Bharat Heavy Electricals Limited (IN:BHEL)
:BHEL
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Bharat Heavy Electricals Limited
(BHEL)
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Rating:58Neutral
Price Target:
₹252.00
▼(-15.14% Downside)
Action:ReiteratedDate:01/09/26
The score is primarily supported by improving financial performance (better revenue/profitability and stronger 2025 cash generation). It is held back by expensive valuation (very high P/E and minimal yield) and mixed technicals, with the stock below key short-term moving averages despite staying above longer-term averages.
Positive Factors
Revenue & Profit Recovery
Sustained improvement in revenue and net margins signals stronger core demand and better cost control across BHEL’s businesses. Over months this supports higher internal funding for projects, improves return on capital, and underpins more predictable earnings if execution and order flow remain steady.
Negative Factors
Rising Total Debt
An increase in total debt raises leverage and interest obligations, reducing financial flexibility. Over a multi-month horizon this can constrain bidding on large projects, limit discretionary investment, and increase refinancing risk if cash generation falters or interest rates move unfavorably.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & Profit Recovery
Sustained improvement in revenue and net margins signals stronger core demand and better cost control across BHEL’s businesses. Over months this supports higher internal funding for projects, improves return on capital, and underpins more predictable earnings if execution and order flow remain steady.
Read all positive factors
Bharat Heavy Electricals Limited (BHEL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹887.40B
Dividend Yield0.18%
Average Volume (3M)524.41K
Price to Earnings (P/E)64.2
Beta (1Y)1.68
Revenue Growth13.30%
EPS Growth137.07%
CountryIN
Employees42,880
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)1.10
Shares Outstanding3,482,063,500
10 Day Avg. Volume234,201
30 Day Avg. Volume524,406
Financial Highlights & Ratios
PEG Ratio1.56
Price to Book (P/B)2.99
Price to Sales (P/S)2.70
P/FCF Ratio38.67
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹343.00Price Target Upside15.51% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)3.78
Revenue Forecast (FY)₹339.41B
Bharat Heavy Electricals Limited Business Overview & Revenue Model
Company Description
Bharat Heavy Electricals Limited operates as an engineering and manufacturing company worldwide. The company operates through two segments: Power and Industry. It offers thermal power plants, nuclear power plants, gas-based power plants, hydro pow...
How the Company Makes Money
BHEL generates revenue through multiple streams, primarily by manufacturing and supplying a diverse array of heavy electrical equipment and services. The company earns significant income from the construction and commissioning of power plants, whi...
Bharat Heavy Electricals Limited Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
65
Positive
Cash Flow
68
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 282.85B | 273.55B | 229.21B | 221.36B | 201.53B | 162.96B |
| Gross Profit | 70.92B | 85.10B | 61.13B | 58.36B | 53.60B | 44.25B |
| EBITDA | 18.24B | 17.66B | 12.23B | 14.97B | 11.41B | -27.50B |
| Net Income | 5.59B | 5.34B | 2.82B | 6.37B | 4.46B | -26.97B |
Balance Sheet | ||||||
| Total Assets | 719.72B | 680.83B | 590.05B | 593.70B | 562.44B | 552.40B |
| Cash, Cash Equivalents and Short-Term Investments | 81.54B | 70.57B | 61.57B | 69.21B | 71.44B | 66.87B |
| Total Debt | 111.31B | 90.15B | 88.56B | 54.54B | 48.30B | 49.51B |
| Total Liabilities | 475.72B | 433.61B | 345.67B | 325.42B | 297.37B | 292.68B |
| Stockholders Equity | 244.00B | 247.22B | 244.39B | 243.78B | 265.07B | 259.84B |
Cash Flow | ||||||
| Free Cash Flow | -14.12B | 19.10B | -39.45B | -9.30B | 4.91B | 3.11B |
| Operating Cash Flow | -11.82B | 21.92B | -37.13B | -7.42B | 6.60B | 5.62B |
| Investing Cash Flow | -2.38B | -27.31B | 13.31B | 14.80B | -11.25B | -425.00M |
| Financing Cash Flow | 14.05B | -8.57B | 26.56B | 889.60M | -3.29B | -3.96B |
Bharat Heavy Electricals Limited Technical Analysis
Negative
296.95
Price Trends
259.87
Negative
270.50
Negative
254.84
Positive
Market Momentum
-1.32
Negative
47.16
Neutral
45.70
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:BHEL, the sentiment is Negative. The current price of 296.95 is above the 20-day moving average (MA) of 258.13, above the 50-day MA of 259.87, and above the 200-day MA of 254.84, indicating a neutral trend. The MACD of -1.32 indicates Negative momentum. The RSI at 47.16 is Neutral, neither overbought nor oversold. The STOCH value of 45.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:BHEL.
Bharat Heavy Electricals Limited Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹1.29T | 63.26 | ― | 0.83% | 12.35% | 4.87% | |
72 Outperform | ₹1.29T | 63.22 | ― | 1.14% | 20.23% | 18.69% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | ₹1.09T | 98.35 | ― | 0.38% | -21.92% | -22.52% | |
58 Neutral | ₹887.40B | 64.16 | ― | 0.18% | 13.30% | 137.07% | |
58 Neutral | ₹65.58B | 24.01 | ― | 0.59% | -4.14% | -35.66% | |
58 Neutral | ₹380.39B | 41.70 | ― | 0.48% | 3.37% | -19.95% |
* Industrials Sector Average
IN:BHEL
Bharat Heavy Electricals Limited
254.85
43.49
20.58%
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891.95
-178.22
-16.65%
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3,049.50
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3,192.35
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-9.74%
Bharat Heavy Electricals Limited Corporate Events
BHEL Announces Superannuation of Senior Executive Director (CFP)
Jan 25, 2026
Bharat Heavy Electricals Limited has announced a change in its senior management, with Executive Director (CFP) Alok Kumar Singhal, based in New Delhi, superannuating from the company on 24 January 2026. The departure of a senior finance-focused e...
BHEL Largely Cleared in Telangana GST Dispute, Plans Appeal on Residual Demand
Jan 2, 2026
Bharat Heavy Electricals Limited (BHEL) has disclosed that it has received an adjudication order from the Assistant Commissioner (ST), Commercial Tax Department, Telangana, relating to a Goods and Services Tax (GST) dispute for the financial year ...
BHEL Appoints Bigshare Services as New Registrar and Share Transfer Agent
Jan 1, 2026
Bharat Heavy Electricals Limited (BHEL) has announced a change in its Registrar and Share Transfer Agent (RTA), with Bigshare Services Private Limited taking over from Alankit Assignments Limited effective 1 January 2026, following the expiry of A...
BHEL Announces Key Management Change to Strengthen Power Sector Marketing
Dec 15, 2025
BHEL has announced a change in its senior management with the appointment of Shri Navin Kaul as the new Head of Power Sector- Marketing for Power Sector- Business Group I in New Delhi, effective December 15, 2025. This strategic appointment is exp...
BHEL Announces Key Senior Management Promotions
Dec 10, 2025
Bharat Heavy Electricals Limited has announced a significant change in its senior management team, promoting several officials to the position of Executive Director, effective from December 10, 2025. This move is expected to strengthen BHEL’...
BHEL to Engage with Investors in Upcoming Group Meeting
Dec 1, 2025
Bharat Heavy Electricals Limited (BHEL) has announced its participation in an Investor Group Meeting scheduled for December 5, 2025, at its corporate office in New Delhi. This meeting, conducted physically, is part of BHEL’s ongoing engageme...
BHEL Announces Senior Management Change
Nov 25, 2025
Bharat Heavy Electricals Limited has announced a change in its senior management, with the superannuation of Shri K Bharaneedhar Raja, the Executive Director of HPEP, Hyderabad, effective November 24, 2025. This change in leadership is part of the...
BHEL Seeks Shareholder Approval for Strategic Amendment
Nov 18, 2025
Bharat Heavy Electricals Limited has announced a Postal Ballot Notice seeking shareholder approval for an amendment to its Articles of Association. The proposed amendment aims to grant the company’s directors the authority to establish joint...
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.