Hitachi Energy India faces ₹26 crore tax demand for AY 2022-23, to appeal with ITAT

Hitachi Energy India Ltd on Saturday (January 24) said it has received an order from the Assessment Unit of the Income-tax Department for the Assessment Year 2022-23, resulting in a total tax demand of ₹26.07 crore. The demand includes ₹16.40 crore as income-tax and ₹9.67 crore as interest.

The company received the communication on January 23, 2026, at 3:39 pm IST. The alleged disallowances include interest on delayed receivables and group management fees. Hitachi Energy India said, based on its assessment of facts and prevailing law, that the tax demand and interest levied are arbitrary, unjustified, and unsustainable in law.

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The company stated that it will file the necessary appeal with the Income-tax Appellate Tribunal (ITAT) within the permissible timeline.

Second Quarter Results

For the quarter ended September 30, 2025 (Q2 FY26), the company’s net profit rose more than five times to ₹264 crore, compared to ₹52 crore in the corresponding period last year.

Revenue grew 18% year-on-year to ₹1,832.5 crore, while EBITDA more than doubled to ₹299.3 crore from ₹108.8 crore a year ago. The EBITDA margin improved to 16.3%, up from 7% in the same quarter last year. The company said its growth was supported by continued focus on operational efficiency and execution of high-margin orders.

The company said industries and renewables were key contributors to the order book, with exports accounting for over 30% of total orders. It also reported continued growth in its service business, including orders for extensions, retrofitting, and India’s first installation of EconiQ, a sustainable, SF6-free switchgear technology.

Shares of Hitachi Energy India Ltd ended at ₹16,504.10, down by ₹357.40, or 2.12%, on the BSE.

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