Mitsubishi Heavy Industries booked 19 large-frame gas turbines in the six months to September and now has 83 of them under contract, about 37 GW. The numbers are in the first-half results the Japanese group published on 6 November, together with a higher forecast for the fiscal year that ends in March 2027.
Fewer New Units, A Longer List
By unit count the half was quieter than a year ago: 19 machines (8 GW) against 23 (10 GW) in the same period of fiscal 2025. Eleven went to the Americas and eight to Asia; Europe, the Middle East and Africa booked none. Because deliveries trail orders by years, the backlog still grew, from 74 units (33 GW) at the end of March to 83 now.
In money the gas turbine combined cycle business, which MHI reports as GTCC, took orders of ¥1,568.7 billion against ¥1,438.7 billion a year earlier, and its revenue rose from ¥427.3 billion to ¥587.1 billion. The company says GTCC orders were particularly strong in North America and Asia and that margins improved. Across the group, orders rose 9 percent to ¥3,612.5 billion, revenue 19 percent to ¥2,523.2 billion and business profit 45 percent to ¥249.3 billion, with a total order backlog of ¥14.2 trillion. One weak spot is steam power, where MHI recognised losses on IGCC plants; for the full year it budgets ¥70 billion for them.
Eight Trillion Yen Of Orders Expected
The new full-year forecast calls for ¥8 trillion of orders instead of ¥7 trillion, ¥6 trillion of revenue instead of ¥5.4 trillion and ¥600 billion of business profit instead of ¥540 billion. Within Energy Systems, the GTCC order forecast moves from ¥2.4 trillion to ¥3 trillion, which the company attributes to additional promising projects. MHI also announced a share buyback of up to ¥300 billion.
Money For Engines As Well As Turbines
For people in the genset trade the more interesting page is the investment plan. Among the production capacity increases MHI currently plans, it lists about ¥500 billion for GTCC, hot parts included, and ¥100 billion for capacity to build engines that drive power generation systems for data centers. The presentation also gives doubling of new-unit GTCC production capacity as an example of its process work, and says MHI has booked orders for data center equipment in North America. Its engines and turbochargers business took ¥139.3 billion of orders in the half, with Asian markets named as the source of the growth.
Two practical readings. First, a turbine line that doubles still has 83 units in front of it, so a large frame ordered now does not change the delivery picture Mitsubishi Power described at Singapore Energy Week. Second, when a turbine maker puts money into data center engines, it confirms that reciprocating sets are taking much of the near-term work. A buyer gets more engine choice that way, but the plant around the engine - cooling, exhaust, fuel, controls - has to arrive on the same date, or the set waits. Our gas turbine and data centers pages cover both kinds of plant.
Sources: Mitsubishi Heavy Industries, MHI (1H FY2026 presentation)
