Hitachi Energy India Faces ₹26.07 Crore Tax Demand, to Appeal ITAT

27 Jan 2026 , 11:21 AM

Hitachi Energy India Ltd said on Saturday, January 24, that 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 total tax demand comprises ₹16.40 crore towards income tax and ₹9.67 crore towards interest. The company said it received the communication on January 23, 2026, at 3:39 pm IST. The alleged disallowances relate to interest on delayed receivables and group management fees.

Hitachi Energy India stated that based on its assessment of facts and prevailing law, the tax demand and interest levied are arbitrary, unjustified, and unsustainable in law. The company said it will file the necessary appeal before the Income tax Appellate Tribunal within the prescribed timeline.

For the quarter ended September 30, 2025, the company reported a more than fivefold increase in net profit to ₹264 crore, compared with ₹52 crore in the corresponding quarter of the previous year. Revenue for the quarter rose 18 percent year on year to ₹1,832.5 crore.

EBITDA more than doubled to ₹299.3 crore from ₹108.8 crore reported in the same quarter last year. The EBITDA margin improved to 16.3 percent during the quarter, compared with 7 percent in the year ago period.

The company said the growth was supported by continued focus on operational efficiency and execution of high margin orders. Industries and renewables were key contributors to the order book during the quarter.

The company said exports accounted for more than 30 percent of total orders. The service business continued to report growth, including orders related to extensions and retrofitting. The company also reported India’s first installation of EconiQ, a sustainable SF6 free switchgear technology.

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