BHEL FY25 revenue up 19% as orders hit Rs 92,534cr

FY25 headline numbers: revenue, orders, backlog

Bharat Heavy Electricals Limited (BHEL) reported provisional and unaudited revenue of Rs 27,350 crore for FY 2024-25, a growth of around 19% over the previous year. The company also posted its highest-ever annual order inflows at Rs 92,534 crore during the year. With these additions, BHEL’s total order book at the end of FY 2024-25 stood at Rs 1,95,922 crore. The update positions the state-run capital goods company with a large multi-year pipeline, where conversion into billings becomes the key near-term monitorable. BHEL also highlighted execution progress through commissioning and synchronisation of 8.1 GW of power capacity during the year.

Where the FY25 orders came from

BHEL said it retained leadership in the power sector by winning orders worth Rs 81,349 crore in FY 2024-25. The industrial segment recorded fresh orders worth Rs 11,185 crore, reflecting participation across transportation, defence, process industries, and industrial equipment. The split underlines the continued dominance of power equipment in BHEL’s intake mix, while also showing increasing relevance of industry-led diversification themes. For investors tracking order quality, the disclosed numbers indicate breadth across end-markets, even as execution timelines vary by project type and customer.

Execution update: 8.1 GW commissioned or synchronised

On the execution front, BHEL commissioned or synchronised 8.1 GW of power capacity during FY 2024-25. The company framed this as part of its focus on project delivery and operational efficiency. Execution progress matters because it directly influences revenue recognition and working capital, particularly in long-cycle EPC and power equipment contracts. Even with record inflows, slower conversion can keep near-term financials volatile, as seen in subsequent quarterly commentary included in the provided context.

Recent quarterly performance markers cited in the context

In an earlier results-related update dated 20.01.2026, BHEL’s consolidated December 2025 net sales were stated at Rs 8,473.10 crore, up 16.44% year-on-year. Separately, an update dated 04.11.2025 said BHEL’s standalone September 2025 net sales were Rs 7,511.80 crore, up 14.09% year-on-year. The context also noted that BHEL was scheduled to announce earnings for the quarter ending December 31, 2025 on January 19, as per an exchange filing.

Segment-level picture in FY26: industry offsets power weakness

The provided text described a mixed start to FY2026, where near-term execution challenges weighed on performance despite a large order pipeline. In the power segment, revenue was stated at Rs 3,898.86 crore, down 5.6% year-on-year from Rs 4,128.10 crore. Loss before tax and finance cost in the power segment widened to Rs 510 crore from a Rs 53.97 crore loss in the prior year period cited.

In contrast, the industry segment revenue rose 17% year-on-year to Rs 1,588.05 crore from Rs 1,356.82 crore. Profit before tax and finance cost for the industry segment increased to Rs 306.84 crore from Rs 63.34 crore. The context attributed support to demand in defence, railways, and transmission businesses.

Order inflows in FY26: large pipeline, conversion focus

For Q1 FY26, the text stated BHEL added fresh orders worth Rs 13,445 crore. The power segment contributed Rs 7,620 crore of these new orders, while industry and exports contributed Rs 5,825 crore. The same context described BHEL’s cumulative order book as having crossed Rs 2,00,000 crore, while the FY25 press release figure put the FY25 closing order book at Rs 1,95,922 crore.

Rail and manufacturing milestones: Vande Bharat sleeper supplies

BHEL also disclosed a milestone under its Make in India initiatives for rail transportation. The company said it commenced supply of underslung traction transformers for the Vande Bharat sleeper train project being executed by a BHEL-led consortium with TRSL, as per an exchange filing referenced in the context. Such product deliveries can help build a steadier non-power order book over time, particularly where repeat orders and standardised platforms exist.

Stock and market snapshot shared in the context

The text noted that at the close of the last trading session, BHEL shares rose 0.7% to Rs 227.5. Over the past six months, the stock was said to be down 10%, while it gained 213% over the last two years. The company’s market capitalisation was pegged at Rs 79,217 crore in the same passage. Separately, the context referenced a June 14, 2024 development where BHEL secured Rs 7,000 crore orders from Adani Power for two power plants.

Key numbers at a glance

Key per-share ratios (as provided)

Why the FY25 update matters

The FY25 press release combines two signals that markets typically track closely for capital goods and EPC-linked companies: double-digit revenue growth and record order inflows. The order book of Rs 1,95,922 crore provides visibility, but the later FY26 segment commentary in the provided context shows why execution pace and cost discipline remain central, particularly in the power segment where losses were reported to have widened. Investors and industry observers will also watch the mix shift from railways, defence, and transmission, which the context described as supportive for the industry segment.

Conclusion

BHEL’s FY 2024-25 update points to a stronger topline and a record annual order intake, with the backlog closing at Rs 1,95,922 crore and 8.1 GW commissioned or synchronised. Subsequent quarterly markers and segment commentary in the provided text highlight that the near-term story continues to hinge on project conversion and margins, especially in power. The next key data points, as referenced, include results announcements and quarterly sales trends reported through exchange filings.