Bharat Heavy Electricals logo

Bharat Heavy Electricals

BHEL NSE

Key Fundamentals

LargecapElectrical EquipmentCapital Goods
Market Cap
1.5L Cr
Volatility
Moderate
P/E Ratio
60.23
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
₹229.54

Tapetide Score

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

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 5.61 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% higher than 3Y
Net Income Growth
200% higher than 3Y
Cash Flow Change
166% lower than 3Y
ROE
183% higher than 3Y
ROCE
76% lower than 3Y
EBITDA Margin (Avg.)
53.63% lower than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk high

Bharat Heavy Electricals Ltd (BHEL) has a market capitalisation of about ₹1,44,889 crore. It trades at 59.5x earnings and 5.54x book value. Revenue has grown faster recently, with TTM sales up 27% and 5-year compounded profit growth of 20.9%, and the stock has returned 81% over one year. Against that, return on equity has averaged only 3% over 3 and 5 years (6% last year), and 10-year sales CAGR is just 3%, so the current valuation assumes growth well above what the company has delivered over the long run.

Bull Case 7
  • Top-line growth has picked up: TTM sales grew 27%, about twice the 3-year compounded sales growth of 13% and 5-year growth of 14%.
  • Profit growth has been steady over the medium term, with compounded profit growth of 36% over 3 years and 20.9% (about 21%) over 5 years.
  • TTM profit growth of 739% shows a sharp earnings recovery. This suggests operating leverage is starting to work as revenue rises on a largely fixed cost base.
  • Return on equity is rising: last year's ROE of 6% is double the 3-year average of 3.18%. If this continues, the high P/B of 5.54x could look less stretched over time.
  • The company pays out a healthy 31.3% of profits as dividends, even while its earnings are recovering.
  • The stock has compounded at 49% a year over both 3 and 5 years, showing sustained market recognition of the earnings turnaround.
  • At about ₹1,44,889 crore market cap, BHEL is a large-cap capital goods name that benefits from India's power and infrastructure capex. It is expected to report a good quarter, which supports near-term earnings momentum.
Bear Case 7
  • The stock is expensive at 59.5x earnings, which implies an earnings yield of only about 1.7%. That leaves little room for any slip in execution or order inflows.
  • The stock trades at 5.54x book value while 3-year average ROE is only 3.18%. That is a wide gap between what the market is paying for the assets and the returns they currently generate.
  • Long-term returns on equity have been poor, with 10-year ROE at 0% and 5-year ROE at 3%. This points to a history of weak value creation from capital.
  • Long-term growth has been weak: 10-year compounded sales growth is only 3%, well below the 10-year stock CAGR of 16%. Much of the stock's return has come from the valuation expanding rather than from business growth.
  • The 739% TTM profit growth comes off a very low base, so it overstates how strong underlying earnings are and is unlikely to repeat at a similar pace.
  • Promoter (Government of India) holding has fallen by 5.00% over the last 3 years, which adds supply overhang from further stake sales.
  • After an 81% gain over one year, the stock carries elevated expectations. The dividend yield of 0.34% offers little valuation support if sentiment toward the capital goods sector reverses.

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

AI News Digest

1d ago
Headwinds 3
  • CBI FIR over missing silver Sep 18

    29.37 kg of silver worth about Rs 71 lakh went missing from BHEL's Gurugram solar cell plant, and the CBI has filed an FIR against two officials, including the plant head. The money is small (0.009% of annual revenue), but physical checks stopped from 2019 to 2024, which points to weak internal controls and could hurt its standing with MNRE.

  • NBPPL JV needs ₹65 Cr bailout Sep 14

    The board approved a ₹65 crore equity infusion into the 50:50 JV NTPC BHEL Power Projects to clear urgent liabilities. The stated aim is to keep the JV running as a going concern, which signals financial stress at the JV.

  • Stock falls 4.21%, P/E ~307 Sep 15

    Shares fell 4.21% to ₹412.85, a steeper drop than the Nifty's 1.19% decline, though the stock is still up 79.76% over the year. At a P/E of 306.94 and close to its 52-week high of ₹446.50, the valuation leaves little room for disappointment.

Positives 1
  • 35-year Vande Bharat maintenance JV Sep 15

    BHEL signed a 50:50 JV with Titagarh Rail Systems on Sep 15 to maintain Vande Bharat sleeper trainsets over their 35-year service life, starting with ₹50 lakh paid-up capital. A follow-up filing on Sep 16 confirmed the deal, which gives BHEL a long-term railway services revenue stream beyond its core power business.

Neutral 3
  • RTA switched to Bigshare Services Sep 18

    BHEL signed a tripartite agreement moving its registrar and transfer agent role from Alankit Assignments to Bigshare Services, and told the exchanges on Sep 18, 2026. This is a routine administrative change.

  • New head for Visakhapatnam HPVP Sep 25

    Chittimouj Gowri Shankar was appointed Head of the Heavy Plate & Vessels Plant in Visakhapatnam, effective September 25, 2026.

  • CAG appoints FY27 auditors Sep 8

    The Comptroller & Auditor General of India has notified statutory and branch auditors for FY2026-27. This is routine compliance for a PSU.

TL;DR: BHEL is moving into railways with a 35-year Vande Bharat sleeper maintenance JV with Titagarh, and the stock is up nearly 80% over the past year. The risks are a CBI probe into missing silver that points to weak controls, a ₹65 crore rescue of the stressed NBPPL JV, and a P/E above 300 after a 4.21% one-day drop. The underlying story is improving, but the price leaves little room for mistakes, so upcoming order wins and margin delivery will need to support the valuation.

Quarterly Results

Particulars 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

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
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

Particulars 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

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

Ratios

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

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Shareholding Pattern

Others1.55%Promot.58.17%Public8.33%FIIs9.51%DIIs22.44%As ofJun 2026

Documents

1
Concall - Oct 2025 Oct 2025
2
Concall - May 2025 May 2025
3
Concall - Jan 2025 Jan 2025
4
Concall - Jan 2025 Jan 2025
5
Concall - Oct 2024 Oct 2024

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, transporta...
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 market capitalisation of Bharat Heavy Electricals Ltd?
Bharat Heavy Electricals Ltd has a market capitalisation of ₹1,45,602 Cr, which places it in the Large Cap band.
What is the PE ratio of Bharat Heavy Electricals Ltd?
Bharat Heavy Electricals Ltd trades at a PE ratio of 60.23, on earnings per share of ₹0.29, against a book value of ₹75.09 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 ₹229.54 and ₹446.5.
Does Bharat Heavy Electricals Ltd pay dividends?
Bharat Heavy Electricals Ltd has a dividend yield of 0.34%.
What is the Return on Equity (ROE) of Bharat Heavy Electricals Ltd?
Bharat Heavy Electricals Ltd reported a return on equity of 6.12%. Its debt-to-equity ratio is 0.31.

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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