Any current/future new fundraising through debt or equity?

There is no specific guidance or mention of current or future fundraising through debt or equity in the provided transcript. Dr. Nalin Shinghal explicitly declined to give any capex numbers or financial guidance at this stage (Page 17). The discussions mostly revolve around operational focus, project execution, provisions, and new order opportunities rather than fundraising. No direct references to any planned debt issuance or equity raising were made during the Q&A. The company is focusing on improving turnover per employee, re-skilling, and strategic capex in new technology areas and JVs but

Any current/future capex/capital investment/strategic investment?

BHEL is formulating a capex strategy focusing on replacing old machines with degraded performance and tolerances, essential for future needs. Capital expenditure includes investments in joint ventures (JVs) and new technology areas such as coal gasification. Significant capex is underway in defense, for instance, upgrading the SRGM (Surface-to-Surface Guided Rocket Munition) facility to support new technologies. Employee capability building is emphasized, focusing on re-skilling, with minimal new recruitment apart from lateral induction and entry-level hires. No specific capex numbers are prov

Future growth expectations in sales/revenue/volumes?

India’s economic growth remains strong with a forecast over 6% in FY24, supporting infrastructure investment and industrial expansion. Thermal power remains a major focus with a robust pipeline: ~3,700 MW favorably placed, ~6,000 MW under bidding, and ~9,000 MW expected to be bid soon. Industrial orders, such as defense guns, show strong opportunities with expected business of INR 3,500-4,000 crores in FY24. Significant new orders in industrial systems, including a large Vande Bharat rail project order exceeding INR 15,000 crores (including taxes) started this year. Expectation of reve

Future growth expectations in earnings/operating earnings/profits/EPS?

BHEL does not provide explicit revenue or profit guidance for FY24 or beyond. The company expects higher margins in FY24 compared to recent years, depending on competition and cost-cutting effectiveness. New orders in industrial segments may influence margins, but specific guidance is not provided. Profitability from the Vande Bharat rail tender is expected primarily in the 35-year maintenance period rather than the initial supply. Efforts to reduce provisions and increase recoveries are ongoing, aiming for no net creation of provisions in future. Operational focus on timely project

Current/ Expected Orderbook/ Pending Orders?

Total outstanding order book as of March 31, 2023: INR 91,336 crores (net of taxes). With the Vande Bharat train set order finalized in April 2023, the order book crossed INR 1 lakh crores (excluding taxes). Significant orders in FY '23 include: - 2x660 MW EPC order of NTPC Talcher thermal power plant. - 850 MW Ratle hydropower project. - R&M of GSECL Ukai TPS unit no. 3. - Seven STG units totaling 383 MW for industrial customers. - 22 WAG-9H locomotives. - 20 upgraded SRGMs for Indian Navy. - Centrifugal compressors for refinery applications. Industry segment orders closed near

Bharat Heavy Electricals LtdQ4 FY23Electrical Equipment

Bharat Heavy Electricals Ltd Q4 FY23 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹401.95P/E: 48.6Market Cap: ₹1.4L CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 3

Margin

Category 2

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

India’s economic growth remains strong with a forecast over 6% in FY24, supporting infrastructure investment and industrial expansion.
Thermal power remains a major focus with a robust pipeline: ~3,700 MW favorably placed, ~6,000 MW under bidding, and ~9,000 MW expected to be bid soon.
Industrial orders, such as defense guns, show strong opportunities with expected business of INR 3,500-4,000 crores in FY24.
Significant new orders in industrial systems, including a large Vande Bharat rail project order exceeding INR 15,000 crores (including taxes) started this year.
Expectation of revenue growth aided by improved operational efficiency, new technology adoption, and diversification into non-thermal segments over 3-5 years.
Focus on executing large orders timely and leveraging long-term maintenance contracts (e.g., 35-year Vande Bharat maintenance) for sustained revenue streams.
Overall, BHEL anticipates gradual growth driven by thermal, industrial, and infrastructure sectors alongside ongoing modernization and cost optimization efforts.

Margin guidance

Category 2

BHEL does not provide explicit revenue or profit guidance for FY24 or beyond.
The company expects higher margins in FY24 compared to recent years, depending on competition and cost-cutting effectiveness.
New orders in industrial segments may influence margins, but specific guidance is not provided.
Profitability from the Vande Bharat rail tender is expected primarily in the 35-year maintenance period rather than the initial supply.
Efforts to reduce provisions and increase recoveries are ongoing, aiming for no net creation of provisions in future.
Operational focus on timely project delivery is expected to improve financial performance.
BHEL anticipates growth from thermal power orders, with around 3,700 MW pipeline favorably placed and additional bids underway.
Spares business and manpower productivity showed improvement in FY23, aiding EBITDA growth by 11%.
Overall, margins and earnings are expected to improve with order execution and diversification into new technology areas.

See what Bharat Heavy Electricals Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

There is no specific guidance or mention of current or future fundraising through debt or equity in the provided transcript.
Dr. Nalin Shinghal explicitly declined to give any capex numbers or financial guidance at this stage (Page 17).
The discussions mostly revolve around operational focus, project execution, provisions, and new order opportunities rather than fundraising.
No direct references to any planned debt issuance or equity raising were made during the Q&A.
The company is focusing on improving turnover per employee, re-skilling, and strategic capex in new technology areas and JVs but without specifying funding sources.

Order book

Yes

Total outstanding order book as of March 31, 2023: INR 91,336 crores (net of taxes).
With the Vande Bharat train set order finalized in April 2023, the order book crossed INR 1 lakh crores (excluding taxes).
Significant orders in FY '23 include:
- 2x660 MW EPC order of NTPC Talcher thermal power plant.
- 850 MW Ratle hydropower project.
- R&M of GSECL Ukai TPS unit no. 3.
- Seven STG units totaling 383 MW for industrial customers.
- 22 WAG-9H locomotives.
- 20 upgraded SRGMs for Indian Navy.
- Centrifugal compressors for refinery applications.
Industry segment orders closed near INR 9,500 crores in FY '23.
Long pending power sector slow-moving orders approximately INR 17,000 crores.
Defense segment: expected 20 guns orders worth INR 3,500-4,000 crores in FY '24.
Vande Bharat order: over INR 23,500 crores (excluding GST), 80 train sets, spanning over 6 years execution.

See what Bharat Heavy Electricals Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

BHEL is formulating a capex strategy focusing on replacing old machines with degraded performance and tolerances, essential for future needs.
Capital expenditure includes investments in joint ventures (JVs) and new technology areas such as coal gasification.
Significant capex is underway in defense, for instance, upgrading the SRGM (Surface-to-Surface Guided Rocket Munition) facility to support new technologies.
Employee capability building is emphasized, focusing on re-skilling, with minimal new recruitment apart from lateral induction and entry-level hires.
No specific capex numbers are provided currently.
Efforts are ongoing to improve operational efficiency and turnover per employee, supporting strategic growth beyond traditional thermal power.

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