Bharat Bijlee Ltd

NSE: BBL BSE: 503960

Established in 1946, Bharat Bijlee is a leading electrical engineering company in India engaged in manufacturing of transformers, electric motors, elevator systems, drives and automation. It also provides turnkey solutions for EHV switchyards, HV and MV substations, Electrical Balance of Plant, etc. [1]

₹2,665

52W: ₹2009 — ₹3422

PE 25.1 · Book ₹1795 · +48% vs book

Market Cap₹3,012 Cr

Stock P/E25.1Price to Earnings

ROCE8.14%Return on Capital

ROE6.05%Return on Equity

Div. Yield1.31%Face Value ₹5

Strengths

+Company has been maintaining a healthy dividend payout of 30.9%

Weaknesses

−Promoter holding is low: 33.6%
−Company has a low return on equity of 6.95% over last 3 years.

Shareholding Pattern

Promoters33.65%

FIIs4.1%

DIIs17.95%

Public44.3%

Category	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	33.69%	33.69%	33.69%	33.69%	33.65%▼0.0	33.65%	33.65%	33.65%
FIIs	3.6%	4.79%▲1.2	5.3%▲0.5	3.79%▼1.5	3.63%▼0.2	3.67%▲0.0	3.57%▼0.1	4.1%▲0.5
DIIs	12.7%	16.31%▲3.6	17.77%▲1.5	17.34%▼0.4	17.96%▲0.6	18.36%▲0.4	17.64%▼0.7	17.95%▲0.3
Public	50.02%	45.23%▼4.8	43.26%▼2.0	45.19%▲1.9	44.75%▼0.4	44.33%▼0.4	45.13%▲0.8	44.3%▼0.8

Financial Statements

Metric	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	424	587	375	394	514	619	465	473	568	767
Expenses	385	526	345	372	461	556	431	439	534	712
Operating Profit	39	62	29	22	53	63	34	35	34	55
OPM %	9%	11%	8%	6%	10%	10%	7%	7%	6%	7%
Net Profit	30	49	24	19	41	50	28	28	25	39
EPS ₹	26.27	42.95	21.17	16.62	35.94	44.51	24.67	24.98	21.83	34.77

AI Insights

Revenue Trend

Mar 2026 revenue at ₹2,274Cr, up 19.6% YoY. OPM at 7%.

Debt Position

Borrowings at ₹307Cr. Debt-to-equity ratio: 0.15x. Healthy balance sheet.

Capex Cycle

CWIP at ₹83Cr (57% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 17.95% (+12.91pp change). FIIs: 4.1% (+2.42pp change). Promoters hold 33.65%.

Margin & Efficiency

ROCE improving from -3% (Mar 2015) to 8% (Mar 2026). Working capital days: 32.

Valuation

PE 25.1x with 8.14% ROCE. Price is 48% above book value of ₹1,795. Dividend yield: 1.31%.