Bharat Heavy Electricals Ltd logo

Bharat Heavy Electricals Ltd

BHEL NSE

Key Fundamentals

LargecapElectrical EquipmentCapital Goods
Market Cap
1.5L Cr
Volatility
Moderate
P/E Ratio
60.8
EBITDA
₹3,150 Cr
Return on Equity
6.12%
Debt to Equity
0.31
Book Value
₹75.09
EPS
₹0.29
52W High
₹446.5
52W Low
₹205.12

Insights

Beta

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

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41 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

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Technical Indicators

Key Insights

Strengths

3
  • 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 5.81 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%

Growth Rate

Revenue Growth
20.08% ↗
Net Income Growth
199.74% ↗
Cash Flow Change
166.25% ↗
ROE
183.33% ↗
ROCE
76.00% ↗
EBITDA Margin (Avg.)
53.63% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

BHEL is a ₹1,46,769 Cr market cap PSU capital goods company trading at a PE of 60x and PB of 5.59x. Revenue grew 27% TTM with profit surging 739% TTM off a low base, while 3-year average ROE remains modest at 3%. The stock has delivered a 91% return over the past year, significantly re-rating from historical valuations.

Bull Case 8
  • TTM revenue growth of 27% marks a sharp acceleration versus the 10-year compounded sales CAGR of just 3%, signaling a potential structural upturn in order execution
  • TTM profit growth of 739% demonstrates significant operating leverage as the company scales up from a low-profit base
  • 5-year compounded profit CAGR of 21% shows the earnings recovery is not just a single-quarter phenomenon
  • 3-year compounded sales CAGR of 13% indicates sustained top-line momentum building over multiple years
  • Last year ROE improved to 6% from a 3-year average of 3% and 10-year average of 0%, suggesting improving capital efficiency
  • Company has maintained a healthy dividend payout ratio of 31.3%, returning cash to shareholders even during turnaround phase
  • As a PSU capital goods major, BHEL is a direct beneficiary of India's infrastructure capex push with government spending on power and heavy engineering rising structurally
  • Consensus expectation of a good upcoming quarter suggests near-term order book execution and revenue recognition remain on track
Bear Case 8
  • PE of 60x is extremely elevated for a capital goods PSU, pricing in significant future growth and leaving little margin of safety
  • 3-year average ROE of just 3.18% is well below cost of equity, indicating the company has historically destroyed shareholder value
  • Stock trading at 5.59x book value is expensive for a company with sub-6% ROE, implying the market is paying a premium not yet justified by returns on capital
  • Promoter holding has declined by 5 percentage points over the last 3 years, signaling government dilution or disinvestment pressure
  • 10-year compounded sales CAGR of just 3% reveals a decade of stagnation, and the recent uptick may not sustain if capex cycles turn
  • 10-year ROE averaging 0% reflects a prolonged period of negligible profitability, and one year of 6% ROE does not confirm a durable turnaround
  • Stock CAGR of 91% in 1 year and 62% over 3 years has far outpaced fundamental improvement, creating valuation risk if earnings disappoint
  • Dividend yield of just 0.33% offers minimal income cushion for investors at current elevated price levels

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

AI News Digest

Anthropic anthropic claude-opus-4.6 18h ago
Headwinds 1
  • Customs penalty for duty error Jul 31

    BHEL received a customs order imposing a penalty of ₹9,28,872 for wrong availment of Basic Customs duty. The company may appeal the order.

Positives 3
  • Dangote Refinery gas turbine order Jul 29

    BHEL won a major international order from Nigeria's Dangote Petroleum Refinery for supply and supervision of Gas Turbine Generator Packages, expanding its global energy presence.

  • New director appointed at AGM Aug 5

    Shareholders approved Nigar Fatima Husain as director at the 62nd AGM with 84.20% support, alongside FY25-26 dividend approvals and board reappointments.

  • Hystar pact for green hydrogen Aug 13

    BHEL signed a Strategic Collaboration Agreement with Norway's Hystar AS for PEM electrolyser systems, enabling phased indigenization and local manufacturing of green hydrogen technology in India.

Neutral 1
  • Investor meet on Jul 24 Jul 21

    BHEL scheduled an investor meeting in Mumbai on July 24, 2026 with no presentation planned.

TL;DR: BHEL is actively diversifying through international orders (Dangote Refinery) and green hydrogen partnerships (Hystar for PEM, thyssenkrupp nucera for alkaline). The customs penalty of ₹9.28 lakh is negligible for a company of BHEL's scale and poses no material risk. The trend is positive with growing order momentum and clean energy positioning, suggesting improving fundamentals heading into H2.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
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
Expenses
5,182
5,279
5,287
7,532
5,654
6,309
6,973
8,162
6,024
6,931
7,928
10,557
7,194
Operating Profit
-178
-154
217
728
-169
275
304
832
-537
581
545
1,753
504
OPM %
-3.6%
-3%
3.9%
9%
-3.1%
4.2%
4.2%
9%
-10%
8%
6%
14%
7%
Other Income
130
192
118
170
111
128
126
159
185
189
235
260
226
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
PBT
-276
-202
84
636
-279
141
179
704
-608
499
520
1,728
508
Tax %
-26%
-69%
29%
23%
-24%
25%
25%
28%
-25%
25%
25%
25%
26%
Net Profit
-205
-63
60
490
-211
106
135
504
-456
375
390
1,290
377
EPS in Rs
-0.59
-0.18
0.17
1.41
-0.61
0.3
0.39
1.45
-1.31
1.08
1.12
3.71
1.08
Figures in ₹ Crores

Profit & Loss

  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
35,993
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
32,610
Operating Profit
2,141
-1,357
1,095
1,653
2,032
-133
-3,049
828
1,044
711
1,399
2,572
3,383
OPM %
7%
-5%
3.9%
6%
7%
-0.6%
-18%
3.9%
4.5%
3%
4.9%
8%
9%
Other Income
1,221
1,492
753
679
662
590
393
405
544
608
524
869
909
Interest
92
360
413
330
378
613
467
448
612
828
906
986
715
Depreciation
1,082
937
850
787
476
503
473
314
260
249
272
316
323
PBT
2,187
-1,161
586
1,215
1,840
-659
-3,596
470
716
243
746
2,139
3,254
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
2,432
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
6.99
Div. Payout %
20%
-14%
85%
151%
69%
0%
0%
31%
21%
31%
33%
30%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
42,554
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
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
CWIP
2,614
318
168
203
235
314
420
431
354
308
195
495
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
73,092
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
Figures in ₹ Crores

Cash Flow

  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/OP
87
-50
105
57
-169
1,930
-25
30
-82
-554
151
227
Figures in ₹ Crores

Ratios

  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%

Shareholding Pattern

As of Jun 2026
Promoters 58.17%
DIIs 22.44%
FIIs 9.51%
Public 8.33%
Others 1.55%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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%
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%
9.51%
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%
22.44%
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%
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%
8.33%
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%
1.55%
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
16,28,020

Documents

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 Capital Goods 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 ₹149554.62 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 60.80. 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 ₹446.5. 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 0.32%. 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 6.12%. 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.

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.[1] It is the flagship engineering and manufacturing company of India owned and controlled by the Govt. of India.[2]

Website bhel.com
CEO Mr. Koppu Sadashiv Murthy
Employees 41,132
Listed 2003-11-11
Face Value ₹ 2
Issued Size 3,48,20,63,355

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