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Bharat Heavy Electricals Limited BHEL NIFTY_MIDNSEAIINFRAPSU

Industrials · Specialty Industrial Machinery · India
https://www.bhel.com
Company Profile ↓
₹405.55
+55.53% 1Y
Mkt Cap₹1.41 L Cr
P/E88.16
P/B5.45
Div. Yield0.35%
52W High₹422.35
52W Low₹208.01
Book Value₹75.09
EPS (TTM)₹4.60

Company Overview

Bharat Heavy Electricals Limited operates as power plant equipment manufacturer in India and internationally. The company operates in two segments: Power and Industry. It offers equipment supplies; spares and services; and undertakes engineering, procurement, and construction works for coal and lignite, gas, hydro and nuclear power plant, as well as for transportation, transmission, defence, aerospace, captive power plants, process, renewables, upstream and downstream oil and gas, e-mobility and energy storage, and other industries. The company also provides coal based, gas-based, nuclear, and hydro power plants, as well as solar power systems; transportation and transmission systems; defense and aerospace products; industrial systems; energy storage system and e-mobility solutions; and hydrogen power systems. In addition, it offers steam generators and steam generator auxiliaries, soot blowers, valves, piping systems, seamless steel tubes, pressurized fluidized bed gasifiers, steam and gas turbines, turbo generators, industrial sets, castings and forgings, condenser and heat exchangers, pumps, compressors, solar photovoltaics, and automation and control systems. Further, the company provides software system solutions, medium voltage vacuum switchgears, on load tap changers, LT switchgears and bus ducts, transformers and reactors, capacitors, bushings, control gears, insulators and ceramics, and electrical machines. It also provides rail transportation systems and equipment, oil field equipment, and fabricated equipment and mechanical packages. The company has a strategic collaboration with E2S Company Limited for the development of excitation systems for synchronous machines. The company was incorporated in 1964 and is based in New Delhi, India.

Why Investors Should Care

Consistent Profit Growth

Net profit has compounded at 35.9% per year over the last five years.

Steady Revenue Expansion

Revenue has grown at a 13.5% CAGR over the past five years.

Conservative Balance Sheet

Carries low leverage with a debt-to-equity ratio of 0.31.

Positive Free Cash Flow

Generates positive free cash flow, funding growth and shareholder returns internally.

Recent Developments

  • Mar 2026 Revenue of ₹32,359.83 Cr (+18.3% YoY); net profit ₹1,600.26 Cr.
  • Trailing 12 Months Year-on-year growth — revenue +18.3%, earnings +199.7%.
  • 5-Year Trend Long-term compounding — revenue CAGR 13.5%, profit CAGR 35.9%.

Growth & Price Performance

Compounded Sales Growth

5 Years:13.49%
1 Year:18.30%

Compounded Profit Growth

5 Years:35.91%
1 Year:199.73%

Stock Price Performance

1 Year:+55.53%
6 Months:+51.38%
3 Months:+28.02%
1 Month:+5.56%

Highlights auto-generated from reported financials and price data; not investment advice. Verify with official filings before acting.

AI Exposure AI Capital Goods / AI in Power Equipment
Core Focus

BHEL deploys AI for thermal power plant condition monitoring, HVDC + FGD process control, and railway loco AI.

Key Initiatives
  • AI in power-plant equipment & O&M BHEL applies AI/IoT for predictive maintenance, performance optimisation and remote monitoring of its installed thermal and power-generation equipment.
  • Digital twins for heavy equipment Digital-twin and analytics offerings on boilers, turbines and generators aim to add a services layer over a large legacy installed base.
  • AI in emerging power & rail AI-enabled controls for renewables, e-mobility and rail-transport equipment support diversification beyond conventional thermal.
Why Investors Should Care
  • Turnaround play where AI-enabled services could lift utilisation of a vast installed base.
  • Leverage to India's power-capex and grid-modernisation revival (~19% recent revenue growth).
  • Low returns today (ROE ~6%) mean the AI/services thesis is about future margin recovery.
  • Elevated P/E ~82 already discounts a strong earnings rebound — execution risk is high.
AI InvestmentR&D + AI tools; collaborations with IISc.
AI RevenueOrder book >₹1.4 lakh Cr.
ROI (Now)EBITDA margin recovering.
ROI (Expected)Power capex + AI in operations tailwind.

Curated from public filings and analyst commentary; figures are illustrative.

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Price Chart

NSE TradingView

Fundamental Growth Charts

Interactive charts for Revenue, Net Income, EBITDA, Free Cash Flow, EPS, ROE, ROCE, Gross/Net/Operating Margin and more — switch metric and period using the dropdowns above. CAGR is computed across the displayed window (quarterly CAGR is annualised). Visual growth charts make it easy to spot multi-year compounding trends at a glance — far faster than reading raw numbers in a table.

PROS

  • Compounding revenue at 13.5% over 5 years.
  • Profit CAGR of 35.9% over 5 years.
  • Generates positive free cash flow.
  • In a confirmed uptrend (50-DMA above 200-DMA).

CONS

  • Trading at a high P/E of 88.2.

* The pros and cons are auto-generated from financial metrics.

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Valuation

Stock P/E
88.16
Industry PE
29.60
Forward P/E
31.27
PEG Ratio
-
Book Value
₹75.09
Price to Book
5.45
P/S
4.22
EV/EBITDA
76.36
Dividend Yield
0.35%

Growth (CAGR)

Revenue 5Y
13.49%
Profit 5Y
35.91%
Revenue (YoY)
18.30%
Earnings (YoY)
199.73%

Profitability & Returns

ROCE
6.60%
ROE
6.12%
ROA
2.10%
Profit Margin
4.95%
Op Margin
4.95%
Gross Margin
28.98%
EPS (Latest Qtr)
₹3.71
EPS (TTM)
₹4.60

Balance Sheet & Liquidity

Debt/Equity
0.31
Quick Ratio
1.18
Current Ratio
1.59
Debt
₹8,186.95 Cr
Total Assets
₹76,185.61 Cr
Current Assets
₹51,455.35 Cr
Working Capital
₹19,153.17 Cr

Ownership

Promoter Holding
59.74%
Chg in Prom Hold
1.57%
FII / Inst Holding
25.26%
Chg in FII Hold
0.03%

Financial Snapshot

Enterprise Value
₹1.41 L Cr
Total Revenue (TTM)
₹32,359.83 Cr
EBITDA
₹3,210.21 Cr
Free Cash Flow
₹5,248.34 Cr
Operating Cash Flow
₹5,837.38 Cr
Shares Outstanding
₹348.21 Cr
Gross Margin
28.98%
Payout Ratio
10.87%

Peer comparison

Peer companies in the same sector (Industrials).

#NameCMP ₹P/E Mkt CapDiv Yld % ROCE %ROE % Rev CAGR 5Y %Profit CAGR 5Y %
1 BHEL Bharat Heavy Electricals Limited NIFTY_MIDNSEAIINFRAPSU 405.55 88.16 ₹1.41 L Cr 0.35% 6.60% 6.12% 13.49% 35.91%
2 LT Larsen & Toubro Limited NIFTY50NSEAIINFRA 3,849.40 32.93 ₹5.30 L Cr 0.96% 14.55% 14.72% 16.09% 15.38%
3 ADANIPORTS Adani Ports and Special Economic Zone Limited NIFTY50NSEINFRA 1,834.20 31.50 ₹4.23 L Cr 0.42% 10.97% 13.32% 22.93% 34.11%
4 BEL Bharat Electronics Limited NIFTY50NSEAIDEFENCEINFRAPSU 410.75 56.42 ₹3.00 L Cr 1.05% 31.88% 25.27% 16.63% 26.64%
5 HAL Hindustan Aeronautics Limited NSEAIDEFENCEINFRAPSU 4,463.30 32.75 ₹2.98 L Cr 0.44% 13.80% 22.21% 7.87% 16.08%
6 INDIGO InterGlobe Aviation Limited NSEINFRA 5,202.50 -84.07 ₹2.01 L Cr 0.24% 4.02% -34.31% 16.59% -227.40%
7 CUMMINSIND Cummins India Limited NSEINFRA 5,535.50 64.97 ₹1.53 L Cr 1.17% 34.95% 27.87% 16.07% 24.35%
8 ABB ABB India Limited NSEAIINFRA 6,951.50 88.30 ₹1.47 L Cr 0.58% 28.45% 21.29% 15.41% 17.97%
9 POWERINDIA Hitachi Energy India Limited NIFTY_MIDNSEINFRA 33,005.00 148.92 ₹1.47 L Cr 0.02% 24.92% 19.09% 22.24% 119.12%
Financial Statements Quarterly Results · Profit & Loss · Balance Sheet · Cash Flows · Ratios

Quarterly Results

Figures in INR.

Metric Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue 8,227.00 Cr5,003.00 Cr5,125.00 Cr5,504.00 Cr8,260.00 Cr5,485.00 Cr6,584.00 Cr7,277.09 Cr8,993.37 Cr5,486.91 Cr7,512.00 Cr8,473.10 Cr12,310.37 Cr
Cost of Revenue -------4,584.18 Cr5,953.27 Cr3,886.54 Cr-5,862.40 Cr8,020.64 Cr
Gross Profit -------2,692.91 Cr3,040.10 Cr1,600.37 Cr-2,610.70 Cr4,289.73 Cr
Operating Expenses 7,178.00 Cr5,182.00 Cr5,279.00 Cr5,287.00 Cr7,532.00 Cr5,654.00 Cr6,309.00 Cr2,456.55 Cr2,293.44 Cr2,212.03 Cr6,931.00 Cr2,143.39 Cr2,624.53 Cr
Operating Income 976.00 Cr-238.00 Cr-214.00 Cr156.00 Cr660.00 Cr-228.00 Cr215.00 Cr236.36 Cr746.66 Cr-611.66 Cr506.00 Cr467.31 Cr1,665.20 Cr
EBITDA 1,049.00 Cr-178.00 Cr-154.00 Cr217.00 Cr728.00 Cr-169.00 Cr275.00 Cr430.41 Cr990.87 Cr-352.31 Cr581.00 Cr780.29 Cr2,013.01 Cr
Interest Expense 161.00 Cr168.00 Cr180.00 Cr190.00 Cr193.00 Cr162.00 Cr201.00 Cr183.78 Cr201.43 Cr181.21 Cr195.00 Cr182.47 Cr197.52 Cr
Pretax Income 940.00 Cr-276.00 Cr-202.00 Cr84.00 Cr636.00 Cr-279.00 Cr141.00 Cr178.75 Cr704.42 Cr-608.04 Cr499.00 Cr519.83 Cr1,727.59 Cr
Tax Provision 282.00 Cr71.76 Cr139.38 Cr24.36 Cr146.28 Cr66.96 Cr35.25 Cr44.05 Cr199.97 Cr-152.54 Cr124.75 Cr129.43 Cr437.12 Cr
Net Income 658.00 Cr-205.00 Cr-63.00 Cr60.00 Cr490.00 Cr-211.00 Cr106.00 Cr134.70 Cr504.45 Cr-455.50 Cr375.00 Cr390.40 Cr1,290.47 Cr
Diluted EPS 1.89-0.59-0.180.171.41-0.610.300.391.45-1.311.081.123.71

Profit & Loss (Annual)

Figures in INR.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue 31,323.00 Cr25,505.00 Cr28,465.00 Cr28,827.00 Cr30,441.00 Cr21,463.00 Cr17,309.00 Cr-22,136.30 Cr22,920.52 Cr27,355.17 Cr32,359.83 Cr
Cost of Revenue --------16,300.72 Cr16,807.11 Cr18,845.15 Cr22,983.09 Cr
Gross Profit --------5,835.58 Cr6,113.41 Cr8,510.02 Cr9,376.74 Cr
Operating Expenses 29,183.00 Cr26,862.00 Cr27,370.00 Cr27,174.00 Cr28,409.00 Cr21,596.00 Cr20,357.00 Cr-5,739.08 Cr5,933.61 Cr7,701.90 Cr7,773.90 Cr
Operating Income 1,059.00 Cr-2,294.00 Cr245.00 Cr866.00 Cr1,556.00 Cr-636.00 Cr-3,522.00 Cr-96.50 Cr179.80 Cr808.12 Cr1,602.84 Cr
EBITDA 2,141.00 Cr-1,357.00 Cr1,095.00 Cr1,653.00 Cr2,032.00 Cr-133.00 Cr-3,049.00 Cr-1,496.89 Cr1,222.81 Cr1,765.82 Cr3,210.21 Cr
Interest Expense 92.00 Cr360.00 Cr413.00 Cr330.00 Cr378.00 Cr613.00 Cr467.00 Cr-520.94 Cr731.25 Cr748.26 Cr755.73 Cr
Pretax Income 2,187.00 Cr-1,161.00 Cr586.00 Cr1,215.00 Cr1,840.00 Cr-659.00 Cr-3,596.00 Cr-715.61 Cr242.66 Cr745.60 Cr2,138.61 Cr
Tax Provision 743.58 Cr452.79 Cr128.92 Cr777.60 Cr846.40 Cr-810.57 Cr899.00 Cr-61.49 Cr-39.56 Cr211.70 Cr538.35 Cr
Net Income 1,450.00 Cr-706.00 Cr455.00 Cr438.00 Cr1,002.00 Cr-1,468.00 Cr-2,700.00 Cr-637.44 Cr282.22 Cr533.90 Cr1,600.26 Cr
Diluted EPS 3.96-1.921.251.202.89-4.21-7.75-1.880.811.534.60

Balance Sheet (Annual)

Figures in INR.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Total Assets 70,983.00 Cr65,577.00 Cr61,698.00 Cr63,940.00 Cr64,490.00 Cr60,291.00 Cr55,960.00 Cr-56,920.02 Cr59,001.92 Cr68,083.18 Cr76,185.61 Cr
Current Assets --------29,094.50 Cr34,542.11 Cr42,759.77 Cr51,455.35 Cr
Cash & Equivalents --------1,449.11 Cr1,718.86 Cr390.32 Cr1,083.20 Cr
Inventory --------6,755.90 Cr7,220.57 Cr9,869.49 Cr13,334.58 Cr
Receivables --------3,128.35 Cr4,785.38 Cr5,884.35 Cr6,796.27 Cr
Total Liabilities --------32,541.76 Cr34,563.27 Cr43,361.00 Cr50,039.00 Cr
Current Liabilities --------23,479.55 Cr25,247.24 Cr28,225.59 Cr32,302.18 Cr
Long Term Debt ------------
Total Debt 1,889.00 Cr211.00 Cr156.00 Cr110.00 Cr2,598.00 Cr5,080.00 Cr4,951.00 Cr-5,453.51 Cr8,856.46 Cr9,014.60 Cr8,186.95 Cr
Total Equity 34,207.00 Cr32,315.00 Cr32,389.00 Cr32,335.00 Cr30,904.00 Cr28,660.00 Cr25,983.00 Cr-24,378.26 Cr24,438.65 Cr24,722.18 Cr26,146.61 Cr
Shares Outstanding --------348.21 Cr348.21 Cr348.21 Cr348.21 Cr

Cash Flows (Annual)

Figures in INR.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow 821.00 Cr374.00 Cr560.00 Cr989.00 Cr-3,860.00 Cr-2,892.00 Cr560.00 Cr--740.70 Cr-3,712.90 Cr2,192.47 Cr5,837.38 Cr
Investing Cash Flow 650.00 Cr23.00 Cr-565.00 Cr961.00 Cr1,919.00 Cr1,877.00 Cr-42.00 Cr-1,480.46 Cr1,330.86 Cr-2,731.49 Cr-3,035.41 Cr
Financing Cash Flow -3,543.00 Cr-122.00 Cr-468.00 Cr-667.00 Cr-32.00 Cr1,622.00 Cr-394.00 Cr-88.96 Cr2,655.74 Cr-856.81 Cr-1,805.73 Cr
Capital Expenditure -277.00 Cr-552.00 Cr-333.00 Cr-270.00 Cr-424.00 Cr-384.00 Cr-249.00 Cr--188.40 Cr-232.50 Cr-304.37 Cr-589.04 Cr
Free Cash Flow 544.00 Cr-178.00 Cr227.00 Cr719.00 Cr-4,284.00 Cr-3,276.00 Cr311.00 Cr--929.10 Cr-3,945.40 Cr1,888.10 Cr5,248.34 Cr
Net Change in Cash -2,071.00 Cr275.00 Cr-473.00 Cr1,283.00 Cr-1,973.00 Cr608.00 Cr123.00 Cr-828.72 Cr273.70 Cr-1,395.83 Cr996.24 Cr

Ratios (Annual)

Figures in %.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Gross Margin % --------26.4%26.7%31.1%29.0%
Operating Margin % 3.4%-9.0%0.9%3.0%5.1%-3.0%-20.3%-0.4%0.8%3.0%5.0%
Net Margin % 4.6%-2.8%1.6%1.5%3.3%-6.8%-15.6%-2.9%1.2%2.0%4.9%
ROE % 4.2%-2.2%1.4%1.4%3.2%-5.1%-10.4%-2.6%1.2%2.2%6.1%
ROCE % --------0.3%0.5%2.0%3.7%

Shareholding Pattern

Insiders
59.74%
Institutions
25.26%
Public Float
62.75%

Analyst View

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Latest News

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BHEL — Frequently Asked Questions

What is the current share price of Bharat Heavy Electricals Limited (BHEL)?

As of 2026-07-15 09:52 IST, Bharat Heavy Electricals Limited (BHEL) trades at ₹405.55 on NSE. Its 52-week range is ₹208.01 to ₹422.35.

What is the market capitalisation of BHEL?

Bharat Heavy Electricals Limited (BHEL) has a market capitalisation of ₹1.41 L Cr on NSE.

What is the P/E ratio of BHEL?

BHEL trades at a trailing price-to-earnings (P/E) ratio of 88.16. The industry average P/E is 29.60. Its price-to-book (P/B) ratio is 5.45.

Does BHEL pay a dividend?

Bharat Heavy Electricals Limited (BHEL) currently offers a dividend yield of 0.35%.

What is the return on equity (ROE) of BHEL?

BHEL has a return on equity (ROE) of 6.12%. Its return on capital employed (ROCE) is 6.60%.

Is BHEL a good stock to buy?

This page provides a data-driven analysis of Bharat Heavy Electricals Limited (BHEL), including valuation ratios, profitability, growth trends, auto-generated pros and cons, peer comparison and AI exposure. Review these fundamentals alongside your own research and risk tolerance. This is informational content, not investment advice.

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