Bharat Heavy Electricals Ltd.

•

bhel.comBSE: 500103NSE: BHEL

Market Cap₹ 1,50,878 Cr.

Current Price

High / Low₹ 446 / 214

Stock P/E62.5

Book Value₹ 77

Price to Book3.22

Dividend Yield0.32 %

ROCE9.1 %

ROE6.1 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Power: 75.2% • Industry: 24.8%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Latest quarter profit grew 184.0% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.84x)
Company has been maintaining a healthy dividend payout of 30.9%
Stock looks reasonably valued - P/E of 62.5 is below its historical median
Institutional investors have been accumulating - FII+DII up 7.1pp
Company has a consistent dividend-paying track record

CONS

Company is loss-making at the operating / net level
A large part of profit comes from other income (332.7% of PBT)
Company has a low return on equity of 3.1% over last 3 years
Company has a low return on capital employed of 5.7%
Promoter holding has decreased over last 2 years: -5.0pp

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsEngineering - Industrial Equipments

Part ofNIFTY 500 NIFTY ALPHA 50 NIFTY LARGEMID250 NIFTYLARGEMIDCAP250 NIFTY MIDCAP 100

S.No.	Name
1.	BHEL	433.30	62.03	150877.81	0.32	376.71	182.70	7697.72	40.29	9.24	6.69
2.	INDOMIM	988.35	91.60	48872.02	0.60	2401.22	—	12187.42	—	24.48	33.36
3.	THERMAX	3635.85	73.01	43323.44	0.55	21.79	-85.61	2302.73	7.09	15.85	2.98
4.	HONAUT	34159.35	54.80	30202.07	0.32	150.70	20.95	1204.40	1.80	17.04	14.32
5.	JYOTICNC	1008.70	71.30	22940.17	0.00	57.14	-19.99	508.47	23.97	21.34	21.40
6.	INOXINDIA	2184.80	77.95	19864.74	0.09	58.07	-4.98	370.79	9.18	33.54	20.46
7.	AZAD	2804.70	130.33	18113.24	0.00	35.16	19.46	172.60	25.90	12.04	37.29
8.	TRITURBINE	564.90	53.40	17958.08	0.75	511.00	693.48	4427.00	1092.30	35.95	11.59
9.	TEGA	1680.15	597.41	12622.58	0.12	-108.25	-406.36	1723.44	383.99	8.37	3.27
10.	LLOYDSENGG	81.23	56.33	12599.09	0.31	68.23	-77.28	527.15	142.92	17.99	15.04
11.	KRN	1600.40	108.06	10475.98	0.00	32.90	164.84	252.32	118.87	16.06	19.44
12.	KENNAMET	4727.35	88.73	10389.88	0.00	31.50	11.31	267.30	12.55	18.99	17.51

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	5,003	5,125	5,504	8,260	5,485	6,584	7,277	8,993	5,487	7,512	8,473	12,310	7,698
	5,182	5,279	5,287	7,532	5,654	6,309	6,973	8,162	6,024	6,931	7,928	10,557	7,416
Operating Profit	-178	-154	217	728	-169	275	304	832	-537	581	545	1,753	282
OPM %	-3.56%	-3.00%	3.93%	8.81%	-3.09%	4.18%	4.18%	9.25%	-9.79%	7.73%	6.44%	14.24%	3.66%
	122	197	104	165	110	118	116	159	185	182	227	252	231
Interest	168	180	190	193	162	201	184	201	181	195	182	198	140
Depreciation	60	60	61	68	59	60	68	85	75	75	78	88	82
Profit before Tax	-284	-197	70	631	-280	132	169	704	-607	492	512	1,720	513
Tax %	25.17%	70.45%	34.30%	23.25%	24.13%	26.73%	26.09%	28.40%	25.11%	25.27%	25.28%	25.42%	25.54%
Net Profit	-212	-58	46	484	-213	97	125	504	-455	368	382	1,283	382
	-0.61	-0.17	0.13	1.39	-0.61	0.28	0.36	1.45	-1.31	1.06	1.10	3.68	1.10

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	28,447	28,813	30,423	21,459	17,308	21,211	23,365	23,893	28,339	33,782	35,993
	31,200	29,601	30,539	25,076	22,821	23,588	25,383	28,094	32,558	37,405	32,832
Operating Profit	-2,752	-788	-117	-3,617	-5,512	-2,377	-2,018	-4,201	-4,218	-3,623	3,161
OPM %	-9.68%	-2.74%	-0.38%	-16.85%	-31.85%	-11.20%	-8.64%	-17.58%	-14.88%	-10.72%	8.78%
	4,641	3,489	3,016	4,069	2,839	3,574	3,577	5,498	6,121	7,041	892
Interest	412	330	377	611	466	447	612	828	906	986	715
Depreciation	849	786	475	503	473	314	260	249	272	316	323
Profit before Tax	628	1,585	2,048	-662	-3,612	437	686	220	725	2,116	3,237
Tax %	21.02%	49.11%	40.97%	-122.47%	24.77%	6.11%	8.97%	-17.95%	29.21%	25.44%	25.39%
Net Profit	496	807	1,209	-1,473	-2,717	410	624	260	513	1,578	2,415
EPS	1.35	2.20	3.33	-4.23	-7.80	1.18	1.79	0.75	1.47	4.53	—
Dividend Payout %	77.99%	82.84%	57.62%	0.00%	0.00%	33.95%	22.31%	33.49%	33.94%	30.89%	—

COMPOUNDED SALES GROWTH

10 Years:: 3%
5 Years:: 14%
3 Years:: 13%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: 36%

STOCK PRICE CAGR

10 Years:: 16%
5 Years:: 50%
3 Years:: 45%
1 Year:: 95%

RETURN ON EQUITY

10 Years:: 1%
5 Years:: 3%
3 Years:: 3%
Last Year:: 6%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	490	734	696	696	696	696	696	696	696	696
	31,805	31,867	30,735	28,485	25,788	26,275	24,116	24,154	24,417	25,820
	3,809	4,287	6,938	9,197	9,819	9,340	10,346	15,635	21,345	23,332
Trade Payables	8,709	10,587	11,375	8,824	6,675	7,750	9,896	8,539	9,541	10,492
	16,069	14,946	14,077	12,577	9,722	9,179	8,113	6,213	8,425	12,697
Total Liabilities	60,881	62,421	63,822	59,779	52,700	53,240	53,167	55,238	64,424	73,037
	3,596	3,069	2,967	2,814	2,488	2,398	2,476	2,574	2,947	2,998
Capital Work in Progress	160	195	223	307	403	422	345	282	162	399
	661	691	669	670	670	670	670	668	672	677
	7,372	6,259	7,797	8,905	7,191	6,560	6,756	7,221	9,869	13,335
	0	0	0	0	0	0	0	4,785	5,884	6,796
Cash & Bank	10,492	11,176	7,503	6,419	6,701	7,154	6,698	6,157	7,612	11,867
	38,600	41,032	44,662	40,664	35,246	36,035	36,223	33,550	37,277	36,966
Total Assets	60,881	62,421	63,822	59,779	52,700	53,240	53,167	55,238	64,424	73,037

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,151	947	-3,435	-2,570	750	251	-851	-3,713	2,192	5,837
Cash from Investing	-566	964	1,915	1,877	-43	-1,125	1,480	1,331	-2,731	-3,035
Cash from Financing	-470	-671	-32	1,622	-393	-330	89	2,656	-857	-1,806
	-474	1,284	-1,973	607	124	-795	829	274	-1,396	996

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	63.17	63.17	63.17	63.17	63.17	63.17	63.17	58.17	58.17
	9.10	9.48	7.98	7.19	6.36	6.23	6.28	7.23	9.52
	15.03	14.69	15.49	16.34	18.45	18.62	19.70	23.93	22.35
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	12.70	12.66	13.36	13.29	12.02	11.98	10.85	10.62	9.88

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-08

Change in Auditors

2026-09-08 - Bharat Heavy Electricals Limited has informed the Exchange regarding Change in Auditors of the company.

2026-09-05

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-05 - Bharat Heavy Electricals Limited has informed the Exchange about Schedule of meet

2026-08-26

General Updates

2026-08-26 - Bharat Heavy Electricals Limited has informed the Exchange about General Updates

2026-08-25

Change in Management

2026-08-25 - Bharat Heavy Electricals Limited has informed the Exchange about change in Management

2026-08-13

Arrangements for strategic, technical, manufacturing, or marketing tie up

2026-08-13 - Bharat Heavy Electricals Limited has informed the Exchange about Arrangements for strategic, technical, manufacturing, or marketing tie up

2026-08-12

Credit Rating

2026-08-12 - Bharat Heavy Electricals Limited has informed the Exchange about Credit Rating

2026-08-05

Shareholders meeting

2026-08-05 - Bharat Heavy Electricals Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 05, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting results.

2026-08-04

Copy of Newspaper Publication

2026-08-04 - Bharat Heavy Electricals Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-31

Action(s) taken or orders passed

2026-07-31 - Bharat Heavy Electricals Limited has informed the Exchange about Action(s) taken or orders passed

News

Recent coverage and analyst commentary for BHEL

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Bharat Heavy Electricals Ltd.

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Name

BHEL

433.30

62.03

150877.81

0.32

376.71

182.70

7697.72

40.29

9.24

6.69

INDOMIM

988.35

91.60

48872.02

0.60

2401.22

—

12187.42

—

24.48

33.36

THERMAX

3635.85

73.01

43323.44

0.55

21.79

-85.61

2302.73

7.09

15.85

2.98

HONAUT

34159.35

54.80

30202.07

0.32

150.70

20.95

1204.40

1.80

17.04

14.32

JYOTICNC

1008.70

71.30

22940.17

0.00

57.14

-19.99

508.47

23.97

21.34

21.40

INOXINDIA

2184.80

77.95

19864.74

0.09

58.07

-4.98

370.79

9.18

33.54

20.46

AZAD

2804.70

130.33

18113.24

0.00

35.16

19.46

172.60

25.90

12.04

37.29

TRITURBINE

564.90

53.40

17958.08

0.75

511.00

693.48

4427.00

1092.30

35.95

11.59

TEGA

1680.15

597.41

12622.58

0.12

-108.25

-406.36

1723.44

383.99

8.37

3.27

LLOYDSENGG

81.23

56.33

12599.09

0.31

68.23

-77.28

527.15

142.92

17.99

15.04

KRN

1600.40

108.06

10475.98

0.00

32.90

164.84

252.32

118.87

16.06

19.44

KENNAMET

4727.35

88.73

10389.88

0.00

31.50

11.31

267.30

12.55

18.99

17.51

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

5,003

5,125

5,504

8,260

5,485

6,584

7,277

8,993

5,487

7,512

8,473

12,310

7,698

5,182

5,279

5,287

7,532

5,654

6,309

6,973

8,162

6,024

6,931

7,928

10,557

7,416

Operating Profit

-178

-154

217

728

-169

275

304

832

-537

581

545

1,753

282

OPM %

-3.56%

-3.00%

3.93%

8.81%

-3.09%

4.18%

9.25%

-9.79%

7.73%

6.44%

14.24%

3.66%

122

197

104

165

110

118

116

159

185

182

227

252

231

Interest

168

180

190

193

162

201

184

201

181

195

182

198

140

Depreciation

Profit before Tax

-284

-197

631

-280

132

169

704

-607

492

512

1,720

513

Tax %

25.17%

70.45%

34.30%

23.25%

24.13%

26.73%

26.09%

28.40%

25.11%

25.27%

25.28%

25.42%

25.54%

Net Profit

-212

-58

484

-213

125

504

-455

368

382

1,283

382

-0.61

-0.17

0.13

1.39

-0.61

0.28

0.36

1.45

-1.31

1.06

1.10

3.68

1.10

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

28,447

28,813

30,423

21,459

17,308

21,211

23,365

23,893

28,339

33,782

35,993

31,200

29,601

30,539

25,076

22,821

23,588

25,383

28,094

32,558

37,405

32,832

Operating Profit

-2,752

-788

-117

-3,617

-5,512

-2,377

-2,018

-4,201

-4,218

-3,623

3,161

OPM %

-9.68%

-2.74%

-0.38%

-16.85%

-31.85%

-11.20%

-8.64%

-17.58%

-14.88%

-10.72%

8.78%

4,641

3,489

3,016

4,069

2,839

3,574

3,577

5,498

6,121

7,041

892

Interest

412

330

377

611

466

447

612

828

906

986

715

Depreciation

849

786

475

503

473

314

260

249

272

316

323

Profit before Tax

628

1,585

2,048

-662

-3,612

437

686

220

725

2,116

3,237

Tax %

21.02%

49.11%

40.97%

-122.47%

24.77%

6.11%

8.97%

-17.95%

29.21%

25.44%

25.39%

Net Profit

496

807

1,209

-1,473

-2,717

410

624

260

513

1,578

2,415

EPS

1.35

2.20

3.33

-4.23

-7.80

1.18

1.79

0.75

1.47

4.53

—

Dividend Payout %

77.99%

82.84%

57.62%

0.00%

33.95%

22.31%

33.49%

33.94%

30.89%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

490

734

696

31,805

31,867

30,735

28,485

25,788

26,275

24,116

24,154

24,417

25,820

3,809

4,287

6,938

9,197

9,819

9,340

10,346

15,635

21,345

23,332

Trade Payables

8,709

10,587

11,375

8,824

6,675

7,750

9,896

8,539

9,541

10,492

16,069

14,946

14,077

12,577

9,722

9,179

8,113

6,213

8,425

12,697

Total Liabilities

60,881

62,421

63,822

59,779

52,700

53,240

53,167

55,238

64,424

73,037

3,596

3,069

2,967

2,814

2,488

2,398

2,476

2,574

2,947

2,998

Capital Work in Progress

160

195

223

307

403

422

345

282

162

399

661

691

669

670

668

672

677

7,372

6,259

7,797

8,905

7,191

6,560

6,756

7,221

9,869

13,335

4,785

5,884

6,796

Cash & Bank

10,492

11,176

7,503

6,419

6,701

7,154

6,698

6,157

7,612

11,867

38,600

41,032

44,662

40,664

35,246

36,035

36,223

33,550

37,277

36,966

Total Assets

60,881

62,421

63,822

59,779

52,700

53,240

53,167

55,238

64,424

73,037

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

1,151

947

-3,435

-2,570

750

251

-851

-3,713

2,192

5,837

Cash from Investing

-566

964

1,915

1,877

-43

-1,125

1,480

1,331

-2,731

-3,035

Cash from Financing

-470

-671

-32

1,622

-393

-330

2,656

-857

-1,806

-474

1,284

-1,973

607

124

-795

829

274

-1,396

996

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

63.17

58.17

9.10

9.48

7.98

7.19

6.36

6.23

6.28

7.23

9.52

15.03

14.69

15.49

16.34

18.45

18.62

19.70

23.93

22.35

Government

0.00

12.70

12.66

13.36

13.29

12.02

11.98

10.85

10.62

9.88

Bharat Heavy Electricals Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Bharat Heavy Electricals Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI