Bharat Heavy Electricals Limited (BHEL) is an integrated engineering and manufacturing Maharatna PSU that designs, engineers, manufactures, erects and services power plant equipment and capital goods across Power, Transmission, Transportation, Renewable Energy, Defence, Oil & Gas and industrial sectors, operating 15–16 manufacturing units, ~27,300 employees and a dominant installed base in India and overseas. BHEL has built a large and diversified executable order book of Rs. 2.57 lakh crore as of 30 September 2026, up ~17% YoY, with meaningful non‑thermal composition including nuclear (~Rs.12,800 crore), transmission (~Rs.13,600 crore), transport (~Rs.16,400 crore) and coal gasification (~Rs.9,000 crore), providing multi‑year revenue visibility and a diversified execution pipeline. Recent financial momentum shows operational improvement: Q2 FY27 revenue of Rs. 9,300 crore (+24% YoY), EBITDA margin improvement to 13.4% (vs 9.9% year ago) and H1 FY27 PAT turning positive to Rs. 1,192 crore versus a loss in prior year, supported by disciplined execution, faster collections and margin expansion. Execution discipline and cash conversion are improving — total customer collections rose ~33% in Q2 to Rs.13,179 crore and H1 collections to Rs.24,183 crore; trade receivable days declined from 120 to 94 days, reflecting tighter billing, collection focus and working capital improvements that support funding of operations and capex. BHEL is positioning for India’s energy upcycle by leveraging R&D (~2.4% of revenue), four research institutes, 13 Centres of Excellence and recent technology tie‑ups for green hydrogen, electrolyzers and coal gasification, combining indigenous engineering strength with targeted strategic partnerships to capture transmission, renewables, rail and defence opportunities.