Bharat Heavy Electricals Ltd

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Bharat Heavy Electricals Ltd

₹ 402 1.80%
19 May 3:06 p.m.
bhel.com BSE: 500103 NSE: BHEL
About

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]

Key Points

Business Segments

Website BSE NSE
  • Market Cap ₹ 1,40,066 Cr.
  • Current Price ₹ 402
  • High / Low ₹ 418 / 205
  • Stock P/E 88.7
  • Book Value ₹ 76.2
  • Dividend Yield 0.13 %
  • ROCE 8.35 %
  • ROE 6.11 %
  • Face Value ₹ 2.00
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Pros

  • Company has delivered good profit growth of 20.9% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 32.8%

Cons

  • Stock is trading at 5.20 times its book value
  • Promoter holding has decreased over last quarter: -5.00%
  • Company has a low return on equity of 3.08% over last 3 years.
  • Earnings include an other income of Rs.846 Cr.

* 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 Dollex 200 BSE PSU

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
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
7,178 5,182 5,279 5,287 7,532 5,654 6,309 6,973 8,162 6,024 6,931 7,928 10,557
Operating Profit 1,049 -178 -154 217 728 -169 275 304 832 -537 581 545 1,753
OPM % 13% -4% -3% 4% 9% -3% 4% 4% 9% -10% 8% 6% 14%
112 122 197 104 165 110 118 116 159 185 182 227 252
Interest 161 168 180 190 193 162 201 184 201 181 195 182 198
Depreciation 73 60 60 61 68 59 60 68 85 75 75 78 88
Profit before tax 927 -284 -197 70 631 -280 132 169 704 -607 492 512 1,720
Tax % 30% -25% -70% 34% 23% -24% 27% 26% 28% -25% 25% 25% 25%
645 -212 -58 46 484 -213 97 125 504 -455 368 382 1,283
EPS in Rs 1.85 -0.61 -0.17 0.13 1.39 -0.61 0.28 0.36 1.45 -1.31 1.06 1.10 3.68
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
30,717 25,467 28,435 28,813 30,423 21,459 17,308 21,211 23,365 23,893 28,339 33,782
28,618 26,834 27,312 26,806 28,268 21,588 20,351 20,381 22,321 23,182 26,940 31,440
Operating Profit 2,099 -1,367 1,123 2,007 2,155 -129 -3,043 830 1,044 711 1,399 2,342
OPM % 7% -5% 4% 7% 7% -1% -18% 4% 4% 3% 5% 7%
1,210 1,498 766 694 744 581 370 368 515 586 503 846
Interest 92 359 412 330 377 611 466 447 612 828 906 756
Depreciation 1,077 936 849 786 475 503 473 314 260 249 272 316
Profit before tax 2,140 -1,164 628 1,585 2,048 -662 -3,612 437 686 220 725 2,116
Tax % 34% -39% 21% 49% 41% 122% -25% 6% 9% -18% 29% 25%
1,419 -710 496 807 1,209 -1,473 -2,717 410 624 260 513 1,578
EPS in Rs 3.87 -1.93 1.35 2.20 3.47 -4.23 -7.80 1.18 1.79 0.75 1.47 4.53
Dividend Payout % 20% -14% 78% 83% 58% 0% 0% 34% 22% 34% 34% 31%
Compounded Sales Growth
10 Years: 3%
5 Years: 14%
3 Years: 13%
TTM: 19%
Compounded Profit Growth
10 Years: 15%
5 Years: 21%
3 Years: 38%
TTM: 216%
Stock Price CAGR
10 Years: 17%
5 Years: 40%
3 Years: 70%
1 Year: 62%
Return on Equity
10 Years: 1%
5 Years: 3%
3 Years: 3%
Last Year: 6%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 490 490 490 734 696 696 696 696 696 696 696 696
Reserves 33,595 31,692 31,805 31,867 30,735 28,485 25,788 26,275 24,116 24,154 24,417 25,820
118 202 150 99 2,586 5,065 4,935 4,830 5,454 8,856 9,015 8,187
34,402 33,036 29,136 31,484 30,969 26,531 25,001 25,654 27,832 26,489 35,117 41,857
Total Liabilities 68,604 65,419 61,580 64,184 64,987 60,778 56,421 57,455 58,098 60,196 69,245 76,560
4,141 3,962 3,596 3,069 2,967 2,814 2,488 2,398 2,476 2,574 2,947 3,094
CWIP 518 318 168 203 235 314 420 431 354 308 195 399
Investments 418 664 661 691 669 670 670 670 670 668 672 677
63,528 60,475 57,155 60,222 61,115 56,980 52,843 53,956 54,599 56,646 65,431 72,390
Total Assets 68,604 65,419 61,580 64,184 64,987 60,778 56,421 57,455 58,098 60,196 69,245 76,560

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
775 347 562 991 -3,856 -2,892 560 660 -741 -3,713 2,192 5,837
464 51 -566 964 1,915 1,877 -43 -1,125 1,480 1,331 -2,731 -3,035
-3,300 -124 -470 -671 -32 1,622 -393 -330 89 2,656 -857 -1,806
Net Cash Flow -2,060 274 -474 1,284 -1,973 607 124 -795 829 274 -1,396 996
Free Cash Flow 319 -206 229 721 -4,280 -3,276 312 498 -921 -3,936 1,924 5,261
CFO/OP 86% -48% 102% 47% -159% 1,997% -25% 30% -82% -554% 151% 258%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 312 321 283 178 142 121 85 52 49 73 76 73
Inventory Days 280 272 200 191 218 321 333 274 261 253 289 212
Days Payable 240 240 225 301 297 300 281 291 345 270 259 167
Cash Conversion Cycle 351 354 258 68 63 142 137 35 -35 56 106 119
Working Capital Days 198 209 162 121 101 72 43 1 -5 60 99 79
ROCE % 6% -2% 3% 6% 7% -0% -10% 3% 4% 3% 5% 8%

Insights

In beta
Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Order Book Outstanding
Rs. Crore

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Order Inflow
Rs. Crore
Power Capacity Added/Commissioned
MW
Intellectual Capital (IPRs filed)
Number
R&D Expenditure
Rs. Crore
R&D Expenditure as percentage of Revenue
%
Domestic Market Share in Hydro Power
%
Domestic Market Share in Nuclear Power
%
R&D Expenditure (Percentage of Turnover)
%

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Shareholding Pattern

Numbers in percentages

1 Recently
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
63.17% 63.17% 63.17% 63.17% 63.17% 63.17% 63.17% 63.17% 63.17% 63.17% 63.17% 58.17%
7.77% 7.23% 7.04% 8.76% 9.10% 9.48% 7.98% 7.19% 6.36% 6.23% 6.28% 7.23%
16.36% 15.99% 17.58% 15.95% 15.03% 14.69% 15.49% 16.34% 18.45% 18.62% 19.70% 23.93%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.06%
12.71% 13.62% 12.23% 12.14% 12.71% 12.66% 13.36% 13.29% 12.02% 11.98% 10.85% 10.63%
No. of Shareholders 10,12,61712,27,65812,65,43614,99,20218,80,85119,95,26620,83,02621,20,56719,83,21519,61,66417,91,83117,55,262

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

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