Article

Nuvama has raised its target price for Hitachi Energy to Rs 26,400, citing a robust transmission and distribution (T&D) capital expenditure outlook. The brokerage expects this cycle to remain strong beyond FY32, driven by solid domestic and export demand.

Management projects sustainable EBITDA margins with potential growth from operating leverage and localization by FY27-28. Key growth factors include data centers, railway demand, and an expanding HVDC pipeline, with additional EPS growth anticipated from a potential HVDC order within the next 12-18 months.