Bharat Heavy Electricals Ltd

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Bharat Heavy Electricals Ltd

₹ 260 -2.47%
30 May - 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 ₹ 90,474 Cr.
  • Current Price ₹ 260
  • High / Low ₹ 335 / 176
  • Stock P/E 176
  • Book Value ₹ 72.1
  • Dividend Yield 0.10 %
  • ROCE 4.34 %
  • ROE 2.05 %
  • Face Value ₹ 2.00
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Pros

  • Company has been maintaining a healthy dividend payout of 29.9%

Cons

  • Stock is trading at 3.60 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 1.81% over last 3 years.
  • Earnings include an other income of Rs.503 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 PSU Nifty 500

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025
8,062 4,672 5,203 5,263 8,227 5,003 5,125 5,504 8,260 5,485 6,584 7,277 8,993
6,910 4,842 5,446 5,119 7,178 5,182 5,279 5,287 7,532 5,654 6,309 6,973 8,162
Operating Profit 1,152 -170 -244 144 1,049 -178 -154 217 728 -169 275 304 832
OPM % 14% -4% -5% 3% 13% -4% -3% 4% 9% -3% 4% 4% 9%
128 80 224 99 112 122 197 104 165 110 118 116 159
Interest 96 98 123 139 161 168 180 190 193 162 201 184 201
Depreciation 86 67 59 62 73 60 60 61 68 59 60 68 85
Profit before tax 1,098 -255 -201 41 927 -284 -197 70 631 -280 132 169 704
Tax % 17% -25% -105% 25% 30% -25% -70% 34% 23% -24% 27% 26% 28%
909 -192 10 31 645 -212 -58 46 484 -213 97 125 504
EPS in Rs 2.61 -0.55 0.03 0.09 1.85 -0.61 -0.17 0.13 1.39 -0.61 0.28 0.36 1.45
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
39,101 30,717 25,467 28,435 28,813 30,423 21,459 17,308 21,211 23,365 23,893 28,339
34,581 28,619 26,834 27,312 26,806 28,268 21,588 20,351 20,381 22,321 23,182 27,098
Operating Profit 4,520 2,098 -1,367 1,123 2,007 2,155 -129 -3,043 830 1,044 711 1,242
OPM % 12% 7% -5% 4% 7% 7% -1% -18% 4% 4% 3% 4%
1,610 1,211 1,498 766 694 744 581 370 368 515 586 503
Interest 133 92 359 412 330 377 611 466 447 612 828 748
Depreciation 983 1,077 936 849 786 475 503 473 314 260 249 272
Profit before tax 5,014 2,140 -1,164 628 1,585 2,048 -662 -3,612 437 686 220 725
Tax % 31% 34% -39% 21% 49% 41% 122% -25% 6% 9% -18% 29%
3,461 1,419 -710 496 807 1,209 -1,473 -2,717 410 624 260 513
EPS in Rs 9.43 3.87 -1.93 1.35 2.20 3.47 -4.23 -7.80 1.18 1.79 0.75 1.47
Dividend Payout % 20% 20% -14% 78% 83% 58% 0% 0% 34% 22% 34% 34%
Compounded Sales Growth
10 Years: -1%
5 Years: 6%
3 Years: 10%
TTM: 19%
Compounded Profit Growth
10 Years: -10%
5 Years: 19%
3 Years: 8%
TTM: 101%
Stock Price CAGR
10 Years: 5%
5 Years: 56%
3 Years: 71%
1 Year: -13%
Return on Equity
10 Years: 0%
5 Years: -1%
3 Years: 2%
Last Year: 2%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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 32,558 33,595 31,692 31,805 31,867 30,735 28,485 25,788 26,275 24,116 24,154 24,417
2,722 118 202 150 99 2,586 5,065 4,935 4,830 5,454 8,856 9,015
37,108 34,402 33,036 29,136 31,484 30,969 26,531 25,001 25,654 27,832 26,493 34,352
Total Liabilities 72,878 68,604 65,419 61,580 64,184 64,987 60,778 56,421 57,455 58,098 60,200 68,479
4,693 4,141 3,962 3,596 3,069 2,967 2,814 2,488 2,398 2,476 2,574 2,981
CWIP 642 518 318 168 203 235 314 420 431 354 308 162
Investments 420 418 664 661 691 669 670 670 670 670 668 672
67,123 63,528 60,475 57,155 60,222 61,115 56,980 52,843 53,956 54,599 56,650 64,665
Total Assets 72,878 68,604 65,419 61,580 64,184 64,987 60,778 56,421 57,455 58,098 60,200 68,479

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
4,518 775 347 562 991 -3,856 -2,892 560 660 -741 -3,713 2,192
-168 464 51 -566 964 1,915 1,877 -43 -1,125 1,480 1,331 -2,731
-209 -3,300 -124 -470 -671 -32 1,622 -393 -330 89 2,656 -857
Net Cash Flow 4,141 -2,060 274 -474 1,284 -1,973 607 124 -795 829 274 -1,396

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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 262 312 321 283 178 142 121 85 52 49 73 76
Inventory Days 198 280 272 200 191 218 321 333 274 261 253 191
Days Payable 175 240 240 225 301 297 300 281 291 345 275 185
Cash Conversion Cycle 285 351 354 258 68 63 142 137 35 -35 51 82
Working Capital Days 161 198 209 162 121 130 157 146 84 79 194 203
ROCE % 15% 6% -2% 3% 6% 7% -0% -10% 3% 4% 3% 4%

Shareholding Pattern

Numbers in percentages

Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 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%
4.22% 4.81% 8.48% 8.58% 7.77% 7.23% 7.04% 8.76% 9.10% 9.48% 7.98% 7.19%
12.59% 14.45% 14.71% 15.50% 16.36% 15.99% 17.58% 15.95% 15.03% 14.69% 15.49% 16.34%
20.02% 17.57% 13.63% 12.76% 12.71% 13.62% 12.23% 12.14% 12.71% 12.66% 13.36% 13.29%
No. of Shareholders 12,87,79811,92,23210,27,95810,16,93610,12,61712,27,65812,65,43614,99,20218,80,85119,95,26620,83,02621,20,567

* 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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