Inspire 2027, Fiscal 2025 to 2027
We transform social infrastructure through digital technology, building a future where environmental sustainability, human wellbeing and economic growth advance together
Hitachi builds and keeps running a great deal of social infrastructure: power grids, railways, lifts, factories, and the IT systems of banks and governments. Its plan, Inspire 2027, centres on Lumada: Hitachi takes the data from the equipment it has installed, adds AI and its knowledge of each field, and sells the result as digital services.
“Through this virtuous cycle, the value we create compounds over time.”
Toward 2030, Hitachi’s goal is Lumada 80-20: Lumada as 80% of revenue, at an adjusted EBITA margin of 20%.
Fiscal 202429% of revenue, 15% margin
Fiscal 202540% of revenue, 16% margin
Fiscal 2027 target50% of revenue, 18% margin
Long-term goal80% of revenue, 20% margin
HMAX is Hitachi’s AI-powered, recurring digital services, within Lumada. It began in Mobility in 2024, and HMAX Energy and HMAX Industry followed in fiscal 2025.
Hitachi expects HMAX revenue to grow 50% to 60% a year from fiscal 2025 to 2027.
Each of Hitachi’s four sectors builds and maintains its own kind of infrastructure, and sells digital services from what it has installed.
“Delivering global energy security through digital and innovative technologies”
500,000+
transmission and distribution assets, the world’s largest installed base
HMAX Energy: incident response time for transmission and distribution facilities cut by 90%.
Revenue reached a record ¥3,219.9 billion in fiscal 2025, at an adjusted EBITA margin of 12.9%.
Hitachi Energy’s backlog reached about $60 billion, and orders from data centres more than doubled.
Execute a record backlog, with more than $9 billion of investment in capacity across more than 40 projects.
Grow services from about 15% to more than 30% of Hitachi Energy’s revenue by fiscal 2035, helped by HMAX Energy.
Win more orders from data centres, and grow nuclear through small modular reactors with GE Vernova.
Hitachi reviews each business against its value creation model and its capital efficiency, then buys businesses that add to its digital services and sells or restructures others.,
Hitachi’s growth model starts with the equipment and systems it has already built, from grid assets to 15,000 IT systems in Japan, and sells services from the data they produce. We recommend counting what your customers already own of yours, and asking what you could do for them with it.
Hitachi tracks Lumada as a share of revenue: 29% in fiscal 2024, 40% in fiscal 2025, 50% in the plan, and 80% in the long term. We recommend measuring the change you want to see in the mix of the business, not only its size.
Hitachi tries its physical AI in its own 175 factories before it sells it, and calls this Customer Zero. We recommend proving a new offer on your own operations first.
Headwater is not connected with Hitachi, Ltd. Hitachi, Lumada, HMAX, and GlobalLogic are trade marks of their owners. Updated 28 September 2026.