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 ₹ 74,889 Cr.
- Current Price ₹ 215
- High / Low ₹ 291 / 176
- Stock P/E 258
- Book Value ₹ 71.0
- Dividend Yield 0.23 %
- ROCE 4.87 %
- ROE 2.12 %
- Face Value ₹ 2.00
Pros
- Company has been maintaining a healthy dividend payout of 28.2%
Cons
- Stock is trading at 3.03 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 1.92% over last 3 years.
- Earnings include an other income of Rs.598 Cr.
- Working capital days have increased from 51.2 days to 99.0 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
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 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
39,561 | 31,323 | 25,505 | 28,465 | 28,827 | 30,441 | 21,463 | 17,309 | 21,211 | 23,365 | 23,893 | 28,339 | 28,341 | |
34,982 | 29,183 | 26,862 | 27,370 | 27,174 | 28,409 | 21,596 | 20,357 | 20,383 | 22,321 | 23,182 | 26,940 | 27,468 | |
Operating Profit | 4,579 | 2,141 | -1,357 | 1,095 | 1,653 | 2,032 | -133 | -3,049 | 828 | 1,044 | 711 | 1,399 | 874 |
OPM % | 12% | 7% | -5% | 4% | 6% | 7% | -1% | -18% | 4% | 4% | 3% | 5% | 3% |
1,617 | 1,221 | 1,492 | 753 | 679 | 662 | 590 | 393 | 405 | 544 | 608 | 524 | 598 | |
Interest | 133 | 92 | 360 | 413 | 330 | 378 | 613 | 467 | 448 | 612 | 828 | 906 | 768 |
Depreciation | 985 | 1,082 | 937 | 850 | 787 | 476 | 503 | 473 | 314 | 260 | 249 | 272 | 288 |
Profit before tax | 5,078 | 2,187 | -1,161 | 586 | 1,215 | 1,840 | -659 | -3,596 | 470 | 716 | 243 | 746 | 417 |
Tax % | 31% | 34% | -39% | 22% | 64% | 46% | 123% | -25% | 5% | 9% | -16% | 28% | |
3,502 | 1,450 | -706 | 455 | 438 | 1,002 | -1,468 | -2,700 | 445 | 654 | 282 | 534 | 290 | |
EPS in Rs | 9.54 | 3.96 | -1.92 | 1.25 | 1.20 | 2.89 | -4.21 | -7.75 | 1.28 | 1.88 | 0.81 | 1.53 | 0.83 |
Dividend Payout % | 20% | 20% | -14% | 85% | 151% | 69% | 0% | 0% | 31% | 21% | 31% | 33% |
Compounded Sales Growth | |
---|---|
10 Years: | -1% |
5 Years: | 6% |
3 Years: | 10% |
TTM: | 16% |
Compounded Profit Growth | |
---|---|
10 Years: | -10% |
5 Years: | 19% |
3 Years: | 6% |
TTM: | 5% |
Stock Price CAGR | |
---|---|
10 Years: | 5% |
5 Years: | 41% |
3 Years: | 54% |
1 Year: | -25% |
Return on Equity | |
---|---|
10 Years: | 0% |
5 Years: | -1% |
3 Years: | 2% |
Last Year: | 2% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
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 | 32,681 | 33,717 | 31,825 | 31,899 | 31,601 | 30,208 | 27,964 | 25,287 | 25,810 | 23,682 | 23,742 | 24,026 |
4,693 | 1,889 | 211 | 156 | 110 | 2,598 | 5,080 | 4,951 | 4,830 | 5,454 | 8,856 | 9,015 | |
37,468 | 34,887 | 33,051 | 29,153 | 31,495 | 30,987 | 26,550 | 25,025 | 25,654 | 27,832 | 26,489 | 35,112 | |
Total Liabilities | 75,331 | 70,983 | 65,577 | 61,698 | 63,940 | 64,490 | 60,291 | 55,960 | 56,991 | 57,664 | 59,784 | 68,849 |
4,729 | 4,230 | 3,969 | 3,601 | 3,073 | 2,970 | 2,817 | 2,491 | 2,398 | 2,476 | 2,574 | 2,947 | |
CWIP | 2,931 | 2,614 | 318 | 168 | 203 | 235 | 314 | 420 | 431 | 354 | 308 | 195 |
Investments | 6 | 6 | 796 | 757 | 429 | 152 | 162 | 185 | 205 | 235 | 256 | 276 |
67,665 | 64,134 | 60,494 | 57,171 | 60,235 | 61,132 | 56,998 | 52,864 | 53,956 | 54,599 | 56,646 | 65,431 | |
Total Assets | 75,331 | 70,983 | 65,577 | 61,698 | 63,940 | 64,490 | 60,291 | 55,960 | 56,991 | 57,664 | 59,784 | 68,849 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
4,512 | 821 | 374 | 560 | 989 | -3,860 | -2,892 | 560 | 660 | -741 | -3,713 | 2,192 | |
-868 | 650 | 23 | -565 | 961 | 1,919 | 1,877 | -42 | -1,118 | 1,480 | 1,331 | -2,731 | |
523 | -3,543 | -122 | -468 | -667 | -32 | 1,622 | -394 | -329 | 89 | 2,656 | -857 | |
Net Cash Flow | 4,167 | -2,071 | 275 | -473 | 1,283 | -1,973 | 608 | 123 | -787 | 829 | 274 | -1,396 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
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 | 260 | 309 | 321 | 283 | 178 | 142 | 121 | 85 | 52 | 49 | 73 | 76 |
Inventory Days | 195 | 270 | 272 | 200 | 191 | 218 | 321 | 333 | 274 | 261 | 253 | 289 |
Days Payable | 174 | 239 | 240 | 225 | 301 | 297 | 300 | 281 | 291 | 345 | 270 | 259 |
Cash Conversion Cycle | 281 | 340 | 353 | 258 | 68 | 63 | 142 | 137 | 35 | -35 | 56 | 106 |
Working Capital Days | 133 | 192 | 208 | 162 | 121 | 100 | 72 | 42 | 1 | -5 | 60 | 99 |
ROCE % | 15% | 6% | -2% | 3% | 5% | 7% | -0% | -10% | 3% | 4% | 3% | 5% |
Documents
Announcements
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Revised Declaration Regarding Dissolution Of Joint Venture Company
7h - NCLT ordered dissolution of PPIL (BHEL-Siemens JV) effective 29.08.2025; final distributions ~Rs1.97 crore made Dec 2024.
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Receipt Of An Order From Commissioner CGST(Appeal)/Dehradun
11h - Order dated 30/06/2025 quashes Rs31,20,20,575 GST demand for FY2018-19 and 2020-21.
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Announcement under Regulation 30 (LODR)-Updates on Joint Venture
1d - NCLT order dated 29 Aug 2025 dissolves PPIL (BHEL-Siemens JV); order received 1 Sep 2025.
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Announcement Under Regulation 30
1d - BHEL fined Rs.5,36,900 by BSE and NSE each for June-2025 board non-compliance; seeking waivers.
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Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements
30 Aug - BHEL signed LAToT with DMRL on 30 Aug 2025 to manufacture fused silica radar domes.
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2013
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Financial Year 2012
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Concalls
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May 2025TranscriptNotesPPT
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Jan 2025TranscriptNotesPPT
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Oct 2024TranscriptNotesPPT
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Jul 2024TranscriptNotesPPT
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May 2024Transcript PPT REC
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Nov 2023TranscriptNotesPPT
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May 2023TranscriptPPTREC
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Feb 2023TranscriptNotesPPT
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May 2022TranscriptPPT
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Jul 2021TranscriptPPT
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Sep 2020TranscriptPPT
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Jun 2020TranscriptPPT
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Feb 2020TranscriptPPT
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Oct 2019TranscriptPPT
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Aug 2019TranscriptPPT
Business Segments