India Clean Energy: Grid Tech: Prefer Schneider (Buy) on stronger order inflow growth runway and better risk-reward; remain Neutral on Hitachi

Research evidence excerpt

India Clean Energy: Grid Tech: Prefer Schneider (Buy) on stronger order inflow growth runway and better risk-reward; remain Neutral on Hitachi

Equity Research

30 June 2026 | 7:26PM SGT

India Clean Energy: Grid Tech: Prefer Schneider (Buy) on stronger order

inflow growth runway and better risk-reward; remain Neutral on Hitachi

We raise our earnings estimates and target prices for both Hitachi Energy India Nikhil Bhandari

+65-6889-2867 |

(Hitachi) and Schneider Electric Infra (SEIN), reflecting the larger addressable nikhil.bhandari@gs.com

Goldman Sachs (Singapore) Pte

opportunity in data centers and BESS, alongside higher margins to reflect operating

Shreya Jainleverage from these growth pools. Since our prior downgrade to Neutral of Hitachi, +91(22)6616-9162 |

the stock has continued to rally, though has slightly underperformed Buy-rated SEIN shreya.b.jain@gs.comGoldman Sachs India SPL

(see our prior upgrade to Buy note here) on a YTD basis. However, the order cycle

growth is at different stages for both companies. For Hitachi, we estimate its

book-to-bill ratio already peaked in FY25, and we expect it to gradually decline even

in our bull case, reflecting the lumpy nature of HVDC orders, though we see more

margin upside and strong earnings’ visibility. Given valuations in the sector have

historically been driven by the sustainability of order inflow growth, we see less

scope for further multiple expansion, and maintain our Neutral rating on Hitachi. In

contrast, we remain Buy rated on SEIN which remains in the early stage of its order

growth cycle, and we estimate a stronger 31% order inflow CAGR over FY26-29E (vs

18% order inflow for FY26-29E CAGR earlier), supported by the downstream

electrification cycle which is still unfolding (as the medium-voltage cycle would