NSE: BHEL · BSE: 500103
BHEL
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
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 | 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 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Power | 25,407 | 75.2 |
| Industry | 8,375 | 24.8 |
| Total, before eliminations | 33,782 | 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) | 58.2 | 36.5 | 25 of 34 | 27% |
| P/B | 5.4 | 5.4 | 16 of 33 | 53% |
| ROCE | 4.7 | 16.6 | 32 of 36 | 11% |
| ROE | 6.1 | 14.7 | 29 of 34 | 15% |
| Debt / Equity | 0.3 | 0.1 | 25 of 34 | 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 | 141563 | 6267 | 1 of 35 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 25 Oct 2026 · BHEL leadership reshuffle after executive director retirement | management changes | high | — | — |
| 22 Oct 2026 · Manepalli Sridhar appointed BHEL Director (Human Resources) | management changes | medium | — | — |
| 15 Oct 2026 · BHEL reports strong Q2 FY27 results, swings to profit in H1 | compliance | minimal | — | — |
| 14 Oct 2026 · BHEL Q2 FY27 results: revenue up 24%, PAT jumps 120% YoY | results | medium | — | — |
| 14 Oct 2026 · BHEL board approves Rs 500 Cr capex, merges two units | capex operations | high | — | — |
| 14 Oct 2026 · BHEL Q2 FY27: standalone PAT jumps to 757 Cr, revenue up 21% YoY | results | high | — | — |
| 14 Oct 2026 · BHEL Q2 FY27: standalone PAT at Rs 616 Cr; H1 swings to Rs 1,591 Cr profit | results | high | — | — |
| 8 Oct 2026 · Certificate under Reg 74(5) of SEBI DP Regulations for Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · Newspaper ad on special window for share dematerialisation | compliance | minimal | — | — |
| 29 Sept 2026 · BHEL board meeting on Oct 14 for Q2 FY27 results; trading window closed | results | 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.