Bharat Heavy Electricals Limited (BHEL)

Capital Goods · Electrical Equipment · NSE · Updated 15 July 2026

₹403.9 ↑ 56.85% (1Y)

🎯 Key Takeaways

BHEL is transitioning from a period of financial volatility to sustained operational strength, marked by robust revenue growth, margin expansion, and a record order book, signaling a structural turnaround driven by execution in core power and emerging segments..
Revenue grew 10.5% QoQ to ₹7,277 in Q3FY25.
⚠️ 1) Execution risk in large infrastructure and new-segment projects (e.g., coal-to-chemicals, rail signaling) could delay returns or strain margins. 2)

Market Cap

₹1.39 L Cr

P/E Ratio

267.3

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

BHEL is transitioning from a period of financial volatility to sustained operational strength, marked by robust revenue growth, margin expansion, and a record order book, signaling a structural turnaround driven by execution in core power and emerging segments.

📰 What's Happening

In Q4 FY26, BHEL reported a 19% YoY revenue surge to Rs. 33,782 crores, fueled by strong order execution in power and industry segments, commissioning of 8.9 GW capacity, and diversification into rail signaling and coal-to-chemical projects. The order book reached a record Rs. 2,40,000 crores, reflecting strong demand visibility. Two units received GreenCo certification, and R&D spend stood at 2.4% of revenue, underscoring innovation focus. Management emphasized self-reliance in technology and segmental expansion as key growth levers.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	8,227	5,003	5,125	5,504	8,260	5,485	6,584	7,277
Operating Profit	1,098	-250	-208	33	884	-72	386	412
OPM %	12.0%	-7.3%	-7.6%	-1.1%	8.8%	-3.1%	4.2%	4.2%
Net Profit	611	-344	-238	-149	490	-211	106	135
EPS	₹1.75	₹-0.99	₹-0.68	₹-0.43	₹1.41	₹-0.61	₹0.30	₹0.39

The company has reversed earlier losses, with Q4 FY26 profit after tax rising to Rs. 5,041 crores from Rs. 3,513 crores in the prior year, and operating performance improving significantly from negative margins in Q1-FY25 to an OPM of 4.2% in Q3FY25. Sequential growth in profitability and margins, particularly in the last two quarters, aligns with management's narrative of operational efficiency and scale-driven execution, supporting confidence in sustained earnings momentum.

🔮 Management Outlook & What's Next

Management highlighted continued focus on self-reliance in technology and expansion in power and industry segments, with strategic diversification into rail signaling and coal-to-chemical projects as part of long-term growth. No explicit forward guidance on margins or growth rates was provided, but the emphasis on order book strength and capacity additions suggests confidence in multi-year demand tailwinds.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Electrical Equipment

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Hitachi Energy India Limited	1.45 L Cr	172.4	—	—	—
Bharat Heavy Electricals Limited	1.39 L Cr	267.3	—	—	—
ABB India Limited	1.35 L Cr	48.8	—	—	—
CG Power and Industrial Solutions Limited	1.32 L Cr	136.7	—	—	—
Siemens Limited	1.28 L Cr	45.2	—	—	—
GE Vernova T&D India Limited	1.11 L Cr	104.1	—	—	—
Siemens Energy India Limited	1.10 L Cr	83.9	—	—	—
Waaree Energies Limited	86,928	22.4	—	—	—
Suzlon Energy Limited	73,843	64.1	—	—	—
Thermax Limited	53,625	81.9	—	—	—

🔗 Peer Stock Analyses

POWERINDIA ABB CGPOWER SIEMENS GVT&D

⚠️ Risk Factors

1) Execution risk in large infrastructure and new-segment projects (e.g., coal-to-chemicals, rail signaling) could delay returns or strain margins. 2) Geopolitical and macroeconomic volatility affecting power sector investments and commodity prices may impact order execution. 3) Regulatory and policy dependence in the power sector introduces uncertainty around future order pipelines.

📋 Recent Filings

🧠 Analyst's Read

BHEL is demonstrating a credible turnaround with strong execution, rising margins, and a record order book, supported by management's strategic focus on diversification and self-reliance. Investors should monitor execution pace in new segments and macro-driven demand trends in the power sector as key near-term catalysts.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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