Bharat Heavy Electricals Ltd
Bharat Heavy Electricals Ltd
Capital Goods F&OKey Fundamentals
LargecapElectrical EquipmentCapital GoodsInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Bharat Heavy Electricals Ltd insights
41 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
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 5.59 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
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 5d agoBHEL, a government-owned capital goods major with a market cap of ₹1,44,593 crore, has seen a dramatic turnaround with TTM profit growth of 739% and sales growth of 27%, though its 3-year average ROE remains low at 3%. The stock trades at a PE of 58.8x and 5.47x book value, reflecting significant re-rating over the past year with a 78% stock price CAGR.
- TTM revenue growth of 27% marks a significant acceleration from the 10-year compounded sales CAGR of just 3%, indicating a structural demand upturn
- TTM profit growth of 739% demonstrates massive operating leverage as execution ramps up on existing order book
- 5-year compounded profit CAGR of 21% shows a sustained earnings recovery trajectory beyond just one-quarter volatility
- Last year ROE improved to 6% from a 3-year average of 3% and a 10-year average of 0%, signaling improving capital efficiency
- Company has maintained a healthy dividend payout ratio of 31.3%, providing some income return to shareholders
- 3-year stock CAGR of 60% reflects sustained market confidence in the turnaround story backed by India's capex cycle
- 5-year compounded sales growth of 14% indicates the company has moved past the stagnation phase of the previous decade
- PE ratio of 58.8x is elevated for a capital goods company with historically volatile earnings, leaving little margin of safety
- 3-year average ROE of just 3% remains well below cost of equity, indicating the business has not yet proven sustained value creation
- Stock trades at 5.47x book value despite the low ROE profile, suggesting the market is pricing in future performance that is yet to materialize
- Promoter holding has decreased by 5% over the last 3 years, reducing government stake and potentially signaling dilution or disinvestment risk
- 10-year compounded sales growth of only 3% highlights the company's long track record of underperformance and execution challenges
- 10-year ROE average of 0% shows the company destroyed shareholder value over an entire business cycle before this recent turnaround
- Dividend yield of just 0.34% offers minimal income cushion at current elevated valuations
- The 739% TTM profit jump is off a very low base, making forward growth comparisons difficult and raising sustainability questions
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 4h ago- 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.
- Q1 profit turnaround, revenue +40% Jul 17
BHEL swung to a Q1FY27 standalone net profit of ₹381.91 crore vs a loss of ₹454.89 crore YoY. Total income from operations rose 40% to ₹7,697.72 crore from ₹5,486.91 crore.
- Major Nigeria gas turbine order Jul 29
BHEL won a major international order from Dangote Petroleum Refinery in Nigeria for supply and supervision of Gas Turbine Generator Packages, one of Africa's largest refining facilities.
- 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 of green hydrogen technology alongside its existing thyssenkrupp nucera alkaline tie-up.
- Indigenous EV fast charger manufacturing Jul 17
BHEL is set to manufacture India's first indigenously developed fast chargers for electric trucks and buses, supporting domestic EV charging infrastructure for heavy commercial vehicles.
- New director appointed at AGM Aug 5
Shareholders approved Nigar Fatima Husain as director at BHEL's 62nd AGM with 84.20% support, alongside FY25-26 dividend approvals and board reappointments.
- Investor meet on July 24 Jul 21
BHEL scheduled an investor meeting in Mumbai on July 24, 2026 with no formal presentation planned.
TL;DR: BHEL is executing a strong operational turnaround with Q1FY27 profit of ₹382 crore vs a loss last year and 40% revenue growth. The company is diversifying aggressively into green hydrogen (Hystar, thyssenkrupp nucera), EV charging, and international markets (Dangote order). The customs penalty of ₹9.28 lakh is negligible relative to scale. The trend is clearly improving with order momentum and new energy transition bets positioning BHEL for sustained growth.
Quarterly Results
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
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 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — |
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 | 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 |
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 | 1,902 | 5,261 |
| CFO/OP | 87 | -50 | 105 | 57 | -169 | 1,930 | -25 | 30 | -82 | -554 | 151 | 227 |
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 | 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% |
Documents
Frequently Asked Questions about Bharat Heavy Electricals Ltd
What does Bharat Heavy Electricals Ltd do?
Where is Bharat Heavy Electricals Ltd (BHEL) listed?
Which sector does Bharat Heavy Electricals Ltd belong to?
What is the market capitalisation of Bharat Heavy Electricals Ltd?
What is the PE ratio of Bharat Heavy Electricals Ltd?
What is the 52-week high and low of Bharat Heavy Electricals Ltd?
Does Bharat Heavy Electricals Ltd pay dividends?
What is the Return on Equity (ROE) of Bharat Heavy Electricals Ltd?
How can I research Bharat Heavy Electricals Ltd on Tapetide?
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]