MarketFriction

Bharat Heavy Electricals Ltd

NSE BHEL · BSE 500103 · Heavy Electrical Equipment
₹421.00 +1.32%
NSE close2026-10-01
52 week range229.54 - 446.50
Market cap₹1,43,931 Cr.
P/E59.2
Results 14-10 Nifty 200Nifty 500Nifty Midcap 50Nifty Midcap 100Midcap 150Nifty Midcap SelectNifty EnergyNifty PSE No price band Delivery 36.0%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales5,1255,5048,2605,4856,5847,2778,9935,4877,5128,47312,3107,698
Expenses5,2795,2877,5325,6546,3096,9738,1626,0246,9317,92810,5577,194
Operating Profit-154217728-169275304832-5375815451,753504
OPM %-3.0%3.9%9%-3.1%4.2%4.2%9%-10%8%6%14%7%
Other Income192118170111128126159185189235260226
Interest180190193162201184201181195182198140
Depreciation606168596068857575788882
Profit before tax-20284636-279141179704-6084995201,728508
Tax %-69%29%23%-24%25%25%28%-25%25%25%25%26%
Net Profit-6360490-211106135504-4563753901,290377
EPS in Rs-0.180.171.41-0.610.300.391.45-1.311.081.123.711.08
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales25,50528,46528,82730,44121,46317,30921,21123,36523,89328,33933,78235,993
Expenses26,86227,37027,17428,40921,59620,35720,38322,32123,18226,94031,21032,610
Operating Profit-1,3571,0951,6532,032-133-3,0498281,0447111,3992,5723,383
OPM %-5%3.9%6%7%-0.6%-18%3.9%4.5%3.0%4.9%8%9%
Other Income1,492753679662590393405544608524869909
Interest360413330378613467448612828906986715
Depreciation937850787476503473314260249272316323
Profit before tax-1,1615861,2151,840-659-3,5964707162437462,1393,254
Tax %-39%22%64%46%123%-25%5%9%-16%28%25%
Net Profit-7064554381,002-1,468-2,7004456542825341,6002,432
EPS in Rs-1.921.251.202.89-4.21-7.751.281.880.811.534.606.99
Dividend Payout %-14%85%151%69%0%0%31%21%31%33%30%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth3%14%13%27%
Compounded Profit Growth16%21%36%739%
Stock Price CAGR16%45%47%73%
Return on Equity0%3%3%6%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital490490490734696696696696696696696696
Reserves33,71731,82531,89931,60130,20827,96425,28725,81023,68223,74224,02625,450
Borrowings1,8892111561102,5985,0804,9514,8305,4548,8569,0158,187
Other Liabilities34,88733,05129,15331,49530,98726,55025,02525,65427,83226,48935,11242,554
Total Liabilities70,98365,57761,69863,94064,49060,29155,96056,99157,66459,78468,84976,888
Fixed Assets4,2303,9693,6013,0732,9702,8172,4912,3982,4762,5742,9472,999
CWIP2,614318168203235314420431354308195495
Investments6796757429152162185205235256276302
Other Assets64,13460,49457,17160,23561,13256,99852,86453,95654,59956,64665,43173,092
Total Assets70,98365,57761,69863,94064,49060,29155,96056,99157,66459,78468,84976,888
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity821374560989-3,860-2,892560660-741-3,7132,1925,837
Cash from Investing Activity65023-5659611,9191,877-42-1,1181,4801,331-2,731-3,035
Cash from Financing Activity-3,543-122-468-667-321,622-394-329892,656-857-1,806
Net Cash Flow-2,071275-4731,283-1,973608123-787829274-1,396996
Free Cash Flow544-178227719-4,284-3,276311498-921-3,9361,9025,261
CFO/OP87%-50%105%57%-169%1,930%-25%30%-82%-554%151%227%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days309321283178142121855249737673
Inventory Days270272200191218321333274261253289309
Days Payable239240225301297300281291345270259231
Cash Conversion Cycle340353258686314213735-3556106151
Working Capital Days19220816212110072421-5609986
ROCE %6%-2%3%5%7%-0%-10%3%4%3%5%9%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters63.17%63.17%63.17%63.17%63.17%63.17%63.17%63.17%63.17%63.17%58.17%58.17%
FIIs7.23%7.04%8.76%9.10%9.48%7.98%7.19%6.36%6.23%6.28%7.23%9.52%
DIIs15.99%17.58%15.95%15.03%14.69%15.49%16.34%18.45%18.62%19.70%23.93%22.35%
Government0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.06%0.07%
Public13.62%12.23%12.14%12.71%12.66%13.36%13.29%12.02%11.98%10.85%10.63%9.88%
No. of Shareholders12,27,65812,65,43614,99,20218,80,85119,95,26620,83,02621,20,56719,83,21519,61,66417,91,83117,55,26216,28,020

Fundamentals

Market Cap₹ 1,43,931 Cr.
Current Price₹ 413
Stock P/E59.2
Book Value₹ 75.1
ROCE9.14 %
ROE6.23 %
Dividend Yield0.34 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)27%
Compounded Profit Growth (TTM)739%
Consolidated figures.
Valuation
Market capRs 146,595 Cr
Enterprise valueRs 142,915 Cr
P/E (TTM)60.27x
Price to book5.61x
Price to sales4.07x
EV / EBITDA33.29x
EV / EBIT36.00x
EV / sales3.97x
Price to cash flow25.11x
Earnings yield1.66%
Dividend yield0.33%
P/E, 3-year average166.57x
P/B, 3-year average3.28x
P/E, 5-year average115.10x
P/B, 5-year average2.30x
Profitability
Operating margin (excl. other income)7.61%
Operating margin (incl. other income)10.18%
EBITDA margin11.93%
Pre-tax margin9.04%
Net profit margin6.76%
Net margin, latest quarter4.89%
ROE6.29%
ROCE9.18%
ROA2.20%
ROE, 3-year average3.21%
ROCE, 3-year average5.83%
ROA, 3-year average1.17%
ROE, 5-year average2.78%
ROCE, 5-year average4.96%
ROA, 5-year average1.09%
ROIC (approx.)13.22%
Tax rate25.17%
Other income / net worth3.32%
Growth
Sales growth (latest year)19.21%
Profit growth (latest year)199.73%
Sales CAGR, 3 years13.08%
Sales CAGR, 5 years14.31%
Profit CAGR, 3 years34.74%
Sales growth QoQ-37.47%
Profit growth QoQ-70.81%
Sales growth YoY (latest quarter)40.29%
Per share
EPS (TTM)Rs 6.99
EPS (latest year)Rs 4.60
EPS (latest quarter)Rs 1.08
EPS, 3-year averageRs 2.31
EPS, 5-year averageRs 2.02
Book value per shareRs 75.09
Sales per shareRs 103.37
Cash flow per shareRs 16.76
Free cash flow per shareRs 15.11
Dividend per share (latest year)Rs 1.40
Dividend per share, 3-year averageRs 0.72
Dividend per share, 5-year averageRs 0.59
Dividends
Dividend payout30.46%
Dividend payout, 3-year average31.31%
Dividend payout, 5-year average29.29%
Efficiency
Asset turnover0.44x
Fixed asset turnover11.27x
Inventory turnover1.70x
Inventory days215 days
Debtor days73 days
Debtors turnover4.97x
Creditor days231 days
Cash conversion cycle151 days
Working capital days86 days
Leverage
Total debtRs 8,187 Cr
Cash and bankRs 11,867 Cr
Net debtRs -3,680 Cr
Debt to equity0.31x
Net debt / EBITDA-0.86x
Interest coverage5.55x
Current ratio (filing 2026-03-31)1.59x
Quick ratio (filing 2026-03-31)1.18x
Trade payables (filing 2026-03-31)Rs 10,492 Cr
Owners' fund to total sources34.01%
Debt to assets10.65%
Cash flow
Cash from Operating Activity (latest year)Rs 5,837 Cr
Cash from Investing Activity (latest year)Rs -3,035 Cr
Cash from Financing Activity (latest year)Rs -1,806 Cr
Net Cash Flow (latest year)Rs 996 Cr
Free cash flow (latest year)Rs 5,261 Cr
FCFE (approx.: FCF + change in debt)Rs 4,433 Cr
Cash from ops / profit, 5 years1.20x
Sales to cash flow5.79x
Statement figures
Net sales (TTM)Rs 35,993 Cr
Net sales (latest year)Rs 33,782 Cr
Sales (latest quarter)Rs 7,698 Cr
Operating profit excl. other income (latest year)Rs 2,572 Cr
Operating profit (latest quarter)Rs 504 Cr
Other income (TTM)Rs 909 Cr
EBITDA (TTM)Rs 4,293 Cr
PBDT (TTM)Rs 3,578 Cr
Profit before tax (TTM)Rs 3,254 Cr
Tax (latest year)Rs 538 Cr
Net profit (TTM)Rs 2,432 Cr
Net profit (latest year)Rs 1,600 Cr
Net profit (latest quarter)Rs 377 Cr
Depreciation (TTM)Rs 323 Cr
Depreciation (latest quarter)Rs 82 Cr
Interest (TTM)Rs 715 Cr
Cost of goods sold (latest year)Rs 23,814 Cr
Total expenditure (latest year)Rs 31,210 Cr
Total income (latest year)Rs 34,651 Cr
Share capitalRs 696 Cr
ReservesRs 25,450 Cr
Shareholders' fundsRs 26,147 Cr
Total assetsRs 76,888 Cr
Net blockRs 2,999 Cr
Capital work in progressRs 495 Cr
InvestmentsRs 302 Cr
ReceivablesRs 6,796 Cr
InventoryRs 14,037 Cr
Other liabilitiesRs 42,554 Cr
Shares outstanding (crore)348.21
Ownership
Promoter holding58.17% (-5.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 60.3 is at the 37th percentile of its own 7.4-year range (median 64.5, low 7.2, high 389.0).
P/B 5.61 is at the 97th percentile (median 0.92).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodBHELNifty 50Difference
1 week+1.4%-2.8% +4.1 pts
1 month-1.3%-6.8% +5.5 pts
3 months+9.7%-7.6% +17.4 pts
6 months+71.5%+0.4% +71.1 pts
1 year+79.4%-9.9% +89.4 pts
2 years+53.5%-13.6% +67.1 pts
3 years+221.4%+14.2% +207.2 pts
5 years+541.8%+27.9% +513.9 pts
292 mutual fund schemes hold about ₹17,767 Cr. Over three months 75 bought more and 140 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Nippon India Small Cap Fund1.85%1,528 -8%
Nippon India Growth Mid Cap Fund1.44%752 +4%
Axis Midcap Fund1.95%672 +0%
SBI Midcap Fund2.71%664 -15%
SBI Midcap Fund2.71%660 -15%
Quant ELSS Tax Saver Fund3.87%521 +5%
ICICI Pru Arbitrage Fund1.44%502 +63%
Aditya Birla SL PSU Equity Fund6.78%412 -3%
Quant Mid Cap Fund5.09%410 -2%
SBI Arbitrage Fund0.79%375 +13%
Mirae Asset Midcap Fund1.67%350 -43%
UTI Nifty200 Momentum 30 Index Fund3.65%308 -4%
Bandhan Large & Mid Cap Fund1.42%297 +44%
Axis Large & Mid Cap Fund1.69%293 -15%
SBI PSU Fund4.29%288 -3%
Nippon India Focused Fund3.32%287 +27%
Axis Large & Mid Cap Fund1.69%284 -15%
Nippon India Power & Infra Fund3.48%280 +1%
Edelweiss Mid Cap Fund1.35%268 -35%
Tata Arbitrage Fund0.98%246 +23%
Kotak Arbitrage Fund(M0.30%229 +58%
Nippon India Value Fund2.50%226 -1%
UTI Mid Cap Fund1.76%226 +100%
Tata Mid Cap Fund3.21%200 -8%
SBI Infrastructure Fund3.68%177 -2%

Red flags

F-score 8 of 8
lookProfit leans on other income Other income was 41% of pre-tax profit in 2026
lookAuditor change Auditor change 2026-09-08: Bharat Heavy Electricals Limited has informed the Exchange regarding Change in Auditors of the company.
lookRegulator order or action Regulator order or action 2026-07-31: Bharat Heavy Electricals Limited has informed the Exchange about Action(s) taken or orders passed
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2026-02-12President of India, acting throughPromoterssell174,209,815Rs 4470.06 CrMarket Sale
2019-01-07President of IndiaPromotersother115,527,598Rs 993.54 CrOthers
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹7,698 Cr +40.3% vs Jun 2025. Net profit ₹377 Cr +182.7%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-07-17Dividend - Rs 1.40 Per Share
2025-08-01Dividend - Re 0.50 Per Share
2024-08-09Dividend - Rs 0.25 Per Share
2023-08-11Dividend - Re 0.40 Per Share
2022-09-15Dividend - Re 0.40 Per Share
2021-09-15 Annual General Meeting
2020-09-18 Annual General Meeting
2019-09-11 Annual General Meeting/Dividend - Rs 1.20 Per Share
2019-02-12 Interim Dividend - Re 0.80 Per Share
2018-11-05 Buyback
2018-09-11 Annual General Meeting/Dividend- Rs 1.02 Per Share
2018-02-15 Interim Dividend Re 0.80 Per Share (Purpose Revised)
2017-09-28 Bonus 1:2 0.6667
2017-08-23 Annual General Meeting/Dividend - Re 0.78/- Per Share (Book Closure Dates Revised)
2017-02-14 Interim Dividend Re 0.80 Per Share (Purpose Revised)
2016-09-14 Annual General Meeting/Dividend - Re 0.40/- Per Share
2015-09-14Annual General Meeting/Dividend Re 0.62 Per Share
2015-02-16Interim Dividend - Re 0.54/- Per Share (Purpose Revised)
2014-09-08Annual General Meeting / Final Dividend - Rs 1.52/- Per Share
2014-02-07Interim Dividend - Rs 1.31/- Per Share (Purpose Revised)
2013-09-06Annual General Meeting And Final Dividend Rs.3.29 Per Share
2013-02-05Interim Dividend Rs 2.12 Per Share (Purpose Revised)
2012-09-06Annual General Meeting/Dividend Rs 3.68 Per Share
2012-03-06Interim Dividend Rs.2.72 Per Share (Purpose Revised)
2011-10-03Face Value Split From Rs.10/- To Rs.2/-0.2000
2011-08-10Annual General Meeting And Dividend Rs.17.90 Per Share (Bc Dates Revised)
2011-03-18Interim Dividend Rs.13.25 Per Share (Purpose Revised)
2010-09-01Annual General Meeting And Final Dividend Rs.12.30 Per Share
2010-02-09Int Div-Rs.11/- Per Share
2009-09-01Agm/Div-Rs.8/- Per Share
2009-02-17Interim Dividend - 90%
2008-09-01Agm/Final Dividend- 62.5%
2008-02-13Int Div- Rs.9/- Per Share
2007-08-30Agm/Final Dividend-60%
2007-05-31Bonus 1:10.5000
2007-02-13Interim Dividend-125%
2006-09-01Agm/Dividend-20%
DateTypeWhat it says
2026-09-25Change in ManagementChange in Management
2026-09-18UpdatesSigning of Tripartite Agreement.
2026-09-15Arrangements for strategic, Signing of Joint Venture Agreement with Titagarh Rail Systems Limited
2026-09-14AcquisitionOutcome of Board Meeting Equity investment in Joint Venture
2026-09-08Change in AuditorsChange in Auditors of the company.
2026-09-05Concall / analyst meetSchedule of meet
2026-08-26General UpdatesGeneral Updates
2026-08-25Change in ManagementChange in Management
2026-08-13Arrangements for strategic, Arrangements for strategic, technical, manufacturing, or marketing tie up
2026-08-12Credit RatingCredit Rating
2026-08-05Shareholder meetingProceedings of Annual General Meeting held on August 05, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with...
2026-07-31Regulatory actionAction(s) taken or orders passed
2026-07-29UpdatesBHEL s statement on news being circulated Online and also through Social Media about successful development of its 1200 kV Transformer.
2026-07-21Concall / analyst meetSchedule of meet
2026-07-16General UpdatesBHEL Q1 FY 2026-27 Supplementary Information
2026-07-16Board meeting outcomeBharat Heavy Electricals Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-10UpdatesBusiness Responsibility & Sustainability Report for FY 2025-26.
2026-07-10Shareholder meetingNotice of Annual General Meeting to be held on August 05, 2026
2026-07-07AgreementsAgreements
2026-07-03Credit RatingCredit Rating
2026-07-01Record DateRecord date for the purpose of Dividend is 17-Jul-2026.
2026-07-01UpdatesIntimation of date of Annual General Meeting & Record Date for Final Dividend for FY 2025-26.
2026-06-12Credit RatingCredit Rating
2026-06-11Order winBagging/Receiving of orders/contracts
2026-06-05Order winBagging/Receiving of orders/contracts
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.70
Max pain (expiry 2026-10-27)415
Largest call open interest at420
Largest put open interest at420
Implied volatility, at the money35.5%
Underlying at snapshot421.00
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-30250
2026-09-294,406
2026-09-285
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-08-18NCLTM/s. Northern Power Erectors Limited. V/s. M/s.Bharat Heavy Electricals Limited Vs
2021-08-16NCLTM/s. S R Engineering V/s. M/s. Bharat Heavy Electricals Ltd. Vs
2021-08-13NCLTM/s. Northern Power Erectors Limited. V/s. M/s.Bharat Heavy Electricals Limited Vs
2021-03-30NCLTBharat Heavy Electricals Ltd Vs Hinduja National Power Corporation Ltd
2021-03-08NCLTBharat Heavy Electricals Ltd Vs Hinduja National Power Corporation Ltd
2021-02-26NCLTM/s. Northern Power Erectors Limited. V/s. M/s.Bharat Heavy Electricals Limited Vs
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Scrip PE is greater than 50 (4 trailing quarters)
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03