BHEL wins ₹11,800 crore CSPGCL order; stock jumps in 2025

Order win triggers fresh focus on BHEL

State-run Bharat Heavy Electricals Limited (BHEL) reported a fresh order win after receiving a Letter of Intent (LoI) from Chhattisgarh State Power Generation Company (CSPGCL). The contract value is approximately ₹11,800 crore, excluding taxes and duties, as disclosed in an exchange filing. The LoI relates to an engineering, procurement and construction (EPC) package for the Korba West Supercritical Thermal Power Plant (STTP). The project involves two 660 MW supercritical units at Hasdeo Thermal Power Station in Korba district, Chhattisgarh. The announcement coincided with a sharp move in BHEL’s share price during Friday’s session.

What BHEL has been awarded

BHEL said it has received the LoI for the EPC package of the 2x660 MW Korba West STTP. The scope includes supply of supercritical equipment such as boilers, turbines and generators, along with associated auxiliaries. The filing also listed electrical, control and instrumentation (C&I) systems, and balance of plant packages as part of the order. In addition, the contract includes erection, commissioning and related civil works. The order value is stated at around ₹11,800 crore (excluding taxes and duties), indicating a large project with multi-year execution.

Location and project timeline

The project is located at Hasdeo Thermal Power Station in Korba district, Chhattisgarh, according to BHEL’s filing. BHEL indicated that commercial operations are expected within 60 months. The 60-month timeline was repeated across market reports that cited the company’s exchange disclosure. The timeline offers investors a defined execution window while the company works through supply, installation, and commissioning milestones.

Market reaction: intraday rise and key price levels

Following the announcement, BHEL’s stock rose about 2.7% during intra-day trade on Friday. Reports also noted the stock rallied nearly 3.5% at the day’s high, touching around ₹221.3 per share. Another update put the intraday high at ₹220.95 after a roughly 3% jump in trade. By around 12:10 PM, the stock was reported trading about 2.76% higher at ₹219.8, while Nifty 50 was up about 0.04% at that time. Separately, one report said the stock later closed at ₹215.15 per share after hitting an intraday high of ₹221.30.

One-month recovery and longer-period performance

The stock has gained over 22% in the past month, supported by a rebound from its 52-week low of ₹176 on March 3. Another data point cited a rise of nearly 23% in one month. Despite the recent bounce, the stock has been described as down over 21% over the last six months and down over 11% over the last one year. For the year-to-date period, one report said the stock was down 4.66%, compared with a 0.18% fall in the benchmark Nifty 50.

Recent order wins and order book references

Market reports also highlighted other recent large orders cited alongside the CSPGCL win. BHEL was reported to have won a ₹6,700 crore order from Singareni Collieries to set up an 800 MW thermal power unit in Telangana. During the same month, it also won a ₹6,200 crore contract from Damodar Valley Corporation. A separate reference noted BHEL announced a large order worth ₹7,500 crore (excluding taxes) from GSECL to set up 1x800 MW Unit 7 at the Ukai thermal power plant. One report stated BHEL’s order book stood at ₹160,000 crore (₹1.6 lakh crore) by the end of Q3 FY25.

Other contracts mentioned in the broader coverage

Earlier updates in the same news flow referenced additional BHEL projects. One report said BHEL received a ₹4,000 crore order from Adani Power Limited for setting up the 1,600 MW Raigarh Phase-2 thermal power plant. Another update said BHEL won a ₹3,500 crore contract to build a supercritical thermal power plant in West Bengal. Separately, an item noted that BHEL had said an order was worth more than ₹3,500 crore, with GST applicable additionally, and that boilers and turbine generators would be manufactured at its Tiruchirappalli (Trichy) and Haridwar plants.

BEML order update and PSU activity

The broader PSU order flow also included an update from BEML. BEML informed that it received a ₹405 crore contract from Bengaluru Metro Rail Corporation Limited (BMRCL). The same coverage also carried a line stating that a state-run engineering and manufacturing company reported total net profit rising to ₹1,600.26 crore in FY2025-26.

Key facts at a glance

Why this order matters for tracking execution

The CSPGCL project adds another large EPC order to BHEL’s recent order flow in thermal power. The disclosed scope covers core equipment supply plus erection and commissioning, which typically ties execution performance to project milestones over multiple years. With the company stating a 60-month timeline for commercial operations, investors and industry watchers often track progress through subsequent filings and project updates. The order’s value is also explicitly stated as excluding taxes and duties, which helps separate the base contract value from statutory levies.

What to watch next

The immediate next steps are likely to be linked to formal contract finalisation following the LoI and subsequent execution scheduling. Market participants will also watch for additional disclosures on project start, engineering and supply timelines, and commissioning milestones as the 60-month window progresses. On the stock side, trading updates already show the counter reacting strongly to order announcements, alongside a recovery from the March low.

Conclusion

BHEL’s ₹11,800 crore LoI from CSPGCL for the 2x660 MW Korba West supercritical project lifted the stock during Friday’s session and adds to a series of large order references reported in recent weeks. The company has stated the project is expected to reach commercial operations within 60 months, keeping execution timelines in focus going forward.