BHEL Q2 FY27: Profit up 120%, revenue beats estimates

What changed in BHEL’s September-quarter results

Bharat Heavy Electricals Ltd (BHEL) reported a strong September-quarter performance, with profit, revenue and EBITDA coming in ahead of a CNBC-TV18 poll estimate cited in market reports. The stock reaction was immediate, with the shares rising after the results.

The headline numbers pointed to a sharp year-on-year improvement. Revenue rose 23.8% year-on-year to ₹9,300 crore from ₹7,511 crore, and EBITDA increased to ₹1,026 crore from ₹581 crore. The EBITDA margin expanded to 11% from 7.7% a year ago.

Net profit was reported at ₹810 crore for Q2, up 120.1% from ₹368 crore in the year-ago period. Separately, another update in the same information set cited consolidated net profit of ₹821 crore versus ₹375 crore a year ago. The common thread across both disclosures was that profit growth was steep and above expectations.

How the market reacted: price move and key levels

Shares of BHEL were reported to have surged 3.36% after the company posted the September-quarter beat. In another market update from the same day, the stock hit a fresh 52-week high of ₹460.90 and later traded at ₹454.55, up 2.84% from the previous close.

A separate price point mentioned was a Tuesday close at ₹442.35. The stock was also referenced at ₹439.90 (NSE) in an item dated 12 October 2026.

BHEL’s market capitalisation was cited at ₹1,52,932.22 crore in the market update accompanying the 52-week high.

Profit, revenue and margin: reported vs estimates

The quarter’s operating performance was marked by a sharp improvement in profitability. EBITDA rose to ₹1,026 crore, compared with ₹581 crore a year ago, while the EBITDA margin improved to 11% from 7.7%.

On estimates, the CNBC-TV18 poll referenced in the report had expected:

• Revenue of ₹9,236 crore
• Net profit of ₹654.4 crore
• EBITDA of ₹881 crore
• EBITDA margin of 9.5%

The reported numbers exceeded each of those estimates, according to the same reports.

A second set of reported numbers to note

Within the same information bundle, another paragraph cited BHEL’s consolidated net profit at ₹821 crore versus ₹375 crore a year ago, with revenue at ₹9,300 crore versus ₹7,512 crore.

The revenue figure is consistent across both versions (₹9,300 crore), while the net profit and year-ago base differ slightly (₹810 crore vs ₹821 crore; ₹368 crore vs ₹375 crore). The reports did not explain the reason for the difference, but both sets point to a sharp year-on-year rise.

Board decisions: ₹500 crore capex and unit consolidation

Alongside the quarterly performance, BHEL also disclosed board decisions that matter for operations.

The company informed exchanges that its board approved a capital investment proposal of around ₹500 crore. The proposal is for additional facilities to manufacture thermal and nuclear sets at its HEEP-Haridwar unit.

BHEL’s board also approved the merger of its Electrical Machines Repair Plant (EMRP) in Mumbai and Electronics Division (EDN) in Bengaluru into a single unit. EDN will be the merged unit, and the change is effective 1 November 2026.

Quarterly snapshot from the disclosed table

The provided quarterly table included historical operating and income line items (₹ crore). It listed, among other items, Net Sales Turnover, Total Income, Operating Profit, EBITDA, EBIT, and Profit and Loss for the Year across multiple quarters.

For the quarter ended June 2026 (Jun’26), the table showed Net Sales Turnover of ₹7,697.72 crore and Total Income of ₹7,911.86 crore. It also showed EBITDA of ₹718.00 crore and Operating Profit of ₹503.86 crore for the same quarter.

The same data block also stated “Revenue 7,697” for the latest quarter referenced there (June 2026) and cited QoQ and YoY changes alongside it.

Earnings calendar and other investor reference points

The dataset referenced an “Upcoming Earnings Date” for Q2 FY26-27 as 14 October 2026 and a “Last Earnings Date” for Q1 FY26-27 as 16 July 2026.

It also cited:

• Last dividend declared: ₹1.40 per share, declared on 04 May 2026
• A dividend yield figure of 0.32% (in the quarter ending March 2026 context)
• Reported EPS: 6.99 (with no estimated EPS provided)

These items were presented as investor reference points alongside quarterly performance data.

Market impact: what the numbers imply for sentiment

The combination of higher revenue, materially higher EBITDA, and an improved margin supported positive market reaction in the stock on the day. The reported move of 3.36% and the 52-week high of ₹460.90 were both linked, in the same news flow, to the result beat.

The margin improvement was central to the quarter’s narrative. EBITDA margin expansion to 11% from 7.7% a year ago, along with EBITDA rising to ₹1,026 crore, indicates stronger operating performance versus the prior-year quarter as presented in the report.

The board’s ₹500 crore capex approval and the unit merger announcement added an operational dimension to the results day, giving investors additional disclosures beyond the P&L.

Why this quarter matters: results beat plus operational updates

Two elements stood out in the available information. First, BHEL’s Q2 results exceeded the poll estimates for profit, revenue, EBITDA and EBITDA margin, as per the CNBC-TV18 poll figures cited.

Second, the board actions were specific and time-bound on the merger, with a clear effective date of 1 November 2026, while the capex decision included a defined purpose at the HEEP-Haridwar unit for thermal and nuclear sets.

Conclusion

BHEL’s September-quarter results showed higher revenue of ₹9,300 crore, stronger EBITDA of ₹1,026 crore, and an EBITDA margin of 11%, with net profit reported at ₹810 crore in one update and ₹821 crore (consolidated) in another. The stock rose following the announced beat versus poll estimates, and the company also disclosed a ~₹500 crore capex approval and a unit merger effective 1 November 2026.