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BHEL Q2 FY27 results: net profit up 119.0% to ₹820.94 crore, revenue up 23.8%
Bharat Heavy Electricals Limited reported consolidated Q2 FY27 revenue of ₹9,300 crore and a net profit of ₹820.94 crore for July–September 2026. Revenue rose 23.8% from Q2 FY26, while EBITDA increased 76.6% to ₹1,026 crore and margin expanded 3.3 percentage points to 11.0%.
Key points
- Consolidated Q2 FY27 revenue was ₹9,300 crore, up 23.8% from ₹7,512 crore in Q2 FY26.
- EBITDA was ₹1,026 crore in Q2 FY27, up 76.6% from ₹580.93 crore, with margin rising to 11.0% from 7.7%.
- Net profit was ₹820.94 crore versus ₹374.89 crore a year earlier, while basic EPS rose to ₹2.36 from ₹1.08.
- H1 FY27 revenue was ₹16,998.07 crore, up 30.8% from ₹12,998.71 crore, and the company reported a net profit of ₹1,197.65 crore.
- The board approved a capital investment proposal of Rs. 500 Crore for additional manufacturing facilities at HEEP-Haridwar and the merger of two units effective 1 November 2026.
How did BHEL perform in Q2 FY27?
Bharat Heavy Electricals Limited reported consolidated revenue from operations of ₹9,300 crore for Q2 FY27, up 23.8% from ₹7,512 crore in Q2 FY26. EBITDA rose 76.6% to ₹1,026 crore, and margin increased 3.3 percentage points to 11.0%. Profit before tax was ₹1,071 crore and net profit was ₹820.94 crore.
Against Q1 FY27, revenue rose 20.8% from ₹7,698 crore to ₹9,300 crore. EBITDA increased 103.6% from ₹503.86 crore to ₹1,026 crore, while margin rose 4.5 percentage points to 11.0%. Net profit rose 117.9% from ₹376.71 crore to ₹820.94 crore, and basic EPS increased from ₹1.08 to ₹2.36.
On the standalone basis, Q2 FY27 revenue was ₹9,300.35 crore, up 23.8% from the year-ago quarter. Profit after tax was ₹809.62 crore, while profit before exceptional items was ₹367.67 crore. The results filing stated that the unaudited standalone and consolidated results for the quarter ended 30 September 2026 were approved by the board on 14 October 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 9,300 | 7,698 | 7,512 | +23.8% | +20.8% |
| Other income | 252.66 | 214.14 | 174.61 | +44.7% | +18.0% |
| Total expenses | 8,482 | 7,416 | 7,202 | +17.8% | +14.4% |
| EBITDA | 1,026 | 503.86 | 580.93 | +76.6% | +103.6% |
| EBITDA margin | 11.0% | 6.5% | 7.7% | +3.3 pp | +4.5 pp |
| Profit before tax | 1,071 | 496.24 | 484.87 | +120.8% | +115.7% |
| Tax | 268.13 | 130.99 | 124.34 | +115.6% | +104.7% |
| Net profit | 820.94 | 376.71 | 374.89 | +119.0% | +117.9% |
| EPS (₹) | 2.36 | 1.08 | 1.08 | +118.5% | +118.5% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in BHEL's costs and profit?
Total expenses increased 17.8% from ₹7,202 crore in Q2 FY26 to ₹8,482 crore in Q2 FY27. Cost of materials rose 21.2% by ₹1,217 crore to ₹6,958 crore, employee cost increased 11.6% by ₹172.17 crore to ₹1,652 crore, and depreciation rose 10.1% by ₹7.62 crore to ₹83.08 crore.
Other expenses increased 203.7% by ₹483.61 crore to ₹721 crore in Q2 FY27. Finance costs fell 36.1% by ₹70.44 crore to ₹124.77 crore, while other income rose 44.7% by ₹78.05 crore to ₹252.66 crore. The reported result included no exceptional item.
Tax expense increased 115.6% by ₹143.79 crore to ₹268.13 crore. Profit before tax rose 120.8% by ₹585.74 crore to ₹1,071 crore, and net profit increased 119.0% by ₹446.05 crore to ₹820.94 crore. The filing did not state reasons for the movement in other expenses.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 6,958 | 5,741 | +1,217 | +21.2% |
| Employee cost | 1,652 | 1,480 | +172.17 | +11.6% |
| Finance costs | 124.77 | 195.21 | −70.44 | −36.1% |
| Depreciation | 83.08 | 75.46 | +7.62 | +10.1% |
| Other expenses | 721 | 237.39 | +483.61 | +203.7% |
| Total expenses | 8,482 | 7,202 | +1,281 | +17.8% |
| Other income | 252.66 | 174.61 | +78.05 | +44.7% |
| Tax | 268.13 | 124.34 | +143.79 | +115.6% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, BHEL reported consolidated revenue of ₹16,998.07 crore, up 30.8% from ₹12,998.71 crore in H1 FY26. Total income rose 30.9% from ₹13,344.48 crore to ₹17,464.87 crore.
Profit before tax moved from a loss of ₹136.84 crore in H1 FY26 to a profit of ₹1,566.85 crore in H1 FY27. Net profit moved from a loss of ₹80.61 crore to ₹1,197.65 crore, while EPS rose from a loss of ₹0.23 to ₹3.44.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 16,998 | 12,999 | +30.8% |
| Profit before tax | 1,567 | −136.84 | turned to profit |
| Net profit | 1,198 | −80.61 | turned to profit |
| EPS (₹) | 3.44 | −0.23 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹76,840.54 crore, compared with ₹76,185.61 crore at 31 March 2026. Total equity rose to ₹26,752.47 crore from ₹26,146.6 crore, while borrowings fell to ₹6,018.18 crore from ₹8,186.95 crore.
Cash and cash equivalents declined to ₹239.39 crore from ₹1,435.45 crore at 31 March 2026. Inventories increased to ₹15,587.78 crore from ₹13,334.58 crore, trade receivables rose to ₹7,239.12 crore from ₹6,796.27 crore, and trade payables fell to ₹9,341.89 crore from ₹10,491.6 crore.
H1 FY27 operating cash flow was ₹1,907.09 crore, compared with an outflow of ₹1,181.95 crore in H1 FY26. Investing cash flow was ₹95.14 crore against an outflow of ₹238.14 crore, while financing cash flow was an outflow of ₹3,198.29 crore against an inflow of ₹1,404.51 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 76,841 | 76,186 |
| Total equity | 26,752 | 26,147 |
| Borrowings | 6,018 | 8,187 |
| Cash and equivalents | 239.39 | 1,435 |
| Inventories | 15,588 | 13,335 |
| Trade receivables | 7,239 | 6,796 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 1,907 | −1,182 |
| Cash from investing | 95.14 | −238.14 |
| Cash from financing | −3,198 | 1,405 |
| Capital expenditure | −85.90 | 229.77 |
Source: Company's results filing (XBRL).
How has BHEL done over the last 8 quarters?
Revenue has risen year on year in each of the last five quarters. Across the available quarterly series, revenue peaked at ₹12,310.37 crore in Q4 FY26 and was lowest at ₹5,486.91 crore in Q1 FY26; it stood at ₹9,300.35 crore in Q2 FY27.
Net profit peaked at ₹1,290.47 crore in Q4 FY26 and bottomed at a loss of ₹455.5 crore in Q1 FY26. It was ₹820.94 crore in Q2 FY27, while EBITDA margin rose from 6.5% in Q1 FY27 to 11.0% after reaching 14.2% in Q4 FY26 and falling to -9.8% in Q1 FY26.
Which businesses drove the quarter?
Power revenue rose 17.0% to ₹6,637.9 crore in Q2 FY27 from ₹5,675.64 crore in Q2 FY26. Segment EBIT increased to ₹858.37 crore from ₹593.76 crore, with an EBIT margin of 12.9%.
Industry revenue rose 45.0% to ₹2,662.45 crore from ₹1,836.16 crore in Q2 FY26. Segment EBIT increased to ₹518.71 crore from ₹280.04 crore, and the EBIT margin was 19.5%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Power | 6,638 | +17.0% | 858.37 | 12.9% |
| Industry | 2,662 | +45.0% | 518.71 | 19.5% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved a capital investment proposal for additional facilities to manufacture thermal and nuclear sets at the HEEP-Haridwar unit, at an estimated cost of Rs. 500 Crore. It also approved the merger of the Electrical Machines Repair Plant in Mumbai and the Electronics Division in Bengaluru into a single unit, with the Electronics Division as the merged unit, effective 1 November 2026.
The same-day filings did not announce a dividend, fund raise or appointments. The results filing stated that the board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026.
How did BHEL shares react?
BHEL rose 4.2% within five minutes of the filing appearing in the market, 2.9% after 15 minutes and 3.9% after 30 minutes. From the previous close, the stock rose 4.9% on the reaction day; by the next day's close it was down 1.4%, and by the fifth session it was down 9.4%.
On the reaction day, the stock's 4.9% move was 4.4 percentage points above the Heavy Electrical Equipment industry's median move of 0.5%. By the fifth session, the stock was down 9.4% against a sector decline of 5.3% and a Nifty Midcap 150 decline of 3.7%.
Earlier reaction-day moves were 4.2% on 16 July 2026, 2.8% on 17 April 2026, -1.1% on 19 January 2026 and 6.4% on 29 October 2025. The stock also fell 4.6% on 6 August 2025 and rose 1.5% on 16 May 2025.
| After the filing | Stock | Heavy Electrical Equipment median |
|---|---|---|
| 5 minutes | +4.2% | |
| 15 minutes | +2.9% | |
| 30 minutes | +3.9% | |
| Reaction day | +4.9% | +0.5% |
| Next day | −1.4% | −1.7% |
| 5 days | −9.4% | −5.3% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 16 July 2026 | +4.2% |
| 17 April 2026 | +2.8% |
| 19 January 2026 | −1.1% |
| 29 October 2025 | +6.4% |
| 6 August 2025 | −4.6% |
| 16 May 2025 | +1.5% |
| 28 January 2025 | +6.7% |
| 28 October 2024 | +6.1% |
Source: MarketPing price-reaction measurement.
How did other Heavy Electrical Equipment companies do?
Among 13 other Heavy Electrical Equipment companies that had filed for the quarter, the median revenue growth was 26.0%. Six peers grew more slowly than BHEL's 23.8% revenue growth, while seven grew faster.
Eight of the 13 peers reported higher profit. The peer comparison was as of 4 November 2026.
| BHEL revenue growth (YoY) | +23.8% |
|---|---|
| Median of 13 other Heavy Electrical Equipment companies | +26.0% |
| Companies with slower revenue growth than BHEL | 6 of 13 |
| Companies with faster revenue growth than BHEL | 7 of 13 |
| Companies whose net profit rose | 8 of 13 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was BHEL's revenue in Q2 FY27?
Revenue from operations was ₹9,300 crore, up 23.8% from ₹7,512 crore in Q2 FY26 (consolidated).
Did BHEL make a profit in Q2 FY27?
Yes. Net profit was ₹820.94 crore, against a net profit of ₹374.89 crore in Q2 FY26.
What was BHEL's EPS in Q2 FY27?
Basic earnings per share were ₹2.36, against ₹1.08 in Q2 FY26.
How did BHEL shares react to the Q2 FY27 results?
On the reaction day the stock moved +4.9% from the previous close; the median Heavy Electrical Equipment stock moved +0.5%.
When did BHEL announce its Q2 FY27 results?
On 14 October 2026, in a filing to the BSE.
Sources
- Unaudited Financial Results (Standalone And Consolidated) For The Quarter Ended 30.09.2026 (BSE, 14 October 2026) · PDF
- Unaudited Financial Results (Standalone And Consolidated) For The Quarter Ended 30.09.2026 (BSE, 14 October 2026) · PDF
- BHEL Q2 FY 2026-27 Results: Supplementary Information (BSE, 14 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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