Bharat Heavy Electricals Limited Share Price & Analysis
Price Chart
Fundamentals
Strengths
- Low debt relative to equity (D/E 0.2x)
Concerns
Today's Price Action
The stock closed at ₹405.30 with zero net change, matching the previous close. Trading volume recorded 81,54,614 shares, exactly equal to the 20‑day average, indicating that current participation levels are typical for the security.
Valuation Snapshot
BHEL trades at a price‑to‑earnings multiple of 46.9, considerably higher than the implicit sector benchmark of zero, which reflects the absence of a comparable peer group valuation. The return on equity stands at 6.23 %, modest relative to capital‑goods peers that often exhibit double‑digit ROE.
Key Levels to Watch
The current price sits roughly midway between the 52‑week low of ₹231 and the high of ₹464, providing a balanced position within the annual range. Open‑interest data points to a concentration of contracts around the ₹400‑410 band, which may act as a short‑term support‑resistance corridor.
Chart Pattern
In the daily chart, a bullish hammer candle formed two sessions ago, while seven sessions earlier a three‑black‑crows formation appeared, followed by a bearish Marubozu one day before that. These patterns collectively illustrate a recent oscillation between short‑term buying pressure and bearish momentum.
Data Summary
The most notable metrics are the elevated P/E of 46.9 and a relatively low ROE of 6.23 %, coupled with a market capitalisation reported as ₹0 Cr, suggesting a possible data omission. Volume remains consistent with the recent average, and price currently resides near the midpoint of its 52‑week range.
Peer Comparison
| Company | CMP | Mkt Cap | P/E | P/B | ROE % | ROCE % | D/E |
|---|---|---|---|---|---|---|---|
| HAL Hindustan Aeronautics Limited | ₹4,850 | ₹3.2L Cr | 33.9 | 7.9 | 24 | 32 | 0 |
| BEL Bharat Electronics Limited | ₹363 | ₹2.6L Cr | 43 | 11.08 | 27.4 | 36.4 | 0 |
| TMCV Tata Motors Limited | ₹— | ₹1.5L Cr | 20.4 | 10.71 | 34 | 35.9 | 0.44 |
| ABB ABB India Limited | ₹6,490 | ₹1.3L Cr | 84.4 | 14.72 | 22.4 | 29.9 | 0.02 |
| ENRIN Siemens Energy India Limited | ₹2,840 | ₹1.3L Cr | 98.46 | 26.82 | — | — | 0.04 |
| CGPOWER CG Power and Industrial Solutions Limited | ₹832 | ₹1.3L Cr | 91.7 | 15 | 20.5 | 26.7 | 0.02 |
| CUMMINSIND Cummins India Limited | ₹4,620 | ₹1.2L Cr | 49.4 | 15.1 | 30.2 | 39.5 | 0 |
Showing 7 peers in the same sector · Sorted by market cap
Shareholding Pattern
BHEL · as of Mar 2026
| Category | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Promoters | 63.17% | 63.17% | 63.17% | 63.17% | 63.17% | 63.17% |
| FII | 7.04% | 8.76% | 9.10% | 9.48% | 7.98% | 7.19% |
| DII | 17.58% | 15.95% | 15.03% | 14.69% | 15.49% | 16.34% |
| Public | 12.23% | 12.14% | 12.71% | 12.66% | 13.36% | 13.29% |
Corporate Events
Board Meeting for Unaudited Financial Results for & upto the quarter ended30th September, 2026 and Closure of Trading Window thereof
Dividend - Rs 1.40 Per Share
To consider and approve the financial results for the period ended Jun 30, 2026
To consider and approve the financial results for the period ended March 31, 2026
To consider dividend
Dividend - Re 0.50 Per Share
Dividend - Rs 0.25 Per Share
Dividend - Re 0.40 Per Share
Latest News
All newsBHEL reports Q2 FY27 financial results
*BHEL reports Q2 FY27 financial results*. The company announced its financial performance for the quarter ended September 30, 2026. Key figures include net profit of **₹218 crore** and total income of **₹7,842 crore**. Results reflect improved execution in power and renewable energy segments. 📊 *STOCKS:* $BHEL | 🏢 *SECTOR:* CapitalMarkets | #HIGHIMPACT #Earnings
BHEL appoints new chairman amid management reshuffle
*BHEL appoints new chairman amid management reshuffle.* The board has approved the appointment of a new chairman, effective immediately. The move follows a routine restructuring at the state-owned firm. **Tenure set for 5 years**, subject to government approval. 📊 *STOCKS:* $BHEL | 🏢 *SECTOR:* CapitalMarkets | #MEDIUMIMPACT #ManagementChange
BHEL appoints new managing director
*BHEL appoints new managing director* following a board decision. The change in leadership is effective immediately, as per a regulatory filing. Such management shifts in PSUs often signal strategic direction changes. Investors may watch for policy-driven moves in the energy sector. 📊 *STOCKS:* $BHEL | 🏢 *SECTOR:* Energy | #MEDIUMIMPACT #ManagementChange
BHEL receives credit rating update
*BHEL receives credit rating update.* The company's latest credit rating has been disclosed per a regulatory filing. No adverse changes reported; outlook remains stable. **Rating agencies** affirmed BHEL’s financial standing. 📊 *STOCKS:* BHEL | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #CreditRating
BHEL receives credit rating update
*BHEL receives credit rating update* as per a recent NSE corporate filing. The rating action reflects ongoing assessment of the company’s financial health and debt obligations. No immediate trigger for price movement is evident. 📊 *STOCKS:* BHEL | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #CreditRating
BHEL receives credit rating update
*BHEL receives credit rating update* with a stable outlook. The rating reflects BHEL's strong order book and government backing. Financials remain steady with **debt-to-equity of 0.3x** and **interest coverage at 4.2x**. 📊 *STOCKS:* BHEL | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #CreditRating
BHEL signs tripartite agreement for project expansion
*BHEL signs tripartite agreement for project expansion.* This move aims to enhance operational capacity and streamline project execution. While financial details remain undisclosed, the collaboration signals progress in expanding infrastructure capabilities. Such agreements often precede larger order inflows. 📊 *STOCKS:* $BHEL | 🏢 *SECTOR:* CapitalMarkets | #MEDIUMIMPACT #Agreement
BHEL secures new orders worth ₹1,200 crore
*BHEL secures new orders worth **₹1,200 crore** in the power sector.* The contracts involve equipment supply and execution for thermal and hydro projects. This strengthens BHEL’s order book amid ongoing revival efforts. 📊 *STOCKS:* BHEL | 🏢 *SECTOR:* CapitalMarkets | #MEDIUMIMPACT #orders
Coal India, BHEL form JV for Jharsuguda gasification project
*Coal India, BHEL form JV for Jharsuguda gasification project* — The joint venture aims to develop a coal gasification plant in Odisha with an estimated investment of **₹1,200 crore**. The project aligns with India’s push for clean coal technologies and energy security. It marks a strategic step toward reducing reliance on imported gas. 📊 *STOCKS:* $COALINDIA $BHEL | 🏢 *SECTOR:* Energy | #MEDIUMIMPACT #JointVenture
BHEL announces Q2 FY27 results supplementary information
*BHEL announces Q2 FY27 results supplementary information* has been filed with the exchange. The update provides additional details on the previously declared quarterly performance. No major financial revisions or operational changes were indicated. 📊 *STOCKS:* $BHEL | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #BHEL
Financials
Quarterly Results
| Metric | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | ₹8.5K Cr 12.8% | ₹7.5K Cr 36.9% | ₹5.5K Cr 39.0% | ₹9.0K Cr 23.6% | ₹7.3K Cr 10.5% | ₹6.6K Cr 20.0% | ₹5.5K Cr 33.6% | ₹8.3K Cr |
| Op. Profit | ₹545 Cr 6.2% | ₹581 Cr 208.2% | ₹-537 Cr 164.5% | ₹832 Cr 173.7% | ₹304 Cr 10.5% | ₹275 Cr 262.7% | ₹-169 Cr 123.2% | ₹728 Cr |
| OPM | 6.0% 25.0% | 8.0% 180.0% | -10.0% 211.1% | 9.0% 114.3% | 4.2% 0.0% | 4.2% 240.0% | -3.0% 133.3% | 9.0% |
| Net Profit | ₹390 Cr 4.0% | ₹375 Cr 182.2% | ₹-456 Cr 190.5% | ₹504 Cr 273.3% | ₹135 Cr 27.4% | ₹106 Cr 150.2% | ₹-211 Cr 143.1% | ₹490 Cr |
| EPS (₹) | 1.12 3.7% | 1.08 182.4% | -1.31 190.3% | 1.45 271.8% | 0.39 30.0% | 0.3 149.2% | -0.61 143.3% | 1.41 |
Values in ₹ Cr · Source: Screener.in
Annual Profit & Loss
| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹33.8K Cr 19.2% | ₹28.3K Cr 18.6% | ₹23.9K Cr 2.3% | ₹23.4K Cr 10.2% | ₹21.2K Cr 22.5% | ₹17.3K Cr 19.4% | ₹21.5K Cr 29.5% | ₹30.4K Cr 5.6% | ₹28.8K Cr 1.3% | ₹28.5K Cr |
| Expenses | ₹31.2K Cr 15.9% | ₹26.9K Cr 16.2% | ₹23.2K Cr 3.9% | ₹22.3K Cr 9.5% | ₹20.4K Cr 0.1% | ₹20.4K Cr 5.7% | ₹21.6K Cr 24.0% | ₹28.4K Cr 4.5% | ₹27.2K Cr 0.7% | ₹27.4K Cr |
| Op. Profit | ₹2.6K Cr 83.8% | ₹1.4K Cr 96.8% | ₹711 Cr 31.9% | ₹1.0K Cr 26.1% | ₹828 Cr 127.2% | ₹-3.0K Cr 2192.5% | ₹-133 Cr 106.5% | ₹2.0K Cr 22.9% | ₹1.7K Cr 51.0% | ₹1.1K Cr |
| OPM | 8.0% 63.3% | 4.9% 63.3% | 3.0% 33.3% | 4.5% 15.4% | 3.9% 121.7% | -18.0% 2900.0% | -0.6% 108.6% | 7.0% 16.7% | 6.0% 50.0% | 4.0% |
| Other Income | ₹869 Cr 65.8% | ₹524 Cr 13.8% | ₹608 Cr 11.8% | ₹544 Cr 34.3% | ₹405 Cr 3.1% | ₹393 Cr 33.4% | ₹590 Cr 10.9% | ₹662 Cr 2.5% | ₹679 Cr 9.8% | ₹753 Cr |
| Interest | ₹986 Cr 8.8% | ₹906 Cr 9.4% | ₹828 Cr 35.3% | ₹612 Cr 36.6% | ₹448 Cr 4.1% | ₹467 Cr 23.8% | ₹613 Cr 62.2% | ₹378 Cr 14.5% | ₹330 Cr 20.1% | ₹413 Cr |
| Depreciation | ₹316 Cr 16.2% | ₹272 Cr 9.2% | ₹249 Cr 4.2% | ₹260 Cr 17.2% | ₹314 Cr 33.6% | ₹473 Cr 6.0% | ₹503 Cr 5.7% | ₹476 Cr 39.5% | ₹787 Cr 7.4% | ₹850 Cr |
| PBT | ₹2.1K Cr 186.7% | ₹746 Cr 207.0% | ₹243 Cr 66.1% | ₹716 Cr 52.3% | ₹470 Cr 113.1% | ₹-3.6K Cr 445.7% | ₹-659 Cr 135.8% | ₹1.8K Cr 51.4% | ₹1.2K Cr 107.3% | ₹586 Cr |
| Tax % | 25.0% 10.7% | 28.0% 275.0% | -16.0% 277.8% | 9.0% 80.0% | 5.0% 120.0% | -25.0% 120.3% | 123.0% 167.4% | 46.0% 28.1% | 64.0% 190.9% | 22.0% |
| Net Profit | ₹1.6K Cr 199.6% | ₹534 Cr 89.4% | ₹282 Cr 56.9% | ₹654 Cr 47.0% | ₹445 Cr 116.5% | ₹-2.7K Cr 83.9% | ₹-1.5K Cr 246.5% | ₹1.0K Cr 128.8% | ₹438 Cr 3.7% | ₹455 Cr |
| EPS (₹) | 4.6 200.7% | 1.53 88.9% | 0.81 56.9% | 1.88 46.9% | 1.28 116.5% | -7.75 84.1% | -4.21 245.7% | 2.89 140.8% | 1.2 4.0% | 1.25 |
| Div Payout | 30.0% 9.1% | 33.0% 6.5% | 31.0% 47.6% | 21.0% 32.3% | 31.0% | 0.0% | 0.0% 100.0% | 69.0% 54.3% | 151.0% 77.6% | 85.0% |
Values in ₹ Cr · Source: Screener.in
Balance Sheet
| Item | Sep 2025 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
Liabilities | ||||||||||
| Equity Capital | ₹696 Cr 0.0% | ₹696 Cr 0.0% | ₹696 Cr 0.0% | ₹696 Cr 0.0% | ₹696 Cr 0.0% | ₹696 Cr 0.0% | ₹696 Cr 0.0% | ₹696 Cr 5.2% | ₹734 Cr 49.8% | ₹490 Cr |
| Reserves | ₹23.7K Cr 1.3% | ₹24.0K Cr 1.2% | ₹23.7K Cr 0.3% | ₹23.7K Cr 8.2% | ₹25.8K Cr 2.1% | ₹25.3K Cr 9.6% | ₹28.0K Cr 7.4% | ₹30.2K Cr 4.4% | ₹31.6K Cr 0.9% | ₹31.9K Cr |
| Borrowings | ₹11.0K Cr 21.7% | ₹9.0K Cr 1.8% | ₹8.9K Cr 62.4% | ₹5.5K Cr 12.9% | ₹4.8K Cr 2.4% | ₹5.0K Cr 2.5% | ₹5.1K Cr 95.5% | ₹2.6K Cr 2261.8% | ₹110 Cr 29.5% | ₹156 Cr |
| Other Liabilities | ₹36.6K Cr 4.2% | ₹35.1K Cr 32.6% | ₹26.5K Cr 4.8% | ₹27.8K Cr 8.5% | ₹25.7K Cr 2.5% | ₹25.0K Cr 5.7% | ₹26.6K Cr 14.3% | ₹31.0K Cr 1.6% | ₹31.5K Cr 8.0% | ₹29.2K Cr |
| Total Liabilities | ₹72.0K Cr 4.5% | ₹68.8K Cr 15.2% | ₹59.8K Cr 3.7% | ₹57.7K Cr 1.2% | ₹57.0K Cr 1.8% | ₹56.0K Cr 7.2% | ₹60.3K Cr 6.5% | ₹64.5K Cr 0.9% | ₹63.9K Cr 3.6% | ₹61.7K Cr |
Assets | ||||||||||
| Fixed Assets | ₹3.0K Cr 0.4% | ₹2.9K Cr 14.5% | ₹2.6K Cr 4.0% | ₹2.5K Cr 3.3% | ₹2.4K Cr 3.7% | ₹2.5K Cr 11.6% | ₹2.8K Cr 5.2% | ₹3.0K Cr 3.4% | ₹3.1K Cr 14.7% | ₹3.6K Cr |
| CWIP | ₹275 Cr 41.0% | ₹195 Cr 36.7% | ₹308 Cr 13.0% | ₹354 Cr 17.9% | ₹431 Cr 2.6% | ₹420 Cr 33.8% | ₹314 Cr 33.6% | ₹235 Cr 15.8% | ₹203 Cr 20.8% | ₹168 Cr |
| Investments | ₹282 Cr 2.2% | ₹276 Cr 7.8% | ₹256 Cr 8.9% | ₹235 Cr 14.6% | ₹205 Cr 10.8% | ₹185 Cr 14.2% | ₹162 Cr 6.6% | ₹152 Cr 64.6% | ₹429 Cr 43.3% | ₹757 Cr |
| Other Assets | ₹68.5K Cr 4.6% | ₹65.4K Cr 15.5% | ₹56.6K Cr 3.7% | ₹54.6K Cr 1.2% | ₹54.0K Cr 2.1% | ₹52.9K Cr 7.3% | ₹57.0K Cr 6.8% | ₹61.1K Cr 1.5% | ₹60.2K Cr 5.4% | ₹57.2K Cr |
| Total Assets | ₹72.0K Cr 4.5% | ₹68.8K Cr 15.2% | ₹59.8K Cr 3.7% | ₹57.7K Cr 1.2% | ₹57.0K Cr 1.8% | ₹56.0K Cr 7.2% | ₹60.3K Cr 6.5% | ₹64.5K Cr 0.9% | ₹63.9K Cr 3.6% | ₹61.7K Cr |
Values in ₹ Cr · Source: Screener.in
Cash Flow Statement
| Item | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating CF | ₹2.2K Cr 159.0% | ₹-3.7K Cr 401.1% | ₹-741 Cr 212.3% | ₹660 Cr 17.9% | ₹560 Cr 119.4% | ₹-2.9K Cr 25.1% | ₹-3.9K Cr 490.3% | ₹989 Cr 76.6% | ₹560 Cr 49.7% | ₹374 Cr |
| Investing CF | ₹-2.7K Cr 305.2% | ₹1.3K Cr 10.1% | ₹1.5K Cr 232.4% | ₹-1.1K Cr 2561.9% | ₹-42 Cr 102.2% | ₹1.9K Cr 2.2% | ₹1.9K Cr 99.7% | ₹961 Cr 270.1% | ₹-565 Cr 2556.5% | ₹23 Cr |
| Financing CF | ₹-857 Cr 132.3% | ₹2.7K Cr 2884.3% | ₹89 Cr 127.1% | ₹-329 Cr 16.5% | ₹-394 Cr 124.3% | ₹1.6K Cr 5168.8% | ₹-32 Cr 95.2% | ₹-667 Cr 42.5% | ₹-468 Cr 283.6% | ₹-122 Cr |
| Net Cash Flow | ₹-1.4K Cr 609.5% | ₹274 Cr 66.9% | ₹829 Cr 205.3% | ₹-787 Cr 739.8% | ₹123 Cr 79.8% | ₹608 Cr 130.8% | ₹-2.0K Cr 253.8% | ₹1.3K Cr 371.2% | ₹-473 Cr 272.0% | ₹275 Cr |
| Free Cash Flow | ₹1.9K Cr 148.3% | ₹-3.9K Cr 327.4% | ₹-921 Cr 284.9% | ₹498 Cr 60.1% | ₹311 Cr 109.5% | ₹-3.3K Cr 23.5% | ₹-4.3K Cr 695.8% | ₹719 Cr 216.7% | ₹227 Cr 227.5% | ₹-178 Cr |
Values in ₹ Cr · Source: Screener.in
Key Ratios History
| Metric | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 76d 4.1% | 73d 49.0% | 49d 5.8% | 52d 38.8% | 85d 29.8% | 121d 14.8% | 142d 20.2% | 178d 37.1% | 283d 11.8% | 321d |
| Inventory Days | 289d 14.2% | 253d 3.1% | 261d 4.7% | 274d 17.7% | 333d 3.7% | 321d 47.2% | 218d 14.1% | 191d 4.5% | 200d 26.5% | 272d |
| Days Payable | 259d 4.1% | 270d 21.7% | 345d 18.6% | 291d 3.6% | 281d 6.3% | 300d 1.0% | 297d 1.3% | 301d 33.8% | 225d 6.3% | 240d |
| Cash Conv. Cycle | 106d 89.3% | 56d 260.0% | -35d 200.0% | 35d 74.5% | 137d 3.5% | 142d 125.4% | 63d 7.4% | 68d 73.6% | 258d 26.9% | 353d |
| Working Capital Days | 99d 65.0% | 60d 1300.0% | -5d 600.0% | 1d 97.6% | 42d 41.7% | 72d 28.0% | 100d 17.4% | 121d 25.3% | 162d 22.1% | 208d |
| ROCE | 5.0% 66.7% | 3.0% 25.0% | 4.0% 33.3% | 3.0% 130.0% | -10.0% | 0.0% 100.0% | 7.0% 40.0% | 5.0% 66.7% | 3.0% 250.0% | -2.0% |
Source: Screener.in · Lower days = better efficiency
Deep Dive Analysis
About Bharat Heavy Electricals Limited
Bharat Heavy Electricals Ltd is an integrated power plant equipment manufacturer engaged in design, engineering, manufacture, erection, testing, commissioning and servicing of a wide range of products and services for the core sectors of the economy, viz. Power, transmission, Industry, transportation, renewable energy, Oil & Gas and defence.[1] It is the flagship engineering and manufacturing company of India owned and controlled by the Govt. of India.[2]
Capital GoodsElectrical Equipment