Bharat Heavy Electricals Limited
Bharat Heavy Electricals Limited (BHEL) financial statements and selected valuation metrics from NSE/BSE exchange filings through 30 June 2026.
Industrials›Capital Goods›Electrical Equipment›Heavy Electrical Equipment
bhel.com(opens the company website in a new tab)Key metrics
Price as of 2026-09-03
Stock price
₹431.80
Market cap
1,50,614 Cr
Stock P/E
61.5
P/B
5.74
Dividend yield
0.1%
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Share price
NSE closing price from historical market data.
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Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · NSE preferred when both exchanges report the same period · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 5,125 Cr | 5,504 Cr | 8,260 Cr | 5,485 Cr | 6,584 Cr | 7,277 Cr | 8,993 Cr | 5,487 Cr | 7,512 Cr | 8,473 Cr | 12,310 Cr | 7,698 Cr |
| Operating expenses (approx.) | 5,513 Cr | 5,567 Cr | 7,532 Cr | 5,654 Cr | 6,309 Cr | 6,973 Cr | 8,162 Cr | 6,024 Cr | 6,931 Cr | 7,928 Cr | 10,557 Cr | 7,194 Cr |
| EBITDA | -388 Cr | -63 Cr | 728 Cr | -169 Cr | 275 Cr | 304 Cr | 832 Cr | -537 Cr | 581 Cr | 545 Cr | 1,753 Cr | 504 Cr |
| OPM % | -7.6% | -1.1% | 8.8% | -3.1% | 4.2% | 4.2% | 9.2% | -9.8% | 7.7% | 6.4% | 14.2% | 6.5% |
| Other income | 180 Cr | 96 Cr | 157 Cr | 97 Cr | 111 Cr | 108 Cr | 149 Cr | 171 Cr | 175 Cr | 219 Cr | 243 Cr | 214 Cr |
| Interest | 180 Cr | 190 Cr | 193 Cr | 162 Cr | 201 Cr | 184 Cr | 201 Cr | 181 Cr | 195 Cr | 182 Cr | 198 Cr | 140 Cr |
| Depreciation | 60 Cr | 61 Cr | 68 Cr | 59 Cr | 60 Cr | 68 Cr | 85 Cr | 75 Cr | 75 Cr | 78 Cr | 88 Cr | 82 Cr |
| Profit before tax | -436 Cr | -195 Cr | 636 Cr | -279 Cr | 141 Cr | 179 Cr | 704 Cr | -608 Cr | 499 Cr | 520 Cr | 1,728 Cr | 508 Cr |
| Tax % | 45.4% | 23.7% | 23.1% | 24.2% | 24.9% | 24.6% | 28.4% | 25.1% | 24.9% | 24.9% | 25.3% | 25.8% |
| Net profit | -238 Cr | -149 Cr | 490 Cr | -211 Cr | 106 Cr | 135 Cr | 504 Cr | -455 Cr | 375 Cr | 390 Cr | 1,290 Cr | 377 Cr |
| EPS (₹) | ₹-0.68 | ₹-0.43 | ₹1.41 | ₹-0.61 | ₹0.30 | ₹0.39 | ₹1.45 | ₹-1.31 | ₹1.08 | ₹1.12 | ₹3.71 | ₹1.08 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 30,349 Cr | 21,490 Cr | 17,309 Cr | 21,211 Cr | 23,365 Cr | 23,893 Cr | 28,339 Cr | 33,782 Cr | Sign in for TTM |
| Operating expenses (approx.) | 28,207 Cr | 21,727 Cr | 20,450 Cr | 20,476 Cr | 22,648 Cr | 23,280 Cr | 27,098 Cr | 31,440 Cr | Sign in for TTM |
| EBITDA | 2,142 Cr | -237 Cr | -3,141 Cr | 736 Cr | 717 Cr | 613 Cr | 1,242 Cr | 2,342 Cr | Sign in for TTM |
| OPM % | 7.1% | -1.1% | -18.1% | 3.5% | 3.1% | 2.6% | 4.4% | 6.9% | Sign in for TTM |
| Other income | 678 Cr | 564 Cr | 348 Cr | 355 Cr | 489 Cr | 546 Cr | 465 Cr | 808 Cr | Sign in for TTM |
| Interest | 287 Cr | 508 Cr | 374 Cr | 356 Cr | 521 Cr | 731 Cr | 748 Cr | 756 Cr | Sign in for TTM |
| Depreciation | 475 Cr | 503 Cr | 473 Cr | 314 Cr | 260 Cr | 249 Cr | 272 Cr | 316 Cr | Sign in for TTM |
| Profit before tax | 2,058 Cr | -659 Cr | -3,596 Cr | 470 Cr | 479 Cr | 243 Cr | 746 Cr | 2,139 Cr | Sign in for TTM |
| Tax % | 40.9% | -122.8% | 24.9% | 5.5% | 0.4% | -16.3% | 28.4% | 25.2% | Sign in for TTM |
| Net profit | 1,215 Cr | -1,468 Cr | -2,700 Cr | 445 Cr | 477 Cr | 282 Cr | 534 Cr | 1,600 Cr | Sign in for TTM |
| EPS (₹) | ₹3.35 | ₹-4.22 | ₹-7.75 | ₹1.28 | ₹1.37 | ₹0.81 | ₹1.53 | ₹4.60 | Sign in for TTM |
| Dividend payout % | — | — | — | 0.1% | 29.2% | 49.4% | 16.4% | 10.9% | Sign in for TTM |
Sign in for TTM
Trailing twelve months totals and margin rows
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 696 Cr | 696 Cr | 696 Cr | 696 Cr | 696 Cr | 696 Cr | 696 Cr | 696 Cr |
| Reserves | 30,703 Cr | 27,964 Cr | 25,287 Cr | 25,810 Cr | 26,132 Cr | 23,742 Cr | 24,026 Cr | 25,450 Cr |
| Borrowings | — | — | — | — | 5,454 Cr | 8,856 Cr | 9,015 Cr | 8,187 Cr |
| Other liabilities | 33,016 Cr | 32,124 Cr | 29,257 Cr | 29,737 Cr | 27,088 Cr | 25,710 Cr | 34,346 Cr | 41,852 Cr |
| Total liabilities | 64,416 Cr | 60,784 Cr | 55,240 Cr | 56,244 Cr | 59,370 Cr | 59,006 Cr | 68,083 Cr | 76,186 Cr |
| Fixed assets (net) | — | — | — | — | 2,409 Cr | 2,511 Cr | 2,862 Cr | 2,933 Cr |
| CWIP | — | — | — | — | 345 Cr | 282 Cr | 162 Cr | 399 Cr |
| Investments | — | — | — | — | 235 Cr | 256 Cr | 276 Cr | 303 Cr |
| Inventories | — | — | — | — | 6,756 Cr | 7,221 Cr | 9,869 Cr | 13,335 Cr |
| Trade receivables | — | — | — | — | 3,128 Cr | 4,785 Cr | 5,884 Cr | 6,796 Cr |
| Cash & bank | — | — | — | — | 1,561 Cr | 1,835 Cr | 439 Cr | 1,435 Cr |
| Other assets | 64,416 Cr | 60,784 Cr | 55,240 Cr | 56,244 Cr | 44,936 Cr | 42,116 Cr | 48,590 Cr | 50,984 Cr |
| Total assets | 64,416 Cr | 60,784 Cr | 55,240 Cr | 56,244 Cr | 59,370 Cr | 59,006 Cr | 68,083 Cr | 76,186 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | — | — | — | 660 Cr | -742 Cr | -3,713 Cr | 2,192 Cr | 5,837 Cr |
| Cash from investing | — | — | — | -1,125 Cr | 1,480 Cr | 1,331 Cr | -2,731 Cr | -3,035 Cr |
| Cash from financing | — | — | — | -322 Cr | 89 Cr | 2,656 Cr | -857 Cr | -1,806 Cr |
| Net cash flow | — | — | — | -787 Cr | 828 Cr | 274 Cr | -1,396 Cr | 996 Cr |
| Free cash flow (OCF − Capex) | — | — | — | 491 Cr | -930 Cr | -3,945 Cr | 1,910 Cr | 5,248 Cr |
Ratios
Ratios as reported or derived per annual period.
| Metric | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| ROCE % | 7.5% | -0.5% | -12.4% | 3.1% | 3.1% | 2.9% | 4.4% | 8.4% |
| ROE % | 3.9% | -5.1% | -10.4% | 1.7% | 1.8% | 1.2% | 2.2% | 6.1% |
| Debtor days | — | — | — | — | 49 | 73 | 76 | 73 |
| Inventory days | — | — | — | — | 154 | 153 | 176 | 200 |
| Days payable | — | — | — | — | 226 | 184 | 170 | 157 |
| Cash conversion cycle | — | — | — | — | -23 | 42 | 81 | 116 |
| Debt / equity | 0.00 | — | — | 0.00 | 0.20 | 0.36 | 0.36 | 0.31 |
| Current ratio | — | — | — | — | 1.29 | 1.36 | 1.51 | 1.59 |
| Net debt / EBITDA | 0.00 | — | — | 0.00 | 5.43 | 11.46 | 6.91 | 2.88 |
Compare with peers
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