“Maintained a 'buy' call on BHEL, raising the target price to ₹520 (40x FY28E earnings) from ₹450, citing strong Q1FY27 performance with 40% YoY revenue growth and positive EBITDA. Expects execution to grow at a 13% CAGR over FY26–28 and profitability to improve due to better realization from new orders, peaking execution, and import exemptions for critical materials.”