOWN
Operating cash flowNet profit
- Total debt
- ₹0 crnet cash
- Operating cash flow ÷ net profit
- 1.26×FY2026
- Free cash flow
- ₹736 cr
- Current ratio
- 1.55×
Net worth compounded at 46.2% a year over 4 years (₹1,132 → ₹5,176) — though FY2025 saw a one-off step-change of 210% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Section 08 · Relative position
How does it compare with peers?
Ranked against 8 heavy electrical equipment (FY2026, consolidated).
Revenue growth
POWERINDIA · 3rd of 6 · set median 26.5%
EBITDA margin
POWERINDIA · 4th of 8 · set median 18.2%
Return on equity
POWERINDIA · 5th of 8 · set median 21.2%
P/E ratio
POWERINDIA · 8th of 8 · set median 85.4×
Context
Trades at 120.96× earnings — 42% above the heavy electrical equipment median of 85.42×.
Rule PE_ABOVE_PEERS
- P / E
- 121.0×TTM to Jun 26
- P / B
- 26.9×latest book
- P / S
- 15.2×TTM sales
- Earnings yield
- 0.8%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 140.9× · P/S 16.6× · ROE 21.0%. TTM and full-year profit differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.
Section 09 · The stock
How has the stock performed?
Watch
Over 4 years the stock returned 96.7% a year while profit compounded at 48.5% a year.
Rule STOCK_RAN_AHEAD
- 1-year return
- +72.1%
- 3-year return
- +660.9%
- 5-year return
- +1171.8%
- From 52-wk high
- −18.8%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹32,442
- vs 200-day avg
- Above₹28,392
- RSI (14)
- 46.8neutral
- MACD histogram
- 27.7
- From 52-wk high
- −18.8%
- From 52-wk low
- +92.4%
- 30-day volatility
- 27.3%ann.
- 6-month return
- +28.7%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchProfit and cash flow divergedReported profit rose 157.3% but operating cash flow fell 16.7% — worth investigating whether the profit is being collected.PROFIT_UP_CASH_DOWN · conviction 80
- WatchVolatile earningsProfit has swung sharply over 4 years (from ₹94 to ₹988) — one year is a weak guide to the earnings power.EARNINGS_VOLATILE · conviction 65
- WatchStock has run ahead of the businessOver 4 years the stock returned 96.7% a year while profit compounded at 48.5% a year.STOCK_RAN_AHEAD · conviction 64
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,884 | 4,469 | 5,237 | 6,385 | 8,148 |
| Total income | 4,951 | 4,484 | 5,247 | 6,442 | 8,388 |
| EBITDA | 378 | 251 | 358 | 653 | 1,492 |
| Profit before tax | 277 | 131 | 222 | 516 | 1,321 |
| Net profit | 203 | 94 | 164 | 384 | 988 |
| EPS (₹) | 48.0 | 22.2 | 38.6 | 90.4 | 221.6 |
| Net worth | 1,132 | 1,215 | 1,360 | 4,214 | 5,176 |
| Total debt | 125 | 275 | 150 | 0 | 0 |
| Operating cash flow | −127 | 5 | 252 | 1,494 | 1,245 |
| Free cash flow | −294 | −7 | 163 | 1,366 | 736 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | -8.5 | 17.2 | 21.9 | 27.6 |
| Profit growth YoY | — | -53.8 | 74.4 | 134.4 | 157.3 |
| Profitability | |||||
| EBITDA margin % | 7.7 | 5.6 | 6.8 | 10.2 | 18.3 |
| Net margin % | 4.1 | 2.1 | 3.1 | 6.0 | 11.8 |
| Return on equity % | 18.0 | 8.0 | 12.7 | 13.8 | 21.0 |
| Return on capital % | 22.4 | 12.4 | 17.9 | 19.6 | 29.6 |
| Leverage & cash | |||||
| Debt to equity | 0.11 | 0.23 | 0.11 | 0.00 | 0.00 |
| Cash flow ÷ profit | -0.62 | 0.06 | 1.54 | 3.89 | 1.26 |
| Current ratio | 1.15 | 1.16 | 1.16 | 1.76 | 1.55 |