Bharat Heavy Electricals Ltd
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]
- Market Cap ₹ 85,067 Cr.
- Current Price ₹ 244
- High / Low ₹ 276 / 176
- Stock P/E 314
- Book Value ₹ 72.1
- Dividend Yield 0.20 %
- ROCE 4.75 %
- ROE 2.00 %
- Face Value ₹ 2.00
Pros
- Company has been maintaining a healthy dividend payout of 29.9%
Cons
- Stock is trading at 3.40 times its book value
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 5.72% over past five years.
- Company has a low return on equity of 1.79% over last 3 years.
- Earnings include an other income of Rs.579 Cr.
- Working capital days have increased from 51.2 days to 98.9 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Electrical Equipment Heavy Electrical Equipment
Part of BSE 500 BSE Capital Goods BSE 200 BSE PSU Nifty 500
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
39,101 | 30,717 | 25,467 | 28,435 | 28,813 | 30,423 | 21,459 | 17,308 | 21,211 | 23,365 | 23,893 | 28,339 | 28,341 | |
34,581 | 28,618 | 26,834 | 27,312 | 26,806 | 28,268 | 21,588 | 20,351 | 20,381 | 22,321 | 23,182 | 26,940 | 27,468 | |
Operating Profit | 4,520 | 2,099 | -1,367 | 1,123 | 2,007 | 2,155 | -129 | -3,043 | 830 | 1,044 | 711 | 1,399 | 874 |
OPM % | 12% | 7% | -5% | 4% | 7% | 7% | -1% | -18% | 4% | 4% | 3% | 5% | 3% |
1,610 | 1,210 | 1,498 | 766 | 694 | 744 | 581 | 370 | 368 | 515 | 586 | 503 | 579 | |
Interest | 133 | 92 | 359 | 412 | 330 | 377 | 611 | 466 | 447 | 612 | 828 | 906 | 768 |
Depreciation | 983 | 1,077 | 936 | 849 | 786 | 475 | 503 | 473 | 314 | 260 | 249 | 272 | 288 |
Profit before tax | 5,014 | 2,140 | -1,164 | 628 | 1,585 | 2,048 | -662 | -3,612 | 437 | 686 | 220 | 725 | 397 |
Tax % | 31% | 34% | -39% | 21% | 49% | 41% | 122% | -25% | 6% | 9% | -18% | 29% | |
3,461 | 1,419 | -710 | 496 | 807 | 1,209 | -1,473 | -2,717 | 410 | 624 | 260 | 513 | 271 | |
EPS in Rs | 9.43 | 3.87 | -1.93 | 1.35 | 2.20 | 3.47 | -4.23 | -7.80 | 1.18 | 1.79 | 0.75 | 1.47 | 0.78 |
Dividend Payout % | 20% | 20% | -14% | 78% | 83% | 58% | 0% | 0% | 34% | 22% | 34% | 34% |
Compounded Sales Growth | |
---|---|
10 Years: | -1% |
5 Years: | 6% |
3 Years: | 10% |
TTM: | 16% |
Compounded Profit Growth | |
---|---|
10 Years: | -10% |
5 Years: | 18% |
3 Years: | 7% |
TTM: | 4% |
Stock Price CAGR | |
---|---|
10 Years: | 6% |
5 Years: | 53% |
3 Years: | 57% |
1 Year: | -4% |
Return on Equity | |
---|---|
10 Years: | 0% |
5 Years: | -1% |
3 Years: | 2% |
Last Year: | 2% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 490 | 490 | 490 | 490 | 734 | 696 | 696 | 696 | 696 | 696 | 696 | 696 |
Reserves | 32,558 | 33,595 | 31,692 | 31,805 | 31,867 | 30,735 | 28,485 | 25,788 | 26,275 | 24,116 | 24,154 | 24,417 |
2,722 | 118 | 202 | 150 | 99 | 2,586 | 5,065 | 4,935 | 4,830 | 5,454 | 8,856 | 9,015 | |
37,108 | 34,402 | 33,036 | 29,136 | 31,484 | 30,969 | 26,531 | 25,001 | 25,654 | 27,832 | 26,489 | 35,117 | |
Total Liabilities | 72,878 | 68,604 | 65,419 | 61,580 | 64,184 | 64,987 | 60,778 | 56,421 | 57,455 | 58,098 | 60,196 | 69,245 |
4,693 | 4,141 | 3,962 | 3,596 | 3,069 | 2,967 | 2,814 | 2,488 | 2,398 | 2,476 | 2,574 | 2,947 | |
CWIP | 642 | 518 | 318 | 168 | 203 | 235 | 314 | 420 | 431 | 354 | 308 | 195 |
Investments | 420 | 418 | 664 | 661 | 691 | 669 | 670 | 670 | 670 | 670 | 668 | 672 |
67,123 | 63,528 | 60,475 | 57,155 | 60,222 | 61,115 | 56,980 | 52,843 | 53,956 | 54,599 | 56,646 | 65,431 | |
Total Assets | 72,878 | 68,604 | 65,419 | 61,580 | 64,184 | 64,987 | 60,778 | 56,421 | 57,455 | 58,098 | 60,196 | 69,245 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
4,518 | 775 | 347 | 562 | 991 | -3,856 | -2,892 | 560 | 660 | -741 | -3,713 | 2,192 | |
-168 | 464 | 51 | -566 | 964 | 1,915 | 1,877 | -43 | -1,125 | 1,480 | 1,331 | -2,731 | |
-209 | -3,300 | -124 | -470 | -671 | -32 | 1,622 | -393 | -330 | 89 | 2,656 | -857 | |
Net Cash Flow | 4,141 | -2,060 | 274 | -474 | 1,284 | -1,973 | 607 | 124 | -795 | 829 | 274 | -1,396 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 262 | 312 | 321 | 283 | 178 | 142 | 121 | 85 | 52 | 49 | 73 | 76 |
Inventory Days | 198 | 280 | 272 | 200 | 191 | 218 | 321 | 333 | 274 | 261 | 253 | 289 |
Days Payable | 175 | 240 | 240 | 225 | 301 | 297 | 300 | 281 | 291 | 345 | 270 | 259 |
Cash Conversion Cycle | 285 | 351 | 354 | 258 | 68 | 63 | 142 | 137 | 35 | -35 | 56 | 106 |
Working Capital Days | 137 | 198 | 209 | 162 | 121 | 101 | 72 | 43 | 1 | -5 | 60 | 99 |
ROCE % | 15% | 6% | -2% | 3% | 6% | 7% | -0% | -10% | 3% | 4% | 3% | 5% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Cessation
1 Oct - Ms. Arti Bhatnagar (Part-time Official Director) relieved effective 30.09.2025 upon superannuation.
-
Receipt Of A Show Cause Notice From GST Authorities, Bengaluru, Karnataka
30 Sep - CGST Show Cause Notice for FY2019-20 to 2022-23 demanding Rs65.75 Cr plus interest and penalty.
-
Receipt Of Favourable Order From Appellate Authority, Telangana
30 Sep - BHEL appellate order (17 Sep 2025) cancels Rs.10.76Cr GST demand plus Rs.7.74Cr interest and Rs.1.07Cr penalty.
-
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
30 Sep - NOAs for EPC of two 1x660MW thermal units; order Rs.13,000–15,000 Cr; 57-month completion.
-
Board Meeting Outcome for Update On Proposed Joint Venture Between BHEL And REC Power Development And Consultancy Limited
25 Sep - 25 Sep 2025: DIPAM did not agree to proposed BHEL–REC Power Development joint venture.
Annual reports
-
Financial Year 2025
from bse
-
Financial Year 2024
from bse
-
Financial Year 2023
from bse
-
Financial Year 2022
from bse
-
Financial Year 2021
from bse
-
Financial Year 2020
from bse
-
Financial Year 2019
from bse
-
Financial Year 2018
from bse
-
Financial Year 2017
from bse
-
Financial Year 2016
from bse
-
Financial Year 2015
from bse
-
Financial Year 2014
from bse
-
Financial Year 2013
from nse
-
Financial Year 2013
from bse
-
Financial Year 2012
from nse
Concalls
-
May 2025TranscriptNotesPPT
-
Jan 2025TranscriptNotesPPT
-
Oct 2024TranscriptNotesPPT
-
Jul 2024TranscriptNotesPPT
-
May 2024Transcript PPT REC
-
Nov 2023TranscriptNotesPPT
-
May 2023TranscriptPPTREC
-
Feb 2023TranscriptNotesPPT
-
May 2022TranscriptPPT
-
Jul 2021TranscriptPPT
-
Sep 2020TranscriptPPT
-
Jun 2020TranscriptPPT
-
Feb 2020TranscriptPPT
-
Oct 2019TranscriptPPT
-
Aug 2019TranscriptPPT
Business Segments