Shares of Hitachi Energy India Ltd climbed 3.94 per cent in Wednesday's trade to hit an all-time high of Rs 37,398.25. The multibagger power stock was last seen trading 3.61 per cent higher at Rs 37,280.05. At this level, it has surged 101.73 per cent on a year-to-date (YTD) basis.

The sharp rally in the stock comes after the company reported strong fourth-quarter (Q4 FY26) earnings, prompting select domestic brokerages to largely maintain neutral-to-positive views on the counter.

Motilal Oswal Financial Services Ltd (MOFSL) said Hitachi Energy delivered better-than-expected Q4 FY26 performance, supported by strength in both revenue and profitability.

"Hitachi Energy's results came in ahead of our expectations for Q4 FY26, led by a beat on both revenue and profitability. For FY26, revenue/EBITDA/PAT grew by 28 per cent/111 per cent/203 per cent YoY (year-on-year). Order inflows for the full year stood at Rs 18,500 crore, up 2 per cent YoY. Excluding exports, which accounted for nearly 25 per cent of total inflows, domestic order inflows (base + HVDC) stood largely flat in FY26," the brokerage stated.

MOFSL expects domestic ordering momentum to improve. "We expect base ordering to start ramping up from domestic markets, driven by strong opportunities from transmission, renewable, data center and exports. The company is also expanding its capacities by another Rs 2,000 crore, potentially adding 30,000-40,000 MVA by Q4 CY28. This capex is over and above the existing Rs 2,000 crore capex, which is being done in phases. We incorporate FY26 results and raise our EPS estimates by 8 per cent/6 per cent for FY27/FY28, mainly owing to changes in below-EBITDA line items. We arrive at a revised TP of Rs 32,000 based on 60x Jun'28E EPS. The stock is currently trading at 110x/75x/54x P/E on FY27/28/29 EPS. Reiterate 'Neutral' rating on the stock," it added.

HDFC Securities also remained constructive on the stock's operational outlook. "With volume growth, we expect the positive margin trajectory to be maintained. We have recalibrated our EPS estimates higher to factor in better EBITDA as operating leverage plays out," the brokerage noted.

However, it indicated that upside from the current market price (CMP) appears limited.

"We maintain 'ADD', with an increased TP of Rs 31,414/sh (65x Dec-27E EPS vs. 55x earlier to factor in robust HVDC pipeline, new capex announcement, increasing share of exports, emergence of Indian datacentre opportunity and introduction of new products like BESS in Indian markets)," HDFC Securities stated.

Meanwhile, Nuvama Institutional Equities underscored that Hitachi Energy posted another strong quarter, though it flagged stretched valuations.

"Maintain 'HOLD', given stretched valuations at 37x FY30 bull case EPS and 98x/64x FY27E/28E EPS. This bakes in additional HVDC and 20 per cent EBITDA margin by FY28E (16.3 per cent in Q4 FY26). We revise FY27E/28E EPS by 8 per cent/16 per cent, implying 55 per cent EPS CAGR over FY26–28E. Revise TP to Rs 34,200 (versus Rs 27,200 earlier) at 60x FY28E EPS," it stated.