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Hitachi Energy plugs into profit as revenues surge in Q3 FY26
MUMBAI: Power flows may ebb and surge, but Hitachi Energy India Limited clearly had the current on its side in the December quarter. The energy and power technology major reported a sharp jump in profitability for Q3 FY26, riding strong revenue growth and improved operating margins, even as fresh order inflows moderated from last year’s highs.
For the quarter ended December 31, 2025, Hitachi Energy India posted revenue from operations of Rs 2,168 crore, up 29.6 percent year on year from Rs 1,672 crore in Q3 FY25 and 13.2 percent sequentially from Rs 1,915 crore in Q2 FY26. Including other income, total income for the quarter stood at Rs 2,168 crore, reflecting sustained execution momentum across projects and services.
Profitability surged far faster than topline growth. Profit before tax, before exceptional items, more than doubled to Rs 402 crore, compared with Rs 184 crore a year earlier. After accounting for an exceptional charge of Rs 54 crore linked to the impact of new labour codes, profit before tax came in at Rs 348 crore, still up nearly 89 percent year on year. Net profit for the quarter rose 90.3 percent to Rs 261 crore, compared with Rs 137 crore in the same period last year, even as it remained largely flat sequentially.
Margins told an equally strong story. PBT margin expanded to 16.0 percent in Q3 FY26 from 11.0 percent a year earlier, while profit after tax margin improved to 12.1 percent from 8.2 percent. Operating EBITDA jumped 100.4 percent year on year to Rs 338 crore, with margins expanding to 15.6 percent, signalling tighter cost control and operating leverage.
On a nine-month basis, revenue for the period ended December 31, 2025 rose to Rs 5,604 crore, up from Rs 4,520 crore in the corresponding period last year. Profit before tax for the nine months surged to Rs 878 crore, more than three times the Rs 270 crore reported a year earlier, while net profit climbed to Rs 657 crore, compared with Rs 200 crore in the previous period.
The only soft patch came on the order book. New orders in Q3 FY26 stood at Rs 2,478 crore, sharply lower than Rs 11,594 crore in Q3 FY25, when the company had benefited from a large one-off order win. Excluding that outsized contract, management noted that orders actually grew 73.7 percent year on year, underlining steady underlying demand. Sequentially, orders rose 11.7 percent from Rs 2,217 crore in Q2 FY26. For the nine months, total orders edged up to Rs 16,034 crore, broadly in line with Rs 15,983 crore a year earlier.
With revenues accelerating, margins widening and execution staying on track, Hitachi Energy India’s Q3 numbers suggest that while headline order comparisons may flicker, the business is firmly switched on when it comes to profits.
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Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
