Infra Momentum Builds: Power, Engineering and Logistics Stocks Shine in Q2 FY26
Hitachi Energy: Robust Order Growth and Global Visibility
Hitachi Energy India reported a stellar quarter with net profit of ₹264 crore (+406% YoY), revenue of ₹1,832 crore (+18% YoY), and EBITDA margin rising to 16.3%. Orders grew 13.6% YoY to ₹2,217 crore, driven by demand for GIS/AIS substations and locomotive transformers.
Export orders accounted for 30.4% of the total, reflecting strong traction from Europe and Southeast Asia. The CEO stated that India’s non-fossil energy capacity, now at 50% of total generation, is driving grid modernization.
Azad Engineering: Record Q2, Defense Boost
Revenue jumped 28% YoY to ₹143 crore — the company’s highest-ever quarterly performance. EBITDA stood at ₹51.36 crore (36% margin) while PAT surged 57% to ₹33 crore. The firm continues to scale its energy and aerospace segments, which together comprise 98% of total revenue.
Strategic contracts with Mitsubishi Heavy Industries and Safran Aircraft Engines will enhance export visibility. Indigenous production of DRDO jet engines marks a milestone in India’s defense manufacturing.
Tara Chand Infralogistics: Margin-Focused Expansion
Tara Chand Infralogistics posted H1 FY26 revenue of ₹128.83 crore (+20% YoY) and EBITDA of ₹49.42 crore (+31% YoY). The equipment rentals and warehousing segments contributed 95% of total revenue, maintaining strong operating leverage with a margin of 38.35%.
Receivable days improved to 85 and debt-to-equity ratio stood at 0.96. Management targets 20–25% annual growth through specialized logistics and fleet optimization.
Power Grid: Mixed Q2 but Strong Long-Term Outlook
Power Grid’s Q2 FY26 results showed net profit of ₹3,566 crore vs estimates of ₹3,780 crore, with revenue at ₹11,476 crore and EBITDA margin at 79.4%. Despite a margin miss, steady capex in transmission networks continues to underpin strong fundamentals and dividend payout.
Long-term visibility remains high with an order book exceeding ₹29,000 crore and expansion into digital and green transmission corridors.
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Investor Takeaway
Engineering and power majors are signaling an inflection point for India’s infrastructure story. Hitachi Energy’s global exposure, Power Grid’s resilient order book, Azad Engineering’s defense growth, and Tara Chand’s efficient logistics diversification collectively indicate sustained expansion potential.
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