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Q3 FY25-26 | Analyst Conference Call N Venu, Managing Director & CEO Hitachi Energy India Ltd. 5th February 2026
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2 Important Notices This presentation includes forward-looking information and statements including statements concerning the outlook for our businesses. These statements are based on current expectations, estimates and projections about the factors that may affect our future performance, including global economic conditions, and the economic conditions of the regions, countries and industries that are major markets for Hitachi Energy India Limited (“Hitachi Energy India”). These expectations, estimates and projections are generally identifiable by statements containing words such as “expects,” “believes,” “estimates,” “targets,” “plans,” “outlook” or similar expressions. There are numerous risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking information and statements made in this presentation and which could affect our ability to achieve any or all of our stated targets. The important factors that could cause such differences include, among others: • business risks associated with the volatile global economic environment and political conditions • costs associated with compliance activities • market acceptance of new products and services • changes in governmental regulations and currency exchange rates, and • such other factors as may be discussed from time to time in Hitachi Energy India’s filings with the Stock Exchanges and Securiti es and Exchange Board of India (SEBI), including its Annual Report. Although Hitachi Energy India believes that its expectations reflected in any such forward-looking statement are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved. HITACHI
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3 License to operate: Safety Health initiatives Blood donation: 470 units blood donated by employees Annual Health Check: 89% participation Awareness sessions: • Fall from height injury management • cancer awareness • ergonomics awareness sessions • Snake bite management • Substance abuse Camps: • Bone mineral density camps Mental health: • KYAN App Users: 687 (7%) • Live counselling sessions : 216 BW Business World Award - ranked 3rd in Electronics & Hardware Sector CII – 9TH Edition Industrial Safety Summit 2025 on 19th Dec 2025 at Vadodara 0.1 0.09 0.09 0.17 0.11 0.09 0.09 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 Total Recordable Injury Frequency Rate Target 0.10 HSE performance in FY26 vis-à-vis past years Hitachi Energy India r;u.,,~"""~ Elt<trMlnawlHatdwrt -------- HITACHI
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4 ESG targets FY26 and action plan Actions and achievements against targets CO2 Emissions: ~70% reduction projected for FY26 from 2019. Actions include biofuel boiler in Mysore, electrical retrofits, PPA for renewable electricity Renewable Electricity: 100% in operations through rooftop solar, PPA and I-RECs Water: 18% reduction in FY25. Water recycled, water efficient fixtures and retrofits to reduce consumption. Water audits in Halol & Mysore in Q4. Waste: 69% reduction achieved in FY25. >95% recycled. Waste sent to landfill reduced by ~30% vs FY’25 through co-processing of wastes. Safety: Zero fatality. Leadership trained in HSE Masterclass, frontline supervisors in HSE Leadership development program, HSE internal audits and self- assessments Diversity: 9% at the end of FY25. 11% in Q3 FY2026 Corruption: Committed to zero incidents of integrity ESG targets FY26 CO2 Emissions: 50% reduction along the value chain Renewable Electricity: 100% in operations Water: 25% reduction in freshwater use Waste: 50% reduction in waste disposed to landfill or incineration Safety: Zero harm - zero fatalities and serious injuries Diversity: Increase female diversity from 5.8% to 16-18% Corruption: Zero incidents of corruption and bribery “62 Adequate” in 2025 ESG Ratings 61 "Strong" in 2025 NSE Sustainability Ratings & Analytics Crisil ESG Ratings &Analytics HITACHI
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5 Economy growing steady, sectors looking up • India’s economy is projected to grow 7.4% in the fiscal year ending March 26, higher than 6.5% last fiscal • CPI inflation2 progressively softened to 0.71% in Nov 25 from 4.26% in Jan 25 • Merchandise exports2 expanded to 38.13 Bn $ in Nov 25 compared to 36.43 Bn $ in Jan 25. • India with a GDP3 of 4.18 trillion $ has surpassed Japan to become the world’s fourth-largest economy and is poised to displace Germany from the third rank in the next 2.5 to 3 years with projected GDP2 of 7.3 trillion $ by 2030 • Following the EU-India FTA the EU will likely open up 97% of its tariff lines to Indian products, giving India unprecedented access to one of the world’s largest and highest-value markets .4 • Duties on 70.4% of these tariff lines may be eliminated, covering 90.7% of India’s total export value. 4 Economic highlights Investment reflect growth for the sectors Renewables India added Renewable energy of close to 50 GW in 2025 with an investment4 of INR 2 Lakh Cr (22 Bn $) taking India’s Non-Fossil capacity to 262 GW. Transmission Industry Data Center Transport INR 2.4 Lakh Cr Transmission Plan5 for 500 GW, linking RE-rich states with demand centres through new high-capacity transmission lines from Rajasthan, Gujarat, and Ladakh FDI6 in India's manufacturing sector has reached INR 14.5 Lakh Cr (165.1 Bn $), a 69% increase over the past decade, driven by production-linked incentive (PLI) schemes Distribution Estimated investment of INR 8.8 Lakh Cr (100 Bn $) by 2027 in Data Center segment7 from giants like Google, Amazon, Microsoft, Adani, Reliance, TCS and Meta India's EV sector is projected to grow from $5.22 Bn in 2024 to $18.3 Bn by 2029, at a CAGR of 28.5%, making it one of the fastest-growing EV8 markets globally Power distribution9 sector saw a new high as DISCOMs recorded profit of over INR 2,700 Cr in 2024-25 with AT&C losses dropping to 15% in FY-25 vs 22.6% in FY-14 1. Economic growth 2. Inflation and exports 3. India GDP 4. Factsheet-GOI 1. BESS 2.Vizag_Google 3. Competition 4. Renewables 5. Transmission 6. Industry 7. Data Center 8. Transport 9.Distribution ~~~ ~ 1f HITACHI
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Solid performance driving growth and building profit margins All figs in INR Cr Particulars Q3 FY 26 (Oct-Dec 25) Growth YoY(%) Growth QoQ*(%) 9M FY 26 (Apr-Dec 25) Growth YoY(%) Orders 2,477.6 -78.6%* 73.7% 11.7% 16,033.9 0.3% Revenue 2,168.0 29.6% 13.2% 5,603.6 24.0% PBT (Before Exc. Item) 402.0 118.4% 13.9% 931.8 245.5% PBT (After Exc. Item) 347.8 88.9% -1.5% 877.6 225.4% PAT 261.4 90.3% -1.1% 657.4 228.5% OCF 352.0 1,349.7 OBL 29,872.2 29,872.2 Quarterly Financials for Q3FY26 (Oct to Dec 2025) and 9M FY26 (Apr to Dec 2025) Industries: wins for transformer business, including multiple high-capacity 765 kV ICTs and reactors for key captive projects in Western India Renewables: project wins in our Grid Integration business with leading renewable players, including 220/33 kV Solar & Wind PSS for customer site (Matrix-2) in Gujarat along with 220/33 kV AIS substations too, in a southern state. A traditional AIS for power system stabilization at a Gujarat site, supporting grid integration for renewable energy projects for an energy company Transport: Won projects with leading Metros for Electrical Multiple Unit (EMU) Traction Transformers Energy/Power: wins in our Grid Automation business, including the CRP-SAS 400kV system for a 2x800MW thermal plant with a key power business also the CRP SAS project for a 765 kV substation for a leading energy player in India. A compact, mobile 400kV substation, enabling rapid deployment for reliable power quality management in Kutch, Gujarat for one of India’s leading conglomerate * YOY orders for Q3FY26 have degrown as HVDC Khavda was booked in Q3’ FY25 Orders 6 HITACHI -E§ t ~ t ~ t t ~ ' t ~ l t ~ -l§
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7 Commissioning across utilities, renewables, data center and industries Design engineering, manufacturing, and testing at work. Packaging, loading, and transportation, supply, and installation of 132/33 kV Indoor gas-insulated substation A leading O&G Company: 132/33KV GIS substation, at Panbang, Bhutan Design, engineering, manufacturing, assembly and testing at manufacturer's work, BIM modelling work, packing & forwarding/dispatch, supply of material/ equipment. Datacenter: 220 kV GIS S/S commissioning for a data center in Pune, Maharashtra Design, engineering, manufacture, supply, erection, testing, and commissioning for 132kV GIS MRSS Expansion. Chemical Industry :132 KV GIS Bay Extension at Odisha Renewables: 300MW solar energy 220/33kV AIS at Koppal, Karnataka Design, engineering, supply, installation, testing, and commissioning of 220/33kV AIS Substation. HITACHI
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Energy and Digital World (EDW) 2025 connected Hitachi Energy with industry leaders and customers in Guwahati, Assam. Close to 150 customers and partners attended the event. At the event, there were discussions on power automation, digital service solutions, power consulting, sustainable grid equipment, etc. 8 Purpose in action: advancing sustainable energy across stakeholder Powering India’s energy transition Commemorating 25 years of Power Transformers in India – Oct 2025 - Maneja Customer Present: GETCO and ADANI Focus: First Transformer in India commissioned for GETCO. 25-year growth journey in India, followed by speeches from the Transformer Leadership team emphasizing India . 25 years of Power Innovation in transformers A five-year collaboration between Hitachi Energy and NIT Warangal(NITW) focused on advancing sustainable energy solutions through academia-industry partnership. This ongoing journey emphasizes innovation, education, and community impact to shape India’s energy future. This is an extension to the MoU signed with NITW in 2020. Leading with purpose: Impact across society Across Transtech, Shell Changemaker, and the CII ESG Summit, the discussions centered on accelerating infrastructure development, energy security, and driving sustainable growth. Key themes included streamlining processes for faster project execution, addressing the energy trilemma through collaboration, innovation, and digitalization, and fostering ESG-driven strategies by engaging policymakers, industry leaders, and think tanks to shape a resilient and future-ready ecosystem . Industry leadership conversations H1tach1 Energy 3.0d National nspire the next era of Dee HITACHI
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Growth in industries, data center and renewables 9 Order Mix Segment Sector Channel All figs in INR Cr, Key Segments Growth Q3 FY26 (YoY) Transmission Industries Data Center Railway and Metro Renewables (Wind & Solar) * Growth analysis Q3 FY26 vs Q3 FY25 87% 3% 10% 79% 17% 4% Products Projects Services Q3 FY’25 Q3 FY’26 61% 13% 26% 47% 43% 10% Utilities Industries Transport & Infra Q3 FY’25 Q3 FY’26 31% 45% 16% 8% 68% 15% 14% 3% DEU EPC OEM DIS Q3 FY’25 Q3 FY’26 ~ • ~ • ~~~ • ~ • • I - - 1111 I. ■ • HITACHI - - - - - • • • • • •
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10 Financial performance (INR crore) Q3FY26 Q3FY25 YoY% Q2FY26 QoQ% 9MFY26 9MFY25 Orders 2,477.6 11,594.3 -78.6% 2,217.1 11.7% 16,033.9 15,982.9 Revenue 2,168.0 1,672.4 29.6% 1,915.2 13.2% 5,603.6 4,520.3 PBT before exceptional item 402.0 184.1 118.4% 352.9 13.9% 931.8 269.7 PBT before exceptional item % 18.5% 11.0% 18.4% 16.6% 6.0% PBT 347.8 184.1 88.9% 352.9 -1.5% 877.6 269.7 PBT% 16.0% 11.0% 18.4% 15.7% 6.0% PAT 261.4 137.4 90.3% 264.4 -1.1% 657.4 200.1 PAT% 12.1% 8.2% 13.8% 11.7% 4.4% Op EBITDA 338.4 168.9 100.4% 291.6 16.0% 800.2 356.7 Op EBITDA % 15.6% 10.1% 15.2% 14.3% 7.9% HITACHI
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5 February, 2026 Slide 11 Financial result analysis INR Crores Crs % C rs % Crs % Crs % Crs % Crs % INCOME Revenue from operations 2,082.2 96.0% 1,832.6 95.7% 1,620.3 96.9% 5,393.7 96.3% 4,501.3 99.6% 6,384.9 99.1% Other income 61.8 2.9% 69.8 3.6% 0.2 0.0% 182.6 3.3% 0.4 0.0% 18.6 0.3% Exchange & commodity gain 24.0 1.1% 12.8 0.7% 51.9 3.1% 27.4 0.5% 18.6 0.4% 38.6 0.6% Total income 2,168.0 100.0% 1,915.2 100.0% 1,672.4 100.0% 5,603.6 100.0% 4,520.3 100.0% 6,442.1 100.0% Expenses Material costs 1,259.7 58.1% 1,054.0 55.0% 989.8 59.2% 3,136.1 56.0% 2,782.7 61.6% 3,965.7 61.6% Personnel expenses 167.7 7.7% 155.7 8.1% 140.7 8.4% 468.7 8.4% 400.3 8.9% 544.8 8.5% Other expenses 309.5 14.3% 323.9 16.9% 322.8 19.3% 980.3 17.5% 960.4 21.2% 1,278.7 19.8% Depreciation 26.6 1.2% 25.8 1.3% 23.0 1.4% 77.4 1.4% 67.9 1.5% 91.4 1.4% Finance costs 2.5 0.1% 2.9 0.1% 12.0 0.7% 9.3 0.2% 39.3 0.9% 45.2 0.7% Total expenses 1,766.0 81.5% 1,562.2 81.6% 1,488.3 89.0% 4,671.8 83.4% 4,250.5 94.0% 5,925.7 92.0% Profit before exceptional items 402.0 18.5% 352.9 18.4% 184.1 11.0% 931.8 16.6% 269.7 6.0% 516.4 8.0% Excep. Item - Impact of labor codes 54.2 2.5% - 0.0% - 0.0% 54.2 1.0% - 0.0% - 0.0% Profit before tax 347.8 16.0% 352.9 18.4% 184.1 11.0% 877.6 15.6% 269.7 6.0% 516.4 8.0% Tax expense 86.4 3.9% 88.6 4.6% 46.7 2.8% 220.2 3.9% 69.6 1.5% 132.4 2.0% Profit for the quarter / YTD 9M/ year 261.4 12.1% 264.4 13.8% 137.4 8.2% 657.4 11.7% 200.1 4.4% 384.0 6.0% Year to date figures from 01/04/2024 to 31/03/2025 Year to date figures from 01/04/2025 to 31/12/2025 Particulars 3 months ended 31.12.2025 3 months ended 30.09.2025 3 months ended 31.12.2024 Year to date figures from 01/04/2024 to 31/12/2024 HITACHI
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STRICTLY CONFIDENTIAL 12 Markets Maintain leadership in core segments – Renewables, Utilities, HVDC, Industries and Infrastructure. Harness new segments – such as data centers and BESS Shift center of gravity to include Export, Service and Digital Expand at the edge of the grid, BESS, Data Centers and E-mobility Business Strong Focus on BU service Operational excellence to improve productivity, quality & opportunities in One Hitachi Strengthen margin and cash focus Delivering on a strong backlog for revenue & attaining profitability Capacity Expansions Function Reinforce safety culture Cost Focus Upskill & cross-skill talent for agile energy transition Build capacities for future growth Priorities FY 26
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