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 ₹ 86,164 Cr.
- Current Price ₹ 247
- High / Low ₹ 335 / 176
- Stock P/E 161
- Book Value ₹ 71.0
- Dividend Yield 0.10 %
- ROCE 4.46 %
- ROE 2.17 %
- Face Value ₹ 2.00
Pros
- Company has been maintaining a healthy dividend payout of 28.2%
Cons
- Stock is trading at 3.53 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 1.93% over last 3 years.
- Earnings include an other income of Rs.524 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
Sector: Capital Goods - Electrical Equipment Industry: Electric 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 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
39,561 | 31,323 | 25,505 | 28,465 | 28,827 | 30,441 | 21,463 | 17,309 | 21,211 | 23,365 | 23,893 | 28,339 | |
34,982 | 29,183 | 26,862 | 27,370 | 27,174 | 28,409 | 21,596 | 20,357 | 20,383 | 22,321 | 23,182 | 27,098 | |
Operating Profit | 4,579 | 2,141 | -1,357 | 1,095 | 1,653 | 2,032 | -133 | -3,049 | 828 | 1,044 | 711 | 1,242 |
OPM % | 12% | 7% | -5% | 4% | 6% | 7% | -1% | -18% | 4% | 4% | 3% | 4% |
1,617 | 1,221 | 1,492 | 753 | 679 | 662 | 590 | 393 | 405 | 544 | 608 | 524 | |
Interest | 133 | 92 | 360 | 413 | 330 | 378 | 613 | 467 | 448 | 612 | 828 | 748 |
Depreciation | 985 | 1,082 | 937 | 850 | 787 | 476 | 503 | 473 | 314 | 260 | 249 | 272 |
Profit before tax | 5,078 | 2,187 | -1,161 | 586 | 1,215 | 1,840 | -659 | -3,596 | 470 | 716 | 243 | 746 |
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 | |
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 |
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: | 19% |
Compounded Profit Growth | |
---|---|
10 Years: | -9% |
5 Years: | 19% |
3 Years: | 7% |
TTM: | 93% |
Stock Price CAGR | |
---|---|
10 Years: | 5% |
5 Years: | 59% |
3 Years: | 69% |
1 Year: | -18% |
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 | 26,493 | 34,346 | |
Total Liabilities | 75,331 | 70,983 | 65,577 | 61,698 | 63,940 | 64,490 | 60,291 | 55,960 | 56,991 | 57,664 | 59,788 | 68,083 |
4,729 | 4,230 | 3,969 | 3,601 | 3,073 | 2,970 | 2,817 | 2,491 | 2,398 | 2,476 | 2,574 | 2,981 | |
CWIP | 2,931 | 2,614 | 318 | 168 | 203 | 235 | 314 | 420 | 431 | 354 | 308 | 162 |
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 | 56,650 | 64,665 | |
Total Assets | 75,331 | 70,983 | 65,577 | 61,698 | 63,940 | 64,490 | 60,291 | 55,960 | 56,991 | 57,664 | 59,788 | 68,083 |
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 | 191 |
Days Payable | 174 | 239 | 240 | 225 | 301 | 297 | 300 | 281 | 291 | 345 | 275 | 185 |
Cash Conversion Cycle | 281 | 340 | 353 | 258 | 68 | 63 | 142 | 137 | 35 | -35 | 51 | 82 |
Working Capital Days | 158 | 193 | 209 | 162 | 121 | 130 | 157 | 146 | 84 | 79 | 194 | 203 |
ROCE % | 15% | 6% | -2% | 3% | 5% | 7% | -0% | -10% | 3% | 4% | 3% | 4% |
Documents
Announcements
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Compliances-Reg.24(A)-Annual Secretarial Compliance
17 May - BHEL's FY 2024-25 secretarial compliance report notes governance non-compliance, fines, and govt-controlled director appointments.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
17 May - Published Results for the quarter & year ended 31.03.2025
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Announcement under Regulation 30 (LODR)-Newspaper Publication
17 May - Results for the quarter & year ended 31.03.2025
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BHEL Q4 FY 2024-25 Results Supplementary Information
16 May - BHEL Q4 FY25: Highest ever order booking Rs 92,535 Cr, revenue Rs 28,339 Cr, 8.1 GW commissioned, strong order book Rs 1.96 L Cr.
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Announcement under Regulation 30 (LODR)-Change in Management
16 May - Ms. H Malathi appointed Head of Corporate Finance; four GMs now report to her at BHEL.
Annual reports
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Financial Year 2024
from bse
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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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Financial Year 2012
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Concalls
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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