Bharat Heavy Electricals Limited (IN:BHEL)
:BHEL
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Bharat Heavy Electricals Limited
(BHEL)
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Rating:58Neutral
Price Target:
₹351.00
▲(18.20% Upside)
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
Cash generation recovery
A sustained recovery to positive free cash flow improves BHEL's ability to self-fund working capital and project milestones, reducing reliance on short-term borrowings. Over 2-6 months this supports smoother execution of EPC contracts and steadier funding for O&M and capex needs.
Negative Factors
Moderate operating efficiency
Moderate EBIT/EBITDA margins point to limited operating leverage in BHEL's business model. For an EPC and heavy-equipment supplier, persistent margin constraints can compress returns on new contracts, reduce buffer against cost inflation, and limit reinvestment capacity over medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation recovery
A sustained recovery to positive free cash flow improves BHEL's ability to self-fund working capital and project milestones, reducing reliance on short-term borrowings. Over 2-6 months this supports smoother execution of EPC contracts and steadier funding for O&M and capex needs.
Read all positive factors
Bharat Heavy Electricals Limited (BHEL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.18T
Dividend Yield0.18%
Average Volume (3M)524.41K
Price to Earnings (P/E)64.2
Beta (1Y)1.78
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)8.51
Revenue Forecast (FY)₹435.99B
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 makes money mainly by executing large, contract-based projects and supplying engineered equipment and services, with revenue generally recognized as it manufactures, supplies, and completes project milestones (and, where applicable, through s...
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
Positive
296.95
Price Trends
263.65
Positive
270.23
Positive
256.00
Positive
Market Momentum
11.20
Negative
74.97
Negative
95.34
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:BHEL, the sentiment is Positive. The current price of 296.95 is above the 20-day moving average (MA) of 266.78, above the 50-day MA of 263.65, and above the 200-day MA of 256.00, indicating a bullish trend. The MACD of 11.20 indicates Negative momentum. The RSI at 74.97 is Negative, neither overbought nor oversold. The STOCH value of 95.34 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 | ₹1.60T | 65.67 | ― | 0.83% | 12.35% | 4.87% | |
72 Outperform | ₹1.43T | 63.22 | ― | 1.14% | 20.23% | 18.69% | |
70 Outperform | ₹484.08B | 41.70 | ― | 0.48% | 3.37% | -19.95% | |
67 Neutral | ₹78.07B | 24.01 | ― | 0.59% | -4.14% | -35.66% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
58 Neutral | ₹1.18T | 64.16 | ― | 0.18% | 13.30% | 137.07% | |
57 Neutral | ₹1.38T | 98.35 | ― | 0.38% | -21.92% | -22.52% |
* Industrials Sector Average
IN:BHEL
Bharat Heavy Electricals Limited
337.95
116.57
52.66%
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Bharat Heavy Electricals Limited Corporate Events
BHEL Posts 18% Revenue Growth and Builds Rs. 2.4 Lakh Crore Order Book in FY 2025–26
Apr 17, 2026
BHEL reported provisional, unaudited turnover of about Rs. 32,350 crore for FY 2025–26, an 18% increase over the previous year, underscoring solid top-line growth. The company’s order inflows reached roughly Rs. 75,000 crore, taking it...
BHEL Sues Raichur Power for ₹143 Crore Over Yeramaras Power Project Dues
Apr 17, 2026
Bharat Heavy Electricals Limited has initiated legal action against Raichur Power Corporation Ltd., filing a commercial suit in the Bengaluru Commercial Court to recover dues arising from a contract for supply and services for two 800 MW units and...
BHEL HR Director Relinquishes Charge as Leadership Role Shifts to NMDC
Mar 19, 2026
Bharat Heavy Electricals Limited has announced that Shri Krishna Kumar Thakur has relinquished his role as Director (Human Resources) on the company’s board with effect from 19 March 2026, following his selection as Director (Personnel) at N...
Court Orders Attachment of Rs. 55.84 Crore from BHEL Account in Ongoing Dispute
Feb 21, 2026
Bharat Heavy Electricals Limited has disclosed that a commercial court in Visakhapatnam has ordered the attachment of Rs. 55.84 crore from one of its bank accounts, in connection with an execution petition filed by Indwell Construction Pvt. Ltd. B...
BHEL Opens Special Window for Transfer and Dematerialisation of Physical Securities
Feb 19, 2026
Bharat Heavy Electricals Limited has notified stock exchanges that it has published newspaper advertisements regarding the opening of a special window for transfer and dematerialisation of physical securities. The disclosure, made under Regulation...
BHEL Wins Hindalco LOI for Aditya Aluminium Power Units
Feb 4, 2026
BHEL secured a letter of intent from Hindalco Industries on 3 February 2026 to design, engineer, supply, install, and commission two 150 MW boiler-turbine-generator packages for the Aditya Aluminium expansion at Lapanga, Odisha, with commissioning...
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...
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.