Engineers and manufactures heavy electrical equipment from 16 manufacturing plants in India, split into two segments. The Power segment, 75.2% of period segment revenue at Rs 25,406.71 cr, builds power-plant equipment such as turbines, 765 kV and 1200 kV transformers (ready since 2011) and undertakes EPC of thermal projects including the 3x800 MW Meja STPP, supplying utilities like POWERGRID. The Industry segment, 24.8% at Rs 8,375.47 cr, supplies equipment for nuclear, defence and rail mobility and has bagged the largest single gas turbine generator (GTG) export order on record. A strategic collaboration with thyssenkrupp nucera adds alkaline electrolyser systems for green hydrogen projects. Order book reached a record Rs 2.6 lakh cr in Q1 FY27 with quarterly inflows of Rs 26,745 cr, and Q1 FY27 revenue rose 40% year-on-year to Rs 7,698 cr. The workforce numbers 85,105 and the company serves 94 countries, though exports remain 1.35% of turnover. Materials and bought-out components are the dominant cost at 71.9% of revenue, with employees at 19.1%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Power (75%), Industry (25%). Cyclical, order-driven heavy engineering with multi-year project execution
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 21,211 | 23,365 | 23,893 | 28,339 | 33,782 |
| EBITDA (ex other income) | 736 | 717 | 613 | 1,242 | 2,342 |
| margin % | 3.5 | 3.1 | 2.6 | 4.4 | 6.9 |
| Owners' profit | 446 | 477 | 282 | 534 | 1,600 |
| EPS, as reported (₹) | 1.28 | 1.37 | 0.81 | 1.53 | 4.60 |
| ROE % · ROCE % | 1.7 · 2.2 | 1.8 · 2.6 | 1.2 · 2.7 | 2.2 · 3.6 | 6.1 · 6.5 |
| Debt / equity (x) | 0.18 | 0.20 | 0.36 | 0.36 | 0.31 |
| Cash from operations | 660 | (742) | (3,713) | 2,192 | 5,837 |
| Capex | (169) | (188) | (233) | (282) | (589) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6,584 | 7,277 | 8,993 | 5,487 | 7,512 | 8,473 | 12,310 | 7,698 |
| Profit before tax | 125 | 160 | 695 | (622) | 485 | 504 | 1,711 | 496 |
| Net profit | 106 | 135 | 504 | (456) | 375 | 390 | 1,290 | 377 |
| EPS (₹) | 0.30 | 0.39 | 1.45 | (1.31) | 1.08 | 1.12 | 3.71 | 1.08 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Power | 25,407 | 75.2 |
| Industry | 8,375 | 24.8 |
| Total, before eliminations | 33,782 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ABB INDIA LIMITED | 1,54,136 | 51.6 | 16.50 | — | 23.0 | 10.2 | — | 15.2 |
| BHEL ◆ | 1,50,076 | 61.7 | 5.74 | 49.8 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · CAG appoints statutory and branch auditors for FY 2026-27 | management changes | medium | — | — |
| 5 Sept 2026 · BHEL to host analyst and investor visit at Haridwar manufacturing unit on 9 Sept 2026 | board shareholder meetings | low | — | — |
| 26 Aug 2026 · BSE and NSE fine BHEL for board and committee non-compliance | regulatory legal | high | — | — |
| 25 Aug 2026 · BHEL: General Manager superannuates from services | management changes | medium | — | — |
| 18 Aug 2026 · LIC sells 2% stake in BHEL, holding drops to 5.607% | ownership changes | medium | — | — |
| 13 Aug 2026 · BHEL signs strategic tie-up with Norway's Hystar for green hydrogen tech | strategic transactions | high | — | — |
| 12 Aug 2026 · BHEL Long-Term Credit Rating Upgraded to IND AA/Stable by India Ratings | credit debt | high | — | — |
| 5 Aug 2026 · BHEL 62nd AGM held on Aug 5, 2026; all 7 resolutions passed with requisite majority | board shareholder meetings | low | — | — |
| 4 Aug 2026 · BHEL informs about newspaper ad on physical shares dematerialisation | compliance | minimal | — | — |
| 31 Jul 2026 · BHEL faces Rs 9.29 lakh customs penalty, plans to appeal | regulatory legal | high | — | — |
| 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 |
| 6.1 |
| 4.7 |
| 14.3 |
| 9.3 |
| CG POWER AND IND SOL LTD | 1,43,168 | 93.7 | 17.46 | 77.9 | 14.6 | 19.2 | 33.2 | 14.7 |
| SIEMENS LTD | 1,40,869 | 43.0 | 10.17 | 39.7 | 19.9 | 20.6 | 31.1 | 11.6 |
| HITACHI ENERGY INDIA LTD | 1,40,200 | 121.8 | 27.09 | — | 19.1 | 24.7 | — | 16.9 |
| GE VERNOVA T&D INDIA LTD | 1,16,454 | 89.2 | 43.29 | — | 45.8 | 57.9 | — | 27.4 |
| SIEMENS ENERGY INDIA LTD | 1,13,147 | 76.0 | 23.51 | — | 14.3 | 15.8 | — | 25.9 |
| SUZLON ENERGY LIMITED | 60,678 | 19.4 | 6.41 | 18.8 | 33.4 | 22.7 | 38.0 | 16.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 61.7 | 35.1 | 25 of 34 | 27% |
| P/B | 5.7 | 5.7 | 17 of 33 | 50% |
| ROCE | 4.7 | 16.6 | 32 of 36 | 11% |
| ROE | 6.1 | 14.6 | 29 of 35 | 18% |
| Debt / Equity | 0.3 | 0.1 | 26 of 35 | 27% |
| EBITDA margin | 9.3 | 16.4 | 28 of 35 | 21% |
| Revenue growth | 40.3 | 17.7 | 9 of 33 | 75% |
| Profit growth | 182.7 | 6.7 | 2 of 32 | 97% |
| Market cap | 150076 | 7198 | 2 of 35 | 97% |
| 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 |
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.
