Bharat Heavy Electricals Ltd.

NSE: BHEL · Capital Goods

₹418.80+0.17%06 Nov 2026

Ask the data

Instant answers about Bharat Heavy Electricals Ltd. — computed from its filings, no language model

Market cap₹1,45,828 cr

Current price₹418.80

High / Low₹464 / ₹242

P/E50.7

P/B5.45

Book value₹76.8

ROE10.8%

ROCE13.5%

Debt / equity0.22

Dividend yield0.12%

EPS (TTM)₹8.27

Face value₹2

Price & valuation

split & bonus adjusted · pick a metric and range

Annual performance

annual · ₹ crore · line = operating margin

showing latest 6 of 7 periods

	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	21,490	17,309	21,211	23,365	23,893	28,339	33,782
EBITDA	-237	-3,141	736	717	613	1,242	2,342
Operating margin	-1.1%	-18.1%	3.5%	3.1%	2.6%	4.4%	6.9%
Interest	508	374	356	521	731	748	756
Depreciation	503	473	314	260	249	272	316
Profit before tax	-685	-3,640	420	423	179	687	2,078
Tax	809	-896	26	2	-40	212	538
Net profit	-1,468	-2,700	446	477	282	534	1,600
EPS ₹	-4.22	-7.75	1.28	1.37	0.81	1.53	4.60
Operating cash flow	—	—	660	-742	-3,713	2,192	5,837
Capex	—	—	169	188	232	282	589
Dividend paid	—	—	0	139	139	87	175
Total assets	59,749	55,240	56,244	59,370	59,006	68,083	76,186
Equity	28,661	25,984	26,507	26,828	24,439	24,722	26,147

Quarterly performance

last 29 quarters · ₹ crore

showing latest 8 of 29 periods

	JUN '19	SEP '19	DEC '19	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '22	SEP '22	DEC '22	MAR '23	JUN '23	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26	SEP '26
Revenue	4,532	6,227	5,681	5,050	1,991	3,696	4,451	7,170	2,901	5,112	5,136	8,062	5,203	5,263	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	7,698	9,300
Operating profit	-270	265	327	-560	-1,059	-633	-180	-1,268	-476	-30	89	1,152	-244	144	986	-364	-388	-63	728	-169	275	304	832	-537	581	545	1,753	504	1,026
Operating margin	-6.0%	4.3%	5.8%	-11.1%	-53.2%	-17.1%	-4.1%	-17.7%	-16.4%	-0.6%	1.7%	14.3%	-4.7%	2.7%	12.0%	-7.3%	-7.6%	-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	141	133	147	144	96	97	81	75	65	85	84	120	216	91	112	114	180	96	157	97	111	108	149	171	175	219	243	214	253
Interest	108	119	140	141	115	94	86	79	84	90	86	96	123	139	161	168	180	190	193	162	201	184	201	181	195	182	198	140	125
Depreciation	115	119	115	154	119	115	113	127	111	43	74	86	59	62	73	60	60	61	68	59	60	68	85	75	75	78	88	82	83
Profit before tax	-352	160	219	-712	-1,197	-746	-298	-1,399	-605	-78	13	1,090	-210	33	864	-478	-448	-217	623	-293	125	160	694	-622	485	504	1,711	496	1,071
Tax	-128	46	67	824	-299	-181	-62	-354	-149	-21	6	189	-212	10	266	-118	-198	-46	147	-68	35	44	200	-153	124	129	437	131	268
Net profit	-219	122	162	-1,532	-893	-552	-217	-1,036	-447	-46	27	912	12	42	611	-344	-238	-149	490	-211	106	135	504	-456	375	390	1,290	377	821
EPS ₹	-0.63	0.35	0.46	-4.40	-2.56	-1.59	-0.63	-2.97	-1.29	-0.13	0.08	2.62	0.03	0.12	1.75	-0.99	-0.68	-0.43	1.41	-0.61	0.30	0.39	1.45	-1.31	1.08	1.12	3.71	1.08	2.36
Revenue YoY	—	—	—	—	-56.1%	-40.6%	-21.6%	42.0%	45.7%	38.3%	15.4%	12.4%	1.8%	2.5%	2.1%	—	-1.5%	4.6%	0.4%	9.6%	28.5%	32.2%	8.9%	0.0%	14.1%	16.4%	36.9%	40.3%	23.8%
Profit YoY	—	—	—	—	—	-553.6%	-234.4%	—	—	—	—	—	—	56.5%	-33.0%	—	-2067.9%	-451.9%	-19.9%	—	—	—	3.0%	—	253.2%	189.8%	155.8%	—	119.0%

Earlier results (standalone, Sep '07 – Mar '19)

₹ crore · from BSE, before the NSE XBRL filings begin

Bharat Heavy Electricals Ltd. reports consolidated figures above. Quarterly consolidated results only became mandatory in India in 2019, so the earlier history available is the standalone company only (excluding subsidiaries). It is shown separately so the two bases are never mixed.

Full years

showing latest 8 of 11 periods

	FY09†	FY10†	FY11†	FY12†	FY13†	FY14†	FY15†	FY16†	FY17†	FY18†	FY19†
Revenue	26,671	33,573	42,496	48,149	48,425	39,109	30,183	25,630	28,770	28,799	30,349
Operating profit	4,238	6,258	8,963	10,090	9,387	4,520	2,485	-1,958	1,101	1,343	2,142
Operating margin	15.9%	18.6%	21.1%	21.0%	19.4%	11.6%	8.2%	-7.6%	3.8%	4.7%	7.1%
Other income	976	824	642	1,063	1,122	1,616	834	1,450	726	1,283	678
Interest	31	34	55	51	123	133	92	27	351	255	287
Depreciation	334	458	544	800	953	983	1,077	936	849	786	475
Profit before tax	4,849	6,591	9,006	10,302	9,432	5,014	2,140	-1,477	628	1,585	2,058
Tax	1,711	2,280	2,994	3,262	2,818	1,554	721	-563	132	778	842
Net profit	3,138	4,311	6,011	7,040	6,615	3,461	1,419	-913	496	807	1,215

Quarters

showing latest 8 of 47 periods

	SEP '07†	DEC '07†	MAR '08†	JUN '08†	SEP '08†	DEC '08†	MAR '09†	JUN '09†	SEP '09†	DEC '09†	MAR '10†	JUN '10†	SEP '10†	DEC '10†	MAR '11†	JUN '11†	SEP '11†	DEC '11†	MAR '12†	JUN '12†	SEP '12†	DEC '12†	MAR '13†	JUN '13†	SEP '13†	DEC '13†	MAR '14†	JUN '14†	SEP '14†	DEC '14†	MAR '15†	JUN '15†	SEP '15†	DEC '15†	MAR '16†	JUN '16†	SEP '16†	DEC '16†	MAR '17†	JUN '17†	SEP '17†	DEC '17†	MAR '18†	JUN '18†	SEP '18†	DEC '18†	MAR '19†
Revenue	3,965	4,964	7,202	4,329	5,343	6,149	10,850	5,671	6,728	7,229	13,945	6,601	8,491	9,023	18,380	7,271	10,546	10,743	19,589	8,439	10,562	10,220	19,204	6,458	8,984	8,635	15,032	5,155	6,144	6,198	12,686	4,362	5,938	5,326	10,005	5,622	6,664	6,325	10,158	5,732	6,297	6,626	10,144	5,935	6,780	7,336	10,297
Operating profit	695	998	1,363	374	711	1,147	2,006	592	1,232	1,562	2,873	965	1,632	2,072	4,294	1,113	1,959	2,080	4,937	1,202	1,899	1,634	4,651	389	412	986	2,733	218	292	294	1,682	-209	-474	-1,639	364	71	155	224	651	-88	-95	295	1,232	287	241	219	1,395
Operating margin	17.5%	20.1%	18.9%	8.6%	13.3%	18.7%	18.5%	10.4%	18.3%	21.6%	20.6%	14.6%	19.2%	23.0%	23.4%	15.3%	18.6%	19.4%	25.2%	14.2%	18.0%	16.0%	24.2%	6.0%	4.6%	11.4%	18.2%	4.2%	4.7%	4.7%	13.3%	-4.8%	-8.0%	-30.8%	3.6%	1.3%	2.3%	3.5%	6.4%	-1.5%	-1.5%	4.5%	12.1%	4.8%	3.6%	3.0%	13.5%
Other income	501	265	424	292	307	180	197	227	196	193	208	163	162	153	163	249	220	196	399	366	131	332	292	538	498	291	289	348	196	274	16	492	373	171	414	249	196	136	145	462	485	137	198	179	152	226	121
Interest	19	10	4	3	2	18	8	4	5	7	18	4	6	14	30	9	10	14	18	6	26	51	41	28	25	32	48	47	13	5	27	3	4	5	14	6	5	26	314	66	55	61	73	64	69	58	96
Depreciation	69	76	83	73	74	86	101	96	93	104	165	127	134	145	138	171	189	186	254	228	216	220	289	231	239	242	272	273	266	256	282	242	225	225	243	218	208	209	214	200	187	182	217	176	52	112	134
Profit before tax	1,107	1,177	1,701	590	941	1,223	2,095	719	1,329	1,644	2,898	998	1,654	2,065	4,288	1,182	1,981	2,076	5,064	1,335	1,788	1,696	4,614	668	646	1,003	2,696	246	209	306	1,379	37	-330	-1,699	515	97	138	125	269	108	147	190	1,140	226	272	275	1,285
Tax	420	405	590	206	326	432	747	248	472	572	989	330	512	662	1,490	367	569	643	1,684	414	514	514	1,377	203	191	308	852	52	84	94	491	3	-125	-597	155	19	29	31	53	27	32	37	683	70	86	83	603
Net profit	688	772	1,111	384	616	791	1,347	471	858	1,073	1,910	668	1,142	1,403	2,798	816	1,412	1,433	3,380	921	1,274	1,182	3,238	465	456	695	1,845	194	125	213	888	34	-205	-1,102	360	78	109	94	216	81	115	153	457	156	185	192	683
EPS ₹	14.05	15.77	22.69	7.85	12.58	16.15	27.53	9.61	17.53	21.91	39.01	13.64	23.33	28.67	57.16	16.66	28.85	5.85	13.81	3.76	5.21	4.83	13.23	1.90	1.86	2.84	7.54	0.79	0.51	0.87	3.63	0.14	-0.84	-4.50	1.47	0.32	0.44	0.38	0.88	0.33	0.47	0.42	1.25	0.42	0.50	0.52	1.88
Revenue YoY	—	—	—	—	34.7%	23.9%	50.7%	31.0%	25.9%	17.6%	28.5%	16.4%	26.2%	24.8%	31.8%	10.2%	24.2%	19.1%	6.6%	16.1%	0.2%	-4.9%	-2.0%	-23.5%	-14.9%	-15.5%	-21.7%	-20.2%	-31.6%	-28.2%	-15.6%	-15.4%	-3.4%	-14.1%	-21.1%	28.9%	12.2%	18.8%	1.5%	1.9%	-5.5%	4.8%	-0.1%	3.5%	7.7%	10.7%	1.5%
Profit YoY	—	—	—	—	-10.5%	2.4%	21.3%	22.4%	39.3%	35.7%	41.7%	41.9%	33.2%	30.8%	46.5%	22.1%	23.6%	2.1%	20.8%	12.9%	-9.7%	-17.5%	-4.2%	-49.5%	-64.2%	-41.2%	-43.0%	-58.4%	-72.6%	-69.4%	-51.8%	-82.5%	-264.1%	-618.3%	-59.5%	129.5%	—	—	-40.1%	3.9%	5.9%	63.8%	112.1%	92.5%	60.4%	25.3%	49.3%

Returns & margins

trailing-twelve-month, per quarter

showing latest 8 of 23 periods

	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '22	JUN '23	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26	SEP '26
ROE	-5.1%	-7.5%	-9.8%	-11.1%	-10.4%	-8.7%	-6.7%	-5.8%	1.7%	1.2%	0.3%	-0.5%	-1.0%	-0.4%	1.0%	2.1%	2.2%	1.2%	2.3%	3.3%	6.1%	9.3%	10.8%
ROCE	-0.5%	-3.0%	-5.8%	-7.5%	-10.6%	-8.8%	-6.6%	-5.6%	2.5%	2.5%	1.8%	1.2%	0.6%	1.2%	2.9%	4.1%	4.3%	3.3%	4.2%	5.2%	8.3%	11.4%	13.5%
Net margin	-6.8%	-11.3%	-17.1%	-21.0%	-15.6%	-12.4%	-8.9%	-7.4%	2.1%	1.4%	0.3%	-0.5%	-1.0%	-0.4%	0.9%	1.9%	1.9%	1.0%	1.9%	2.7%	4.7%	6.8%	7.6%
EBITDA margin	-1.1%	-5.4%	-11.7%	-16.0%	-18.1%	-14.0%	-10.0%	-8.3%	3.5%	2.2%	1.6%	0.7%	-0.4%	0.4%	3.0%	4.1%	4.4%	3.1%	4.0%	4.7%	6.9%	9.4%	10.1%
Debt / equity	0.17	0.17	0.17	0.17	0.19	0.19	0.19	0.19	0.18	0.20	0.35	0.35	0.36	0.36	0.38	0.38	0.36	0.36	0.45	0.45	0.31	0.31	0.22
Interest coverage	-0.35	-1.97	-3.96	-5.76	-8.73	-7.88	-6.02	-5.10	2.18	1.35	0.96	0.60	0.29	0.54	1.32	1.83	1.92	1.47	1.94	2.40	3.75	5.47	6.87
Asset turnover	0.36	0.32	0.27	0.25	0.31	0.33	0.36	0.37	0.38	0.40	0.39	0.39	0.40	0.41	0.42	0.45	0.42	0.42	0.41	0.42	0.44	0.47	0.49

Balance sheet

equity vs borrowings over time · ₹ crore

showing latest 6 of 17 periods

	MAR '15‡	MAR '16‡	MAR '17‡	MAR '18‡	MAR '19‡	MAR '20‡	MAR '21‡	MAR '22‡	SEP '22	MAR '23	SEP '23	MAR '24	SEP '24	MAR '25	SEP '25	MAR '26	SEP '26
Share capital	490	490	490	734	696	696	696	696	696	696	696	696	696	696	696	696	696
Other equity / reserves	34,207	33,172	31,899	31,601	30,208	27,964	25,287	25,810	25,575	26,132	25,386	23,742	23,503	24,026	23,704	25,450	26,056
Total equity	34,696	33,662	32,389	32,335	30,904	28,661	25,984	26,507	26,272	26,828	26,082	24,439	24,199	24,722	24,400	26,147	26,752
Borrowings	1,832	2,456	96	67	2,540	4,948	4,849	4,745	5,750	5,454	9,040	8,856	9,128	9,015	10,969	8,187	6,018
Current liabilities	—	—	20,143	21,868	23,055	22,608	20,357	21,371	22,014	23,351	25,619	25,333	26,965	28,226	32,092	32,302	30,222
Non-current liabilities	—	—	8,817	9,275	9,982	8,488	8,911	8,366	8,504	9,190	9,218	9,234	10,628	15,135	15,481	17,737	19,866
Total assets	70,846	69,644	61,347	63,474	63,934	59,749	55,240	56,244	56,790	59,370	60,919	59,006	61,793	68,083	71,972	76,186	76,841
Property, plant & equipment	4,070	3,928	3,496	2,982	2,887	2,739	2,429	2,336	2,304	2,409	2,393	2,511	2,481	2,862	2,815	2,933	2,870
Capital work-in-progress	2,596	3,171	160	195	223	307	403	422	432	345	323	282	311	162	275	399	459
Investments	6	6	753	409	149	159	182	202	211	235	239	256	267	276	282	302	798
Inventories	10,117	9,657	7,380	6,263	7,800	8,908	7,194	6,560	6,878	6,756	7,482	7,221	8,161	9,869	12,475	13,335	15,588
Receivables	26,520	24,757	31,867	17,503	15,798	11,642	7,215	6,229	6,624	6,544	7,493	8,010	9,045	8,931	9,592	9,223	9,718
Cash & equivalents	9,949	10,198	1,486	2,769	796	1,403	1,527	733	1,501	1,561	1,108	1,835	721	439	424	1,435	239

Cash flow

annual · ₹ crore · line = free cash flow

showing latest 5 of 9 periods

	FY18‡	FY19‡	FY20‡	FY21‡	FY22	FY23	FY24	FY25	FY26
Cash from operations	989	-3,860	-2,892	560	660	-742	-3,713	2,192	5,837
Cash from investing	961	1,919	1,877	-42	-1,125	1,480	1,331	-2,731	-3,035
Cash from financing	-667	-32	1,622	-394	-322	89	2,656	-857	-1,806
Capex	281	426	394	250	169	188	232	282	589
Free cash flow	708	-4,286	-3,286	310	491	-930	-3,945	1,910	5,248
Dividends paid	485	787	505	1	0	139	139	87	175

Where the assets sit

Sep '26 · ₹ crore

Fixed assets (PPE)

₹2,870 cr4%

CWIP

₹459 cr1%

Investments

₹798 cr1%

Inventories

₹15,588 cr20%

Receivables

₹9,718 cr13%

Cash & equivalents

₹239 cr0%

Other assets

₹47,168 cr61%

Peer comparison

largest in Capital Goods · this company in bold

Company	Market cap ₹cr	Price	P/E	P/B	ROE
Hindustan Aeronautics Ltd.	3,33,052	4,980.00	35.7	8.12	22.7%
Bharat Electronics Ltd.	2,89,468	396.00	45.2	11.02	24.4%
Tata Motors Ltd.	1,56,797	425.50	24.8	10.26	41.3%
Bharat Heavy Electricals Ltd.	1,45,828	418.80	50.7	5.45	10.8%
ABB India Ltd.	1,43,541	6,774.00	55.7	15.37	27.6%
Siemens Ltd.	1,26,736	3,560.00	28.2	8.02	28.4%
Hitachi Energy India Ltd.	1,23,988	27,800.00	107.8	23.95	22.2%
CG Power and Industrial Solutions Ltd.	1,21,786	773.00	89.1	13.94	15.6%
Polycab India Ltd.	1,18,610	7,871.00	37.6	9.06	24.1%
Cummins India Ltd.	1,12,233	4,048.80	49.8	13.52	27.1%

StoxGud checklist: Neutral setup · 6/10

Price above 50-day average
Price above 200-day average
50-day average above 200-day (uptrend)
RSI in healthy 40–70 zone
Positive 1-year return
Return on equity above 15%
Debt to equity below 1
Revenue growing year on year
Net profit margin above 10%
P/E below industry median

A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.

Returns & technicals

1 month-6.6%

6 months+3.0%

1 year+70.7%

3Y CAGR+47.7%

5Y CAGR+41.9%

10Y CAGR+16.3%

50-day avg₹422.51

200-day avg₹362.81

RSI (14)44

Long-term financials (FY12–FY15)

from published annual reports

Year	Revenue	Profit before tax	Net profit
FY15	₹31,403 Cr	—	₹1,419 Cr
FY14	₹40,725 Cr	—	₹3,461 Cr
FY13	₹49,546 Cr	—	₹6,615 Cr
FY12	₹49,244 Cr	—	₹7,040 Cr

Years before FY17 follow the older Indian GAAP standard, so they are not exactly comparable with recent years.

Compare Bharat Heavy Electricals Ltd. with

Hindustan Aeronautics vs Bharat Heavy Electricals Bharat Electronics vs Bharat Heavy Electricals Tata Motors vs Bharat Heavy Electricals Bharat Heavy Electricals vs ABB India Bharat Heavy Electricals vs Siemens Bharat Heavy Electricals vs Hitachi Energy India

FAQs

What is the share price of Bharat Heavy Electricals Ltd.?

Bharat Heavy Electricals Ltd. (BHEL) closed at ₹418.80 on NSE on 06 Nov 2026.

What is the market cap of Bharat Heavy Electricals Ltd.?

₹1,45,828 crore at the latest close.

What is the P/E ratio of Bharat Heavy Electricals Ltd.?

50.7, on trailing-twelve-month earnings from its filings.

How fast is Bharat Heavy Electricals Ltd. growing?

Bharat Heavy Electricals Ltd.: revenue has compounded at 13.1% a year over three years; net profit at 49.7% a year. Latest-quarter revenue is up 23.8% year on year, profit up 119.0%.

How profitable is Bharat Heavy Electricals Ltd.?

On a trailing-twelve-month basis return on equity is 10.8%, return on capital employed 13.5%, operating margin 10.1%, net margin 7.6%.

How much debt does Bharat Heavy Electricals Ltd. have?

Bharat Heavy Electricals Ltd. is lightly geared: debt to equity is 0.22 with borrowings of ₹6,018 cr against cash of ₹239 cr (balance sheet of 2026-09-30). Operating profit covers interest 6.9 times.

Financials parsed from Bharat Heavy Electricals Ltd.'s own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from JUN '19, annual from FY20, balance sheet from Mar '15. * = derived (full year or half year minus earlier quarters). ‡ = balance sheet / cash flow read from the company's published annual report (same basis), for years before the NSE filings carry them; each one checked to add up. Information only, not investment advice.