Hitachi can mean very different things depending on the product in front of you: appliances, rail, elevators, power infrastructure or IT. The fiscal year ended March 2026 reveals another axis running across those businesses. Hitachi calls it Lumada. Lumada generated ¥4.146 trillion, equal to 40% of group revenue. More than half of that revenue, however, came from Digitalized Assets rather than software services. The current Hitachi is easier to understand when physical infrastructure and digital are viewed together.
This is not investment advice or a stock recommendation. We reorder company-published primary-source facts to make the shape of the business easier to see.
Hitachi can mean very different things depending on what you see first.
Appliances. Rail. Elevators. Power infrastructure. IT.
All are parts of the same group.
But the fiscal year ended March 2026 reveals another axis running across those businesses.
Revenue is ¥10.587 trillion
Start with the four main sectors.
Two sectors are above ¥3 trillion
DATA VIEW
Hitachi's four main sectors
FY2025 sector revenue.
¥3.26tnConnective Industries
¥3.22tnEnergy
¥2.94tnDigital Systems & Services
¥1.32tnMobility
Energy was one of the strongest growth engines.
Energy grew 23%
DSS is almost a ¥3-trillion business on its own.
DSS is ¥2.94tn
Rail is another distinct pillar.
Mobility is ¥1.32tn
So far, Hitachi looks like a diversified infrastructure and industrial group.
Then there is Lumada, which Hitachi discloses across sector boundaries.
Lumada is ¥4.146tn
Forty percent of group revenue is Lumada.
But that does not mean Hitachi has simply become a software company.
56% of Lumada is Digitalized Assets
DATA VIEW
Lumada is not software alone
FY2025 Lumada revenue.
Digitalized Assets¥2.32tn
Digital Services¥1.82tn
Within Digital Services, HMAX is the high-margin piece Hitachi is trying to scale.
HMAX is ¥300bn at a 22% margin
The cross-sector nature of Lumada is visible in the revenue breakdown.
Lumada is present in all four sectors
That is why Hitachi’s digital shift is not best understood as a move away from physical products.
The physical installed base is part of what makes the digital business possible.
Physical assets become the source of digital services
Looking at Hitachi as appliances versus IT, or infrastructure versus digital, misses the connection.
THE VIEW AFTER THE NUMBERS
What the numbers suggest
Hitachi generated ¥10.587 trillion of revenue in FY2025.
Connective Industries and Energy each exceeded ¥3 trillion, DSS generated ¥2.94 trillion and Mobility ¥1.32 trillion. This is still a company built around large physical and digital systems.
Across those sectors, however, Lumada generated ¥4.146 trillion, equal to 40% of group revenue.
And 56% of Lumada revenue came from Digitalized Assets, while 44% came from Digital Services. HMAX generated ¥300 billion with a 22% adjusted EBITA margin.
Hitachi has not abandoned physical infrastructure to become a digital company.
It is trying to make the physical installed base itself the source of recurring digital services.
YKK is not a company that abandoned zippers and became a window company. In fiscal 2025, Architectural Products generated ¥557.6 billion in sales versus ¥431.4 billion for Fastening, while operating profit ran the other way: ¥39.2 billion for Fastening versus ¥12.0 billion for Architectural Products. The building-products business began in 1959 by extending aluminum mass-production and processing know-how developed for zipper materials. Today YKK operates in about 70 countries and regions, with slightly more employees overseas than in Japan. YKK makes more sense as a company that kept a highly profitable familiar core while growing a second large business from the same manufacturing base.