Bharat Heavy Electricals
Market cap ₹1.35 L Cr
- P/E
- 55.44
- Day range
- ₹377.70 – ₹398.70
- 52-week range
- ₹231.57 – ₹464.00
- Volume
- 1.46 Cr
- Open
- ₹398.70
- Prev close
- ₹398.90
Latest results · Q2 FY27(consolidated)Revenue ₹9,300 Cr+23.8%Profit ₹821 Cr+119.0%Margin 8.8%YoY vs the same quarter last year
1 red flag to read up on
- medium
Promoter holding falling
58.17%, down 5.00 pts since 2025-09-30 · 30 Sept 2026
From NSE and BSE filings. A flag is a reason to read the filing, not a rating.
BHEL in NSE indices and F&O
F&O margin for one lot of BHEL (2,625 shares)Research profile
Composite 58 / 100Factor percentiles
Derived metrics
- Earn. yield
- 1.8%
- Graham no.
- ₹117.86
- vs Graham
- -69.6%
- ROE ÷ P/B
- 1.2%
- 12-1 mom.
- +83.2%
- Return / vol
- 1.80
- Magic Formula
- #552
- Piotroski
- 6/6
- FCF yield
- 3.9%
- PEG
- 0.36
Appears in 14 scans
Percentiles rank this stock against the other tracked stocks and change as they do. Scans describe where figures sit today. Hover a label for its definition. Not investment advice.
Peer comparison
All 12 in Defence| Company | M-cap | P/E | P/B | ROE | ROCE | OPM | D/E | Sales YoY |
|---|---|---|---|---|---|---|---|---|
| Hindustan AeronauticsHAL | ₹3.16 L Cr | 33.90 | 7.94 | 24.0% | 32.0% | 28.0% | 0.00 | +14.4% |
| Bharat ElectronicsBEL | ₹2.65 L Cr | 43.10 | 11.10 | 27.6% | 36.0% | 25.0% | 0.00 | +24.9% |
| Bharat Heavy ElectricalsBHEL | ₹1.35 L Cr | 55.44 | 5.20 | 6.3% | 9.0% | 11.0% | 0.22 | +23.8% |
| Power Finance CorpPFC | ₹1.04 L Cr | 4.00 | 0.73 | 26.8% | 9.7% | — | 7.62 | -0.0% |
| Indian Railway FinanceIRFC | ₹97,295 Cr | 13.20 | 1.60 | 12.8% | 5.6% | — | 7.12 | +23.4% |
| REC LtdRECLTD | ₹77,404 Cr | 4.84 | 0.92 | 20.1% | 9.7% | — | 6.10 | -2.0% |
| Mazagon Dock ShipbuildersMAZDOCK | ₹75,029 Cr | 26.25 | 7.69 | 29.1% | 36.0% | 15.0% | 0.05 | +12.1% |
| Rail Vikas NigamRVNL | ₹37,804 Cr | 42.36 | 3.84 | 9.0% | 11.0% | 4.3% | 0.49 | +10.5% |
| Sector median | ₹76,217 Cr | 30.08 | 4.52 | 12.7% | 12.0% | 15.0% | 0.25 | +11.3% |
Sector as classified in the tracked universe; medians use every tracked Defence company, and P/E only profitable ones. Tinted figures beat the median.
Latest news
Updated 7d agoHeadlines about Bharat Heavy Electricals from the last two weeks in the financial press. Stories belong to their publishers; Parasram India does not endorse them.
Key metrics
- P/E (TTM)
- 46.9
- EPS (TTM)
- ₹6.98
- Price / Book
- 5.05
- ROE (FY26)
- 6.3%
- ROCE (latest year)
- 9%
- Dividend yield
- 0.36%
Moving averages (NSE)
- 20-day
- ₹426.39
- Price below
- 50-day
- ₹425.55
- Price below
- 200-day
- ₹356.88
- Price above
Charts & trends
From company filings. Amounts in ₹ crore.
Revenue, profit & margin - quarterly
₹ crore; a loss shows red. Operating margin below, same periods.
- Revenue
- Net profit
Operating margin
Who owns the company
% of equity by quarter, latest Sept 2026
- Promoter
- DII
- Public
- FII
- Government
Cash flows
Where cash came from and went, by fiscal year (₹ crore)
- Operating
- Investing
- Financing
- Free cash flow
Return on equity
Net profit over shareholders' equity, by fiscal year
Equity vs debt
Shareholders' equity against borrowings (₹ crore); the ratio below, same years.
- Equity
- Debt
Debt to equity
Dividends per share
₹ by fiscal year of the ex-date; the latest year runs to date. Not adjusted for the bonus of 28 Sept 2017: earlier bars are per pre-bonus share.
Financial statements
| Line item | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 5,504 | 8,260 | 5,485 | 6,584 | 7,277 | 8,993 | 5,487 | 7,512 | 8,473 | 12,310 | 7,698 | 9,300 |
| Expenses | 5,287 | 7,532 | 5,654 | 6,309 | 6,973 | 8,162 | 6,024 | 6,931 | 7,928 | 10,557 | 7,194 | 8,275 |
| Operating Profit | 217 | 728 | -169 | 275 | 304 | 832 | -537 | 581 | 545 | 1,753 | 504 | 1,026 |
| OPM % | 3.9% | 9% | -3.1% | 4.2% | 4.2% | 9% | -10% | 8% | 6% | 14% | 7% | 11% |
| Other Income | 118 | 170 | 111 | 128 | 126 | 159 | 185 | 189 | 235 | 260 | 226 | 271 |
| Interest | 190 | 193 | 162 | 201 | 184 | 201 | 181 | 195 | 182 | 198 | 140 | 125 |
| Depreciation | 61 | 68 | 59 | 60 | 68 | 85 | 75 | 75 | 78 | 88 | 82 | 83 |
| Profit before tax | 84 | 636 | -279 | 141 | 179 | 704 | -608 | 499 | 520 | 1,728 | 508 | 1,089 |
| Tax % | 29% | 23% | -24% | 25% | 25% | 28% | -25% | 25% | 25% | 25% | 26% | 25% |
| Net Profit | 60 | 490 | -211 | 106 | 135 | 504 | -456 | 375 | 390 | 1,290 | 377 | 821 |
| EPS in Rs | ₹0.17 | ₹1.41 | ₹-0.61 | ₹0.30 | ₹0.39 | ₹1.45 | ₹-1.31 | ₹1.08 | ₹1.12 | ₹3.71 | ₹1.08 | ₹2.36 |
From company filings, updated 26 Oct 2026. Consolidated figures where the company reports them. Information only, not investment advice.
Working-capital cycle
-12 days since Mar 2021
-24 days since Mar 2021
-50 days since Mar 2021
+14 days since Mar 2021
+44 days since Mar 2021
Strengths, risks & growth
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 reduced debt.
- Company is expected to give good quarter
- Company has delivered good profit growth of 20.9% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 31.3%
Risks
- Stock is trading at 5.04 times its book value
- Company has a low return on equity of 3.18% over last 3 years.
- Promoter holding has decreased over last 3 years: -5.00%
Compounded Sales Growth
- 10 Years
- +3%
- 5 Years
- +14%
- 3 Years
- +13%
- TTM
- +29%
Compounded Profit Growth
- 10 Years
- +16%
- 5 Years
- +21%
- 3 Years
- +36%
- TTM
- +415%
Stock Price CAGR
- 10 Years
- +15%
- 5 Years
- +40%
- 3 Years
- +49%
- 1 Year
- +68%
Return on Equity
- 10 Years
- 0%
- 5 Years
- +3%
- 3 Years
- +3%
- Last Year
- +6%
Strengths and risks are a machine-generated checklist, not advice; growth is compounded annually over each period.
Shareholding pattern
| Holder | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 | Change |
|---|---|---|---|---|---|
| Promoter | 63.17% | 58.17% | 58.17% | 58.17% | 0.00 pp |
| FII | 6.28% | 7.23% | 9.52% | 9.94% | +0.42 pp |
| DII | 19.70% | 23.93% | 22.35% | 21.80% | -0.55 pp |
| Government | 0.00% | 0.06% | 0.07% | 0.07% | 0.00 pp |
| Public | 10.85% | 10.63% | 9.88% | 10.02% | +0.14 pp |
Filed with NSE for Sept 2026: promoters 58.17%, public 41.83% · XBRL filing
Analysts & fund holdings
Who holds the shares, quarter by quarter
Mutual funds 11.21% (-0.19 pp)- Promoters58.2%
- Foreign institutions9.9%
- Mutual funds11.2%
- Insurance8.1%
- Other domestic institutions2.5%
- Retail7.8%
- Others2.2%
| Fund | % of company | % of fund | 3-month change |
|---|---|---|---|
| Nippon India Small Cap Fund | 0.97% | 1.77% | -0.05 pp |
| Nippon India Growth Mid Cap Fund | 0.47% | 1.41% | +0.14 pp |
| Axis Midcap Fund | 0.43% | 1.94% | +0.16 pp |
| SBI Midcap Fund | 0.41% | 2.68% | -0.24 pp |
| Quant ELSS Tax Saver Fund | 0.32% | 3.73% | +0.38 pp |
Scorecard
- Performance
- High
- Valuation
- High
- Growth
- Avg
- Profitability
- High
- Entry point
- Good
- Red flags
- Low
Analyst coverage, holdings and scorecard from market data; not a recommendation by Parasram India.
Risk & trend
From 275 daily sessions to 23 Oct 2026.
Risk
- Volatility (1Y)
- 37.1%
- Downside volatility
- 38.7%
- Worst 5% of days
- 3.7%
- Average of that tail
- 5.2%
- Max drawdown (1Y)
- 20.1%
- Below its peak
- 16.5%
Against the market
- Beta vs Nifty 50
- 1.08
- Correlation
- 0.39
- Relative strength (3M)
- -0.1%
- ATR (14)
- 4.1%
Return
- Return 1M
- -9.0%
- Return 3M
- -5.4%
- Return 6M
- +16.1%
- Return 1Y
- +66.7%
- vs 200-day average
- +8.6%
Momentum
- RSI (14)
- 35.5
- MACD histogram
- -5.48
- Stochastic %K
- 11.4
- ADX (14)
- 15.2
- +DI / −DI
- 18.4 / 38.2
- Money flow index
- 43.2
Participation
- Delivery (20d avg)
- 40.5%
- vs its 60-day baseline
- -0.7 pts
- Volume vs 20-day
- +0.2σ
- Close vs day's VWAP
- +1.3%
- 52-week position
- 67 / 100
These describe what this stock's price has already done. They are not forecasts, signals or recommendations, and a dash means the figure was withheld for want of enough history rather than being zero.
Financial quality
From consolidated statements to 31 Mar 2026.
Piotroski F-Score
6 of 6 tested
- Return on assets positive — passed
- Operating cash flow positive — not testableno cash flow statement for this period
- Return on assets improving — passed
- Cash flow exceeds profit — not testableneeds cash flow and profit against assets
- Debt to assets falling — passed
- Current ratio improving — passed
- No new equity issued — not testableno share count is collected, and financing cash flow mixes equity with debt
- Operating margin improving — passed
- Asset turnover improving — passed
- Free cash flow
- ₹5,248 Cr
- FCF yield
- 3.9%
- Cash conversion
- 3.65
- Accruals ratio
- -0.056
- Net debt
- ₹7,104 Cr
- Net debt / equity
- 0.27
- EV / sales
- 3.76
- PEG
- 0.36
- Capex intensity
- 1.7%
- Revenue CAGR
- 36.9%
- Profit CAGR
- 155.8%
Computed from filed statements, not filed themselves. A dash means an input was absent, and the score counts only the criteria that could actually be tested.
Insider trades
| Person | Type | Shares | Value | Disclosed |
|---|---|---|---|---|
President of India, acting through Ministry of HeavyIndustries, GOI Promoters · Market Sale | Sell | 17,42,09,815 | ₹4470 Cr | 13 Feb 2026 |
Disclosures filed with NSE under SEBI (Prohibition of Insider Trading) Regulations. Pledges and releases are not trades and are not counted above.
Corporate actions
- dividend₹1.40
Dividend - Rs 1.40 Per Share
17 Jul 2026ex-date - dividendNot available — not reported in this filing
Dividend - Re 0.50 Per Share
1 Aug 2025ex-date - dividend₹0.25
Dividend - Rs 0.25 Per Share
9 Aug 2024ex-date - dividendNot available — not reported in this filing
Dividend - Re 0.40 Per Share
11 Aug 2023ex-date - dividendNot available — not reported in this filing
Dividend - Re 0.40 Per Share
15 Sept 2022ex-date - otherNot available — not reported in this filing
Annual General Meeting
15 Sept 2021ex-date - otherNot available — not reported in this filing
Annual General Meeting
18 Sept 2020ex-date - dividend₹1.20
Annual General Meeting/Dividend - Rs 1.20 Per Share
11 Sept 2019ex-date - dividendNot available — not reported in this filing
Interim Dividend - Re 0.80 Per Share
12 Feb 2019ex-date - buybackNot available — not reported in this filing
Buyback
5 Nov 2018ex-date - dividend₹1.02
Annual General Meeting/Dividend- Rs 1.02 Per Share
11 Sept 2018ex-date - dividendNot available — not reported in this filing
Interim Dividend Re 0.80 Per Share (Purpose Revised)
15 Feb 2018ex-date - bonusNot available — not reported in this filing
Bonus 1:2
28 Sept 2017ex-date - dividendNot available — not reported in this filing
Annual General Meeting/Dividend - Re 0.78/- Per Share (Book Closure Dates Revised)
23 Aug 2017ex-date - dividendNot available — not reported in this filing
Interim Dividend Re 0.80 Per Share (Purpose Revised)
14 Feb 2017ex-date - dividendNot available — not reported in this filing
Annual General Meeting/Dividend - Re 0.40/- Per Share
14 Sept 2016ex-date - dividendNot available — not reported in this filing
Annual General Meeting/Dividend Re 0.62 Per Share
14 Sept 2015ex-date - dividendNot available — not reported in this filing
Interim Dividend - Re 0.54/- Per Share (Purpose Revised)
16 Feb 2015ex-date - dividend₹1.52
Annual General Meeting / Final Dividend - Rs 1.52/- Per Share
8 Sept 2014ex-date - dividend₹1.31
Interim Dividend - Rs 1.31/- Per Share (Purpose Revised)
7 Feb 2014ex-date
Company announcements
Copy of newspaper publication
Bharat Heavy Electricals Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 14/10/2026 ,inter alia, to consider and approve the Unaudited Financial ....
Change in Senior Management
As per attachment
Signing of Joint Venture Agreement with Titagarh Rail Systems Limited
Outcome of Board Meeting - Equity Investment in Joint Venture
Intimation of Appointment of Auditors for FY 2026-27
Intimation of Manufacturing Unit visit by analyst/ investors group
As per attachment
Change in Management
The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Life Insurance Corporation of India
BHEL signs SCA with M/s Hystar AS, Norway for PEM Electrolyser Systems for Green Hydrogen projects
Information to Stock Exchange on BHEL's Credit Rating Upgrade by M/s India Ratings & Research
Proceedings of the 62nd AGM of BHEL & voting results thereof
Filed with BSE (scrip 500103); the last 45 days. Documents open at bseindia.com.
SEBI filings & orders
From SEBI's website. An order may concern the company, its officers or trading in its shares, and may be under appeal - read the order itself. Personal identifiers are withheld.
Buybacks, open offers & rights issues
- Buyback - Post Buyback Public Announcement
Bharat Heavy Electricals Limited - Post Buyback Public Announcement
11 Jan 2019Read on SEBI - Buyback - Letter of Offer
Bharat Heavy Electricals Limited - Letter of Offer
6 Dec 2018Read on SEBI - Buyback - Draft Letter of Offer
Bharat Heavy Electricals Limited - Draft Letter of Offer
5 Nov 2018Read on SEBI - Buyback - Buyback Public Announcement
Bharat Heavy Electricals Limited - Buyback Public Announcement
31 Oct 2018Read on SEBI
Documents
Annual reports
Credit ratings
- Rating update · 11 Aug from fitch
- Rating update · 3 Jul from crisil
- Rating update · 16 Jun from care
- Rating update · 30 Mar from fitch
- Rating update · 3 Feb from crisil
- Rating update · 6 Aug 2025 from crisil
Documents open at BSE or the rating agency that issued them.
Sourced from the company's NSE XBRL filing dated 14 Oct 2026 (unaudited). View the source filing. Figures are as filed and are not investment advice.
Bharat Heavy Electricals: common questions
Answered from the figures on this page.
