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Bharat Heavy Electricals

BHEL NSE
₹423.85 No trade today
P/E
51.25
View as Markdown
MCP
Close 4 Nov 2026 ₹423.85 +163.80 +63.0% 1Y
Start ₹260.05

Key Fundamentals

LargecapElectrical EquipmentCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
9.14%
Debt to Equity
0.22
EPS (TTM)
₹8.27
Book Value
₹76.83
Market Cap
—
P/E (TTM)
51.25
P/B
5.52
ROE
6.23%
Dividend Yield
0.35%
EBITDA
₹3,150 Cr
52W High
₹464.00
52W Low
₹239.17
Volume
0

Peer Comparison

Industrials › Capital Goods › Electrical Equipment › Heavy Electrical Equipment

Bharat Heavy Electricals peer comparison
Bharat Heavy Electricals (this company)
₹423.8551.25₹1,46,351 Cr5.520.35%6.23%9.14%₹37,782 Cr₹2,878 Cr
ABB
₹6,750.0047.87₹1,40,908 Cr15.321.36%22.40%29.90%₹13,477 Cr₹2,988 Cr
CG Power & Industrial Solutions
₹841.4596.28₹1,27,312 Cr15.170.16%20.50%26.70%₹13,699 Cr₹1,364 Cr
Hitachi Energy
₹29,100.00112.75₹1,24,045 Cr25.060.03%21.90%29.40%₹9,162 Cr₹1,149 Cr
Siemens
₹3,509.00—₹1,22,035 Cr9.030.53%19.20%21.40%₹18,062 Cr₹3,276 Cr
GE Vernova T&D
₹4,265.0083.66₹1,04,523 Cr33.150.25%57.40%77.40%₹6,712 Cr₹1,305 Cr
Siemens Energy
₹2,963.0070.90₹1,01,562 Cr21.930.14%50.50%67.80%₹9,436 Cr₹1,489 Cr
Median 7 companies₹3,509.0077.28₹1,24,045 Cr15.320.25%21.90%29.40%₹13,477 Cr₹1,489 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

55 Good

Data confidence 100/100

Category scores

Quality
55
Good
Returns, margins, earnings quality 22% weight
Valuation
67
Strong
Cheap vs sector & own history 24% weight
Growth
82
Strong
Sales & profit trajectory 9% weight
Financial Health
15
Poor
Solvency, leverage, coverage 9% weight
Momentum
47
Average
Trend strength, vol-adjusted 12% weight
Ownership
51
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

4
  • Company has reduced debt.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 20.9% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 31.3%

Weaknesses

3
  • Stock is trading at 5.66 times its book value
  • Company has a low return on equity of 3.18% over last 3 years.
  • Promoter holding has decreased over last 3 years: -5.00%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish3610
OscillatorsBearish360
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
53.71
Neutral
MACD (12,26,9)
−6.55
Bearish
SMA (50)
422.34
Bullish
SMA (200)
361.22
Bullish

As of

Analyst Rating

Based on 19 analysts
SELL47%

8 of 19 analysts rate Buy, 2 Hold, 9 Sell.

As of

BUY
8
42%
HOLD
2
11%
SELL
9
47%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+2.85%
5Y+14.31%
3Y+13.08%
1Y+19.21%
TTM+29.08%

Net profit

Net profit growth by window
10YTurned to profit
5YTurned to profit
3Y+34.75%
1Y+199.63%
TTM+415.77%

Operating cash flow

Operating cash flow growth by window
10Y+31.62%
5Y+59.81%
3YTurned positive
1Y+166.29%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+12.93 pp
5Y+25.23 pp
3Y+3.14 pp
1Y+2.67 pp
TTM+6.10 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹28,465 Cr
Mar 2018₹28,827 Cr
Mar 2019₹30,441 Cr
Mar 2020₹21,463 Cr
Mar 2021₹17,309 Cr
Mar 2022₹21,211 Cr
Mar 2023₹23,365 Cr
Mar 2024₹23,893 Cr
Mar 2025₹28,339 Cr
Mar 2026₹33,782 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹455 Cr
Mar 2018₹438 Cr
Mar 2019₹1,002 Cr
Mar 2020−₹1,468 Cr
Mar 2021−₹2,700 Cr
Mar 2022₹445 Cr
Mar 2023₹654 Cr
Mar 2024₹282 Cr
Mar 2025₹534 Cr
Mar 2026₹1,600 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹4,436 Cr +40.8% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk high

As of 2026-11-04, BHEL trades at ₹423.85 with a market cap of ₹1,46,351 crore, commanding a PE of 51.25x and a price-to-book of 5.52x. The company has delivered explosive TTM profit growth of 415% and strong revenue momentum at 29% TTM, but its return on equity remains modest at 6.12% and the stock trades well above historical book value norms for capital goods firms.

Bull Case 8
  • TTM profit growth of 415% signals a sharp earnings recovery, reflecting improving execution on its order backlog and operational leverage kicking in.
  • Revenue growth has accelerated meaningfully — TTM sales growth of 29% compared to a 10-year compounded sales growth of just 3%, indicating a structural inflection in top-line momentum.
  • Debt-to-equity ratio stands at a comfortable 0.31x as of 2026-11-04, and the company has been actively reducing debt, strengthening balance sheet resilience for large capital-intensive projects.
  • 5-year compounded profit growth of 21% and 3-year compounded profit growth of 36% demonstrate a sustained earnings turnaround, not a one-quarter blip.
  • The stock has delivered a 1-year CAGR of 87% and a 5-year CAGR of 42%, reflecting strong market confidence in the capital expenditure cycle thesis and BHEL's positioning as a key PSU beneficiary.
  • The company has maintained a healthy dividend payout ratio of 31.3%, offering some income return alongside capital appreciation even though the yield at 0.35% is modest.
  • ROE has improved from a 10-year average of 0% to 6% last year, suggesting the turnaround is beginning to translate into improved capital efficiency.
  • 5-year compounded sales growth of 14% compared to 10-year compounded sales growth of 3% shows the recent revenue trajectory is meaningfully above long-term trends, driven by India's infrastructure and energy transition spending.
Bear Case 7
  • At a trailing PE of 51.25x, BHEL trades at a premium valuation that prices in significant future growth — any execution miss or order slowdown could lead to a sharp de-rating.
  • Three-year average ROE of roughly 3% remains poor for a company of this scale, indicating that despite profit growth, capital efficiency has been historically weak and is only now starting to recover.
  • Promoter holding has declined by 5 percentage points over the last three years, which in a PSU context may reflect government stake dilution and can weigh on sentiment.
  • Current ROE of 6.12% and ROCE of 6.6% are below the cost of equity for most investors, meaning the company is not yet generating adequate returns on the capital it employs.
  • Dividend yield of just 0.35% at the current price of ₹423.85 offers negligible income cushion, leaving returns almost entirely dependent on further capital appreciation.
  • The stock is trading at 91% above its 52-week low of ₹239.17, suggesting much of the near-term optimism may already be reflected in the price.
  • Ten-year compounded sales growth of only 3% underscores that the recent revenue acceleration is relatively new and its sustainability through full economic cycles remains unproven.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: BHEL is delivering a textbook operating leverage turnaround — Q2 FY27 profit surged 120% YoY on 330 bps margin expansion, backed by a record ₹2.6 lakh crore order book and ₹500 crore capacity investment at Haridwar. The H1 FY27 swing from a ₹87 crore loss to ₹1,192 crore profit underscores the structural shift. Key risks are the stretched valuation at 35x FY28E earnings, rising working capital needs, and competitive pressure from renewables. The trend is firmly improving, but sustained execution over the next 2-3 quarters is essential to justify the premium.

Headwinds 3
  • Valuation leaves no room for error Oct 14

    Stock trades at 35x FY28E EPS, pricing in significant execution success amid competitive threat from solar-plus-storage.

  • Sudan receivables risk ₹176 crore Oct 14

    Overdue receivables of ₹196 crore from a Sudan customer could impact profit before tax by ₹176 crore if provisioned.

  • Working capital strain rising Oct 14

    Inventories surged to ₹13,335 crore in FY26 from ₹9,869 crore the prior year. Disciplined working capital management is critical to sustaining ROCE improvement toward a projected 16.7% by FY28E.

Positives 7
  • Q2 FY27 profit surges 120% Oct 13

    Consolidated net profit jumped 120% YoY to ₹820.94 crore in Q2 FY27, beating the market estimate of ₹756 crore. Revenue rose 23.8% to ₹9,553 crore while EBITDA margin expanded 330 bps to 11%.

  • H1 FY27 swings to ₹1,192 crore profit Oct 14

    BHEL swung from a net loss of ₹87 crore in H1 FY26 to a net profit of ₹1,192 crore in H1 FY27, with H1 revenue jumping 30.8% to ₹16,998 crore.

  • Record ₹2.6 lakh crore order book Oct 14

    Order book stands at a record ₹2.60 lakh crore as of June 2026 with Q1 FY27 inflows of ₹26,745 crore including a ₹21,000+ crore Meja Supercritical Thermal Power EPC order. FY27 inflows expected above ₹70,000 crore.

Neutral 1
  • New Director HR appointed Oct 22

    Manepalli Sridhar appointed Director (HR) effective October 22, 2026, with tenure until superannuation on August 31, 2028. Brings over 36 years of experience across manufacturing, commercial, and HR domains.

Quarterly Results

₹ Cr
BHEL quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
5,125
5,504
8,260
5,485
6,584
7,277
8,993
5,487
7,512
8,473
12,310
7,698
9,300
Expenses
5,279
5,287
7,532
5,654
6,309
6,973
8,162
6,024
6,931
7,928
10,557
7,194
8,275
Operating Profit
−154
217
728
−169
275
304
832
−537
581
545
1,753
504
1,026
OPM %
−3%
3.9%
9%
−3.1%
4.2%
4.2%
9%
−10%
8%
6%
14%
7%
11%
Other Income
192
118
170
111
128
126
149
185
189
235
243
226
271
Interest
180
190
193
162
201
184
201
181
195
182
198
140
125
Depreciation
60
61
68
59
60
68
85
75
75
78
88
82
83
PBT
−202
84
636
−279
141
179
695
−608
499
520
1,711
508
1,089
Tax %
−69%
29%
23%
−24%
25%
25%
28%
−25%
25%
25%
25%
26%
25%
Net Profit
−63
60
490
−211
106
135
504
−456
375
390
1,290
377
821
EPS (₹)
−0.18
0.17
1.41
−0.61
0.3
0.39
1.45
−1.31
1.08
1.12
3.71
1.08
2.36

Profit & Loss

₹ Cr
BHEL profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
31,323
25,505
28,465
28,827
30,441
21,463
17,309
21,211
23,365
23,893
28,339
33,782
37,782
Expenses
29,183
26,862
27,370
27,174
28,409
21,596
20,357
20,383
22,321
23,182
26,940
31,210
33,953
Operating Profit
2,141
−1,357
1,095
1,653
2,032
−133
−3,049
828
1,044
711
1,399
2,572
3,828
OPM %
7%
−5%
3.9%
6%
7%
−0.6%
−18%
3.9%
4.5%
3%
4.9%
8%
10%
Other Income
1,221
1,492
753
679
662
590
393
405
544
608
524
869
992
Interest
92
360
413
330
378
613
467
448
612
828
906
986
645
Depreciation
1,082
937
850
787
476
503
473
314
260
249
272
316
331
PBT
2,187
−1,161
586
1,215
1,840
−659
−3,596
470
716
243
746
2,139
3,844
Tax %
34%
−39%
22%
64%
46%
123%
−25%
5%
9%
−16%
28%
25%
—
Net Profit
1,450
−706
455
438
1,002
−1,468
−2,700
445
654
282
534
1,600
2,879
EPS (₹)
3.96
−1.92
1.25
1.2
2.89
−4.21
−7.75
1.28
1.88
0.81
1.53
4.6
8.27
Div. Payout %
20%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
85%
151%
69%
0%
0%
31%
21%
31%
33%
30%
—

Balance Sheet

₹ Cr
BHEL balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
490
490
490
734
696
696
696
696
696
696
696
696
696
Reserves
33,717
31,825
31,899
31,601
30,208
27,964
25,287
25,810
23,682
23,742
24,026
25,450
26,056
Borrowings
1,889
211
156
110
2,598
5,080
4,951
4,830
5,454
8,856
9,015
8,187
6,018
Other Liabilities
34,887
33,051
29,153
31,495
30,987
26,550
25,025
25,654
27,832
26,489
35,112
42,554
44,070
Total Liabilities
70,983
65,577
61,698
63,940
64,490
60,291
55,960
56,991
57,664
59,784
68,849
76,888
76,841
Fixed Assets
4,230
3,969
3,601
3,073
2,970
2,817
2,491
2,398
2,476
2,574
2,947
2,999
3,048
CWIP
2,614
318
168
203
235
314
420
431
354
308
195
495
459
Investments
6
796
757
429
152
162
185
205
235
256
276
302
798
Other Assets
64,134
60,494
57,171
60,235
61,132
56,998
52,864
53,956
54,599
56,646
65,431
73,092
72,536
Total Assets
70,983
65,577
61,698
63,940
64,490
60,291
55,960
56,991
57,664
59,784
68,849
76,888
76,841

Cash Flow

₹ Cr
BHEL cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
821
374
560
989
−3,860
−2,892
560
660
−741
−3,713
2,192
5,837
Investing
650
23
−565
961
1,919
1,877
−42
−1,118
1,480
1,331
−2,731
−3,035
Financing
−3,543
−122
−468
−667
−32
1,622
−394
−329
89
2,656
−857
−1,806
Net Cash Flow
−2,071
275
−473
1,283
−1,973
608
123
−787
829
274
−1,396
996
Free Cash Flow
544
−178
227
719
−4,284
−3,276
311
498
−921
−3,936
1,902
5,261
CFO/EBITDA
87
−50
105
57
−169
1,930
−25
30
−82
−554
151
227

Ratios

BHEL financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
309
321
283
178
142
121
85
52
49
73
76
73
Inventory Days
270
272
200
191
218
321
333
274
261
253
289
309
Days Payable
239
240
225
301
297
300
281
291
345
270
259
231
Cash Conversion Cycle
340
353
258
68
63
142
137
35
−35
56
106
151
Working Capital Days
192
208
162
121
100
72
42
1
−5
60
99
86
ROCE %
6%
−2%
3%
5%
7%
0%
−10%
3%
4%
3%
5%
9%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Bharat Heavy Electricals insights

66 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 58.17%
  • DIIs 21.88%
  • FIIs 9.94%
  • Public 8.25%
  • Others 1.77%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

  • Q4 FY26 concall · May 2026
    PPT
  • Q2 FY26 concall · Oct 2025
    PPT
  • Q4 FY25 concall · May 2025
    PPT
  • Q3 FY25 concall · Jan 2025
    PPT
  • Q2 FY25 concall · Oct 2024
    PPT

Frequently Asked Questions about Bharat Heavy Electricals

What does Bharat Heavy Electricals Ltd do?
Bharat Heavy Electricals Ltd is an integrated power plant equipment manufacturer engaged in design, engineering, manufacture, erection, testing, commissioning and servicing of a wide range of products and services for the core sectors of the economy, viz. Power, transmission, Industry…
Where is Bharat Heavy Electricals Ltd (BHEL) listed?
Bharat Heavy Electricals Ltd trades as BHEL on the NSE and under code 500103 on the BSE.
Which sector does Bharat Heavy Electricals Ltd belong to?
Bharat Heavy Electricals Ltd is classified under the Capital Goods sector, in the Electrical Equipment industry.
What is the PE ratio of Bharat Heavy Electricals Ltd?
Bharat Heavy Electricals Ltd trades at a PE ratio of 51.25 as of 4 Nov 2026, on earnings per share of ₹8.27, against a book value of ₹76.83 per share.
What is the 52-week high and low of Bharat Heavy Electricals Ltd?
Over the last 52 weeks Bharat Heavy Electricals Ltd has traded between ₹239.17 and ₹464 as of 4 Nov 2026.
Does Bharat Heavy Electricals Ltd pay dividends?
Bharat Heavy Electricals Ltd has a dividend yield of 0.35%.
What is the Return on Equity (ROE) of Bharat Heavy Electricals Ltd?
Bharat Heavy Electricals Ltd reported a return on equity of 6.23%. Its debt-to-equity ratio is 0.22.

Company Information

Bharat Heavy Electricals Ltd is an integrated power plant equipment manufacturer engaged in design, engineering, manufacture, erection, testing, commissioning and servicing of a wide range of products and services for the core sectors of the economy, viz. Power, transmission, Industry, transportation, renewable energy, Oil & Gas and defence. It is the flagship engineering and manufacturing company of India owned and controlled by the Govt. of India.

Website bhel.com
CEO Mr. Koppu Sadashiv Murthy
Employees 41,132
Listed 11 Nov 2003
Face Value ₹2

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