Heavy electrical equipment manufacturer with market cap ₹1.47L Cr and quarterly revenue ₹7.5-12.3 Cr. Q4 FY2026 showed 14.24% OPM; recent quarters compressed to 6-7%. Positioned in capital goods, infrastructure-adjacent to power and grid cycles.
Generated analysis · source review pending
Generated analysis · source review pending
2,528 historical price candles were omitted because the exchange source has not been verified.
Structured signal from quality, growth, valuation and momentum.
₹ crore, by fiscal year
% of revenue, by fiscal year
Comparable companies from the narrowest available industry classification.
Reported profit and loss, balance sheet, cash flow and growth history.
Annual operating, return, leverage and working-capital ratios.
Current futures and options contracts with compact option-chain pages.
Mutual-fund schemes that disclosed a holding in the company.
Annual reports, exchange filings, offer documents, ratings and earnings-call material.
Upcoming dates and the company’s corporate-action history.
Latest exchange announcements, filings and downloadable documents.
Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 36.2% | 33.1% | 31.5% | 32% | 29.7% | 33.5% | 32% |
| EBITDA margin % | — | -1.1% | -18.2% | 3.5% | 3.1% | 2.6% | 4.4% | 6.9% |
| EBIT margin % | — | -3.4% | -20.9% | 2% | 2% | 1.5% | 3.4% | 6% |
| PAT margin % | 8.8% | -6.8% | -15.6% | 2.1% | 2% | 1.2% | 1.9% | 4.7% |
| Working capital | ||||||||
| Receivable days | — | 198 | 152 | 52 | 49 | 73 | 76 | 73 |
| Inventory days | — | 237 | 227 | 165 | 155 | 157 | 191 | 212 |
| Payable days | — | 7 | 9 | 195 | 227 | 189 | 185 | 167 |
| NWC days | — | 427 | 370 | 22 | -23 | 41 | 82 | 119 |
| Leverage | ||||||||
| Current ratio | — | 1.45 | 1.39 | 1.3 | 1.29 | 1.36 | 1.51 | 1.59 |
| Debt to EBITDA | — | — | — | 6.45 | 7.61 | 14.46 | 7.26 | 3.5 |
| Debt to equity | — | 0.17 | 0.19 | 0.18 | 0.2 | 0.36 | 0.36 | 0.31 |
| Interest coverage | — | -0.3 | -8.7 | 2.2 | 1.8 | 1.2 | 1.9 | 3.7 |
| Asset turnover | 0.01 | 0.36 | 0.31 | 0.38 | 0.39 | 0.4 | 0.42 | 0.44 |
| Return ratios | ||||||||
| Return on assets % | 0.1% | -2.5% | -4.9% | 0.8% | 0.8% | 0.5% | 0.8% | 2.1% |
| Return on capital employed % | — | -0.5% | -9.1% | 2.2% | 2.7% | 2.6% | 3.9% | 6.8% |
| Return on equity % | 0.2% | -5.1% | -10.4% | 1.7% | 1.8% | 1.2% | 2.2% | 6.1% |
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.
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 63.17% | 63.17% | 63.17% | 63.17% | 63.17% | 63.17% | 63.17% | 63.17% | 63.17% | 63.17% | 58.17% | 58.17% | |
| 7.23% | 7.04% | 8.75% | 9.1% | 9.49% | 7.98% | 7.19% | 6.36% | 6.23% | 6.29% | 7.23% | 9.51% | |
| 15.99% | 17.58% | 15.94% | 15.03% | 14.69% | 15.49% | 16.35% | 18.45% | 18.62% | 19.7% | 23.92% | 22.37% | |
| 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.06% | 0.07% | |
| 13.61% | 12.21% | 12.14% | 12.7% | 12.65% | 13.36% | 13.29% | 12.02% | 11.98% | 10.84% | 10.62% | 9.88% | |
| No. of shareholders | — | — | — | — | — | — | — | — | 19,61,664 | 17,91,831 | 17,55,262 | 16,28,020 |
End of day 30 Sept 2026 · underlying ₹415.5 · volume and open interest in contracts
| Expiry | Close | Chg | % Chg | Settlement | Open interest | Change in OI | Volume | Lot size | History |
|---|---|---|---|---|---|---|---|---|---|
| 27 Oct 2026 | ₹415.5 | -2.3 | -0.6% | ₹415.5 | 30,607 | -95 | 3,362 | 2625 | |
| 23 Nov 2026 | ₹417.9 | -1.9 | -0.4% | ₹417.9 | 1,472 | +60 | 223 | 2625 | |
| 29 Dec 2026 | ₹418.2 | -1.3 | -0.3% | ₹422.1 | 8 | +8 | 8 | 2625 |
Promoter holding down 5 percentage points since Sep 2023.
| Date | Client | Type | Venue | Side | Quantity | Price | Value |
|---|---|---|---|---|---|---|---|
| 30 Mar 2026 | MORGAN STANLEY ASIA SINGAPORE PTE | Block | NSE | Sell | 12,35,703 | ₹251.00 | ₹31.02 Cr |
| 30 Mar 2026 | GOLDMAN SACHS BANK EUROPE SE - ODI | Block | NSE | Buy | 12,35,703 | ₹251.00 | ₹31.02 Cr |
| 29 Feb 2024 | BNP PARIBAS ARBITRAGE | Bulk | NSE | Sell | 3,50,20,250 | ₹227.27 | ₹795.91 Cr |
| 25 Jan 2024 | SOCIETE GENERALE | Block | NSE | Sell | 5,15,703 | ₹209.90 | ₹10.82 Cr |
| 25 Jan 2024 | MARSHALL WACE INVESTMENT STRATEGIES EUREKA FUND | Block | NSE | Buy | 2,50,095 | ₹209.90 | ₹5.25 Cr |
| 25 Jan 2024 | MARSHALL WACE INVESTMENT STRATEGIES MARKET NEUTRAL TOPS FUND | Block | NSE | Buy | 1,49,285 | ₹209.90 | ₹3.13 Cr |
| 25 Jan 2024 | MARSHALL WACE INVESTMENT STRATEGIES TOPS FUND | Block | NSE | Buy | 1,16,323 | ₹209.90 | ₹2.44 Cr |
| 17 Oct 2022 | ISHARES CORE MSCI EMERGING MARKETS ETF | Block | NSE | Buy | 23,32,232 | ₹61.55 | ₹14.35 Cr |
| 17 Oct 2022 | ISHARES CORE EMERGING MARKETS MAURITIUS CO | Block | NSE | Sell | 23,32,232 | ₹61.55 | ₹14.35 Cr |
| 17 Oct 2022 | ISHARES MSCI INDIA SMALL-CAP ETF | Block | NSE | Buy | 3,04,212 | ₹61.55 | ₹1.87 Cr |
Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.
Current officeholders as filed with BSE. A person holding two offices is listed once per office.
Open the chart icon on a row for that contract's close over 103 stored sessions, with open interest as bars beneath it.
| Calls | Strike | Puts | ||||||
|---|---|---|---|---|---|---|---|---|
| OI | Chg OI | Volume | LTP | — | LTP | Volume | Chg OI | OI |
| 89 | 0 | 0 | ₹66.0 | 350 | ₹1.1 | 108 | +40 | 156 |
| 8 | 0 | 0 | ₹55.5 | 360 | ₹1.6 | 110 | -20 | 209 |
| 15 | 0 | 0 | ₹48.8 | 370 | ₹2.5 | 316 | -131 | 259 |
| 0 | 0 | 0 | ₹0.0 | 375 | ₹3.2 | 67 | +18 | 57 |
| 56 | 0 | 5 | ₹39.1 | 380 | ₹3.7 | 184 | +21 | 384 |
| 0 | 0 | 0 | ₹0.0 | 385 | ₹4.6 | 59 | +6 | 75 |
| 31 | 0 | 0 | ₹32.0 | 390 | ₹5.6 | 221 | +21 | 368 |
| 0 | 0 | 0 | ₹0.0 | 395 | ₹6.7 | 248 | +10 | 146 |
Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.
Documents link to external sources (exchange filings, company investor pages).
Announcement under Regulation 30 (LODR)-Change in Management
Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
Disclosure Under Regulation 30 Read With Para A Of Part A Of Schedule III Of SEBI (LODR) Regulations, 2015
General Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
Announcement under Regulation 30 (LODR)-Newspaper Publication
BHEL Q1 FY2026-27 Supplementary Information
Unaudited Financial Results For The Quarter Ended On 30 June 2026
| Date | Category | Subject | Filing |
|---|---|---|---|
| 25 Aug 2026, 9:42 am | Company Update Change in Management | Announcement under Regulation 30 (LODR)-Change in Management | |
| 18 Aug 2026, 10:05 am | Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 | Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 |
| 31 Jul 2026, 2:37 pm | Company Update General | Disclosure Under Regulation 30 Read With Para A Of Part A Of Schedule III Of SEBI (LODR) Regulations, 2015 |
| 29 Jul 2026, 4:58 pm | Company Update General | General Announcement |
| 21 Jul 2026, 2:58 pm | Company Update Analyst / Investor Meet | Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation |
| 17 Jul 2026, 4:03 pm | Company Update Newspaper Publication | Announcement under Regulation 30 (LODR)-Newspaper Publication |
| 16 Jul 2026, 8:45 pm | Company Update General | BHEL Q1 FY2026-27 Supplementary Information |
| 16 Jul 2026, 2:18 pm | Result Financial Results | Unaudited Financial Results For The Quarter Ended On 30 June 2026 |
| 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 |
153 schemes · 21 fund houses
| Shares | ||||||
|---|---|---|---|---|---|---|
| SMALL CAP FUND | Nippon India Mutual Fund | 3.45 Cr | 1,527.52 | 1.85% | 0.991% | -0 |
| Growth Mid Cap FundNEW | Nippon India Mutual Fund | 1.7 Cr | 752.51 | 1.44% | 0.488% | — |
| Midcap Fund | Axis Mutual Fund | 1.56 Cr | 692.16 | 1.95% | 0.449% | -0 |
| Midcap Fund | SBI Mutual Fund | 1.5 Cr | 663.98 | 2.71% | 0.431% | -0 |
| Arbitrage FundNEW | SBI Mutual Fund | 84.63 L | 374.61 | 0.79% | 0.243% | — |
| Large & Mid Cap Fund | Axis Mutual Fund | 66.21 L | 293.09 | 1.69% | 0.19% | -0 |
| Arbitrage Fund | Axis Mutual Fund | 65.86 L | 291.53 | 2.75% | 0.189% | -2.15 L |
| PSU Fund | SBI Mutual Fund | 65 L | 287.72 | 4.29% | 0.187% | -0 |
Consolidated figures · ₹ crore
| ₹ Cr | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 27,314 | 269 | 922 | 689 | 21,490 | 17,309 | 21,211 | 23,365 | 23,893 | 28,339 | 33,782 | |
| COGS | — | — | — | — | 13,713 | 11,582 | 14,522 | 15,897 | 16,807 | 18,845 | 22,983 |
| Gross profit | — | — | — | — | 7,777 | 5,727 | 6,689 | 7,468 | 7,086 | 9,494 | 10,799 |
| 28,281 | — | — | — | 7,988 | 8,824 | 5,903 | 6,696 | 6,409 | 8,194 | 8,396 | |
| -967 | — | — | — | -212 | -3,097 | 786 | 773 | 677 | 1,301 | 2,403 | |
| OPM % | -3.5% | — | — | — | -1% | -17.9% | 3.7% | 3.3% | 2.8% | 4.6% | 7.1% |
| Depreciation | 943 | 2 | 672 | 5 | 503 | 473 | 314 | 260 | 249 | 272 | 316 |
| Interest | 28 | — | — | — | 508 | 374 | 356 | 521 | 731 | 748 | 756 |
| 1,460 | — | — | — | 564 | 348 | 355 | 489 | 546 | 465 | 808 | |
| Profit before tax | — | — | — | — | -659 | -3,596 | 470 | 479 | 243 | 746 | 2,139 |
| Tax | -232 | — | — | — | 809 | -896 | 26 | 2 | -40 | 212 | 538 |
| Tax % | — | — | — | — | 122.8% | -24.9% | 5.5% | 0.4% | -16.3% | 28.4% | 25.2% |
| -897 | 24 | -1,345 | 61 | -1,468 | -2,700 | 445 | 477 | 282 | 534 | 1,600 | |
| PAT margin % | — | 8.9% | -145.8% | 8.8% | -6.8% | -15.6% | 2.1% | 2% | 1.2% | 1.9% | 4.7% |
| EPS (₹) | — | — | — | — | -4.2 | -7.8 | 1.3 | 1.4 | 0.8 | 1.5 | 4.6 |
| EPS adjusted (₹) | -2.4 | — | -3.7 | 0.2 | -4.2 | -7.8 | 1.3 | 1.4 | 0.8 | 1.5 | 4.6 |
| — | — | — | — | — | — | 31.3% | 29.2% | 30.9% | 32.7% | 30.4% | |
| 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 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 490 | 734 | 696 | 696 | 696 | 696 | 696 | 696 | 696 | 696 |
| Reserves | 33,717 | 31,601 | 30,208 | 27,964 | 25,287 | 25,810 | 26,132 | 23,742 | 24,026 | 25,450 |
| 2,456 | 67 | — | 4,948 | 4,849 | 4,745 | 5,454 | 8,856 | 9,015 | 8,187 | |
| 32,981 | 31,071 | 33,030 | 26,140 | 24,407 | 24,992 | 27,088 | 25,710 | 34,346 | 41,852 | |
| Total equity & liabilities | 69,644 | 63,474 | 63,934 | 59,749 | 55,240 | 56,244 | 59,370 | 59,006 | 68,083 | 76,186 |
| 4,066 | 3,073 | 0 | 2,817 | 2,491 | 2,398 | 2,476 | 2,574 | 2,947 | 2,998 | |
| CWIP | 3,171 | 195 | — | 307 | 403 | 422 | 345 | 282 | 162 | 399 |
| Investments | 6 | 20 | — | 3 | 4 | 205 | 235 | 256 | 276 | 303 |
| 62,401 | 60,186 | 63,934 | 56,622 | 52,342 | 53,218 | 56,314 | 55,893 | 64,699 | 72,486 | |
| Total assets | 69,644 | 63,474 | 63,934 | 59,749 | 55,240 | 56,244 | 59,370 | 59,006 | 68,083 | 76,186 |
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.
Latest reported period · 31 Mar 2026 · ₹ crore
| Segment | Revenue | Result | Assets | Liabilities | Capital employed | ROCE % |
|---|---|---|---|---|---|---|
| Power | 25,406.71 | 2,451.24 | 49,208.93 | 32,517.97 | 16,690.96 | 14.69 |
| Industry | 8,375.47 | 1,684.07 |
| ₹ Cr | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| 562 | 989 | -3,860 | -2,892 | 562 | 660 | -742 | -3,713 | 2,192 | 5,837 | |
| -566 | 961 | 1,919 | 1,877 | -43 | -1,125 | 1,480 | 1,331 | -2,731 | -3,035 | |
| -470 | -667 | -32 | 1,622 | -396 | -322 | 89 | 2,656 | -857 | -1,806 | |
| Net cash flow | -474 | 1,283 | -1,973 | 608 | 123 | -787 | 828 | 274 | -1,396 | 996 |
| Free cash flow | 209 | 708 | -4,286 | -3,286 | 311 | 491 | -930 | -3,945 | 1,910 | 5,248 |
| CFO / Operating profit % | — | — | — | — | — | 89.8% | -103.5% | -606.1% | 176.5% | 249.2% |
| 10,542.49 |
| 7,735.31 |
| 2,807.18 |
| 59.99 |
₹ crore by fiscal year