Bharat Heavy Electricals Ltd

₹ 376 -2.85%

07 Jul - close price

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 ₹ 1,31,082 Cr.
Current Price ₹ 376
High / Low ₹ 425 / 205
Stock P/E 83.1
Book Value ₹ 76.2
Dividend Yield 0.37 %
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 4.94 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 Nifty 500 Nifty Energy Nifty Midcap 100 Nifty Midcap 50 BSE Power Nifty PSE Nifty 200 Nifty High Beta 50 Nifty Alpha 50 BSE CPSE BSE Industrials BSE MidCap Select Index BSE 150 MidCap Index BSE 250 LargeMidCap Index BSE 400 MidSmallCap Index Nifty200 Momentum 30 Nifty LargeMidcap 250 Nifty 500 Multicap 50:25:25 Nifty Midcap 150 Nifty MidSmallcap 400 Nifty India Manufacturing Nifty Midcap Select Nifty Total Market Nifty500 Shariah Nifty500 Multicap India Manufacturing 50:30:20 Nifty200 Alpha30 Nifty500 Multicap Infrastructure 50:30:20 Nifty Midcap150 Momentum 50 BSE 200 Equal Weight Nifty500 Momentum 50 Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted BSE India 150 BSE 1000 BSE 500 Momentum 50 Nifty India Railways PSU Nifty India FPI 150 Nifty India Infrastructure & Logistics

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Detailed Comparison with:

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:	15%
5 Years:	41%
3 Years:	60%
1 Year:	46%

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 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Industry Sector Order Inflow
Rs Crore

x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	xx,xxx	xx,xxx	xx,xxx
x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx
xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx
xx,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx
xx,xxx	x,xxx	xx,xxx	xx,xxx	xx,xxx	x,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx
xxx	xxx	xxx	xxx	xxx	xxx	xxx		xxx	xxx	xxx
xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx		xxx,xxx	xxx,xxx	xxx,xxx
xxx	xxx	xxx	xxx	xxx	xxx	xxx		xxx	xxx	xxx
x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx

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Intellectual Capital (Cumulative Patents/Copyrights)
nos.

Order Inflow
Rs Crore

Power Capacity Commissioned/Synchronized
MW

Power Sector Order Inflow
Rs Crore

Cumulative Power Generation Equipment Supplied
GW

Order Book Outstanding
Rs Crore

R&D Expenditure
Rs Crore

R&D Expenditure (Percentage of Turnover)
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 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	10,12,617	12,27,658	12,65,436	14,99,202	18,80,851	19,95,266	20,83,026	21,20,567	19,83,215	19,61,664	17,91,831	17,55,262

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	63.06%	63.06%	63.17%	63.17%	63.17%	63.17%	63.17%	63.17%	63.17%	58.17%
	15.89%	13.04%	11.68%	9.36%	4.47%	4.00%	8.58%	8.76%	7.19%	7.23%
	16.43%	18.50%	18.54%	17.81%	12.49%	12.66%	15.50%	15.95%	16.34%	23.93%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.06%
	4.62%	5.40%	6.61%	9.66%	19.87%	20.17%	12.76%	12.14%	13.29%	10.63%
No. of Shareholders	3,83,371	4,71,048	4,92,165	5,84,236	9,86,752	12,81,743	10,16,936	14,99,202	21,20,567	17,55,262

* 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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