Bharat Heavy Electricals Q4 FY26 Share Price & Earnings Call Analysis
Part of: Nifty Midcap 150 · Nifty PSE · Nifty Midcap Select · Nifty Energy · Nifty Midcap 50 · NIFTY Midcap 100 · +5 more
- Market cap
- ₹1.52L Cr
- P/E
- 52.75
- ROE
- 6.25%
- PEG
- 1.46
- Price to sales
- 4.01
- Debt to equity
- 0.22
- 52W high / low
- ₹464 / ₹242
- Sales growth (5Y)
- 14.31%
- EBITDA margin
- 10.13%
- Net profit margin
- 4.71%
- Promoter holding
- 58.17%
- Sales (last year)
- ₹37,782 Cr
Bharat Heavy Electricals Ltd is an integrated power plant equipment manufacturer engaged in design, engineering, manufacture, erection, testing, commissioning and servicing of a wide range of products and services for the core sectors of the economy, viz. Power, transmission, Industry, transportation, renewable energy, Oil & Gas and defence.[1] It is the flagship engineering and manufacturing company of India owned and controlled by the Govt. of India.[2]
Guidance scorecard · Q4 FY26 call
What B H E L's management guided
and where it ranks in Electrical Equipment
RevenueQ4 FY24 call
10–20%- BHEL targets a 12% to 15% CAGR growth in revenue year-on-year, based on the execution of its large existing order book.
- Expectation to execute around 10 GW of capacity addition annually, with previous demonstrated capacity up to 12 GW.
- Order inflows are strong, with 27 GW under construction and an additional 10 GW tendered, expecting annual orders of 10-12 GW in the near future.
2 more points from B H E L's call on revenue
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MarginsQ4 FY24 call
FlatSee what B H E L said on margins — free account, 30 seconds.
CapexQ4 FY24 call
Planned- BHEL has formed corporate central procurement cell in Noida to streamline vendor management and improve procurement processes.
- The company is focusing on bringing back vendors who left and onboarding new vendors to support execution capacity, especially in EPC balance of plant projects.
- Strategic partnerships include a joint venture agreement with Coal India Limited for setting up a coal to Ammonium Nitrate plant (2,000 TPD capacity).
- Partnership with M/s HIMA Middle East for addressing railway signaling business.
- Defense sector focus with development of strategic equipment for the Indian Navy and alliances such as an SPV/JV with Germany's Rheinmetall.
- Exploring battery energy storage system opportunities with initial execution of BESS projects in collaboration with TERI and plans to expand EPC packaging for these systems.
2 more points from B H E L's call on capex
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FundraisingQ4 FY24 call
Ask what B H E L said on fundraising →
Full Q4 FY24 analysisOrder bookQ4 FY24 call
Rising- As of April 1, 2024, BHEL's total order outstanding is approximately Rs. 1,31,600 crore.
- Out of this, about Rs. 92,559 crore is from the power sector and Rs. 31,000-32,000 crore from the industrial sector.
- Around Rs. 52,000 crore of power sector orders were received in FY'24, with old legacy orders totaling Rs. 40,000 crore.
- Approximately Rs. 50,000 crore of legacy orders remain pending, excluding defense, nuclear, and Vande Bharat projects, expected to be completed by next financial year.
- The executable order backlog stands at around Rs. 1,24,000 crore after excluding roughly Rs. 7,000-8,000 crore non-moving orders.
2 more points from B H E L's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Electrical Equipment
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Bharat Heavy Electricals latest results (Mar 2026)
Revenue
₹12,310 Cr
+37% YoY
Net profit
₹1,290 Cr
+156% YoY
Operating margin
14%
EPS
₹3.71
Peers
Electrical Equipment companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹457 Cr | 8.8 | |
| 2 | 40%+ | Up 0–2% | ₹12,138 Cr | 47.6 | |
| 3 | 40%+ | Up 0–2% | ₹713 Cr | 41.3 | |
| 4 | 40%+ | Up 0–2% | ₹430 Cr | 7.6 | |
| 5 | 40%+ | Up 0–2% | ₹181 Cr | 6.1 | |
| 6 | 40%+ | Flat | ₹22,192 Cr | 119.7 |
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Pro shows every company guiding 40%+ revenue growth →Full Electrical Equipment rankingB H E L announcements
All announcements →- Order winNotableBHEL receives ₹600-900 Cr order from Power Grid for synchronous condensers
- Order winNotableBHEL receives order from Power Grid for synchronous condensers at Barmer-II HVDC
- Order winMajor developmentBHEL receives orders from Adani Power for 4 projects of 2x800 MW each
- Acquisition / mergerNotableBharat Heavy Electricals Ltd approves ₹500 Cr investment, merges units
- Order winMajor developmentBHEL receives Notification of Award from MUNPL for 3x800 MW Meja STPP Stage-II EPC package
Financials of B H E L
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of B H E L
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 8,227 | 5,003 | 5,125 | 5,504 | 8,260 | 5,485 | 6,584 | 7,277 | 8,993 | 5,487 | 7,512 | 8,473 | 12,310 |
| Expenses + | 7,178 | 5,182 | 5,279 | 5,287 | 7,532 | 5,654 | 6,309 | 6,973 | 8,162 | 6,024 | 6,931 | 7,928 | 10,557 |
| Operating Profit | 1,049 | -178 | -154 | 217 | 728 | -169 | 275 | 304 | 832 | -537 | 581 | 545 | 1,753 |
| OPM % | 13% | -4% | -3% | 4% | 9% | -3% | 4% | 4% | 9% | -10% | 8% | 6% | 14% |
| Other Income + | 125 | 130 | 192 | 118 | 170 | 111 | 128 | 126 | 159 | 185 | 189 | 235 | 260 |
| Interest | 161 | 168 | 180 | 190 | 193 | 162 | 201 | 184 | 201 | 181 | 195 | 182 | 198 |
| Depreciation | 73 | 60 | 60 | 61 | 68 | 59 | 60 | 68 | 85 | 75 | 75 | 78 | 88 |
| Profit before tax | 940 | -276 | -202 | 84 | 636 | -279 | 141 | 179 | 704 | -608 | 499 | 520 | 1,728 |
| Tax % | 30% | -26% | -69% | 29% | 23% | -24% | 25% | 25% | 28% | -25% | 25% | 25% | 25% |
| Net Profit + | 658 | -205 | -63 | 60 | 490 | -211 | 106 | 135 | 504 | -456 | 375 | 390 | 1,290 |
| EPS in Rs | 1.89 | -0.59 | -0.18 | 0.17 | 1.41 | -0.61 | 0.30 | 0.39 | 1.45 | -1.31 | 1.08 | 1.12 | 3.71 |
Financials of B H E L
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 31,323 | 25,505 | 28,465 | 28,827 | 30,441 | 21,463 | 17,309 | 21,211 | 23,365 | 23,893 | 28,339 | 33,782 |
| Expenses + | 29,183 | 26,862 | 27,370 | 27,174 | 28,409 | 21,596 | 20,357 | 20,383 | 22,321 | 23,182 | 26,940 | 31,440 |
| Operating Profit | 2,141 | -1,357 | 1,095 | 1,653 | 2,032 | -133 | -3,049 | 828 | 1,044 | 711 | 1,399 | 2,342 |
| OPM % | 7% | -5% | 4% | 6% | 7% | -1% | -18% | 4% | 4% | 3% | 5% | 7% |
| Other Income + | 1,221 | 1,492 | 753 | 679 | 662 | 590 | 393 | 405 | 544 | 608 | 524 | 869 |
| Interest | 92 | 360 | 413 | 330 | 378 | 613 | 467 | 448 | 612 | 828 | 906 | 756 |
| Depreciation | 1,082 | 937 | 850 | 787 | 476 | 503 | 473 | 314 | 260 | 249 | 272 | 316 |
| Profit before tax | 2,187 | -1,161 | 586 | 1,215 | 1,840 | -659 | -3,596 | 470 | 716 | 243 | 746 | 2,139 |
| Tax % | 34% | -39% | 22% | 64% | 46% | 123% | -25% | 5% | 9% | -16% | 28% | 25% |
| Net Profit + | 1,450 | -706 | 455 | 438 | 1,002 | -1,468 | -2,700 | 445 | 654 | 282 | 534 | 1,600 |
| EPS in Rs | 3.96 | -1.92 | 1.25 | 1.20 | 2.89 | -4.21 | -7.75 | 1.28 | 1.88 | 0.81 | 1.53 | 4.60 |
| Dividend Payout % | 20% | -14% | 85% | 151% | 69% | 0% | 0% | 31% | 21% | 31% | 33% | 30% |
Financials of B H E L
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 490 | 490 | 490 | 734 | 696 | 696 | 696 | 696 | 696 | 696 | 696 | 696 |
| Reserves | 33,717 | 31,825 | 31,899 | 31,601 | 30,208 | 27,964 | 25,287 | 25,810 | 23,682 | 23,742 | 24,026 | 25,450 |
| Borrowings + | 1,889 | 211 | 156 | 110 | 2,598 | 5,080 | 4,951 | 4,830 | 5,454 | 8,856 | 9,015 | 8,187 |
| Other Liabilities + | 34,887 | 33,051 | 29,153 | 31,495 | 30,987 | 26,550 | 25,025 | 25,654 | 27,832 | 26,489 | 35,112 | 41,852 |
| Total Liabilities | 70,983 | 65,577 | 61,698 | 63,940 | 64,490 | 60,291 | 55,960 | 56,991 | 57,664 | 59,784 | 68,849 | 76,186 |
| Fixed Assets + | 4,230 | 3,969 | 3,601 | 3,073 | 2,970 | 2,817 | 2,491 | 2,398 | 2,476 | 2,574 | 2,947 | 3,094 |
| CWIP | 2,614 | 318 | 168 | 203 | 235 | 314 | 420 | 431 | 354 | 308 | 195 | 399 |
| Investments | 6 | 796 | 757 | 429 | 152 | 162 | 185 | 205 | 235 | 256 | 276 | 302 |
| Other Assets + | 64,134 | 60,494 | 57,171 | 60,235 | 61,132 | 56,998 | 52,864 | 53,956 | 54,599 | 56,646 | 65,431 | 72,390 |
| Total Assets | 70,983 | 65,577 | 61,698 | 63,940 | 64,490 | 60,291 | 55,960 | 56,991 | 57,664 | 59,784 | 68,849 | 76,186 |
Financials of B H E L
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 821 | 374 | 560 | 989 | -3,860 | -2,892 | 560 | 660 | -741 | -3,713 | 2,192 | 5,837 |
| Cash from Investing Activity + | 650 | 23 | -565 | 961 | 1,919 | 1,877 | -42 | -1,118 | 1,480 | 1,331 | -2,731 | -3,035 |
| Cash from Financing Activity + | -3,543 | -122 | -468 | -667 | -32 | 1,622 | -394 | -329 | 89 | 2,656 | -857 | -1,806 |
| Net Cash Flow | -2,071 | 275 | -473 | 1,283 | -1,973 | 608 | 123 | -787 | 829 | 274 | -1,396 | 996 |
| Free Cash Flow | 544 | -178 | 227 | 719 | -4,284 | -3,276 | 311 | 498 | -921 | -3,936 | 1,924 | 5,261 |
| CFO/OP | 87% | -50% | 105% | 57% | -169% | 1,930% | -25% | 30% | -82% | -554% | 151% | 258% |
Financials of B H E L
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 309 | 321 | 283 | 178 | 142 | 121 | 85 | 52 | 49 | 73 | 76 | 73 |
| Inventory Days | 270 | 272 | 200 | 191 | 218 | 321 | 333 | 274 | 261 | 253 | 289 | 212 |
| Days Payable | 239 | 240 | 225 | 301 | 297 | 300 | 281 | 291 | 345 | 270 | 259 | 167 |
| Cash Conversion Cycle | 340 | 353 | 258 | 68 | 63 | 142 | 137 | 35 | -35 | 56 | 106 | 119 |
| Working Capital Days | 192 | 208 | 162 | 121 | 100 | 72 | 42 | 1 | -5 | 60 | 99 | 79 |
| ROCE % | 6% | -2% | 3% | 5% | 7% | -0% | -10% | 3% | 4% | 3% | 5% | 9% |
Guidance history
How B H E L's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY24 call → | 10–20% | Flat | Planned | — | Rising |
| Q4 FY23 call → | 10–20% | Up 0–2% | Planned | — | Rising |
| Q1 FY22 call → | 0–10% | Flat | Planned | — | Flat |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
72 out of 100 — Strengthening
Over the past year its share price has done better than most of the stocks we track.
| Period | Share price change | Better than … of 1,937 stocks |
|---|---|---|
| Last 12 months | +55.0% | 85% |
| Last 6 months | +9.5% | 60% |
| Last 3 months | +3.5% | 67% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,937 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For B H E L: 0.4 × 85 + 0.4 × 60 + 0.2 × 67 = 72.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 13 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Bharat Heavy Electricals: frequently asked questions
What is Bharat Heavy Electricals share price today?
Bharat Heavy Electricals last traded at ₹436.3, with a market capitalisation of ₹1.5L Cr and a P/E ratio of 52.8.
What were Bharat Heavy Electricals's latest quarterly results?
For the quarter ended Mar 2026, Bharat Heavy Electricals reported revenue of ₹12,310 Cr (+37% year on year) and net profit of ₹1,290 Cr, with an operating margin of 14%.
Is Bharat Heavy Electricals's profit growing?
Net profit was ₹1,290 Cr in Mar 2026 against ₹504 Cr in Mar 2025, a change of +156%.
What is Bharat Heavy Electricals's EPS?
Bharat Heavy Electricals's earnings per share for the quarter ended Mar 2026 was ₹3.71.
What is Bharat Heavy Electricals's ROE and ROCE?
Bharat Heavy Electricals's return on equity is 6.29% and its return on capital employed is 8.51%.
Does Bharat Heavy Electricals pay a dividend?
Yes. Bharat Heavy Electricals's dividend yield is 0.12% at the current price. The full payout history is on the Bharat Heavy Electricals dividends page.
Which sector does Bharat Heavy Electricals belong to?
Bharat Heavy Electricals is in the Electrical Equipment sector. Its peer comparison and sector ranking are on this page.
What did Bharat Heavy Electricals's management say on the latest earnings call?
Arthneeti's analysis of the Q4 FY26 earnings call covers revenue, margins, capex and fundraising guidance from Bharat Heavy Electricals's management.
How does Arthneeti AI analyse Bharat Heavy Electricals?
Arthneeti reads Bharat Heavy Electricals's earnings call transcripts and filings and scores revenue growth, margins, capex and fundraising, then ranks the company against its sector.
Continue your research
What B H E L's management said in earlier quarters
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