Bharat Heavy Electricals Limited (BHEL)

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Bharat Heavy Electricals Limited (BHEL) · mywealthgrid

About

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.

Founded: 1964
Face value: ₹2

Market cap

₹1,46,596 Cr

P/E

60.3×

P/B

5.6×

Dividend yield

0.5%

ROE

6.3%

ROCE

6.8%

Debt / equity

0.31

OPM

6.9%

EPS (TTM)

₹7.0

Book value

₹75.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Margin compression: OPM fell from 14.24% (Mar) to 6.55% (Jun); verify if order mix or competitive pressure
Valuation stretched: PE 60.37 against ROE 6.29%; limited upside buffer for earnings misses
Revenue lumpiness: Q4 ₹12.3 Cr vs ₹7.7-8.5 Cr in other quarters; project visibility unclear
Capex cycle timing: electrical equipment demand tied to utility/government spending; verify pipeline sustainability

Generated analysis · source review pending

Growth drivers

Margin recovery: Mar 2026 OPM 14.24% vs 6-7% recent; if high-margin orders return, earnings per rupee revenue expands
Institutional inflow: FII rose from 7.23% (Mar) to 9.51% (Jun); verify external thesis driving conviction
Q4 seasonality: ₹12.3 Cr revenue in Mar vs ₹7.7 Cr average; verify if project pipeline extends into 2027

Generated analysis · source review pending

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

₹421.0+1.9%1Y

Quick read

rule-based

Pros

+Profit CAGR of 49.7% over the last 3 years
+Dividend payout of 27.2% of profit

Cons

−Low return on equity of 3.2% (3-yr avg)
−Thin operating margin of 6.9%
−Expensive at 60.3× trailing earnings
−Promoter holding fell 5 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

42/100

Business quality: 24
Growth: 84
Valuation

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.

Part ofNIFTY MIDCAP 50 NIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500

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

Consolidated Standalone

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

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	25,406.71	2,451.24	49,208.93	32,517.97	16,690.96	14.69
Industry	8,375.47	1,684.07

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Ratios

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

Consolidated Standalone

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.

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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
	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

Promoter holding down 5 percentage points since Sep 2023.

27 deals · 13 Oct 2021 – 30 Mar 2026

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

1–10 of 27

1 / 3

Mr. K S MurthyExecutive Director-Chairperson-MD
Ms. Nigar Fatima HusainNon-Executive - Nominee Director
Mr. Vijay MittalNon-Executive - Nominee Director
Mr. Tajinder GuptaExecutive Director
Ms. Bani VarmaExecutive Director
Mr. Rajesh Kumar DwivediExecutive Director
Mr. S M RamanathanExecutive Director
Mr. Yogesh R ChhabraCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

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

End of day 30 Sept 2026 · underlying ₹415.5 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
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

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Fund holders

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

Portfolio month

Schemes holding

153

across 21 fund houses

Held by these funds

5.96%

of the company's equity

All mutual funds

11.4%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

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

1–8 of 153

1 / 20

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Documents

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

Announcements

Annual reports

Credit ratings

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

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Events

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

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

7 announcementsExport CSV

29 Sept 2026, 2:46 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

Loading announcements…

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%

29

27 Oct 2026 23 Nov 2026 29 Dec 2026

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.

Date	Category	Subject	Filing
29 Sept 2026, 2:46 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
29 Sept 2026, 2:40 pm	Board Meeting	Board Meeting Intimation for Unaudited Financial Results For & Upto The Quarter Ended 30Th September, 2026 And Closure Of Trading Window Thereof	PDF
18 Sept 2026, 3:16 pm	Company Update General	Bharat Heavy Electricals Ltd - 500103 - Signing Of Tripartite Agreement	PDF
15 Sept 2026, 4:06 pm	Company Update Memorandum of Understanding /Agreements	Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements	PDF
14 Sept 2026, 6:57 pm	Company Update Acquisition	Announcement under Regulation 30 (LODR)-Acquisition	PDF
8 Sept 2026, 3:43 pm	Company Update Appointment of Statutory Auditor/s	Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s	PDF
5 Sept 2026, 5:37 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF

₹ 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%

Bharat Heavy Electricals 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

3

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Events

Announcements

3

1

29

2

29

Announcements

Annual reports

Credit ratings

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

INDUSTRY · revenue

Bharat Heavy Electricals 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

Futures3

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Futures3

Upcoming and recent1

Dividends29

Board meetings2

Option chain29

Announcements

Annual reports

Credit ratings

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

INDUSTRY · revenue

3

3

1

29

2

29