BHEL
Bharat Heavy Electricals Limited
State-owned heavy engineering PSU — boilers, turbines and generators, built as EPC projects
Industrials›Capital Goods›Electrical Equipment›Heavy Electrical Equipment
bhel.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹434.60
Market cap
1,51,330 Cr
Stock P/E
52.6
P/B
5.66
Dividend yield
0.1%
ROE (FY26)
6.1%
ROCE (FY26)
8.4%
Operating margin (FY26)
6.0%
Debt / equity (FY26)
0.31
OCF / EBITDA (FY26)
249.2%
OCF / EBITDA (3Y)
102.9%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
BHEL (Bharat Heavy Electricals) is a heavy engineering company that makes and executes power-generation projects and also sells to industrial customers in transportation, transmission, defence and process industries.
Company snapshot
1stBy market cap
Ranked among 38 companies in Heavy Electrical Equipment.
Segment mix
Reportable segments as of 2024-12-31 (Standalone). Revenue share = segment revenue ÷ total revenue.
Largest segment: 76.8% of revenue
| Segment | Revenue share | Revenue | PBT | Assets |
|---|---|---|---|---|
| Industry | 23.2% | 1,689 Cr | 105 Cr | 9,176 Cr |
| Power | 76.8% | 5,588 Cr | 625 Cr | 45,140 Cr |
What we see
Positives
- ✓103% of operating profit came in as cash over the last three years — profits are backed by real cash.
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 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 | 9,300 Cr |
| Operating expenses (approx.) | 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 | 8,275 Cr |
| EBITDA | -63 Cr | 728 Cr | -169 Cr | 275 Cr | 304 Cr | 832 Cr | -537 Cr | 581 Cr | 545 Cr | 1,753 Cr | 504 Cr | 1,026 Cr |
| OPM % | -1.1% | 8.8% | -3.1% | 4.2% | 4.2% | 9.2% | -9.8% | 7.7% | 6.4% | 14.2% | 6.5% | 11.0% |
| Other income | 96 Cr | 157 Cr | 97 Cr | 111 Cr | 108 Cr | 149 Cr | 171 Cr | 175 Cr | 219 Cr | 243 Cr | 214 Cr | 253 Cr |
| Interest | 190 Cr | 193 Cr | 162 Cr | 201 Cr | 184 Cr | 201 Cr | 181 Cr | 195 Cr | 182 Cr | 198 Cr | 140 Cr | 125 Cr |
| Depreciation | 61 Cr | 68 Cr | 59 Cr | 60 Cr | 68 Cr | 85 Cr | 75 Cr | 75 Cr | 78 Cr | 88 Cr | 82 Cr | 83 Cr |
| Profit before tax | -195 Cr | 636 Cr | -279 Cr | 141 Cr | 179 Cr | 704 Cr | -608 Cr | 499 Cr | 520 Cr | 1,728 Cr | 508 Cr | 1,089 Cr |
| Tax % | 23.7% | 23.1% | 24.2% | 24.9% | 24.6% | 28.4% | 25.1% | 24.9% | 24.9% | 25.3% | 25.8% | 24.6% |
| Net profit | -149 Cr | 490 Cr | -211 Cr | 106 Cr | 135 Cr | 504 Cr | -455 Cr | 375 Cr | 390 Cr | 1,290 Cr | 377 Cr | 821 Cr |
| EPS (₹) | ₹-0.43 | ₹1.41 | ₹-0.61 | ₹0.30 | ₹0.39 | ₹1.45 | ₹-1.31 | ₹1.08 | ₹1.12 | ₹3.71 | ₹1.08 | ₹2.36 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 28,629 Cr | 29,075 Cr | 30,368 Cr | 21,490 Cr | 17,309 Cr | 21,211 Cr | 23,365 Cr | 23,893 Cr | 28,339 Cr | 33,782 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 27,572 Cr | 27,105 Cr | 28,230 Cr | 21,727 Cr | 20,450 Cr | 20,476 Cr | 22,648 Cr | 23,280 Cr | 27,098 Cr | 31,440 Cr | Sign in free for the trailing twelve months |
| EBITDA | 1,057 Cr | 1,970 Cr | 2,138 Cr | -237 Cr | -3,141 Cr | 736 Cr | 717 Cr | 613 Cr | 1,242 Cr | 2,342 Cr | Sign in free for the trailing twelve months |
| OPM % | 3.7% | 6.8% | 7.0% | -1.1% | -18.1% | 3.5% | 3.1% | 2.6% | 4.4% | 6.9% | Sign in free for the trailing twelve months |
| Other income | 753 Cr | 678 Cr | 662 Cr | 564 Cr | 348 Cr | 355 Cr | 489 Cr | 546 Cr | 465 Cr | 808 Cr | Sign in free for the trailing twelve months |
| Interest | 351 Cr | 255 Cr | 288 Cr | 508 Cr | 374 Cr | 356 Cr | 521 Cr | 731 Cr | 748 Cr | 756 Cr | Sign in free for the trailing twelve months |
| Depreciation | 850 Cr | 787 Cr | 476 Cr | 503 Cr | 473 Cr | 314 Cr | 260 Cr | 249 Cr | 272 Cr | 316 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 586 Cr | 1,215 Cr | 1,850 Cr | -659 Cr | -3,596 Cr | 470 Cr | 479 Cr | 243 Cr | 746 Cr | 2,139 Cr | Sign in free for the trailing twelve months |
| Tax % | 22.3% | 63.9% | 45.5% | -122.8% | 24.9% | 5.5% | 0.4% | -16.3% | 28.4% | 25.2% | Sign in free for the trailing twelve months |
| Net profit | 455 Cr | 438 Cr | 1,009 Cr | -1,468 Cr | -2,700 Cr | 445 Cr | 477 Cr | 282 Cr | 534 Cr | 1,600 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹1.24 | ₹1.19 | ₹2.78 | ₹-4.22 | ₹-7.75 | ₹1.28 | ₹1.37 | ₹0.81 | ₹1.53 | ₹4.60 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | — | 0.1% | 29.2% | 49.4% | 16.4% | 10.9% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 490 Cr | 734 Cr | 696 Cr | 696 Cr | 696 Cr | 696 Cr | 696 Cr | 696 Cr | 696 Cr | 696 Cr |
| Reserves | 31,899 Cr | 31,601 Cr | 30,176 Cr | 27,964 Cr | 25,287 Cr | 25,810 Cr | 26,132 Cr | 23,742 Cr | 24,026 Cr | 25,450 Cr |
| Borrowings | 96 Cr | 67 Cr | 2,566 Cr | 5,023 Cr | 4,951 Cr | 4,830 Cr | 5,454 Cr | 8,856 Cr | 9,015 Cr | 8,187 Cr |
| Other liabilities | 28,864 Cr | 31,146 Cr | 30,488 Cr | 27,109 Cr | 24,317 Cr | 24,907 Cr | 27,088 Cr | 25,710 Cr | 34,346 Cr | 41,852 Cr |
| Total liabilities | 61,347 Cr | 63,545 Cr | 63,919 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) | 3,496 Cr | 2,982 Cr | 2,887 Cr | 2,739 Cr | 2,429 Cr | 2,336 Cr | 2,409 Cr | 2,511 Cr | 2,862 Cr | 2,933 Cr |
| CWIP | 160 Cr | 195 Cr | 223 Cr | 307 Cr | 403 Cr | 422 Cr | 345 Cr | 282 Cr | 162 Cr | 399 Cr |
| Investments | 757 Cr | 429 Cr | 152 Cr | 162 Cr | 185 Cr | 205 Cr | 235 Cr | 256 Cr | 276 Cr | 303 Cr |
| Loans & advances | — | — | — | 135 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr |
| Inventories | 7,380 Cr | 6,263 Cr | 8,116 Cr | 8,908 Cr | 7,194 Cr | 6,560 Cr | 6,756 Cr | 7,221 Cr | 9,869 Cr | 13,335 Cr |
| Trade receivables | 22,078 Cr | 22,772 Cr | 12,012 Cr | 7,109 Cr | 4,035 Cr | 3,025 Cr | 3,128 Cr | 4,785 Cr | 5,884 Cr | 6,796 Cr |
| Cash & bank | 1,486 Cr | 2,769 Cr | 796 Cr | 1,403 Cr | 1,527 Cr | 733 Cr | 1,561 Cr | 1,835 Cr | 439 Cr | 1,435 Cr |
| Other assets | 25,991 Cr | 28,135 Cr | 39,732 Cr | 40,022 Cr | 39,466 Cr | 42,962 Cr | 44,936 Cr | 42,116 Cr | 48,590 Cr | 50,984 Cr |
| Total assets | 61,347 Cr | 63,545 Cr | 63,919 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 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 560 Cr | 989 Cr | -3,886 Cr | -2,892 Cr | 562 Cr | 660 Cr | -742 Cr | -3,713 Cr | 2,192 Cr | 5,837 Cr |
| Cash from investing | -565 Cr | 961 Cr | 1,918 Cr | 1,837 Cr | -42 Cr | -1,125 Cr | 1,480 Cr | 1,331 Cr | -2,731 Cr | -3,035 Cr |
| Cash from financing | -468 Cr | -667 Cr | -6 Cr | 1,662 Cr | -396 Cr | -322 Cr | 89 Cr | 2,656 Cr | -857 Cr | -1,806 Cr |
| Net cash flow | -473 Cr | 1,283 Cr | -1,973 Cr | 607 Cr | 123 Cr | -787 Cr | 828 Cr | 274 Cr | -1,396 Cr | 996 Cr |
| Free cash flow (OCF − Capex) | 207 Cr | 708 Cr | -4,311 Cr | -3,326 Cr | 311 Cr | 491 Cr | -930 Cr | -3,945 Cr | 1,910 Cr | 5,248 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 2.9% | 4.5% | 6.4% | -0.4% | -10.4% | 2.6% | 3.1% | 2.9% | 4.4% | 8.4% |
| ROE % | 1.4% | 1.4% | 3.3% | -5.1% | -10.4% | 1.7% | 1.8% | 1.2% | 2.2% | 6.1% |
| Debtor days | 281 | 285 | 144 | 121 | 85 | 52 | 49 | 73 | 76 | 73 |
| Inventory days | 162 | 148 | 97 | 221 | 237 | 242 | 154 | 153 | 176 | 200 |
| Days payable | 191 | 250 | 136 | 220 | 220 | 286 | 226 | 184 | 170 | 157 |
| Cash conversion cycle | 251 | 183 | 105 | 121 | 102 | 8 | -23 | 42 | 81 | 116 |
| OCF / EBITDA % | 53.0% | 50.2% | -181.8% | — | — | 89.8% | -103.5% | n.m. | 176.5% | 249.2% |
| OCF / EBITDA % (3 years) | — | — | -45.2% | -149.5% | — | — | — | -183.8% | -88.0% | 102.9% |
| Debt / equity | 0.0030 | 0.0021 | 0.08 | 0.18 | 0.19 | 0.18 | 0.20 | 0.36 | 0.36 | 0.31 |
| Current ratio | 2.13 | 1.94 | 1.66 | 1.44 | 1.39 | 1.30 | 1.29 | 1.36 | 1.51 | 1.59 |
| Net debt / EBITDA | -1.32 | — | 0.83 | — | — | 5.57 | 5.43 | 11.46 | 6.91 | 2.88 |