Bharat Heavy Electricals Ltd (BHEL) — Share Price, Financials & Ratios

Key Fundamentals

LargecapElectrical EquipmentCapital Goods

Market Cap

1.4L Cr

Volatility

Moderate

P/E Ratio

87.54

EBITDA

₹2,342 Cr

Return on Equity

1.15%

Debt to Equity

0.36

Book Value

₹75.09

EPS

₹0.29

52W High

₹424.9

52W Low

₹205.12

Technical Indicators

Key Insights

Strengths

2

Company has delivered good profit growth of 21.0% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 31.3%

Weaknesses

4

Stock is trading at 5.37 times its book value
Promoter holding has decreased over last quarter: -5.00%
Company has a low return on equity of 3.22% over last 3 years.
Earnings include an other income of Rs.869 Cr.

Growth Rate

Revenue Growth

17.28% ↘

Net Income Growth

299.94% ↗

Cash Flow Change

159.03% ↗

ROE

87.83% ↘

ROCE

29.76% ↘

EBITDA Margin (Avg.)

14.00% ↘

AI Analysis — Bull vs Bear

anthropic

claude-opus-4.6 9d ago

HOLD

Risk high

BHEL's turnaround is gaining momentum with TTM sales growth of 19% and profit growth of 208%, but the stock already prices in much of this recovery at a PE of 82.3x and P/B of 5.04x. With 52.63% of analysts recommending a sell and ROE at just 3.22% over 3 years, the risk-reward is unfavorable at current levels.

Bull Case 8

TTM profit growth of 208% signals a strong earnings recovery and operational turnaround
Compounded sales growth of 19% TTM indicates robust order execution and revenue acceleration
Stock CAGR of 63% over 3 years reflects sustained market confidence in the capex cycle beneficiary theme
5-year compounded profit CAGR of 21% demonstrates consistent improvement from loss-making years
Healthy dividend payout ratio of 31.3% shows management commitment to returning capital to shareholders
Market cap of Rs.135,696 Cr gives it scale and institutional relevance in the capital goods sector
Last year ROE improved to 6% from a 3-year average of 3%, indicating accelerating return generation
5-year sales CAGR of 14% shows the underlying business is on a structural growth path beyond near-term spikes

Bear Case 8

PE of 82.3x is extremely elevated for a capital goods company with cyclical earnings, leaving no margin of safety
52.63% of analysts (10 out of 19) have a sell rating, indicating broad institutional skepticism at current valuations
3-year average ROE of just 3.22% is well below cost of equity, meaning the company is destroying shareholder value on a normalized basis
P/B ratio of 5.04x is expensive for a PSU with low single-digit ROE, implying the market is pricing in future returns not yet delivered
Promoter holding decreased by 5% in the last quarter, signaling potential government stake dilution or disinvestment risk
Other income of Rs.869 Cr inflates reported earnings, meaning core operating profitability is weaker than headline numbers suggest
Dividend yield of just 0.13% offers negligible income support while investors wait for the turnaround to fully materialize
10-year sales CAGR of only 3% shows the company struggled with growth for a prolonged period, raising questions about sustainability of recent momentum

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

AI News Digest

anthropic

claude-opus-4.6 3d ago

Headwinds 5

Maharatna status under review Jun 05

BHEL placed on one-year review for failing ₹5,000 crore average annual PAT threshold; potential downgrade to Navratna would cut equity investment autonomy from ₹5,000 crore to ₹1,000 crore without government approval.
UBS downgrades to Neutral Jun 03

UBS downgraded BHEL from Buy to Neutral citing balanced risk-reward after 60% outperformance vs Nifty in 12 months; stock fell 5.4% intraday to ₹384.5 on the news. Competition from L&T and Thermax intensifying.
Analyst recommends selling BHEL Jun 11

Globe Capital's Gaurav Sharma recommended selling BHEL June Futures at ₹382 with downside target of ₹360, citing overhead resistance and potential downside momentum.
HR policies flagged as constraint Jun 05

NITI Aayog flagged BHEL's human resource policies as a major constraint on growth during the Maharatna review, requiring comprehensive examination.
Board non-compliance fine May 28

BHEL fined ₹5.5 lakh by BSE and NSE for Q4FY26 board composition violations; company plans to seek waiver citing government appointment delays.

Positives 6

₹21,000 Cr Meja EPC order Jun 05

BHEL won ₹21,000+ crore EPC order from MUNPL for 3x800 MW Meja supercritical thermal power project Stage-II in Prayagraj, adding 2,400 MW capacity with 70-month execution timeline.
Record Q4 profit up 155% Jun 03

Q4FY26 net profit surged 155% YoY to ₹1,290 crore; full-year profit tripled to ₹1,600 crore. Revenue grew 37% to ₹12,310 crore in Q4 with EBITDA margins expanding 498 bps to 14.2%.
₹2,000-2,500 Cr Nigeria contract Jun 03

BHEL signed contract with Dangote Petroleum Refinery for 8 gas turbine generators valued at ₹2,000-2,500 crore, to be executed within 26 months.
Nippon Small Cap increases stake Jun 10

India's largest small-cap fund (₹72,673 crore AUM) increased BHEL weightage from 1.67% to 1.93% in May 2026, making it the fund's top holding.
₹2.40 lakh crore order book Jun 03

BHEL's outstanding order book stands at ₹2.40 lakh crore with 81% in power segment; FY26 order inflows reached ₹75,000 crore providing visibility through FY30.
Power sector rally, stock peaks May 27

BSE Power index hit all-time high of 8,439 after surging 24% in two months; BHEL stock reached 52-week high of ₹424.90 with 40% YTD gains in 2026.

Neutral 3

800 MW Durgapur LNTP received Jun 11

BHEL received LNTP from Damodar Valley Corporation for 1x800 MW Durgapur Supercritical project worth ₹90+ crore for advance engineering over 10 months.
Independent Director tenure ends Jun 02

Shri Ramesh Patlya Mawaskar ceased to be Independent Director upon completion of tenure on June 1, 2026.
UBS raises target to ₹460 Jun 03

Despite the downgrade, UBS raised BHEL's target price from ₹375 to ₹460 (13.6% upside), increased valuation multiple to 28x from 25x, and lifted FY27-28 earnings estimates by 1-3%.

TL;DR: BHEL is executing well operationally with record order book of ₹2.40 lakh crore, tripled annual profit, and major contract wins totaling ₹23,000+ crore in recent weeks. Key risks are the Maharatna status review threatening board autonomy, intensifying competition from L&T/Thermax, and elevated valuation at 92x P/E after a 40% YTD rally. The fundamental trajectory is improving with strong revenue visibility through FY30, but the stock's risk-reward has become more balanced after its sharp outperformance, and the Maharatna review adds governance uncertainty over the next 12 months.

Quarterly Results

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	8,227	5,003	5,125	5,504	8,260	5,485	6,584	7,277	8,993	5,487	7,512	8,473	12,310
Expenses	7,178	5,182	5,279	5,287	7,532	5,654	6,309	6,973	8,162	6,024	6,931	7,928	10,557
Operating Profit	1,049	-178	-154	217	728	-169	275	304	832	-537	581	545	1,753
OPM %	13%	-4%	-3%	4%	9%	-3%	4%	4%	9%	-10%	8%	6%	14%
Other Income	125	130	192	118	170	111	128	126	159	185	189	235	260
Interest	161	168	180	190	193	162	201	184	201	181	195	182	198
Depreciation	73	60	60	61	68	59	60	68	85	75	75	78	88
PBT	940	-276	-202	84	636	-279	141	179	704	-608	499	520	1,728
Tax %	30%	-26%	-69%	29%	23%	-24%	25%	25%	28%	-25%	25%	25%	25%
Net Profit	658	-205	-63	60	490	-211	106	135	504	-456	375	390	1,290
EPS in Rs	1.89	-0.59	-0.18	0.17	1.41	-0.61	0.3	0.39	1.45	-1.31	1.08	1.12	3.71

Show % Change

Figures in ₹ Crores

Profit & Loss

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
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
Expenses	29,183	26,862	27,370	27,174	28,409	21,596	20,357	20,383	22,321	23,182	26,940	31,440
Operating Profit	2,141	-1,357	1,095	1,653	2,032	-133	-3,049	828	1,044	711	1,399	2,342
OPM %	7%	-5%	4%	6%	7%	-1%	-18%	4%	4%	3%	5%	7%
Other Income	1,221	1,492	753	679	662	590	393	405	544	608	524	869
Interest	92	360	413	330	378	613	467	448	612	828	906	756
Depreciation	1,082	937	850	787	476	503	473	314	260	249	272	316
PBT	2,187	-1,161	586	1,215	1,840	-659	-3,596	470	716	243	746	2,139
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
EPS in Rs	3.96	-1.92	1.25	1.2	2.89	-4.21	-7.75	1.28	1.88	0.81	1.53	4.6
Div. Payout %	20%	-14%	85%	151%	69%	0%	0%	31%	21%	31%	33%	30%

Show % Change

Figures in ₹ Crores

Balance Sheet

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	490	490	490	734	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
Borrowings	1,889	211	156	110	2,598	5,080	4,951	4,830	5,454	8,856	9,015	8,187
Other Liabilities	34,887	33,051	29,153	31,495	30,987	26,550	25,025	25,654	27,832	26,489	35,112	41,852
Total Liabilities	70,983	65,577	61,698	63,940	64,490	60,291	55,960	56,991	57,664	59,784	68,849	76,186
Fixed Assets	4,230	3,969	3,601	3,073	2,970	2,817	2,491	2,398	2,476	2,574	2,947	3,094
CWIP	2,614	318	168	203	235	314	420	431	354	308	195	399
Investments	6	796	757	429	152	162	185	205	235	256	276	302
Other Assets	64,134	60,494	57,171	60,235	61,132	56,998	52,864	53,956	54,599	56,646	65,431	72,390
Total Assets	70,983	65,577	61,698	63,940	64,490	60,291	55,960	56,991	57,664	59,784	68,849	76,186

Show % Change

Figures in ₹ Crores

Cash Flow

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 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	1,924	5,261
CFO/OP	87	-50	105	57	-169	1,930	-25	30	-82	-554	151	258

Show % Change

Figures in ₹ Crores

Ratios

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 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	212
Days Payable	239	240	225	301	297	300	281	291	345	270	259	167
Cash Conversion Cycle	340	353	258	68	63	142	137	35	-35	56	106	119
Working Capital Days	192	208	162	121	100	72	42	1	-5	60	99	79
ROCE %	6%	-2%	3%	5%	7%	0%	-10%	3%	4%	3%	5%	9%

Show % Change

Shareholding Pattern

	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	63.17%	63.17%	63.17%	63.17%	63.17%	63.17%	63.17%	63.17%	63.17%	63.17%	63.17%	63.17%	63.17%	63.17%	63.17%	63.17%	63.17%	63.17%	63.17%	63.17%	58.17%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7.04%	8.75%	9.10%	9.49%	7.98%	7.19%	6.36%	6.23%	6.29%	7.23%
DIIs	12.49%	12.38%	13.72%	13.80%	12.66%	12.59%	14.46%	14.72%	15.50%	16.14%	15.99%	17.58%	15.94%	15.03%	14.69%	15.49%	16.35%	18.45%	18.62%	19.70%	23.98%
Government	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	15.96%	16.33%	16.15%	16.74%	17.63%	17.69%	15.44%	11.30%	10.98%	10.86%	11.72%	10.33%	10.33%	11.15%	11.23%	11.81%	11.77%	10.69%	10.66%	9.54%	9.29%
Others	8.38%	8.11%	6.95%	6.29%	6.54%	6.54%	6.93%	10.81%	10.35%	9.83%	9.12%	1.89%	1.80%	1.55%	1.43%	1.54%	1.52%	1.32%	1.31%	1.31%	1.33%
No. of Shareholders	9,86,752	11,46,940	11,38,650	12,04,730	12,81,740	12,87,800	11,92,230	10,27,960	10,16,940	10,12,620	12,27,660	12,65,440	14,99,200	18,80,850	19,95,270	20,83,030	21,20,570	19,83,220	19,61,660	17,91,830	17,55,260

Show % Change

Documents

1

Concall - May 2022 May 2022

Transcript

2

Concall - Oct 2024 Oct 2024

PPT

3

Concall - Jan 2025 Jan 2025

PPT

4

Concall - Aug 2019 Aug 2019

Transcript

5

Concall - Oct 2019 Oct 2019

Transcript

Frequently Asked Questions about Bharat Heavy Electricals Ltd

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, transporta...

Where is Bharat Heavy Electricals Ltd (BHEL) listed?

Bharat Heavy Electricals Ltd is listed on the Indian stock exchanges. It is listed on NSE: BHEL and BSE: 500103. You can view its live share price, financials, and ratios on Tapetide.

Which sector does Bharat Heavy Electricals Ltd belong to?

Bharat Heavy Electricals Ltd operates in the Industrials sector within the Electrical Equipment industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.

What is the market capitalisation of Bharat Heavy Electricals Ltd?

Bharat Heavy Electricals Ltd has a market capitalisation of approximately ₹140640.54 Cr. Based on this, it is classified as a Large Cap stock.

What is the PE ratio of Bharat Heavy Electricals Ltd?

The Price-to-Earnings (PE) ratio of Bharat Heavy Electricals Ltd is 87.54. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.

What is the 52-week high and low of Bharat Heavy Electricals Ltd?

Over the past 52 weeks, Bharat Heavy Electricals Ltd has traded between a low of ₹205.12 and a high of ₹424.9. This range helps investors understand the stock's price volatility and recent trading levels.

Does Bharat Heavy Electricals Ltd pay dividends?

Yes, Bharat Heavy Electricals Ltd has a dividend yield of 0.12%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.

What is the Return on Equity (ROE) of Bharat Heavy Electricals Ltd?

Bharat Heavy Electricals Ltd has a Return on Equity (ROE) of 1.15%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.

How can I research Bharat Heavy Electricals Ltd on Tapetide?

On Tapetide, you can view Bharat Heavy Electricals Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.