Bharat Heavy Electricals Ltd

BHEL

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Market Cap

₹ 98,386 Cr

P/E

176.59

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

SLUGGISH

Profitability

LOW MARGIN

Technicals

Bullish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Bharat Heavy Electricals Limited (BHEL) is a leading integrated power plant equipment manufacturer in India, involved in numerous sectors including power, transmission, and transportation.

BHEL has achieved significant growth in revenue and profitability in Q2 FY2025-26, with revenue increasing to Rs 7,512 crores from Rs 6,584 crores in the prior year, reflecting an enhancing financial trajectory.

The company has made strategic wins in space technology, contributing to the NASA-ISRO SAR Mission with its space-grade solar panels and batteries, marking a remarkable foray into advanced scientific collaborations.

BHEL's involvement in establishing EV charging infrastructure under the PM e-Drive initiative demonstrates its strategic shift towards electric mobility, bolstering its technological presence in the EV market.

The commissioning of significant hydro projects in Bhutan underscores BHEL's expertise and execution prowess in international hydroelectric initiatives, enhancing its global footprint.

Sector

Capital Goods - Electrical Equipment

Industry

Electric Equipment - General - Large

Market Cap

98,386 Cr

Volatility

High Risk

P/E Ratio

176.6

Industry P/E

59.5

PEG Ratio

1.8

P/B Ratio

4.0

52W High

295.20

52W Low

176.00

Sales CAGR

18.61%

10.14%

5.72%

10Y

0.69%

Profit CAGR

89.18%

7.73%

—

10Y

—

ROE

TTM

2.29%

2.00%

-0.62%

10Y

-0.37%

ROCE

TTM

3.17%

3.46%

0.74%

1Y Price Target

237.45 ▼ 15.02%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Sell

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SIEMENS	3153.55	1,12,436 Cr	66.65	8.50	0.38	12.75	17.04	10.54
ABB	5276.10	1,12,044 Cr	63.41	43.07	0.84	0.00	0.00	20.64
CGPOWER	669.20	1,05,584 Cr	98.89	14.15	0.19	14.32	19.43	9.16
BHEL	282.55	98,386 Cr	176.59	4.03	0.18	2.29	3.17	0.78
HAVELLS	1414.00	88,647 Cr	60.60	10.22	0.71	16.87	22.30	10.70
WAAREEENER	2966.10	85,317 Cr	31.57	7.43	0.00	23.50	25.22	11.38
GVT&D	3012.70	77,269 Cr	84.01	37.04	0.17	44.09	59.14	15.17

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	5,003	5,125	5,504	8,260	5,485	6,584	7,277	8,993	5,487	7,512
Expenses	5,182	5,279	5,287	7,532	5,654	6,309	6,973	8,162	6,024	6,931
Operating Profit	-178	-154	217	728	-169	275	304	832	-537	581
OPM %	-3.56	-3.00	3.93	8.81	-3.09	4.18	4.18	9.25	-9.79	7.73
Other Income	130	192	118	170	111	128	126	159	185	189
Interest	168	180	190	193	162	201	184	201	181	195
Depreciation	60	60	61	68	59	60	68	85	75	75
Profit Before Tax	-276	-202	85	636	-279	141	179	704	-608	499
Tax %	25.88	68.81	28.62	23.05	24.23	24.94	24.64	28.39	25.09	24.91
Net Profit	-205	-63	60	490	-211	106	135	504	-456	375
EPS in Rs	-0.59	-0.18	0.71	1.41	-0.61	0.30	0.39	1.45	-1.31	1.08

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	29,732	28,827	30,441	21,463	17,309	21,211	23,365	23,893	28,339	28,341
Expenses	27,420	26,859	28,313	21,701	20,450	20,476	22,412	23,280	27,098	27,468
Operating Profit	2,312	1,969	2,128	-237	-3,141	736	953	613	1,242	874
OPM %	7.77	6.83	6.99	-1.11	-18.15	3.47	4.08	2.56	4.38	3.08
Other Income	730	288	476	590	393	405	545	610	524	598
Interest	351	255	288	508	374	356	521	731	748	768
Depreciation	850	787	476	503	473	314	260	249	272	288
Profit Before Tax	586	1,215	1,840	-659	-3,596	470	716	243	746	417
Tax %	22.27	63.93	45.51	-122.79	24.92	5.47	8.59	-16.30	28.39	30.43
Net Profit	455	438	1,002	-1,468	-2,700	445	654	282	534	290
EPS in Rs	—	—	2.81	-4.22	-7.74	1.28	1.50	1.35	1.53	1.61
Dividend Payout %	126.40	151.67	72.46	0.00	0.00	31.25	21.28	30.86	32.68	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	490	490	734	696	696	696	696	696	696	696
Reserves	31,825	31,899	31,601	30,208	27,964	25,287	25,810	23,682	23,742	24,026
Borrowings	130	96	67	2,540	5,080	4,951	4,830	5,454	8,856	9,015
Other Liabilities	32,876	28,863	31,071	30,490	26,008	24,306	24,907	27,088	25,710	34,346
Total Liabilities	65,320	61,347	63,474	63,934	59,749	55,240	56,244	56,920	59,006	68,083
Fixed Assets	3,969	3,601	3,073	2,970	2,817	2,491	2,398	2,476	2,574	2,947
CWIP	318	168	203	235	314	420	431	354	308	195
Investments	796	757	429	152	162	185	205	235	256	276
Other Assets	60,237	56,821	59,769	60,576	56,455	52,144	53,209	53,855	55,867	64,665
Total Assets	65,320	61,347	63,474	63,934	59,749	55,240	56,244	56,920	59,006	68,083

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	374	560	989	-3,860	-2,892	560	660	-741	-3,713	2,192
Cash from Investing Activity	23	-565	961	1,919	1,877	-43	-1,118	1,480	1,331	-2,731
Cash from Financing Activity	-122	-468	-667	-32	1,622	-394	-329	89	2,656	-857
Net Cash Flow	275	-473	1,283	-1,973	608	123	-787	829	274	-1,396

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	63.17%	63.17%	63.17%	63.17%	63.17%	63.17%	63.17%	63.17%	63.17%	63.17%	63.17%	63.17%
FIIs	8.48%	8.58%	7.76%	7.23%	7.04%	8.75%	9.10%	9.49%	7.98%	7.19%	6.36%	6.23%
DIIs	14.90%	15.50%	16.36%	15.99%	17.58%	16.02%	15.03%	14.70%	15.52%	16.35%	18.50%	18.67%
Public	13.45%	12.75%	12.71%	13.61%	12.21%	12.06%	12.71%	12.64%	13.33%	13.29%	11.97%	11.93%
Total Shareholders	10,27,958	10,16,936	10,12,617	12,27,658	12,65,436	14,99,202	18,80,851	19,95,266	20,83,026	21,20,567	19,83,215	19,61,664

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Feb 29, 2024	Bnp paribas arbitrage	Bulk	Sell	227.27	795.91 Cr	3,50,20,250	1.00
Jan 25, 2024	Societe generale	Block	Sell	209.90	10.82 Cr	5,15,703	0.01
Jan 25, 2024	Marshall wace investment stra...	Block	Buy	209.90	5.25 Cr	2,50,095	0.00
Jan 25, 2024	Marshall wace investment stra...	Block	Buy	209.90	2.44 Cr	1,16,323	0.00
Jan 25, 2024	Marshall wace investment stra...	Block	Buy	209.90	3.13 Cr	1,49,285	0.00

Projection

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Actions

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Announcements

Last 7 days

Newest

Sentiment

Change in Directors/KMP

20 hours ago

Change in Senior Management at BHEL

BHEL announces the appointment of Shri Navin Kaul as General Manager & Head of Power Sector Marketing effective December 15, 2025.

Management Change

1 day ago

Change in Senior Management at BHEL

Shri Sunil Kumar Somani has been appointed as the new General Manager & Head of the Fabrication, Stamping & Insulator Plant at BHEL effective December 15, 2025.

Change in Directors

5 days ago

Change in Senior Management at BHEL

BHEL announces the promotion of several individuals to Executive Director (ED) positions effective December 10, 2025, as part of a senior management restructure.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q2 FY24

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