BHEL · NSE
Bharat Heavy Electricals Limited
₹439.9
+2.49% (+₹10.7)
Prev. close
₹429.2
Volume
76,69,374
Delivery %
50.4%
As of
18 Sept 2026
Price history
PL Capital Analysis · PL Capital · 17 Jul 2026
“Maintained a 'reduce' rating on BHEL due to the recent significant rally in the stock price. Raised the target price to ₹368 from ₹321, valuing the stock at 25 times March 2028 earnings, factoring in improved execution and normalization in provisions. Revised FY27E and FY28E EPS estimates up by 5.4% and 5.8% respectively.”
Published mid-session at 11:23 IST. Tracking counts only prices printed after publication — the chart's dashed divider marks that moment; earlier prices never count toward entry or results.
Analyst sentiment
Analysts lean bullish
8 analyst stances · last 90 days · one per analyst
Trackable
8 · 7 bull / 0 neutral / 1 bear
Long-Horizon
none in window
Commentary
none in window
Trackable = verdict-bearing calls · Long-Horizon = 1yr+ horizon, verdict pending · Commentary = context, not graded
Analyst opinions
| Call | Analyst | Instrument | Verdict | Actions | |||
|---|---|---|---|---|---|---|---|
| “Bullish on Bharat Heavy Electricals Ltd (BHEL), recommending a buy with a target price of ₹455 and a stop loss of ₹416. …” | Chandan TapariaMotilal Oswal Financial Services Ltd | Bharat Heavy Electricals Ltd | PENDING | ||||
| “Bullish on BHEL, with a target of Rs 447–455 and a stop loss at Rs 420. The stock maintains a strong price structure, tr…” | Sudeep ShahSBI Securities | BHEL | PENDING | ||||
| “Bullish on BHEL, recommended for buying in the Rs 420–430 range, with a target of Rs 470 and a stop loss at Rs 402. Afte…” | Dharmesh ShahICICI Securities | BHEL | PENDING | ||||
| “Bullish on BHEL, recommending a buy with a target price of ₹454 and a stop loss of ₹399 for a 1-month period. The stock …” | Pabitro MukherjeeBajaj Broking | Bharat Heavy Electricals Ltd | PENDING | ||||
| “Bullish on BHEL for intraday trading, recommending a buy at ₹430 with a target of ₹445 and a stop loss at ₹425.” | Vaishali ParekhPrabhudas Lilladher | BHEL | PENDING | ||||
| “Bullish on BHEL, recommending a buy with a target price of ₹455 and a stop loss of ₹420. The stock remains in an overall…” | Chandan TapariaMotilal Oswal Financial Services Ltd | BHEL | PENDING | ||||
| “Bullish on BHEL, recommending a buy with a target price of ₹460 and a stop loss of ₹420. The stock has shown a box break…” | Chandan TapariaMotilal Oswal Financial Services Ltd | BHEL | PENDING | ||||
| “Maintained a 'reduce' rating on BHEL due to the recent significant rally in the stock price. Raised the target price to …” | PL Capital AnalysisPL Capital | BHEL | PENDING | ||||
“Maintained a 'reduce' rating on BHEL due to the recent significant rally in the stock price. Raised the target price to ₹368 from ₹321, valuing the stock at 25 times March 2028 earnings, factoring in improved execution and normalization in provisions. Revised FY27E and FY28E EPS estimates up by 5.4% and 5.8% respectively.” Rating & targetTrack opinion → This call hasn't reached its evaluation window yet — the verdict will appear here once it's graded. | |||||||
| “Maintained a 'buy' call on BHEL with a target price of ₹481. Noted a sharp pickup in Q1FY27 execution and a 202 bps YoY …” | JM Financial AnalysisJM Financial Institutional Securities | BHEL | PENDING | ||||
| “Maintained a 'buy' call on BHEL, raising the target price to ₹520 (40x FY28E earnings) from ₹450, citing strong Q1FY27 p…” | ICICI Securities AnalysisICICI Securities | BHEL | PENDING | ||||
Fundamentals
About Bharat Heavy Electricals Limited
Bharat Heavy Electricals Limited operates as power plant equipment manufacturer in India and internationally. The company operates in two segments, Power and Industry. It offers equipment supplies; spares and services; and undertakes engineering, procurement, and construction works for coal and lignite, gas, hydro and nuclear power plant, transportation, transmission, defence, aerospace, captive power plants, process, renewables, upstream and downstream oil and gas, e-mobility and energy storage, and other industries. The company also provides coal based, gas-based, nuclear, and hydro power plants, as well as solar power systems; rail, transportation and transmission systems; defense and aerospace products; industrial systems; and battery energy storage system and e-mobility solutions. In addition, it offers steam generators and steam generator auxiliaries, soot blowers, valves, piping systems, seamless steel tubes, valves, pressurized fluidized bed gasifiers, steam and gas turbines, turbo generators, industrial sets, castings and forgings, condenser and heat exchangers, pumps, Hydro Power Plants, compressors, and automation and control systems. Further, the company provides software system solutions, medium voltage vacuum switchgears, on load tap changers, LT switchgears and bus ducts, transformers and reactors, capacitors, bushings, control gears, insulators and ceramics, and electrical machines. It also provides rail transportation systems and equipment, defence and aerospace, oil field equipment, and fabricated equipment and mechanical packages. The company has a strategic collaboration with E2S Company Limited for the development of excitation systems for synchronous machines. The company was incorporated in 1964 and is based in New Delhi, India.
Details
Sector
Industrials
Industry
Specialty Industrial Machinery
CEO
Mr. Koppu Sadashiv Murthy
Headquarters
New Delhi
Employees
39,784
Website
bhel.comExchange
View on NSE ↗Key stats
Market cap
₹1.49 L Cr
P/E ratio (TTM)
61.5
Dividend yield
0.34%
EPS (TTM)
₹6.98
Beta (1Y · daily vs NIFTY 50)
1.13
Beta (5Y · monthly vs NIFTY 50)
2.16
Shares float
142.00 Cr
EPS · quarter ended Jun 2026
₹1.08
Upcoming earnings
15 Oct 2026
Financial Performance
01 · Financials
Revenue for Mar 2021–Mar 2022 is as filed with BSE (consolidated), and the first plotted growth figure is computed against Mar 2020 revenue as filed with BSE; the two sources' revenue definitions differ by 5.5% on Mar 2023. FY21 growth needs FY20 filings, which the data source doesn't provide.
02 · Earnings Per Share (EPS)
03 · Dividend Profile
Growth compares completed fiscal-year dividend totals on the company's own calendar: April–March (Indian FY), taken from its reported period-ends. Payout ledger: NSE corporate actions.
04 · Operating Efficiency (Growth Rates)
Balance-sheet-based · pre-FY23 not filed in verifiable form
05 · Capital Structure & Asset Utilization
Pre-FY23 not filed in verifiable form
Asset turnover needs a prior year of assets — omitted for the earliest available year.
06 · Asset Base Composition
Pre-FY23 not filed in verifiable form
07 · Debt Level & Coverage
Pre-FY23 not filed in verifiable form
08 · Profit & Loss
Annual
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| ₹17,308.69 Cr | ₹21,211.09 Cr | ₹23,364.94 Cr | ₹23,892.78 Cr | ₹28,339.48 Cr | ₹33,782.18 Cr | |
| EBITDA | ₹-2,792.87 Cr | ₹1,090.12 Cr | ₹1,496.89 Cr | ₹1,222.81 Cr | ₹1,765.82 Cr | ₹3,210.21 Cr |
| ₹-2,697.00 Cr | ₹446.03 Cr | ₹637.44 Cr | ₹282.22 Cr | ₹533.90 Cr | ₹1,600.26 Cr | |
| Diluted EPS | ₹-7.75 | ₹1.28 | ₹1.88 | ₹0.81 | ₹1.53 | ₹4.6 |
09 · Balance Sheet
Annual
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| ₹55,960.00 Cr | ₹56,991.00 Cr | ₹57,664.00 Cr | ₹59,784.00 Cr | ₹68,849.00 Cr | ₹76,888.00 Cr | |
| — | — | ₹5,453.51 Cr | ₹8,856.46 Cr | ₹9,014.60 Cr | ₹8,186.95 Cr | |
| Stockholders' equity | ₹25,983.00 Cr | ₹26,506.00 Cr | ₹24,378.00 Cr | ₹24,438.00 Cr | ₹24,722.00 Cr | ₹26,146.00 Cr |
Current assets, Inventory, Trade receivables, Cash & equivalents, Non-current assets, CWIP, Others, Total debt, Long-term debt, Current (short-term) debt have filed figures for only some of the years shown — no further verified source covers the rest, so those years are left blank rather than estimated.
Annual only — the data source doesn’t publish quarterly balance-sheet detail for most NSE-listed companies.
10 · Cash Flow Statement
Annual
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| ₹560.00 Cr | ₹660.00 Cr | ₹-741.00 Cr | ₹-3,713.00 Cr | ₹2,192.00 Cr | ₹5,837.00 Cr | |
| Investing cash flow | ₹-42.50 Cr | ₹-1,125.32 Cr | ₹1,480.46 Cr | ₹1,330.86 Cr | ₹-2,730.91 Cr | ₹-3,035.41 Cr |
| ₹-394.00 Cr | ₹-329.00 Cr | ₹89.00 Cr | ₹2,656.00 Cr | ₹-857.00 Cr | ₹-1,806.00 Cr | |
| Capital expenditure | ₹-250.35 Cr | ₹-169.38 Cr | ₹-188.40 Cr | ₹-232.50 Cr | ₹-304.37 Cr | ₹-589.04 Cr |
| End cash position | — | — | ₹1,561.34 Cr | ₹1,835.04 Cr | ₹439.21 Cr | ₹1,435.45 Cr |
Debt issued, Debt repaid, End cash position have filed figures for only some of the years shown — no further verified source covers the rest, so those years are left blank rather than estimated.
Annual only — the data source has no quarterly cash-flow-statement coverage.
11 · Shareholding Pattern
NSE, quarterly
| Line item | Sep 21–Dec 25(18Q) | Mar 26–Jun 26(2Q) |
|---|---|---|
| Promoter | 63.17% | 58.17% |
| Public | 36.83% | 41.83% |
| Employee trusts | 0.00% | 0.00% |
Source: NSE quarterly shareholding-pattern filings, collapsed to periods where the reported percentages held steady — a column spanning several quarters means no change was filed across them. No FII/DII sub-split available from this source — Public includes all non-promoter, non-employee-trust holders.
12 · Peer Comparison
Industrials
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
| Larsen & Toubro Limited | ₹5.24 L Cr | ₹3,836.2 | 31.6 | 4.79 | 14.7% | 1.15 | +11.8% | +4.1% |
| Adani Ports and Special Economic Zone Limited | ₹4.00 L Cr | ₹1,824 | 29.4 | 4.17 | 13.3% | 0.66 | +27.1% | +29.1% |
| Hindustan Aeronautics Limited | ₹3.20 L Cr | ₹4,800.3 | 34.3 | 7.80 | 22.2% | 0.00 | +5.6% | -1.2% |
| Bharat Electronics Limited | ₹2.82 L Cr | ₹395.45 | 46.0 | 11.75 | 25.3% | 0.00 | +15.9% | -4.1% |
| InterGlobe Aviation Limited | ₹1.87 L Cr | ₹4,920 | — | 26.87 | -34.3% | 11.15 | +6.6% | -13.9% |
| ABB India Limited | ₹1.51 L Cr | ₹7,270.5 | 95.5 | 19.28 | 21.3% | 0.01 | +8.1% | +33.7% |
| Bharat Heavy Electricals Limited | ₹1.43 L Cr | ₹429.2 | 58.8 | 5.47 | 6.1% | 0.31 | +18.3% | +83.2% |
| Hitachi Energy India Limited | ₹1.39 L Cr | ₹32,700 | 121.7 | 26.89 | 19.1% | 0.02 | +27.2% | +68.7% |
| Cummins India Limited | ₹1.39 L Cr | ₹5,099.5 | 57.8 | 16.42 | 27.9% | 0.00 | +16.9% | +24.3% |
| CG Power and Industrial Solutions Limited | ₹1.39 L Cr | ₹892 | 107.6 | 17.39 | 15.1% | 0.01 | +25.1% | +13.7% |
| Siemens Limited | ₹1.33 L Cr | ₹3,763.5 | 78.8 | 10.07 | 15.9% | 0.01 | +16.2% | +13.3% |
| Polycab India Limited | ₹1.24 L Cr | ₹8,241 | 43.5 | 10.34 | 22.3% | 0.37 | +28.3% | +13.7% |
Ranked by market cap within Industrials, same metrics as the Fundamentals screener. Click a column to sort.
Documents
Annual reports
Show all 30
Official documents linked from their sources — offer documents as filed with SEBI (sebi.gov.in), annual reports and earnings-call transcripts as published on BSE (bseindia.com) and NSE (nseindia.com). Links open the source's own hosting; nothing is re-hosted here.
Index membership
53 indices
NSE weights are a free-float market-cap-share estimate, not NSE’s own published (and sometimes capped) index weight. BSE weights are BSE’s own published index weight, not an estimate. Indices without weight data are listed without one, in alphabetical order after the weighted ones.