BHEL·HEAVY MACHINERY 62.02·Electrical Equipment Companies

Price

381.6

+1%
O:380
H:387
L:379.3
C:381.6

52W Range

205.12424.9
+86%/-10%

Market Cap

₹1,32,875.54 Cr

Traded: ₹349.61 Cr (0.26%) 0.0x

Free Float: ₹14,124.67 Cr (2.48% of FF traded)

Volume · 60D trend

91.03 L 0.0x

Delivery: % 0.0x

View Delivery Data

Returns

1W:+0% 1M:-6% 3M:-6% 6M:+48% 12M:+46%

Valuation

P/E83.0
P/B5.1
P/S3.9
EV/EBIT37.1

Business Strength

ROE2.2%
ROCE4.5%
OPM6.9%
NPM4.7%

Growth (3Y CAGR)

EPS+200.7%
Sales+13.0%
Profit+37.0%
3Y Return+67.0%

Balance Sheet

Debt/Equity0.3
Debt7,950 Cr
Pledge0.0%
CWIP/Fixed Asset12.9%

Cash Position

CFO/NP--
FCF1,924 Cr
FCF 3Y Avg-88.9 Cr
Cash/MCap7.0%

Others

Div Yield0.2%
Div Payout30.0%
Cash Conv. Cycle119 days
Tradeable Free Float10.6%

MTF Exposure Trend

60 sessions · funded amount, % of FF, daily delta

Current
₹ 310.88 Cr
2.20% FF
60d high
₹ 326.04 Cr
60d low
₹ 180.86 Cr
60d mean
₹ 243.13 Cr
vs mean
▲ 27.87%

Growth Trends

Metric10Y5Y3Y1YTTMTrend
ROE
+0.0%
+3.0%
+3.0%
--
--
Stable
Return
+16.0%
+46.0%
+67.0%
+68.0%
--
Accelerating
Sales
+3.0%
+14.0%
+13.0%
--
+19.0%
Stable
Profit
+16.0%
+21.0%
+37.0%
--
+208.0%
Accelerating

Quarterly Results

Mar 2026

4 May
Rev
12.3K Cr
+37% YoY+45% QoQ
OPM14.0%
NPM10.5%
PAT
+156% YoY1.3K Cr
EPS
+156% YoY3.7

Dec 2025

19 Jan
Rev
8.5K Cr
+16% YoY+13% QoQ
OPM6.0%
NPM4.6%
PAT
+190% YoY390 Cr
EPS
+187% YoY1.1

Sep 2025

Rev
7.5K Cr
+14% YoY+37% QoQ
OPM8.0%
NPM5.0%
PAT
+253% YoY375 Cr
EPS
+260% YoY1.1

Jun 2025

Rev
5.5K Cr
+0% YoY-39% QoQ
OPM-10.0%
NPM-8.3%
PAT
-115% YoY-456 Cr
EPS
-115% YoY-1.3

Mar 2025

Rev
9.0K Cr
+9% YoY+24% QoQ
OPM9.0%
NPM5.6%
PAT
+3% YoY504 Cr
EPS
+3% YoY1.4

Dec 2024

Rev
7.3K Cr
+32% YoY+11% QoQ
OPM4.0%
NPM1.9%
PAT
+123% YoY135 Cr
EPS
+129% YoY0.4

Sep 2024

Rev
6.6K Cr
+28% YoY+20% QoQ
OPM4.0%
NPM1.6%
PAT
+268% YoY106 Cr
EPS
+267% YoY0.3

Jun 2024

Rev
5.5K Cr
+10% YoY-34% QoQ
OPM-3.0%
NPM-3.9%
PAT
-3% YoY-211 Cr
EPS
-3% YoY-0.6

Mar 2024

Rev
8.3K Cr
+0% YoY+50% QoQ
OPM9.0%
NPM5.9%
PAT
-26% YoY490 Cr
EPS
-25% YoY1.4

Dec 2023

Rev
5.5K Cr
+5% YoY+7% QoQ
OPM4.0%
NPM1.1%
PAT
+43% YoY60 Cr
EPS
+42% YoY0.2

Sep 2023

Rev
5.1K Cr
--+2% QoQ
OPM-3.0%
NPM-1.2%
PAT
-621% YoY-63 Cr
EPS
---0.2

Jun 2023

Rev
5.0K Cr
---39% QoQ
OPM-4.0%
NPM-4.1%
PAT
-9% YoY-205 Cr
EPS
---0.6

Mar 2023

Rev
8.2K Cr
--+56% QoQ
OPM13.0%
NPM8.0%
PAT
-28% YoY658 Cr
EPS
--1.9

Dec 2022

Rev
5.3K Cr
----
OPM3.0%
NPM0.8%
PAT
+56% YoY42 Cr
EPS
--0.1

Revenue & Margin Trends

Annual

Quarterly

Balance Sheet Health

Leverage

Debt / Equity0.31
Interest Coverage--x
Promoter Pledge0.0%
Borrowings8.2K Cr

Efficiency

Receivable Days73 days
Inventory Days212 days
Payable Days167 days
Cash Conversion cycle119 days

Cash Position

Operating Cash Flow--
Investing Cash Flow--
Financing Cash Flow--
Free Cash Flow1.9K Cr

Detailed Financials

Mar 2026
Dec 2025
Sep 2025
Jun 2025
Mar 2025
Dec 2024
Sep 2024
Jun 2024
Mar 2024
Dec 2023
Sep 2023
Jun 2023
Mar 2023
Dec 2022
Sales12,3108,4737,5125,4878,9937,2776,5845,4858,2605,5045,1255,0038,2275,263
Expenses10,5577,9286,9316,0248,1626,9736,3095,6547,5325,2875,2795,1827,1785,119
Operating Profit1,753545581-537832304275-169728217-154-1781,049144
OPM %14.0%6.0%8.0%-10.0%9.0%4.0%4.0%-3.0%9.0%4.0%-3.0%-4.0%13.0%3.0%
Other Income260235189185159126128111170118192130125110
Interest198182195181201184201162193190180168161139
Depreciation8878757585686059686160607362
Profit Before Tax1,728520499-608704179141-27963684-202-27694053
Tax %25.0%25.0%25.0%-25.0%28.0%25.0%25.0%-24.0%23.0%29.0%-69.0%-26.0%30.0%20.0%
Net Profit1,290390375-456504135106-21149060-63-20565842
Exceptional Items----------------------------
EPS (Rs)3.71.11.1-1.31.40.40.3-0.61.40.2-0.2-0.61.90.1
Sales Growth (YoY)36.9%16.4%14.1%0.0%8.9%32.2%28.5%9.6%0.4%4.6%--------
Sales Growth (QoQ)45.3%12.8%36.9%-39.0%23.6%10.5%20.0%-33.6%50.1%7.4%2.4%-39.2%56.3%--
OP Growth (YoY)110.7%79.3%111.3%-217.8%14.3%40.1%278.6%5.1%-30.6%50.7%--------
OP Growth (QoQ)221.7%-6.2%208.2%-164.5%173.7%10.5%262.7%-123.2%235.5%240.9%13.5%-117.0%628.5%--
Profit Growth (YoY)156.0%190.0%253.0%-115.0%3.0%123.0%268.0%-3.0%-26.0%43.0%-621.0%-9.0%-28.0%56.0%
EPS Growth (YoY)155.9%187.2%260.0%-114.8%2.8%129.4%266.7%-3.4%-25.4%41.7%--------
EPS Growth (QoQ)231.3%3.7%182.4%-190.3%271.8%30.0%149.2%-143.3%729.4%194.4%69.5%-131.2%1475.0%--
OP Margin14.2%6.4%7.7%-9.8%9.3%4.2%4.2%-3.1%8.8%3.9%-3.0%-3.6%12.8%2.7%
Net Margin10.5%4.6%5.0%-8.3%5.6%1.9%1.6%-3.9%5.9%1.1%-1.2%-4.1%8.0%0.8%
Material Cost %65.0%69.0%69.0%71.0%66.0%63.0%67.0%71.0%67.0%73.0%72.0%71.0%69.0%45.0%
Employee Cost %16.0%18.0%20.0%27.0%17.0%20.0%22.0%26.0%18.0%26.0%25.0%28.0%18.0%27.0%
P/S3.934.03------------------------
P/E82.96150.60------------------------
P/B5.085.03------------------------

Shareholding Pattern

Shareholders:17.6L (+72.6%)
Current MixMar 2026

Exchange Filings

50
Company Update09 Jul 2026

Published advertisement regarding 62nd AGM, Record Date & other related information

Board Meeting09 Jul 2026

Bharat Heavy Electricals Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 16/07/2026 ,inter alia, to consider and approve Unaudited Financial ....

Company Update07 Jul 2026

BHEL has signed Strategic Collaboration Agreement with M/s thyssenkrup nucera India Private Limited for Alkaline Electrolyser System for Green Hydrogen projects

Company Update03 Jul 2026

Information regarding BHEL''s Credit Rating upgrade by M/s CRISIL Ratings

Corp. Action01 Jul 2026

Record Date for Final Dividend

Company Update01 Jul 2026

Intimation of date of Annual General Meeting & Record Date for Final Dividend for FY 2025-26

Company Update30 Jun 2026

Newspaper Publication

Insider Trading / SAST29 Jun 2026

Closure of Trading Window

Company Update12 Jun 2026

Information to Stock exchange on BHEL''s Credit Rating Upgrade by M/s CARE Ratings Limited

Company Update11 Jun 2026

BHEL receives Limited Notice to Proceed (LNTP) from DVC 1x800 MW Durgapur (Main plant package)

Company Update02 Jun 2026

Newspaper Publication

Company Update02 Jun 2026

Completion of tenure of Shri Ramesh Patlya Mawaskar, Independent Director from the Board of BHEL

Company Update28 May 2026

As per attachment

Company Update20 May 2026

BHEL Secretarial Compliance Report for FY 2025-26

Company Update05 May 2026

Published Financial Results for the quarter & year ended 31.03.2026

Company Update04 May 2026

BHEL Q4 FY 2025-26 Results Supplementary Information

Result04 May 2026

As per attachment

Board Meeting04 May 2026

As per attachment

Company Update28 Apr 2026

BHEL enters into LAToT with M/s NSTL- DRDO, Vishakhapatnam for GT-IRSS for Naval Vessels

Board Meeting28 Apr 2026

Bharat Heavy Electricals Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 04/05/2026 ,inter alia, to consider and approve Further to our communication ....

Board Meeting27 Apr 2026

Bharat Heavy Electricals Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 04/05/2026 ,inter alia, to consider and approve the Audited Financial ....

Company Update27 Apr 2026

Change in Part-time Official Director on the Board of BHEL.

Company Update25 Apr 2026

Change in Management

Company Update17 Apr 2026

BHEL Registers Strong Revenue Growth in FY 2025-26

Company Update17 Apr 2026

Withdrawal of BHEL''s acceptance of Letter of Intent from MB Power (Madhya Pradesh) Limited

Company Update17 Apr 2026

Disclosure under Regulation 30(4) of SEBI (LODR) Regulations 2025

Company Update09 Apr 2026

BHEL has signed ''Technology Collaboration Agreement (TCA) for Excitation System of Synchronous machines with M/s E2S Company Limited, Republic of Korea.

Company Update08 Apr 2026

Certificate under Regulation 74(5) of SEBI DP Regulation for quarter ended on 31.03.2026

Company Update07 Apr 2026

Newspaper Publication

Company Update01 Apr 2026

Receipt of a demand order from GST Authorities, Karnataka

Company Update31 Mar 2026

Information regarding BHEL''s Credit Rating by M/s India Ratings & Research (Revision in outlook from "Stable to "Positive'') on 30-03-2026

Company Update30 Mar 2026

Receipt of Notification of Award (NOA) from NTPC Ltd.

Company Update30 Mar 2026

The Exchange has sought clarification from Bharat Heavy Electricals Ltd on March 30, 2026, with reference to news appeared in https://economictimes.indiatimes.com dated March 27, 2026 quoting ....

BSE
Company Update28 Mar 2026

Completion of tenure of Independent Director

Company Update26 Mar 2026

Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 - Change in Senior Management

Company Update25 Mar 2026

Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015- Change in Senior Management

Insider Trading / SAST25 Mar 2026

Closure of Trading Window

Company Update19 Mar 2026

Outcome of Board Meeting

Company Update19 Mar 2026

Relinquishment of charge by Shri Krishna Kumar Thakur, Director (Human Resources)

Company Update03 Mar 2026

Imposition of fine for non-compliance of Regulation 17(1) of SEBI (LODR) Regulations, 2015 pertaining to composition of Board of Directors

Company Update02 Mar 2026

Imposition of fine for non-compliance of Regulation 17(1) of SEBI (LODR) Regulations, 2015 pertaining to composition of Board of Directors

Company Update21 Feb 2026

Disclosure regarding ongoing litigations or disputes

Company Update19 Feb 2026

Copy of newspaper publication

Company Update17 Feb 2026

Receipt of Letter of Acceptance from Steel Authority of India Limited

Insider Trading / SAST13 Feb 2026

The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for The President of India

Company Update13 Feb 2026

As per attachment

Company Update11 Feb 2026

President of India, acting through and represented by the Ministry of Heavy Industries, Government of India, is the promoter of (the "Promoter" and the "Seller") Bharat Heavy Electricals ....

Company Update10 Feb 2026

President of India, acting through and represented by the Ministry of Heavy Industries, Government of India, is the promoter of (the "Promoter" and the "Seller") Bharat Heavy Electricals ....

Company Update10 Feb 2026

Receipt of Letter of Acceptance from Bharat Coal Gasification and Chemicals Limited (BCGCL)

Company Update04 Feb 2026

Receipt of LOI from HINDALCO Industries Limited

Annual Reports

14

2025

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

Credit Ratings

6
crisilRating update
06 Aug 2025Report
fitchRating update
26 Jun 2025Report
careRating update
17 Jun 2025Report
crisilRating update
09 Apr 2025Report
crisilRating update
27 Dec 2024Report
crisilRating update

Concalls

16

Oct 2025

31 Oct 2025

May 2025

31 May 2025

Jan 2025

31 Jan 2025

Oct 2024

31 Oct 2024

Jul 2024

31 Jul 2024

May 2024

31 May 2024

Nov 2023

30 Nov 2023

May 2023

31 May 2023

Feb 2023

28 Feb 2023

May 2022

31 May 2022

Jul 2021

31 Jul 2021

Sep 2020

30 Sept 2020

Jun 2020

30 Jun 2020

Feb 2020

29 Feb 2020

Oct 2019

31 Oct 2019

Aug 2019

31 Aug 2019

Held by ETFs

37 ETFs hold BHEL · sorted by weight

#ETFWeight %
1

ABSLPSE

BIRLASLAMC-ABSLPSE

4.84%
2

GROWWPSE

GROWWAMC - GROWWPSE

4.84%
3

GROWWPOWER

GROWWAMC - GROWWPOWER

5.13%
4

MIDSELIETF

ICICI PRUD MIDCAP SEL ETF

4.04%
5

ENERGY

MIRAEAMC - ENERGY

3.68%
6

MOENERGY

MOTILALAMC - MOENERGY

3.68%
7

HDFCMOMENT

HDFCAMC - HDFCMOMENT

3.46%
8

MIDCAP

KOTAKMAMC - KOTAKMID50

2.72%
9

GROWWRAIL

GROWWAMC - GROWWRAIL

1.98%
10

MOM100

MOTILAL OS MIDCAP100 ETF

1.83%
11

INFRA

MIRAEAMC - INFRA

1.87%
12

LICNMID100

LICNAMC - LICNMID100

1.81%
13

MIDCAPETF

MIRAEAMC - MAM150ETF

1.51%
14

MIDCAPIETF

ICICIPRAMC - ICICIM150

1.51%
15

MID150BEES

NIP IND ETF MIDCAP 150

1.52%
16

SBINMID150

SBIAMC - SBINMID150

1.51%
17

MIDCAPADD

DSPAMC - MIDCAPADD

1.51%
18

MID150CASE

ZERODHAAMC - MID150CASE

1.51%
19

GROWWMC150

GROWWAMC - GROWWMC150

1.51%
20

HDFCMID150

HDFCAMC - HDFCMID150

1.48%
21

MIDCAPBETA

UTIAMC-MIDCAPBETA

1.48%
22

MID150

KOTAKMAMC - MID150

1.51%
23

MOMGF

MOTILALAMC - MOMGF

1.24%
24

MANUFGBEES

NIPPONAMC - MANUFGBEES

1.24%
25

MAKEINDIA

MIRAEAMC - MAMFGETF

1.24%
26

EQUAL200

MIRAEAMC - EQUAL200

0.61%
27

ELM250

EDELAMC - ELM250

0.79%
28

ABSLMSCIN

BIRLASLAMC - ABSLMSCIN

0.40%
29

MSCIADD

DSPAMC - MSCIADD

0.39%
30

MSCIINDIA

KOTAKMAMC - MSCIINDIA

0.39%
31

MONIFTY500

MOTILALAMC - MONIFTY500

0.31%
32

HDFCBSE500

HDFCAMC - HDFCBSE500

0.31%
33

GROWWN200

GROWWAMC - GROWWN200

0.37%
34

AONETOTAL

AONEAMC - AONETOTAL

0.30%
35

MOPSE

MOTILALAMC - MOPSE

4.83%
36

BSE500IETF

ICICIPRAMC - ICICI500

0.29%
37

MULTICAP

MIRAEAMC - MULTICAP

0.38%

Held by Mutual Funds

18 schemes hold BHEL · sorted by weight

#SchemeWeight %
1

SBI Infrastructure Fund

SBI Mutual Fund

3.48%
2

HSBC Large and Mid Cap Fund

HSBC Mutual Fund

2.95%
3

SBI Mid Cap Direct Plan-Growth

SBI Mutual Fund

3.10%
4

WhiteOak Capital Mid Cap Fund

WhiteOak Capital Mutual Fund

2.19%
5

Edelweiss Mid Cap Direct Plan-Growth

Edelweiss Mutual Fund

2.00%
6

Tata Ethical Direct Plan-Growth

Tata Mutual Fund

2.84%
7

HSBC Equity Savings Fund

HSBC Mutual Fund

1.97%
8

Nippon India Small Cap Fund

Nippon India Mutual Fund

1.93%
9

HSBC Midcap Fund

HSBC Mutual Fund

3.76%
10

JM Flexicap Fund

JM Financial Mutual Fund

1.89%
11

Nippon India Growth Mid Cap Fund

Nippon India Mutual Fund

1.85%
12

Groww Nifty India Railways PSU Index Fund

Groww Mutual Fund

1.97%
13

SBI Arbitrage Opportunities Fund

SBI Mutual Fund

0.76%
14

HSBC Multi Asset Allocation Fund

HSBC Mutual Fund

3.06%
15

SBI Equity Savings Fund

SBI Mutual Fund

0.66%
16

HSBC Infrastructure Fund

HSBC Mutual Fund

1.43%
17

ICICI Prudential India Opportunities Fund

ICICI Prudential Mutual Fund

0.26%
18

HSBC ELSS Tax Saver Fund

HSBC Mutual Fund

1.72%