NSE: BBL · BSE: 503960
BHARAT BIJLEE LTD
Designs and manufactures heavy electrical equipment in two segments. The Power systems segment — which includes transformers and power projects — generated ₹1,384.02 crore of revenue in FY26, or 60.9% of segment revenue, with segment EBIT of ₹165.68 crore. The Industrial systems segment — which covers motors, drives and magnet technology products — generated ₹889.78 crore, or 39.1% of segment revenue, with segment EBIT of ₹58.78 crore. In FY26, the company earned total revenue of ₹2,273.80 crore and a net profit of ₹120.09 crore. Materials are by far the largest input cost at 80.8% of revenue, with employee costs at 9.9% and other operating expenses at 7.0%. The FY26 annual report flags raw material price volatility and a 17% rise in the Euro as margin pressures. The board has recommended a dividend of Rs 35 per share (700% on Rs 5 face value) for FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Power systems (61%), Industrial systems (39%). Capital goods, project-driven, materials-heavy manufacturer of heavy electrical equipment.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,266 | 1,419 | 1,872 | 1,902 | 2,274 |
| EBITDA (ex other income) | 84 | 117 | 172 | 167 | 158 |
| margin % | 6.6 | 8.3 | 9.2 | 8.8 | 6.9 |
| Owners' profit | 56 | 83 | 131 | 134 | 120 |
| EPS, as reported (₹) | 98.34 | 147.26 | 116.29 | 118.24 | 106.24 |
| ROE % · ROCE % | 4.9 · 8.2 | 6.0 · 9.2 | 7.0 · 9.8 | 6.9 · 9.1 | 5.9 · 8.1 |
| Debt / equity (x) | 0.25 | 0.21 | 0.08 | 0.04 | 0.15 |
| Cash from operations | (9) | 52 | 241 | 175 | (93) |
| Capex | (16) | (16) | (34) | (35) | (113) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 394 | 514 | 619 | 465 | 473 | 568 | 767 | 547 |
| Profit before tax | 25 | 54 | 68 | 37 | 37 | 33 | 52 | 26 |
| Net profit | 19 | 41 | 50 | 28 | 28 | 25 | 39 | 20 |
| EPS (₹) | 16.62 | 35.94 | 44.51 | 24.66 | 24.98 | 21.84 | 34.76 | 17.37 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Power systems | 1,384 | 60.9 |
| Industrial systems | 890 | 39.1 |
| Total, before eliminations | 2,274 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BHEL | 1,41,563 | 58.2 | 5.41 | 47.1 | 6.1 | 4.7 | 14.3 | 9.3 |
| ABB INDIA LIMITED | 1,37,523 | 46.0 | 14.72 | — | 23.0 | 10.2 | — | 15.2 |
| CG POWER AND IND SOL LTD | 1,31,087 | 85.8 | 15.99 | 71.3 | 14.6 | 19.2 | 33.2 | 14.7 |
| HITACHI ENERGY INDIA LTD | 1,26,820 | 110.2 | 24.50 | — | 19.1 | 24.7 | — | 16.9 |
| SIEMENS LTD | 1,20,079 | 36.7 | 8.67 | 33.8 | 19.9 | 20.6 | 31.1 | 11.6 |
| GE VERNOVA T&D INDIA LTD | 1,04,269 | 79.9 | 38.76 | — | 45.8 | 57.9 | — | 27.4 |
| SIEMENS ENERGY INDIA LTD | 1,01,282 | 68.1 | 21.05 | — | 14.3 | 15.8 | — | 25.9 |
| SUZLON ENERGY LIMITED | 51,299 | 16.4 | 5.42 | 15.9 | 33.4 | 22.7 | 38.0 | 16.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 25.4 | 36.5 | 12 of 34 | 67% |
| P/B | 1.4 | 5.4 | 3 of 33 | 94% |
| ROCE | 7.3 | 16.6 | 30 of 36 | 17% |
| ROE | 5.9 | 14.7 | 31 of 34 | 9% |
| Debt / Equity | 0.1 | 0.1 | 18 of 34 | 49% |
| EBITDA margin | 7.3 | 16.4 | 29 of 35 | 18% |
| Revenue growth | 17.7 | 17.7 | 17 of 33 | 50% |
| Profit growth | (29.6) | 6.7 | 23 of 32 | 29% |
| Market cap | 2836 | 6267 | 23 of 35 | 35% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Quarter revenue jumps 55% and PAT rises 63% in September 2026 | results | high | — | — |
| 9 Oct 2026 · Compliance Certificate Under SEBI Regulation 74(5) for September 2026 Quarter | compliance | minimal | — | — |
| 1 Oct 2026 · Income Tax demand order of Rs 58.31 lakhs received | regulatory legal | high | — | — |
| 24 Sept 2026 · Board meeting on Oct 27 for Q2 FY26 results, trading window closed Oct 1 to 29 | compliance | minimal | — | — |
| 15 Sept 2026 · Newspaper ad on special window to dematerialise physical shares | compliance | minimal | — | — |
| 15 Sept 2026 · Income Tax penalty order of about Rs 4.59 lakh for AY 2020-21 | regulatory legal | high | — | — |
| 6 Aug 2026 · Bharat Bijlee Q1 FY27 results published in newspapers | compliance | minimal | — | — |
| 4 Aug 2026 · Bharat Bijlee: VP retires, two senior management re-designations, Q1 FY27 results | management changes | medium | — | — |
| 4 Aug 2026 · Bharat Bijlee Q1 FY27: revenue up, profit down; senior management reshuffle | results | high | — | — |
| 23 Jul 2026 · Bharat Bijlee 79th AGM: All 5 Resolutions Passed, Rs 35 Dividend Cleared | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.