Bharat Bijlee Limited (BBL)

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Bharat Bijlee Limited (BBL) · mywealthgrid

About

Bharat Bijlee manufactures heavy electrical equipment for industrial and infrastructure sectors. At ₹2,581.82 Cr market cap with quarterly revenue of ₹500–770 Cr, it operates as an established mid-scale player in the electrical equipment segment.

Face value: ₹5

Market cap

₹2,339 Cr

P/E

20.9×

P/B

1.2×

Dividend yield

3.4%

ROE

6.1%

ROCE

8.3%

Debt / equity

0.15

OPM

EPS (TTM)

₹99.0

Book value

₹1,795.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin compression: OPM fell from 10.27% (Dec 2024) to 5.27% (Jun 2026) — verify pricing pressure and cost drivers
Revenue volatility (₹394–767 Cr quarterly) with no clear uptrend — verify order visibility and demand trends
Low ROE of 6.05% versus 23.09 PE suggests market concerns about capital efficiency — verify shareholder value creation path
Stock down 19% over 1 year despite consistent profitability — assess if market sees structural headwinds

Generated analysis · source review pending

Growth drivers

Low leverage (D/E 0.15) provides financial headroom for growth capex, acquisitions, or shareholder returns
Sustained profitability (net profit ₹18.79–50.31 Cr quarterly) generates cash for reinvestment and expansion
Industrial sector exposure to infrastructure and power equipment demand — verify government capex plans and market growth trends

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹2,069.6-2.5%1Y

Quick read

rule-based

Pros

+Profit CAGR of 35.8% over the last 5 years
+Revenue CAGR of 25.5% over the last 5 years
+Comfortable interest coverage of 10.3×
+Dividend yield of 3.4%
+Dividend payout of 70.7% of profit

Cons

−Low return on equity of 7.1% (3-yr avg)
−Thin operating margin of 7%

Research score

Structured signal from quality, growth, valuation and momentum.

51/100

Business quality: 36
Growth: 47

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Bharat Heavy Electricals LimitedBHELBHEL	₹1,46,596 Cr	₹1,54,783 Cr	₹35,993 Cr	₹3,383 Cr	6.9%	₹2,432 Cr	4.7%	6.8%	6.3%	119
Hitachi Energy India LimitedPOWERINDIAPOWERINDIA	₹1,39,553 Cr	₹1,39,553 Cr	₹9,163 Cr	₹1,424 Cr	15.4%	₹1,150 Cr	12.1%	28.8%	21%	-42
Cg Power And Industrial Solutions LimitedCGPOWERCGPOWER	₹1,38,443 Cr	₹1,38,443 Cr	₹12,821 Cr	₹1,638 Cr	13.1%	₹973 Cr	9.7%	26.2%	20.4%	48
Siemens Energy India LimitedENRINENRIN	₹1,18,724 Cr	₹1,18,724 Cr	₹9,436 Cr	₹2,024 Cr	19.3%	₹1,488 Cr	14.1%	33.8%	29%	-175
Ge Vernova T&D India LimitedGVT&DGVT&D	₹1,08,882 Cr	₹1,08,882 Cr	₹6,712 Cr	₹1,757 Cr	27.1%	₹1,305 Cr	19.9%	73.2%	55.3%	90
Suzlon Energy LimitedSUZLONSUZLON	₹53,473 Cr	₹53,737 Cr	₹17,429 Cr	₹3,019 Cr	18.1%	₹3,144 Cr	18.9%	31.7%	40.6%	117
Thermax LimitedTHERMAXTHERMAX	₹40,058 Cr	₹42,346 Cr	₹10,839 Cr	₹870 Cr	9.6%	₹593 Cr	6.7%	15.7%	13.7%	-0
Schneider Electric Infrastructure LimitedSCHNEIDERSCHNEIDER	₹30,495 Cr	₹30,939 Cr	₹2,920 Cr	₹336 Cr	12.8%	₹184 Cr	7.4%	28.5%	31.8%	61
Azad Engineering LimitedAZADAZAD	₹18,481 Cr	₹18,938 Cr	₹638 Cr	₹240 Cr	37.4%	₹139 Cr	22.2%	12.4%	9.1%	1,720
Triveni Turbine LimitedTRITURBINETRITURBINE	₹16,849 Cr	₹16,849 Cr	₹2,253 Cr	₹428 Cr	20.7%	₹336 Cr	16%	35.7%	26.3%	8
Karamtara Engineering LimitedKARAMTARAKARAMTARA	₹13,225 Cr	₹14,255 Cr	₹4,312 Cr	₹498 Cr	11.6%	₹229 Cr	5.3%	27.2%	20.8%	—
Atlanta Electricals LimitedATLANTAELEATLANTAELE	₹13,200 Cr	₹13,247 Cr	₹2,001 Cr	₹367 Cr	18.6%	₹224 Cr	10.9%	34.8%	21.7%	74

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	640	660	790	932	929	731	1,266	1,419	1,872	1,902	2,274
COGS	498	-148	558	710	653	516	948	1,039	1,377	1,386	1,730
Gross profit	141	—	231	222	276	215	318	380	496	516	544
	124	799	198	165	208	179	234	263	324	349	386
	17	8	33	58	68	37	84	117	172	167	158
OPM %	2.7%	1.3%	4.2%	6.2%	7.3%	5%	6.6%	8.3%	9.2%	8.8%	7%
Depreciation	10	—	9	8	9	10	12	13	15	19	22
Interest	21	16	19	17	20	17	21	22	21	12	17
	21	28	21	30	30	27	24	29	38	43	41
Profit before tax	7	20	73	62	69	37	75	111	174	179	160
Tax	—	—	12	20	23	11	19	28	43	45	40
Tax %	—	—	16.1%	32.9%	33.8%	28.9%	25.5%	25.3%	24.5%	25.3%	25%
	7	20	61	42	46	26	56	83	131	134	120
PAT margin %	1.1%	3%	7.7%	4.5%	4.9%	3.6%	4.4%	5.9%	7%	7%	5.3%
EPS (₹)	—	34.7	—	—	80.7	46.1	98.3	147.3	116.3	118.2	106.2
EPS adjusted (₹)	6.4	17.4	54	36.8	40.4	23.1	49.2	73.7	116.3	118.3	106.3
	—	0%	—	—	15.5%	10.8%	30.5%	27.2%	30.1%	29.6%	32.9%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	6	6	6	6	6	6	6	6	6	6	6
Reserves	267	287	686	746	750	967	1,118	1,372	1,859	1,936	2,023
	169	178	215	199	247	238	279	289	151	82	301
	201	213	208	197	237	266	258	385	488	599	782
Total equity & liabilities	642	683	1,114	1,148	1,240	1,476	1,660	2,052	2,505	2,622	3,112
	77	72	65	69	73	95	98	108	130	129	140
CWIP	1	1	7	8	24	3	2	2	3	14	83
Investments	8	4	347	376	353	561	673	890	1,324	1,341	1,357
	556	606	693	695	790	818	887	1,051	1,048	1,138	1,532
Total assets	642	683	1,114	1,148	1,240	1,476	1,660	2,052	2,505	2,622	3,112

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Power systems	1,384.02	165.68	842.91	481.11	361.8	45.79
Industrial systems	889.78	58.78

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	23.9%	29.7%	29.4%	25.1%	26.8%	26.5%	27.1%	23.9%
EBITDA margin %	6.2%	7.3%	5%	6.6%	8.3%	9.2%	8.8%	7%
EBIT margin %	5.3%	6.4%	3.7%	5.7%	7.4%	8.4%	7.8%	6%
PAT margin %	4.5%	4.9%	3.6%	4.4%	5.9%	7%	7%	5.3%
Working capital
Receivable days	100	115	120	99	99	74	72	93
Inventory days	76	110	182	84	111	70	77	100
Payable days	0	7	28	12	68	56	65	74
NWC days	176	218	274	170	143	88	84	118
Leverage
Current ratio	1.71	1.59	1.68	1.38	1.72	1.66	2.19	1.46
Debt to EBITDA	3.46	3.63	6.51	3.33	2.46	0.88	0.49	1.91
Debt to equity	0.27	0.33	0.24	0.25	0.21	0.08	0.04	0.15
Interest coverage	4.7	4.4	3.2	4.5	6	9.4	15.3	10.3
Asset turnover	0.81	0.75	0.5	0.76	0.69	0.75	0.73	0.73
Return ratios
Return on assets %	3.6%	3.7%	1.8%	3.3%	4.1%	5.2%	5.1%	3.9%
Return on capital employed %	10.9%	11.8%	6.1%	8.8%	10.2%	11.4%	9.4%	8.3%
Return on equity %	5.5%	6%	2.7%	4.9%	6%	7%	6.9%	5.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	33.86%	33.72%	33.72%	33.69%	33.69%	33.69%	33.69%	33.65%	33.65%	33.65%	33.65%	33.65%
	2.07%	2.13%	2.32%	3.6%	4.79%	5.3%	3.79%	3.63%	3.67%	3.57%	4.1%	5.84%
	5.67%	7.83%	9.2%	12.7%	16.3%	17.76%	17.34%	17.96%	18.36%	17.65%	17.95%	15.63%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	58.4%	56.32%	54.76%	50.01%	45.22%	43.25%	45.18%	44.76%	44.32%	45.13%	44.3%	44.88%
No. of shareholders	—	—	—	—	—	—	—	—	43,300	43,491	42,602	41,365

Promoter holding down 0.21 percentage points since Sep 2023.

18 deals · 29 Oct 2021 – 19 May 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
19 May 2025	MAHINDRA MANULIFE MUTUAL FUND	Bulk	NSE	Sell	1,00,000	₹3,089.64	₹30.90 Cr
19 Mar 2024	RATNABALI INVESTMENT PVT LTD	Bulk	NSE	Buy	36,500	₹5,124.93	₹18.71 Cr
19 Mar 2024	NISHTHA INVESTMENT AND CONSULTANCY SERVICES PRIVATE LIMITED	Bulk	NSE	Sell	36,500	₹5,124.92	₹18.71 Cr
8 Feb 2024	NISHTHA INVESTMENT AND CONSULTANCY SERVICES PRIVATE LIMITED	Bulk	NSE	Buy	46,537	₹5,892.45	₹27.42 Cr
8 Feb 2024	NISHTHA INVESTMENT AND CONSULTANCY SERVICES PRIVATE LIMITED	Bulk	NSE	Sell	37	₹5,914.75	₹0.02 Cr
29 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	47,436	₹5,181.60	₹24.58 Cr
29 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	47,436	₹5,176.65	₹24.56 Cr
12 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	90,116	₹4,948.02	₹44.59 Cr
12 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	90,116	₹4,964.61	₹44.74 Cr
27 Dec 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	28,647	₹4,615.40	₹13.22 Cr

1–10 of 18

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Mr. PRAKASH VASANTLAL MEHTANon-Executive - Non Independent Director-Chairperson
Yogendra S. AgarwalChief Financial Officer
Mr. NIKHIL JAISINGH DANANIExecutive Director-MD
Mr. NAKUL PRAHLAD MEHTAExecutive Director-MD
Mr. SHOME NIKHIL DANANIExecutive Director
Mr. SANJIV NEMISH SHAHNon-Executive - Non Independent Director
Mr. JAIRAJ CHATRABHUJ THACKERNon-Executive - Non Independent Director
Mrs. MAHNAZ AMIR CURMALLYNon-Executive - Independent Director
Mr. RAJESHWAR RAJ BAJAAJNon-Executive - Non Independent Director
Mr. JOSEPHCONRAD AGNELO DSOUZANon-Executive - Independent Director
Mr. PREMAL MADHAVJINon-Executive - Independent Director

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 3 fund houses

Held by these funds

2.6%

of the company's equity

All mutual funds

9.58%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

8 schemes · 3 fund houses

		Shares
MF INFRASTRUCTURE FUND	LIC Mutual Fund	92,628	21.89	1.86%	0.82%	-0
MF MANUFACTURING FUND	LIC Mutual Fund	70,403	16.64	2.13%	0.623%	-0
MF MULTI CAP FUND	LIC Mutual Fund	65,845	15.56	0.69%	0.583%	-0
MF SMALL CAP FUND	LIC Mutual Fund	30,240	7.15	0.86%	0.268%	-15,406
MF DIVIDEND YIELD FUND	LIC Mutual Fund	18,309	4.33	0.57%	0.162%	-0
CHILDRENS FUND	Tata Mutual Fund	9,000	2.13	0.64%	0.08%	-0
MF VALUE FUND	LIC Mutual Fund	7,561	1.79	0.59%	0.067%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	22	0.01	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Intimation of Reaffirmation of Credit Rating and Outlook.9 Jun 2026

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results27 Oct 2026 · in 26 daysresults

15

Final dividend15 Jul 2026 · ex-date₹35
Dividend dividend4 Sept 2025 · ex-date₹35
Dividend dividend21 Aug 2024 · ex-date₹35
Dividend dividend6 Sept 2023 · ex-date₹40
Dividend dividend19 Sept 2022 · ex-date₹30
Dividend dividend15 Sept 2021 · ex-date₹5
Interim dividend5 Mar 2020 · ex-date₹12.5
Dividend dividend29 Aug 2019 · ex-date₹12.5
Dividend dividend19 Jun 2018 · ex-date₹2.5
Dividend dividend20 Jun 2013 · ex-date₹2.5
Dividend dividend21 Jun 2012 · ex-date₹25
Dividend dividend16 Jun 2011 · ex-date₹25
Dividend dividend17 Jun 2010 · ex-date₹25
Dividend dividend23 Jun 2009 · ex-date₹25
Dividend dividend12 Jun 2008 · ex-date₹30

2

Board meeting to consider results27 Oct 2026
Board meeting to consider results4 Aug 2026

1–3 of 4

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

56 announcementsExport CSV

1 Oct 2026, 10:39 pmCompany Update

Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

15 Sept 2026, 4:14 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

15 Sept 2026, 3:44 pmCompany Update

Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

23 Jul 2026, 8:20 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

23 Jul 2026, 7:57 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

16 Jul 2026, 4:40 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

13 Jul 2026, 4:16 pmCompany Update

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 PDF

3 Jul 2026, 3:15 pmAGM/EGM

Communication To Shareholders - Deduction Of Tax At Source On Dividend

AGM PDF

Date	Category	Subject	Filing
1 Oct 2026, 10:39 pm	Company Update General	Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF
15 Sept 2026, 4:14 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	23.9%	29.7%	29.4%	25.1%	26.8%	26.5%	27.1%	23.9%
EBITDA margin %	6.2%	7.3%	5%	6.6%	8.3%	9.2%	8.8%	7%
EBIT margin %	5.3%	6.4%	3.7%	5.7%	7.4%	8.4%	7.8%	6%
PAT margin %	4.5%	4.9%	3.6%	4.4%	5.9%	7%	7%	5.3%
Working capital
Receivable days	100	115	120	99	99	74	72	93
Inventory days	76	110	182	84	111	70	77	100
Payable days	0	7	28	12	68	56	65	74
NWC days	176	218	274	170	143	88	84	118
Leverage
Current ratio	1.71	1.59	1.68	1.38	1.72	1.66	2.19	1.46
Debt to EBITDA	3.46	3.63	6.51	3.33	2.46	0.88	0.49	1.91
Debt to equity	0.27	0.33	0.24	0.25	0.21	0.08	0.04	0.15
Interest coverage	4.7	4.4	3.2	4.5	6	9.4	15.3	10.3
Asset turnover	0.81	0.75	0.5	0.76	0.69	0.75	0.73	0.73
Return ratios
Return on assets %	3.6%	3.7%	1.8%	3.3%	4.1%	5.2%	5.1%	3.9%
Return on capital employed %	10.9%	11.8%	6.1%	8.8%	10.2%	11.4%	9.4%	8.3%
Return on equity %	5.5%	6%	2.7%	4.9%	6%	7%	6.9%	5.9%

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-5	13	-53	53	13	39	-9	52	241	175	-93
	-11	6	26	-20	-22	-13	-14	-10	-52	-54	-82
	14	-7	18	-34	10	-20	17	-31	-182	-123	163
Net cash flow	-2	12	-10	-1	1	6	-6	11	7	-2	-12
Free cash flow	-9	9	-61	39	-15	22	-26	36	207	140	-206
CFO / Operating profit %	-29.6%	160.1%	-159.6%	92.9%	18.4%	106.3%	-11.2%	44.1%	140.3%	104.8%	-58.6%

Bharat Bijlee Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Events

1

15

2

Announcements

1

15

2

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

INDUSTRIAL SYSTEMS · revenue

Bharat Bijlee Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Events

Upcoming and recent1

Dividends15

Board meetings2

Announcements

Upcoming and recent1

Dividends15

Board meetings2

Not in the F&O segment

Ratio timeline

Announcements

Annual reports

Credit ratings

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

INDUSTRIAL SYSTEMS · revenue

1

15

2

1

15

2