Nifty
:
25175.40
Sensex
:
81857.48
126.75 (0.51%)
319.78 (0.39%)
Nifty
Sensex
:
:
25175.40
81857.48
126.75 (0.51%)
319.78 (0.39%)

Bharat Heavy Electricals Ltd.

Engineering - Industrial Equipments

Rating :
72/99

BSE: 500103 | NSE: BHEL

NSE BSE
247.70
27-Jan-2026
  • Open
  • High
  • Low
  • Previous Close
  •  243.5
  •  248.8
  •  240.5
  •  242.50
  • Volume
  • Traded Value (lacs)
  • 52 Week High
  • 52 Week Low
  •  9603734
  •  2352423456.9
  •  305.9
  •  176

Stock Summary

  • Market Cap(Crs)
  • Stock P:E
  • Face Value
  • 86,320.35
  • 106.01
  • 2
  • Enterprise Value(Crs)
  • Dividend Yield
  • Price:Book Value
  • 88,914.51
  • 0.20%
  • 3.48

Shareholding Pattern

  • Promoter
  • Corporate
  • Public
  • 63.17%
  • 0.37%
  • 9.54%
  • FII
  • DII
  • Others
  • 6.28%
  • 17.18%
  • 3.46%

Chart

Price | P:E | P:BV | EV:EBITDA | MCap:Sales | EPS

Revenue CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • 1.05
  • 10.36
  • 6.65

EBITDA CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • 2.44
  • -5.23
  • 15.88

PAT CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • -
  • -
  • -6.55

P:E (Median)

  • 8 Years
  • 5 Years
  • 3 Years
  • 34.04
  • 35.98
  • 141.99

P:BV (Average)

  • 8 Years
  • 5 Years
  • 3 Years
  • 1.52
  • 2.04
  • 2.88

EV:EBITDA (Average)

  • 8 Years
  • 5 Years
  • 3 Years
  • 27.11
  • 40.27
  • 67.91

Earnings Forecasts:

(Updated: 24-01-2026)
Description
2024
2025
2026
2027
Adj EPS
1.53
4.97
9.34
13.09
P/E Ratio
161.90
49.84
26.52
18.92
Revenue
27355.2
35607.1
45582.8
54829.4
EBITDA
1241.57
2524.43
4626.55
6277.61
Net Income
533.9
1571.45
2935.6
4555.7
ROA
0.84
2.81
4.35
5.1
P/B Ratio
3.49
3.32
3.05
2.73
ROE
2.17
6.38
11.87
15.31
FCFF
1619.16
7332.94
6003.95
5756.59
FCFF Yield
1.71
7.76
6.35
6.09
Net Debt
1402.19
700.9
-3763.33
-4826.67
BVPS
71
74.58
81.25
90.84

Quarterly Results

Consolidated Figures in Rs. Crores /

Standalone
Description
Dec 25
Dec 24
Var%
Sep 25
Sep 24
Var%
Jun 25
Jun 24
Var%
Mar 25
Mar 24
Var%
Net Sales
8,473.10
7,277.09
16.44%
7,511.80
6,584.10
14.09%
5,486.91
5,484.92
0.04%
8,993.37
8,260.25
8.88%
Expenses
7,927.80
6,972.85
13.70%
6,930.87
6,309.10
9.86%
6,024.05
5,654.27
6.54%
8,161.69
7,532.39
8.35%
EBITDA
545.30
304.24
79.23%
580.93
275.00
111.25%
-537.14
-169.35
-
831.68
727.86
14.26%
EBIDTM
6.44%
4.18%
7.73%
4.18%
-9.79%
-3.09%
9.25%
8.81%
Other Income
218.75
107.91
102.72%
174.61
111.27
56.92%
171.16
96.86
76.71%
149.27
156.59
-4.67%
Interest
182.47
183.78
-0.71%
195.21
201.38
-3.06%
181.21
161.74
12.04%
201.43
193.32
4.20%
Depreciation
77.99
67.88
14.89%
75.46
60.09
25.58%
74.52
58.97
26.37%
85.02
68.40
24.30%
PBT
503.59
160.49
213.78%
484.87
124.80
288.52%
-621.71
-293.20
-
694.50
622.73
11.53%
Tax
129.43
44.05
193.83%
124.34
35.27
252.54%
-152.54
-67.59
-
199.97
146.70
36.31%
PAT
374.16
116.44
221.33%
360.53
89.53
302.69%
-469.17
-225.61
-
494.53
476.03
3.89%
PATM
4.42%
1.60%
4.80%
1.36%
-8.55%
-4.11%
5.50%
5.76%
EPS
1.12
0.39
187.18%
1.08
0.30
260.00%
-1.31
-0.61
-
1.45
1.41
2.84%

Annual Results

Consolidated Figures in Rs. Crores /

Standalone
Description
TTM
Mar 25
Mar 24
Mar 23
Mar 22
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Net Sales
30,465.18
28,339.48
23,892.78
23,364.94
21,211.09
17,308.69
21,463.14
30,441.38
28,827.48
28,477.03
25,520.44
Net Sales Growth
10.36%
18.61%
2.26%
10.15%
22.55%
-19.36%
-29.49%
5.60%
1.23%
11.59%
 
Cost Of Goods Sold
20,915.72
13,423.32
11,547.99
10,475.46
9,729.79
8,669.42
10,739.21
13,993.42
12,728.84
14,118.82
13,265.21
Gross Profit
9,549.46
14,916.16
12,344.79
12,889.48
11,481.30
8,639.27
10,723.93
16,447.96
16,098.64
14,358.21
12,255.23
GP Margin
31.35%
52.63%
51.67%
55.17%
54.13%
49.91%
49.96%
54.03%
55.84%
50.42%
48.02%
Total Expenditure
29,044.41
32,557.63
28,094.09
25,383.35
23,589.94
22,826.89
25,084.29
30,562.02
29,579.72
31,233.82
28,835.14
Power & Fuel Cost
-
511.08
475.59
510.50
435.58
353.76
486.35
537.32
503.99
494.87
499.47
% Of Sales
-
1.80%
1.99%
2.18%
2.05%
2.04%
2.27%
1.77%
1.75%
1.74%
1.96%
Employee Cost
-
5,923.42
5,628.84
5,700.63
5,519.05
5,378.15
5,431.65
5,509.25
6,075.55
5,402.71
5,387.15
% Of Sales
-
20.90%
23.56%
24.40%
26.02%
31.07%
25.31%
18.10%
21.08%
18.97%
21.11%
Manufacturing Exp.
-
5,997.28
5,765.03
6,279.55
5,492.89
3,656.85
3,932.84
5,123.73
4,445.60
4,139.97
4,089.06
% Of Sales
-
21.16%
24.13%
26.88%
25.90%
21.13%
18.32%
16.83%
15.42%
14.54%
16.02%
General & Admin Exp.
-
731.39
611.62
587.32
512.33
599.82
788.34
810.92
777.42
872.63
448.76
% Of Sales
-
2.58%
2.56%
2.51%
2.42%
3.47%
3.67%
2.66%
2.70%
3.06%
1.76%
Selling & Distn. Exp.
-
248.13
217.15
261.81
251.18
230.18
317.20
381.30
430.13
468.75
392.85
% Of Sales
-
0.88%
0.91%
1.12%
1.18%
1.33%
1.48%
1.25%
1.49%
1.65%
1.54%
Miscellaneous Exp.
-
5,723.01
3,847.87
1,568.08
1,649.12
3,938.71
3,388.70
4,206.08
4,618.19
5,736.07
392.85
% Of Sales
-
20.19%
16.10%
6.71%
7.77%
22.76%
15.79%
13.82%
16.02%
20.14%
18.62%
EBITDA
1,420.77
-4,218.15
-4,201.31
-2,018.41
-2,378.85
-5,518.20
-3,621.15
-120.64
-752.24
-2,756.79
-3,314.70
EBITDA Margin
4.66%
-14.88%
-17.58%
-8.64%
-11.22%
-31.88%
-16.87%
-0.40%
-2.61%
-9.68%
-12.99%
Other Income
713.79
6,082.78
5,456.53
3,550.53
3,561.14
2,817.94
4,052.30
3,000.01
3,475.37
4,628.55
3,465.92
Interest
760.32
906.08
827.64
612.19
448.13
466.56
612.67
378.29
330.17
412.84
359.81
Depreciation
312.99
271.96
248.90
260.34
314.12
473.25
503.27
475.74
787.33
849.79
936.70
PBT
1,061.25
686.59
178.68
659.59
420.04
-3,640.07
-684.79
2,025.34
1,605.63
609.13
-1,145.29
Tax
301.20
211.70
-39.56
61.49
25.75
-896.23
809.28
837.32
776.68
130.39
-455.55
Tax Rate
28.38%
30.83%
-22.14%
9.32%
6.13%
24.62%
-118.18%
41.34%
48.37%
21.41%
39.78%
PAT
760.05
533.90
282.22
654.12
446.03
-2,697.11
-1,491.73
1,190.70
831.92
480.82
-688.29
PAT before Minority Interest
760.05
533.90
282.22
654.12
444.71
-2,699.70
-1,494.07
1,188.02
828.95
478.74
-689.74
Minority Interest
0.00
0.00
0.00
0.00
1.32
2.59
2.34
2.68
2.97
2.08
1.45
PAT Margin
2.49%
1.88%
1.18%
2.80%
2.10%
-15.58%
-6.95%
3.91%
2.89%
1.69%
-2.70%
PAT Growth
66.54%
89.18%
-56.86%
46.65%
-
-
-
43.13%
73.02%
-
 
EPS
2.18
1.53
0.81
1.88
1.28
-7.75
-4.28
3.42
2.39
1.38
-1.98

Results Balance Sheet

Consolidated Figures in Rs. Crores /

Standalone
Description
Mar 25
Mar 24
Mar 23
Mar 22
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Shareholder's Funds
24,722.16
24,438.65
24,378.26
26,506.60
25,983.66
28,660.72
30,904.34
32,334.99
32,388.99
32,314.15
Share Capital
696.41
696.41
696.41
696.41
696.41
696.41
696.41
734.28
489.52
489.52
Total Reserves
24,025.75
23,742.24
23,681.85
25,810.19
25,287.25
27,964.31
30,207.93
31,600.71
31,899.47
31,824.63
Non-Current Liabilities
11,067.71
5,114.77
4,815.66
4,835.93
5,239.76
5,722.56
6,476.07
5,642.48
4,970.72
8,602.16
Secured Loans
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Unsecured Loans
0.00
0.00
0.00
0.00
0.00
0.00
95.45
57.18
89.55
126.29
Long Term Provisions
2,585.56
2,489.08
4,101.02
3,771.21
3,925.56
4,225.16
5,476.03
4,984.89
5,006.19
7,629.61
Current Liabilities
28,237.79
25,272.37
23,538.98
21,432.62
21,015.76
24,907.57
25,943.36
24,196.76
23,634.69
26,992.96
Trade Payables
9,540.92
8,539.38
9,895.83
7,749.59
6,680.83
8,829.16
11,380.98
10,589.25
8,715.88
8,708.44
Other Current Liabilities
8,074.36
5,581.59
5,402.10
5,809.86
5,658.58
5,745.64
6,649.32
7,538.93
7,226.94
8,691.07
Short Term Borrowings
8,795.00
8,808.00
5,385.00
4,745.00
4,849.28
4,947.92
2,444.57
10.28
6.03
3.53
Short Term Provisions
1,827.51
2,343.40
2,856.05
3,128.17
3,827.07
5,384.85
5,468.49
6,058.30
7,685.84
9,589.92
Total Liabilities
64,027.66
54,825.79
52,732.90
52,775.15
52,227.52
59,281.78
63,317.04
62,170.18
60,993.32
67,910.05
Net Block
2,946.73
2,574.04
2,475.98
2,398.46
2,491.14
2,817.12
2,970.46
3,073.21
3,601.19
3,968.71
Gross Block
7,748.16
7,236.25
6,948.85
6,639.82
6,470.30
6,338.34
6,003.37
5,633.23
5,379.55
4,903.04
Accumulated Depreciation
4,801.43
4,662.21
4,472.87
4,241.36
3,979.16
3,521.22
3,032.91
2,560.02
1,778.36
934.33
Non Current Assets
21,255.69
20,258.55
23,578.98
24,851.70
23,225.61
24,271.51
22,047.95
17,698.01
14,597.30
16,517.83
Capital Work in Progress
195.43
308.36
353.85
430.98
419.56
314.00
235.44
202.76
168.34
317.84
Non Current Investment
275.57
255.67
235.42
205.15
185.34
162.06
152.36
428.97
757.13
796.42
Long Term Loans & Adv.
3,378.15
3,521.69
3,661.02
3,424.18
20,079.48
20,925.17
4,222.46
3,688.46
10,035.91
11,434.13
Other Non Current Assets
14,459.36
13,598.79
16,852.71
18,392.93
50.09
53.16
14,467.23
10,304.61
34.73
0.73
Current Assets
42,771.97
34,567.24
29,153.92
27,923.45
29,001.91
35,010.27
41,269.09
44,472.17
46,396.02
51,392.22
Current Investments
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Inventories
9,869.49
7,220.57
6,755.90
6,560.21
7,194.45
8,908.23
7,800.04
6,263.15
7,379.67
9,608.44
Sundry Debtors
5,884.35
4,785.38
3,128.35
3,024.75
4,035.07
7,108.60
11,863.14
14,064.68
22,077.58
22,438.89
Cash & Bank
7,612.41
6,157.47
6,698.07
7,153.69
6,701.45
6,418.59
7,503.54
11,176.28
10,493.55
10,087.20
Other Current Assets
19,405.72
1,308.26
1,196.60
719.47
11,070.94
12,574.85
14,102.37
12,968.06
6,445.22
9,257.69
Short Term Loans & Adv.
17,734.83
15,095.56
11,375.00
10,465.33
9,361.57
10,987.62
3,647.13
3,399.24
5,451.39
9,132.07
Net Current Assets
14,534.18
9,294.87
5,614.94
6,490.83
7,986.15
10,102.70
15,325.73
20,275.41
22,761.33
24,399.26
Total Assets
64,027.66
54,825.79
52,732.90
52,775.15
52,227.52
59,281.78
63,317.04
62,170.18
60,993.32
67,910.05

Cash Flow

Consolidated Figures in Rs. Crores /

Standalone
Description
Mar 25
Mar 24
Mar 23
Mar 22
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Cash From Operating Activity
2,191.89
-3,712.90
-740.70
660.25
559.95
-2,891.50
-3,860.15
989.07
560.41
374.44
PBT
745.60
242.66
715.61
470.46
-3,595.93
-659.07
1,839.74
1,605.63
585.57
-1,161.13
Adjustment
-364.47
-733.12
-770.10
-813.82
1,725.29
705.10
2,310.00
2,610.61
1,938.98
2,511.19
Changes in Working Capital
1,729.48
-3,444.61
-796.63
594.73
2,620.94
-2,615.60
-7,589.09
-3,270.32
-1,375.24
-670.33
Cash after chg. in Working capital
2,110.61
-3,935.07
-851.12
251.37
750.30
-2,569.57
-3,439.35
945.92
1,149.31
679.73
Interest Paid
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Tax Paid
81.28
222.17
110.42
408.88
-190.35
-321.93
-420.80
43.15
-588.90
-305.29
Other Direct Exp. Paid
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Extra & Other Items
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Cash From Investing Activity
-2,730.91
1,330.86
1,480.46
-1,125.32
-42.50
1,877.06
1,918.84
961.21
-565.16
23.07
Net Fixed Assets
-398.98
-241.91
-231.90
-187.99
-237.53
-458.80
-357.58
-288.08
-326.93
7,889.56
Net Investments
-4.10
1.93
0.17
0.29
-0.49
-0.15
21.38
-29.32
2.74
-246.49
Others
-2,327.83
1,570.84
1,712.19
-937.62
195.52
2,336.01
2,255.04
1,278.61
-240.97
-7,620.00
Cash from Financing Activity
-856.81
2,655.74
88.96
-329.49
-394.15
1,621.99
-31.63
-667.39
-467.87
-122.47
Net Cash Inflow / Outflow
-1,395.83
273.70
828.72
-794.56
123.30
607.55
-1,972.94
1,282.89
-472.62
275.04
Opening Cash & Equivalents
1,835.04
1,561.34
732.62
1,519.90
1,396.60
789.05
2,768.68
1,485.92
1,958.54
9,812.16
Closing Cash & Equivalent
439.21
1,835.04
1,561.34
732.62
1,519.90
1,396.60
795.74
2,768.81
1,485.92
10,087.20

Financial Ratios

Consolidated /

Standalone
Description
Mar 25
Mar 24
Mar 23
Mar 22
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Book Value (Rs.)
71.00
70.18
70.01
76.12
74.62
82.31
88.75
88.07
88.22
88.02
ROA
0.90%
0.52%
1.24%
0.85%
-4.84%
-2.44%
1.89%
1.35%
0.74%
-1.01%
ROE
2.17%
1.16%
2.57%
1.69%
-9.88%
-5.02%
3.76%
2.56%
1.48%
-2.07%
ROCE
4.95%
3.40%
4.35%
2.96%
-9.71%
-0.21%
7.29%
5.96%
3.14%
-2.29%
Fixed Asset Turnover
4.39
3.90
3.96
3.69
3.08
3.94
6.00
5.96
5.78
3.03
Receivable days
59.20
52.18
41.70
53.28
103.23
142.48
135.45
201.15
273.25
334.91
Inventory Days
94.83
92.15
90.24
103.81
149.17
125.48
73.47
75.93
104.28
134.94
Payable days
244.83
288.77
303.08
266.23
323.25
169.19
152.20
141.99
125.18
132.36
Cash Conversion Cycle
-90.81
-144.44
-171.14
-109.14
-70.85
98.77
56.73
135.08
252.36
337.49
Total Debt/Equity
0.36
0.36
0.22
0.18
0.19
0.17
0.08
0.00
0.00
0.01
Interest Cover
1.82
1.29
2.17
2.05
-6.71
-0.12
6.35
5.86
2.48
-2.18

Annual Reports:

FY 2025
FY 2024
FY 2023
FY 2022
FY 2021
FY 2020
FY 2019
FY 2018
FY 2017
FY 2016

News Update:


  • BHEL - Quarterly Results
    20th Jan 2026, 00:00 AM

    Read More
  • BHEL reports near three-fold jump in Q3 consolidated net profit
    19th Jan 2026, 14:29 PM

    Total consolidated income of the company increased by 17.70% at Rs 8,691.85 crore for Q3FY26

    Read More
  • BHEL starts supply of underslung traction transformers for Vande Bharat Sleeper Train project
    16th Jan 2026, 12:39 PM

    This development further strengthens BHEL’s strategic entry into the semi-high-speed propulsion segment

    Read More
  • Bharat Heavy Electricals bags LoA worth Rs 5400 crore from BCGCL
    9th Jan 2026, 11:09 AM

    The order includes, design, engineering, supply of equipment, civil works, erection, commissioning and O&M Services for LSTK 1 Package

    Read More
  • BHEL commences supply of underslung traction converters for Vande Bharat Sleeper Train
    8th Jan 2026, 12:41 PM

    This marks the company’s strategic entry into the semi-high-speed propulsion segment

    Read More
  • BHEL secures order worth over Rs 6,650 crore
    7th Nov 2025, 11:53 AM

    The said order is to be completed by 48 months from the date of NOA

    Read More

Source: www.accordfintech.com | DISCLAIMER: Information is provided " as is" and solely for informational purposes, not for trading purposes or advice, and may be delayed.