Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
₹3,871.70 last close on 30 Oct 2026 +0.90%
Research updated
Bharat Heavy Electricals Ltd.
NSE: BHELIndustrialsSpecialty Industrial Machinery
- Last close
- ₹387.60
- Day change
- −₹14.35 (−3.57%)vs
- Market cap
- ₹1.51 lakh crIndian rupees
- Research updated
- 4 reports
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About Bharat Heavy Electricals
Bharat Heavy Electricals Ltd. is an Indian engineering and manufacturing company focused on supplying equipment, systems, and services for core infrastructure sectors. The company serves power generation, transmission, industry, transportation, renewable energy, oil and gas, defence, and aerospace through activities that include design, engineering, construction, testing, commissioning, and servicing. Its product and service portfolio covers major power-plant and industrial applications, along with rail and transport electrification, transmission equipment, and specialized systems for heavy engineering needs. Bharat Heavy Electricals Ltd. plays an important role in India’s industrial ecosystem as a provider of large-scale technology and manufacturing solutions for utilities, public infrastructure, and strategic sectors. Headquartered in New Delhi, India, the company remains a key name in the domestic heavy electrical equipment market.
- Sector
- Industrials
- Industry
- Specialty Industrial Machinery
- Listing
- NSE: BHEL
- Employees
- 39,784
- Headquarters
- New Delhi, India
- ISIN
- INE257A01026
- Website
- bhel.com
Public research · Report of
Business model & financial foundation
BHEL (NSE: BHEL), Power equipment manufacturing and power EPC: revenue of ₹33,782 crore in FY26 (+19.2% on FY25), an EBITDA margin of 6.9%, net profit of ₹1,600 crore and net cash of ₹2,662 crore.
- Revenue, FY26 (₹ crore)
- 33,782
- consolidated
- Revenue growth, FY26
- +19.2%
- on FY25
- EBITDA margin, FY26
- 6.9%
- EBITDA (Operating EBITDA excluding other income and JV profits) / revenue
- Net profit, FY26 (₹ crore)
- 1,600
- to owners
- Return on equity, FY26
- 6.3%
- on average equity
- Net debt, FY26 (₹ crore)
- -2,662
- Debt including leases less accessible cash and liquid deposits
- Market capitalisation (₹ crore)
- 1,54,029
- at the close of 15 Oct 2026
Company profile
BHEL designs, manufactures and executes power-generation equipment and EPC projects, with adjacent transmission, rail, defence and industrial products. Revenue on long-cycle projects is recognised over time using input costs; collections depend on contractual milestones. The Government of India controls the company. Consolidated accounts include equity-accounted JVs, not fully consolidated subsidiaries.
| Item | Value |
|---|---|
| Legal name | Bharat Heavy Electricals Limited |
| Exchange and ticker | NSE: BHEL; BSE: 500103 |
| ISIN | INE257A01026 |
| CIN | L74899DL1964GOI004281 |
| Sector | Industrials |
| Industry | Power equipment manufacturing and power EPC |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | K. Venkatachalam Aiyer & Co.; K. S. Dua & Co. (since FY26) |
| Market capitalisation | ₹1,54,029 crore (15 Oct 2026) |
| Shares outstanding | 348.21 crore shares (FY26) |
| Price | ₹464.0 (close, 15 Oct 2026) |
| 52-week range | ₹229.5 - ₹464.0 (to 15 Oct 2026) |
| Website | https://www.bhel.com |
Corporate structure and shareholding
Parent: President of India (Government of India).
No subsidiary is recorded.
No subsidiaries: AOC-I Part A not applicable (p150). Equity-accounted JVs: BGGTS one share below 50% (gas-turbine services); NBPPL 50% (power EPC/AUSC); RPCL 22.14% (thermal generation); BCGCL 49% (coal-to-chemicals). PPPIL dissolved FY26. Ownership/business: pp151,282,299,301. BGGTS exact percentage not disclosed; do not round to 50%.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 63.17% | 58.17% | 58.17% | 58.17% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 6.29% | 7.23% | 9.51% | 9.94% |
| Domestic institutions | 19.70% | 23.98% | 22.44% | 21.88% |
| of which mutual funds | 8.84% | 12.88% | 11.40% | 11.21% |
| Retail | 9.21% | 8.93% | 7.93% | 7.85% |
| Other | 1.63% | 1.69% | 1.95% | 2.17% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
BHEL is a power-equipment manufacturer and EPC contractor, not an electricity utility. Power projects and Industry (transmission, rail, defence and industrial equipment) report revenue as work progresses; project cost-to-complete, milestones, billing and collections determine both profit and cash. Its consolidated group has equity-accounted JVs rather than subsidiaries, including BCGCL; JV earnings do not imply cash distribution.
| Peer | Why the dossier compares them |
|---|---|
| Larsen & Toubro (LT) | |
| Siemens Energy India (ENRIN) | Generation and transmission equipment, turbines and grid systems; deliberate energy-only peer rather than Siemens industrial parent. |
| GE Power India (GEPIL) | Thermal power equipment/EPC and servicing; directly comparable execution and project-margin risks. |
| Thermax (THERMAX) | Industrial boilers, captive power EPC, energy/environment equipment; comparable project working capital. |
| Triveni Turbine (TRITURBINE) | Steam turbines and aftermarket services; smaller industrial-turbine focus versus utility-scale BHEL. |
| ISGEC Heavy Engineering (ISGEC) | Boilers, power EPC and heavy process equipment; comparable engineering execution and capital intensity. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 20,153 | 22,136 | 23,893 | 28,339 | 33,782 |
| Cost of revenue (vendor classification) * | 14,794 | 16,301 | 16,807 | 18,845 | 22,983 |
| Other operating costs (vendor classification) * | 559.1 | 719.0 | 793.5 | 2,244 | 2,130 |
| EBITDA (vendor classification) * | 1,141 | 1,228 | 1,022 | 1,554 | 2,975 |
| Operating EBIT excluding other income and JV profits | 826.4 | 1,237 | 363.7 | 969.6 | 2,026 |
| Finance costs | 356.0 | 520.9 | 731.3 | 748.3 | 756.4 |
| Profit before tax including JV share | 470.5 | 715.6 | 242.7 | 745.6 | 2,139 |
| Total tax expense | -25.8 | 61.5 | -39.6 | 211.7 | 538.4 |
| Profit for the year | 444.7 | 654.1 | 282.2 | 533.9 | 1,600 |
| Diluted EPS (₹) | 0.12 | 1.88 | 0.81 | 1.53 | 4.60 |
| Raw materials consumed | 6,116 | 8,208 | 10,493 | ||
| Purchases of bought-out items | 5,868 | 6,758 | 7,402 | ||
| Civil erection and engineering expense | 4,909 | 4,989 | 5,873 | ||
| Stores and spares consumption | 350.3 | 432.6 | 506.6 | ||
| Change in finished goods WIP and scrap inventories | -436.7 | -1,542 | -1,291 | ||
| Materials services stores and inventory change | 16,807 | 18,845 | 22,983 | ||
| Employee benefits expense | 5,629 | 5,923 | 6,468 | ||
| Other expenses | 844.2 | 2,329 | 1,989 | ||
| Operating EBITDA excluding other income and JV profits | 612.6 | 1,242 | 2,342 | ||
| Other income | 546.3 | 465.3 | 807.7 | ||
| Depreciation and amortisation | 248.9 | 272.0 | 315.9 | ||
| Profit before JV share and tax | 178.7 | 686.6 | 2,078 | ||
| Share of equity-accounted JV profit or loss | 64.0 | 59.0 | 61.1 | ||
| Separately presented exceptional items | 0.00 | 0.00 | 0.00 | ||
| Current tax expense including earlier years | -112.6 | 23.2 | 3.31 | ||
| Deferred tax expense | 73.0 | 188.5 | 535.0 | ||
| Profit attributable to parent equity holders | 282.2 | 533.9 | 1,600 | ||
| Non-controlling share of profit | 0.00 | 0.00 | 0.00 | ||
| Basic EPS (₹) | 0.81 | 1.53 | 4.60 | ||
| Other comprehensive income net of tax | -82.6 | -163.3 | -0.61 | ||
| Total comprehensive income | 199.7 | 370.6 | 1,600 | ||
| Total income | 24,439 | 28,805 | 34,590 | ||
| Total expenses including finance and depreciation | 24,260 | 28,118 | 32,512 | ||
| Materials bought-out services and stores before inventory change | 17,244 | 20,387 | 24,274 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity attributable to owners | 23,880 | 24,378 | 24,439 | 24,722 | 26,147 |
| Financial debt including leases | 4,830 | 5,454 | 8,856 | 9,015 | 8,187 |
| Reported cash and cash equivalents before escrow exclusion | 732.6 | 1,449 | 1,835 | 439.2 | 1,435 |
| Total net trade receivables current plus noncurrent | 3,025 | 3,128 | 8,010 | 8,931 | 9,223 |
| Inventories | 6,560 | 6,756 | 7,221 | 9,869 | 13,335 |
| Total trade payables current plus noncurrent | 7,750 | 9,896 | 10,832 | 11,712 | 11,835 |
| Net property plant and equipment including ROU | 2,336 | 989.7 | 2,511 | 2,862 | 2,933 |
| Capital work in progress | 422.3 | 361.9 | 282.3 | 161.7 | 399.2 |
| Total assets | 53,617 | 56,920 | 59,002 | 68,083 | 76,186 |
| Net current trade receivables | 4,785 | 5,884 | 6,796 | ||
| Net noncurrent trade receivables | 3,225 | 3,047 | 2,427 | ||
| Current trade payables MSME plus other creditors | 8,539 | 9,541 | 10,492 | ||
| Noncurrent trade payables | 2,293 | 2,171 | 1,343 | ||
| Current bank borrowings excluding leases | 8,808 | 8,795 | 7,950 | ||
| Current plus noncurrent lease liabilities | 48.5 | 219.6 | 237.0 | ||
| Project-specific escrow within cash equivalents | 116.2 | 48.9 | 352.3 | ||
| Non-earmarked fixed deposits with maturity 3 to 12 months | 3,740 | 6,618 | 9,766 | ||
| Other current bank balances including restricted funds | 4,322 | 7,173 | 10,431 | ||
| Accessible cash equivalents plus non-earmarked liquid deposits | 5,459 | 7,008 | 10,849 | ||
| Debt including leases less accessible cash and liquid deposits | 3,398 | 2,006 | -2,662 | ||
| Net contract assets including unbilled revenue | 26,748 | 29,444 | 29,390 | ||
| Net intangible assets | 63.4 | 84.3 | 64.7 | ||
| Intangible assets under development | 26.0 | 33.7 | 95.9 | ||
| Equity-accounted JV investments | 254.5 | 275.6 | 302.1 | ||
| Deferred tax assets net of liabilities | 4,201 | 4,068 | 3,533 | ||
| Total noncurrent assets | 24,460 | 25,323 | 24,730 | ||
| Total current assets | 34,542 | 42,760 | 51,455 | ||
| Total noncurrent liabilities | 9,316 | 15,135 | 17,737 | ||
| Total current liabilities | 25,247 | 28,226 | 32,302 | ||
| Total liabilities | 34,563 | 43,361 | 50,039 | ||
| Paid-up equity capital | 696.4 | 696.4 | 696.4 | ||
| Other equity | 23,742 | 24,026 | 25,450 | ||
| Other noncurrent financial assets | 206.1 | 716.0 | 258.8 | ||
| Other current financial assets | 239.8 | 300.8 | 332.1 | ||
| Other noncurrent assets including contract assets | 13,690 | 14,075 | 14,716 | ||
| Other current assets including contract assets | 15,910 | 18,955 | 18,923 | ||
| Current tax assets net | 229.1 | 137.4 | 202.7 | ||
| Other noncurrent financial investments | 1.19 | 0.00 | 0.00 | ||
| Investment property | 0.00 | 0.45 | 0.52 | ||
| Current lease liabilities | 24.9 | 57.2 | 68.8 | ||
| Noncurrent lease liabilities | 23.6 | 162.4 | 168.2 | ||
| Other noncurrent financial liabilities | 407.9 | 422.8 | 411.0 | ||
| Other current financial liabilities | 1,493 | 1,241 | 1,313 | ||
| Noncurrent provisions | 2,489 | 2,586 | 2,355 | ||
| Current provisions | 2,318 | 1,815 | 1,919 | ||
| Other noncurrent liabilities | 4,103 | 9,794 | 13,460 | ||
| Other current liabilities | 4,063 | 6,777 | 10,560 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after tax | 163.2 | -1,998 | -3,713 | 2,192 | 5,837 |
| Free cash flow (vendor definition) * | 490.9 | -929.1 | -3,945 | 1,888 | 5,248 |
| Dividends paid positive cash outlay | -0.30 | -139.2 | 139.5 | 87.4 | 174.6 |
| Cash PPE and intangible purchases positive outlay | -162.5 | -180.6 | 232.5 | 304.4 | 589.0 |
| CFO less gross cash capex | -3,945 | 1,888 | 5,248 | ||
| Cash generated in operations before cash taxes | -3,935 | 2,111 | 5,827 | ||
| Cash investment in joint ventures | 0.00 | 0.00 | 4.87 | ||
| Net short-term borrowing proceeds or repayments | 3,423 | -13.0 | -845.0 | ||
| Principal cash repayment of lease obligations | 34.3 | 48.1 | 59.2 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued fully paid equity shares | 348.21 | 348.21 | 348.21 | 348.21 | 348.21 |
| Borrowing cost capitalised | 0.00 | 0.00 | 0.00 | ||
| CWIP older than two years including suspended projects | 14.9 | 12.7 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 7,277 | 8,993 | 5,487 | 7,512 | 8,473 | 12,310 | 7,698 | 9,300 |
| Operating EBIT excluding other income and JV share | 236.4 | 746.7 | -611.7 | 505.5 | 467.3 | 1,665 | 422.0 | |
| Finance cost | 183.8 | 201.4 | 181.2 | 195.2 | 182.5 | 197.5 | 139.9 | 124.8 |
| Profit before tax | 178.8 | 704.4 | -608.0 | 499.2 | 519.8 | 1,728 | 507.7 | 1,089 |
| Total tax | 44.1 | 200.0 | -152.5 | 124.3 | 129.4 | 437.1 | 131.0 | 268.1 |
| Profit after tax | 134.7 | 504.5 | -455.5 | 374.9 | 390.4 | 1,290 | 376.7 | 820.9 |
| Basic and diluted EPS (₹) | 0.39 | 1.45 | -1.31 | 1.08 | 1.12 | 3.71 | 1.08 | 2.36 |
| Other income | 107.9 | 149.3 | 171.2 | 174.6 | 218.8 | 243.1 | 214.1 | 252.7 |
| Total income | 7,385 | 9,143 | 5,658 | 7,686 | 8,692 | 12,554 | 7,912 | 9,553 |
| Cost of materials and services | 4,895 | 6,979 | 4,128 | 5,741 | 6,059 | 8,346 | 5,839 | 6,958 |
| Changes in finished goods, work-in-progress and scrap | -310.7 | -1,026 | -241.4 | -527.9 | -196.4 | -325.5 | -542.6 | -1,057 |
| Materials/services plus changes in inventory | 4,584 | 5,953 | 3,887 | 5,214 | 5,862 | 8,021 | 5,297 | 5,901 |
| Employee benefits expense | 1,482 | 1,539 | 1,462 | 1,480 | 1,531 | 1,994 | 1,506 | 1,652 |
| Depreciation and amortisation | 67.9 | 85.0 | 74.5 | 75.5 | 78.0 | 87.9 | 81.9 | 83.1 |
| Other expenses | 906.6 | 669.1 | 675.1 | 237.4 | 534.7 | 542.2 | 390.8 | 721.0 |
| Total expenses | 7,225 | 8,448 | 6,280 | 7,202 | 8,188 | 10,843 | 7,416 | 8,482 |
| EBITDA excluding other income and equity-accounted JVs | 304.2 | 831.7 | -537.1 | 580.9 | 545.3 | 1,753 | 503.9 | 1,026 |
| Profit before JV share, exceptional items and tax | 160.5 | 694.5 | -621.7 | 484.9 | 503.6 | 1,711 | 496.2 | 1,071 |
| Equity-accounted share of net profit of joint ventures | 18.3 | 9.92 | 13.7 | 14.4 | 16.2 | 16.8 | 11.5 | 18.5 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Current tax | 1.56 | 9.15 | 0.34 | 0.51 | 0.59 | 1.87 | 1.90 | -3.11 |
| Deferred tax | 42.5 | 190.8 | -152.9 | 123.8 | 128.8 | 435.3 | 129.1 | 271.2 |
| Profit attributable to owners | 134.7 | 504.5 | -455.5 | 374.9 | 390.4 | 1,290 | 376.7 | 820.9 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other comprehensive income net of tax | -52.2 | |||||||
| Total comprehensive income | 768.7 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 23.7% | 9.8% | 7.9% | 18.6% | 19.2% |
| EBITDA margin | 2.6% | 4.4% | 6.9% | ||
| Net margin | 1.2% | 1.9% | 4.7% | ||
| Return on equity | 1.2% | 2.2% | 6.3% | ||
| Return on capital employed | 2.8% | 4.2% | 1.2% | 2.9% | 6.0% |
| Return on assets | 0.5% | 0.8% | 2.2% | ||
| Net debt (₹ crore) | 3,398 | 2,006 | -2,662 | ||
| Net debt / EBITDA | 5.55x | 1.62x | -1.14x | ||
| Interest cover | 2.32x | 2.37x | 0.50x | 1.30x | 2.68x |
| Asset turnover | 0.37x | 0.40x | 0.41x | 0.45x | 0.47x |
| Receivable days | 55 | 52 | 122 | 115 | 100 |
| Inventory days (on revenue) | 119 | 111 | 110 | 127 | 144 |
| Payable days (on revenue) | 140 | 163 | 165 | 151 | 128 |
| Cash conversion | -13.2x | 4.11x | 3.65x | ||
| Capex intensity | 0.8% | 0.8% | 1.0% | 1.1% | 1.7% |
| Free cash flow (₹ crore) | 0.71 | -2,179 | -3,945 | 1,888 | 5,248 |
| Dividend payout | 49.4% | 16.4% | 10.9% | ||
| EPS, diluted (₹) | 0.12 | 1.88 | 0.81 | 1.53 | 4.60 |
| Book value per share (₹) | 68.58 | 70.01 | 70.18 | 71.00 | 75.09 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income and JV profits) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Debt including leases less accessible cash and liquid deposits; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income and JV profits).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
Reports on Bharat Heavy Electricals
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