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Bharat Heavy Electricals Limited
(BHEL)
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Rating:60Neutral
Price Target:
₹427.00
▲(2.35% Upside)
Action:Reiterated
Date:08/09/26
Score is primarily supported by improving financial performance (revenue and earnings recovery with manageable leverage), but is held back by an expensive valuation (high P/E and low yield) and only neutral-to-mixed near-term technicals despite a longer-term uptrend.
Positive Factors
Revenue & earnings recovery
Sustained revenue acceleration and a clear net income rebound indicate improving project execution and demand capture across power and industrial segments. This reinforces the firm's ability to convert order inflows into profitable deliveries over multiple quarters, supporting durable earnings recovery.
Negative Factors
Margin pressure & mix weakness
Declining gross margins and only moderate net margins point to cost, pricing or mix stresses in engineered project work. Over the medium term, sustained margin recovery is needed to fund R&D, spare-parts service expansion and to absorb cyclical downturns without profit erosion.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & earnings recovery
Sustained revenue acceleration and a clear net income rebound indicate improving project execution and demand capture across power and industrial segments. This reinforces the firm's ability to convert order inflows into profitable deliveries over multiple quarters, supporting durable earnings recovery.
Read all positive factors
Bharat Heavy Electricals Limited (BHEL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.44T
Dividend Yield0.46%
Average Volume (3M)524.41K
Price to Earnings (P/E)59.1
Beta (1Y)1.67
Revenue Growth27.00%
EPS Growth739.32%
CountryIN
Employees42,880
SectorGeneral
Sector StrengthN/A
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)6.99
Shares Outstanding3,482,063,500
10 Day Avg. Volume234,201
30 Day Avg. Volume524,406
Financial Highlights & Ratios
PEG Ratio0.27
Price to Book (P/B)3.27
Price to Sales (P/S)2.53
P/FCF Ratio16.34
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹395.00Price Target Upside-5.32% Downside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)9.45
Revenue Forecast (FY)₹433.27B
Bharat Heavy Electricals Limited Business Overview & Revenue Model
Company Description
Bharat Heavy Electricals Limited stands as a leading global engineering and manufacturing enterprise, organizing its extensive operations across two primary divisions: Power and Industry. The company provides a vast array of products and services ...
How the Company Makes Money
BHEL primarily makes money by executing large, project-based contracts and by selling high-value capital equipment and related lifecycle services. A major revenue stream comes from the power sector, where it supplies boilers, turbines, generators ...
Bharat Heavy Electricals Limited Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
71
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 359.93B | 337.82B | 273.55B | 229.21B | 221.36B | 201.53B |
| Gross Profit | 79.62B | 40.16B | 85.10B | 61.13B | 58.36B | 53.60B |
| EBITDA | 42.78B | 32.11B | 17.66B | 12.23B | 14.97B | 11.41B |
| Net Income | 24.32B | 16.00B | 5.34B | 2.82B | 6.37B | 4.46B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 761.86B | 680.83B | 588.86B | 569.20B | 562.44B |
| Cash, Cash Equivalents and Short-Term Investments | 112.02B | 118.67B | 70.57B | 54.59B | 64.13B | 71.44B |
| Total Debt | 0.00 | 81.87B | 90.15B | 88.56B | 54.54B | 48.30B |
| Total Liabilities | -261.47B | 500.39B | 433.61B | 345.63B | 325.42B | 297.37B |
| Stockholders Equity | 261.47B | 261.47B | 247.22B | 244.39B | 243.78B | 265.07B |
Cash Flow | ||||||
| Free Cash Flow | -14.12B | 52.27B | 19.11B | -39.45B | -9.29B | 4.91B |
| Operating Cash Flow | -11.82B | 58.16B | 21.92B | -37.13B | -7.41B | 6.60B |
| Investing Cash Flow | -2.38B | -37.23B | -27.31B | 13.31B | 14.80B | -11.18B |
| Financing Cash Flow | 14.05B | -10.97B | -8.57B | 26.56B | 889.60M | -3.29B |
Bharat Heavy Electricals Limited Technical Analysis
Neutral
417.20
Price Trends
406.23
Positive
380.38
Positive
325.04
Positive
Market Momentum
3.71
Positive
49.89
Neutral
40.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:BHEL, the sentiment is Neutral. The current price of 417.2 is above the 20-day moving average (MA) of 413.02, above the 50-day MA of 406.23, and above the 200-day MA of 325.04, indicating a neutral trend. The MACD of 3.71 indicates Positive momentum. The RSI at 49.89 is Neutral, neither overbought nor oversold. The STOCH value of 40.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:BHEL.
Bharat Heavy Electricals Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | ₹184.44B | 54.28 | ― | 0.75% | 17.70% | -1.58% | |
71 Outperform | ₹152.46B | 40.54 | ― | 0.38% | 5.04% | -10.39% | |
71 Outperform | ₹481.03B | 75.35 | ― | 0.44% | 4.68% | -11.57% | |
65 Neutral | ₹1.39T | 42.61 | ― | 0.33% | -12.45% | 12.44% | |
60 Neutral | ₹1.44T | 59.08 | ― | 0.46% | 27.00% | 739.32% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹139.18B | -1.86 | ― | 0.51% | 4.63% | -4.40% |
* General Sector Average
IN:BHEL
Bharat Heavy Electricals Limited
412.40
196.65
91.14%
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Bharat Heavy Electricals Limited Corporate Events
BHEL Opens Special Window for Transfer and Demat of Physical Securities
Jun 2, 2026
Bharat Heavy Electricals Limited has notified the stock exchanges that it has published newspaper advertisements in Financial Express and Jansatta regarding the opening of a special window for transfer and dematerialisation of physical securities....
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.