Bharat Heavy Electricals Ltd

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Bharat Heavy Electricals Ltd

₹ 223 0.64%
12 Aug - close price
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 ₹ 77,605 Cr.
  • Current Price ₹ 223
  • High / Low ₹ 304 / 176
  • Stock P/E 268
  • Book Value ₹ 71.0
  • Dividend Yield 0.22 %
  • ROCE 4.87 %
  • ROE 2.12 %
  • Face Value ₹ 2.00
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Pros

  • Company has been maintaining a healthy dividend payout of 28.2%

Cons

  • Stock is trading at 3.14 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

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025
4,672 5,203 5,263 8,227 5,003 5,125 5,504 8,260 5,485 6,584 7,277 8,993 5,487
4,842 5,446 5,119 7,178 5,182 5,279 5,287 7,532 5,654 6,309 6,973 8,162 6,024
Operating Profit -170 -244 144 1,049 -178 -154 217 728 -169 275 304 832 -537
OPM % -4% -5% 3% 13% -4% -3% 4% 9% -3% 4% 4% 9% -10%
84 226 110 125 130 192 118 170 111 128 126 159 185
Interest 98 123 139 161 168 180 190 193 162 201 184 201 181
Depreciation 67 59 62 73 60 60 61 68 59 60 68 85 75
Profit before tax -251 -199 53 940 -276 -202 84 636 -279 141 179 704 -608
Tax % -25% -106% 20% 30% -26% -69% 29% 23% -24% 25% 25% 28% -25%
-188 12 42 658 -205 -63 60 490 -211 106 135 504 -456
EPS in Rs -0.54 0.03 0.12 1.89 -0.59 -0.18 0.17 1.41 -0.61 0.30 0.39 1.45 -1.31
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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: 2%
5 Years: 43%
3 Years: 62%
1 Year: -23%
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%

Shareholding Pattern

Numbers in percentages

Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025
63.17% 63.17% 63.17% 63.17% 63.17% 63.17% 63.17% 63.17% 63.17% 63.17% 63.17% 63.17%
4.81% 8.48% 8.58% 7.77% 7.23% 7.04% 8.76% 9.10% 9.48% 7.98% 7.19% 6.36%
14.45% 14.71% 15.50% 16.36% 15.99% 17.58% 15.95% 15.03% 14.69% 15.49% 16.34% 18.45%
17.57% 13.63% 12.76% 12.71% 13.62% 12.23% 12.14% 12.71% 12.66% 13.36% 13.29% 12.02%
No. of Shareholders 11,92,23210,27,95810,16,93610,12,61712,27,65812,65,43614,99,20218,80,85119,95,26620,83,02621,20,56719,83,215

* 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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