Bharat Heavy Electricals Ltd
Bharat Heavy Electricals Ltd is an integrated power plant equipment manufacturer engaged in design, engineering, manufacture, erection, testing, commissioning and servicing of a wide range of products and services for the core sectors of the economy, viz. Power, transmission, Industry, transportation, renewable energy, Oil & Gas and defence.[1] It is the flagship engineering and manufacturing company of India owned and controlled by the Govt. of India.[2]
Strengths
- +Company has delivered good profit growth of 20.9% CAGR over last 5 years
- +Company has been maintaining a healthy dividend payout of 32.8%
Weaknesses
- −Stock is trading at 5.14 times its book value
- −Promoter holding has decreased over last quarter: -5.00%
- −Company has a low return on equity of 3.08% over last 3 years.
- −Earnings include an other income of Rs.846 Cr.
Shareholding Pattern
| Category | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 63.17% | 63.17% | 63.17% | 63.17% | 63.17% | 63.17% | 63.17% | 58.17%▼5.0 |
| FIIs | 9.1% | 9.48%▲0.4 | 7.98%▼1.5 | 7.19%▼0.8 | 6.36%▼0.8 | 6.23%▼0.1 | 6.28%▲0.0 | 7.23%▲1.0 |
| DIIs | 15.03% | 14.69%▼0.3 | 15.49%▲0.8 | 16.34%▲0.8 | 18.45%▲2.1 | 18.62%▲0.2 | 19.7%▲1.1 | 23.93%▲4.2 |
| Public | 12.71% | 12.66%▼0.1 | 13.36%▲0.7 | 13.29%▼0.1 | 12.02%▼1.3 | 11.98%▼0.0 | 10.85%▼1.1 | 10.63%▼0.2 |
Financial Statements
| Metric | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 5,504 | 8,260 | 5,485 | 6,584 | 7,277 | 8,993 | 5,487 | 7,512 | 8,473 | 12,310 |
| Expenses | 5,287 | 7,532 | 5,654 | 6,309 | 6,973 | 8,162 | 6,024 | 6,931 | 7,928 | 10,557 |
| Operating Profit | 217 | 728 | -169 | 275 | 304 | 832 | -537 | 581 | 545 | 1,753 |
| OPM % | 4% | 9% | -3% | 4% | 4% | 9% | -10% | 8% | 6% | 14% |
| Net Profit | 46 | 484 | -213 | 97 | 125 | 504 | -455 | 368 | 382 | 1,283 |
| EPS ₹ | 0.13 | 1.39 | -0.61 | 0.28 | 0.36 | 1.45 | -1.31 | 1.06 | 1.1 | 3.68 |
AI Insights
Mar 2026 revenue at ₹33,782Cr, up 19.2% YoY. OPM at 7%.
Borrowings at ₹8,187Cr. Debt-to-equity ratio: 0.32x. Healthy balance sheet.
CWIP at ₹399Cr (13% of fixed assets). Moderate ongoing capital expenditure.
DIIs: 23.93% (+7.57pp change). FIIs: 7.23% (-0.54pp change). Promoters hold 58.17%.
ROCE improving from 6% (Mar 2015) to 8% (Mar 2026). Working capital days: 79.
PE 86.4x with 8.35% ROCE. Price is 414% above book value of ₹76.2. Dividend yield: 0.13%.
Recent Announcements
- Announcement under Regulation 30 (LODR)-Newspaper Publication 5 May - Published Financial Results for the quarter & year ended 31.03.2026
- BHEL Q4 FY 2025-26 Results Supplementary Information 4 May - BHEL released Q4 FY26 supplementary results: revenue Rs 33,782 crore, PAT Rs 1,578 crore, order book Rs 2.4 lakh crore.
- Board Meeting Outcome for Outcome Of Board Meeting 4 May - BHEL approved Q4/FY26 audited results and recommended final dividend of Rs 1.40 per share.
- Audited Financial Results (Standalone And Consolidated) For The Quarter And Year Ended 31.03.2026 And Declaration Of Final Dividend For FY 2025-26 4 May
- BHEL Enters Into Latot With M/S NSTL-DRDO, Vishakhapatnam For GT-IRSS For Naval Vessels 28 Apr - BHEL signs LAToT with NSTL-DRDO for LM2500 GT-IRSS fabrication, installation and commissioning for naval vessels.
- Financial Year 2025 from bse
- Financial Year 2024 from bse
- Financial Year 2023 from bse