Capital Goods · NIFTY 500

Bharat Heavy Electricals Limited

NSEBHEL BSE500103 ISININE257A01026 SeriesEQ Listed on NSE · BSE · MSEI

₹431.20 -0.80 (-0.19%) Updated 12 Nov, 8:49 pm IST

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Price, daily close+56.71% in a year

Today

Open: ₹434.05
Prev close: ₹432.00
Day high: ₹434.40
Day low: ₹426.10
Volume: 54.70 L
Value traded: ₹235.34 Cr
Upper circuit: ₹441.20
Lower circuit: ₹415.50
52W high: ₹464.00
52W low: ₹239.17
1 month: -2.51%
6 months: +4.35%

52W low52W high

Ratios

Key numbers

Worked out from the latest filings (Consolidated) and today's price. TTM = last four quarters.

Market cap₹150,146 Cr

P/E (TTM)52.14

P/B5.61

Book value / share₹76.83

EPS (TTM)₹8.27

ROE10.8%

Dividend yield0.32%

Dividend (12m)₹1.40 / share

Net margin (TTM)7.6%

Operating margin11.0%

Debt / equity0.22

Current ratio1.67

EV / EBITDA40.73

Sales growth (YoY qtr)+23.81%

Profit growth (YoY qtr)+118.98%

Sales CAGR 3Y+13.08%

Profit CAGR 3Y+49.66%

Shares348.21 Cr

Quarterly results

Results for each quarter

Last 12 quarters, consolidated, ₹ crore. Hover a bar to see the number.

Revenue and net profit

5,504-149

Dec 23

8,260490

Mar 24

5,485-211

Jun 24

6,584106

Sep 24

7,277135

Dec 24

8,993504

Mar 25

5,487-456

Jun 25

7,512375

Sep 25

8,473390

Dec 25

12,3101,290

Mar 26

7,698377

Jun 26

9,300821

Sep 26

Revenue · QoQ (vs last quarter)

—+50%-34%+20%+11%+24%-39%+37%+13%+45%-37%+21%

Revenue · YoY (vs a year ago)

————+32%+8.9%+0.0%+14%+16%+37%+40%+24%

Net profit · QoQ (vs last quarter)

—+429%-143%+150%+27%+274%-190%+182%+4.1%+231%-71%+118%

Net profit · YoY (vs a year ago)

————+191%+3.0%-115%+253%+190%+156%+183%+119%

RevenueNet profitLine = trend

-0.43

Dec 23

1.41

Mar 24

-0.61

Jun 24

0.30

Sep 24

0.39

Dec 24

1.45

Mar 25

-1.31

Jun 25

1.08

Sep 25

1.12

Dec 25

3.71

Mar 26

1.08

Jun 26

2.36

Sep 26

EPS (₹) · YoY (vs a year ago)

————+191%+2.8%-115%+260%+187%+156%+182%+119%

EPS (₹)Line = trend

₹ Cr	Dec 23	Mar 24	Jun 24	Sep 24	Dec 24	Mar 25	Jun 25	Sep 25	Dec 25	Mar 26	Jun 26	Sep 26
Revenue	5,504	8,260	5,485	6,584	7,277	8,993	5,487	7,512	8,473	12,310	7,698	9,300
Other income	95.8	157	96.9	111	108	149	171	175	219	243	214	253
Total income	5,600	8,417	5,582	6,695	7,385	9,143	5,658	7,686	8,692	12,554	7,912	9,553
Raw material	3,939	5,755	3,725	4,789	4,895	6,979	4,128	5,741	6,059	8,346	5,839	6,958
Purchases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Employee cost	1,442	1,485	1,435	1,467	1,482	1,539	1,462	1,480	1,531	1,994	1,506	1,652
Other expenses	183	527	342	412	907	669	675	237	535	542	391	721
Total expenses	5,817	7,794	5,875	6,571	7,225	8,448	6,280	7,202	8,188	10,843	7,416	8,482
Operating profit	-62.9	728	-169	275	304	832	-537	581	545	1,753	504	1,026
OPM %	-1.1%	8.8%	-3.1%	4.2%	4.2%	9.2%	-9.8%	7.7%	6.4%	14.2%	6.5%	11.0%
Finance cost	190	193	162	201	184	201	181	195	182	198	140	125
Depreciation	60.6	68.4	59.0	60.1	67.9	85.0	74.5	75.5	78.0	87.9	81.9	83.1
Profit before tax	-217	623	-293	125	160	695	-622	485	504	1,711	496	1,071
Tax	-46.1	147	-67.6	35.3	44.1	200	-153	124	129	437	131	268
Net profit	-149	490	-211	106	135	504	-456	375	390	1,290	377	821
Profit to shareholders	—	490	-211	—	135	504	—	375	390	—	377	821
EPS (₹)	-0.43	1.41	-0.61	0.30	0.39	1.45	-1.31	1.08	1.12	3.71	1.08	2.36

Profit & loss

Results for each year

8 financial years (April to March), consolidated, ₹ crore.

Sales, operating profit and net profit

30,3492,1421,215

FY19

21,490-237-1,468

FY20

17,309-3,141-2,700

FY21

21,211736446

FY22

23,365717477

FY23

23,893613282

FY24

28,3391,242534

FY25

33,7822,3421,600

FY26

Revenue · YoY (vs a year ago)

—-29%-19%+23%+10%+2.3%+19%+19%

Net profit · YoY (vs a year ago)

—-221%-84%+117%+7.0%-41%+89%+200%

RevenueOperating profitNet profitLine = trend

₹ Cr	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	30,349	21,490	17,309	21,211	23,365	23,893	28,339	33,782
Other income	678	564	348	355	489	546	465	808
Total expenses	28,969	22,739	21,297	21,146	23,430	24,260	28,118	32,512
Employee cost	6,261	5,409	5,378	5,519	5,701	5,629	5,923	6,468
Operating profit	2,142	-237	-3,141	736	717	613	1,242	2,342
OPM %	7.1%	-1.1%	-18.1%	3.5%	3.1%	2.6%	4.4%	6.9%
Finance cost	287	508	374	356	521	731	748	756
Depreciation	475	503	473	314	260	249	272	316
Profit before tax	2,058	-685	-3,640	420	423	179	687	2,078
Tax	842	809	-896	25.8	2.1	-39.6	212	538
Tax rate %	40.9%	—	—	6.1%	0.5%	-22.1%	30.8%	25.9%
Net profit	1,215	-1,468	-2,700	445	477	282	534	1,600
Profit to shareholders	—	—	—	446	—	282	534	—
Net margin %	4.0%	-6.8%	-15.6%	2.1%	2.0%	1.2%	1.9%	4.7%
EPS (₹)	3.35	-4.22	-7.75	1.28	1.37	0.81	1.53	4.60

Balance sheet

Assets and debt

At each year end (and the latest half year), ₹ crore.

Equity, debt and assets

26,8285,4541,561

Mar 23

24,4398,8561,835

Mar 24

24,7229,015439

Mar 25

26,1478,1871,435

Mar 26

26,7526,018239

Sep 26

Shareholders' equity · YoY (vs a year ago)

—-8.9%+1.2%+5.8%—

Shareholders' equityBorrowingsCashLine = trend

₹ Cr	Mar 23	Mar 24	Mar 25	Mar 26	Sep 26
Shareholders' equity	26,828	24,439	24,722	26,147	26,752
Long-term borrowings	33.8	23.6	162	168	146
Short-term borrowings	5,420	8,833	8,852	8,019	5,872
Total borrowings	5,454	8,856	9,015	8,187	6,018
Current liabilities	23,351	25,333	28,226	32,302	30,222
Fixed assets (PPE)	2,409	2,511	2,862	2,933	2,870
Inventories	6,756	7,221	9,869	13,335	15,588
Trade receivables	3,128	4,785	5,884	6,796	7,239
Cash & equivalents	1,561	1,835	439	1,435	239
Current assets	30,082	34,546	42,760	51,455	50,570
Total assets	59,370	59,006	68,083	76,186	76,841
Debt / equity	0.20	0.36	0.36	0.31	0.22

Cash flow

Cash coming in and going out

For each financial year, ₹ crore. Free cash flow = cash from operations minus spending on fixed assets.

Operating, investing and financing cash

660-1,125-322

FY22

-7421,48089.0

FY23

-3,7131,3312,656

FY24

2,192-2,731-857

FY25

5,837-3,035-1,806

FY26

Operations · YoY (vs a year ago)

—-212%-401%+159%+166%

OperationsInvestingFinancingLine = trend

₹ Cr	FY22	FY23	FY24	FY25	FY26
Cash from operations	660	-742	-3,713	2,192	5,837
Cash from investing	-1,125	1,480	1,331	-2,731	-3,035
Cash from financing	-322	89.0	2,656	-857	-1,806
Spent on fixed assets	-169	-188	-233	-282	-589
Free cash flow	491	-930	-3,945	1,910	5,248
Net cash flow	-787	828	274	-1,396	996

Shareholding

Who holds the shares

Promoter and public holding at each quarter end, as filed with NSE.

Holding over time

63.2%Dec 23

63.2%Mar 24

63.2%Jun 24

63.2%Sep 24

63.2%Dec 24

63.2%Mar 25

63.2%Jun 25

63.2%Sep 25

63.2%Dec 25

58.2%Mar 26

58.2%Jun 26

58.2%Sep 26

Promoter & groupPublic

Latest (30 Sep 2026)

58.2%promoter

Promoter & group: 58.17%
Public (FIIs, mutual funds, retail…): 41.83%
Promoter change, last quarter: 0.00 pts

Dividends & news

Latest dividends and announcements

Dividends & corporate actions

Dividend - Rs 1.40 Per ShareEx 17-Jul-2026
Dividend - Re 0.50 Per ShareEx 01-Aug-2025
Dividend - Rs 0.25 Per ShareEx 09-Aug-2024
Dividend - Re 0.40 Per ShareEx 11-Aug-2023
Dividend - Re 0.40 Per ShareEx 15-Sep-2022
Annual General MeetingEx 15-Sep-2021
Annual General MeetingEx 18-Sep-2020
Annual General Meeting/Dividend - Rs 1.20 Per ShareEx 11-Sep-2019

Board meetings

BHARAT HEAVY ELECTRICALS LIMITED has informed the Exchange about Board Meeting to be held on 14-Oct-2026 to inter-alia consider and approve the Unaud…14-Oct-2026
Board Meeting for Unaudited Financial Results for & upto the quarter ended30th September, 2026 and Closure of Trading Window thereof14-Oct-2026
BHARAT HEAVY ELECTRICALS LIMITED has informed the Exchange about Board Meeting to be held on 16-Jul-2026 to inter-alia consider and approve the Unaud…16-Jul-2026
the financial results for the period ended Jun 30, 202616-Jul-2026
Dividend.04-May-2026

Filings with NSE

Bagging/Receiving of orders/contracts11 Nov
Action(s) taken or orders passed9 Nov
Bagging/Receiving of orders/contracts7 Nov
Bagging/Receiving of orders/contracts4 Nov
Analysts/Institutional Investor Meet/Con. Call Updates29 Oct
Change in Management25 Oct
Appointment22 Oct

Latest news

BHEL shares up 3.5% on Power Grid order for Gujarat synchronous condensersBusiness Standard · 11 Nov, 1:52 pm BHEL shares rise over 3% on order win from Power GridBusiness Today · 11 Nov, 12:22 pm BHEL shares fall over 4% despite stellar Q2; CLSA flags rich valuations, JM Financial raises targetMoneycontrol.com · 15 Oct, 12:30 pm BHEL shares gain 3% after bagging second Power Grid order in a week worth up to ₹900 crore - CNBC TV18LinkedIn · 11 Nov, 2:00 pm BHEL Bags Rs 600-900 Cr Power Grid Order in GujaratEquitypandit · 11 Nov, 1:37 pm Bharat Heavy Electricals - 12 midcap stocks deliver returns of up to 136% in FY27 so farThe Economic Times · 6 Nov, 4:06 pm Bhel Bags Rs 900 Cr Gujarat Renewable Energy Order, Shares Jump Over 3%BW Businessworld · 11 Nov, 4:48 pm Bharat Heavy Electricals Ltd (BHEL) Q1 FY27 Results UpdateIndia Infoline · 16 Jul, 12:30 pm

About

About Bharat Heavy Electricals Limited

Bharat Heavy Electricals Limited (BHEL) is an Indian state-owned engineering and manufacturing company headquartered in New Delhi. It operates under the administrative control of the Ministry of Heavy Industries and manufactures equipment and systems for power generation, transmission, transportation, defence, aerospace, oil and gas and emerging energy technologies.

From Wikipedia (CC BY-SA 4.0).

Company details

Company name: Bharat Heavy Electricals Limited
NSE symbol: BHEL
BSE scrip code: 500103
ISIN: INE257A01026
Listed on: NSE, BSE, MSEI
Series: EQ (normal equity)
Listed on NSE since: 11 Nov 2003
Face value: ₹2 per share
Market lot: 1 share
Shares issued: 348.21 crore
Index: NIFTY 500
Sector (NSE): Capital Goods
Industry: Electrical Products
Managing director / CEO: K. Sadashiv Murthy
Chair: K. Sadashiv Murthy
Headquarters: New Delhi, Delhi, India
Registered address: BHEL House, Siri Fort, New Delhi – 110049
Founded: 1964
Employees: 85,105
Financial year: April to March
Results basis: Consolidated
Website: bhel.com

Peers

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Prices from NSE via Upstox. Financials from the company's results filed with NSE (XBRL); ratios are our own working. Profile from global-stock-logos (MIT). For information only, not a recommendation to buy or sell.

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Bharat Heavy Electricals Limited

Today

Ratios

Quarterly results

Revenue and net profit

Profit & loss

Sales, operating profit and net profit

Balance sheet

Equity, debt and assets

Cash flow

Operating, investing and financing cash

Shareholding

Holding over time

Latest (30 Sep 2026)

Dividends & news

Dividends & corporate actions

Board meetings

Filings with NSE

Latest news

About

Company details

Peers