Bharat Heavy Electricals Ltd.

BSE: BHEL500103ISIN INE257A01026

Industrials
Heavy Electrical Equipment
BSE 200

BSE listing

Share price

₹434.00+6.00 (+1.40%)

as of 18 Sep 2026

52W high: ₹446.75
52W low: ₹220.10
Off 52W high: -2.85%
1M return: +3.70%
3M return: +4.88%
6M return: +65.71%
1Y return: +85.19%
20D avg volume: 3,70,003
50 DMA: ₹418.04
200 DMA: ₹339.96

Key ratios Consolidated

Market cap: ₹1,51,122 Cr
Current price: ₹434.00
52W high / low: ₹446.75 / ₹220.10
Face value: ₹2.00
P/E: 62.13
P/B: —
EPS (TTM): ₹6.99
Book value / share: —
ROE: —
ROCE: 6.50%
Operating margin: —
Net margin: —
Debt / equity: 0.31
Net debt: ₹6,752 Cr
Interest cover: 3.75
Dividend yield: 0.32%
Dividend / share (TTM): ₹1.40
Payout: 20.03%
Cash conversion cycle: 104.1 days

About

In plain English

Bharat Heavy Electricals Ltd (BHEL) is India's largest state-owned engineering and manufacturing company that builds the heavy equipment used to generate electricity. Think of the massive boilers, turbines, and generators that sit inside a coal, gas, or nuclear power plant — BHEL makes those, and also builds the entire power plant itself for utilities like state electricity boards and private power companies. Beyond power, it manufactures electric locomotives for Indian Railways, big industrial motors for factories, and even specialized systems for the Indian Navy's warships. The company earns revenue by designing, supplying, and installing these large-scale capital goods under long-term contracts, often worth hundreds of crores, with government and private sector clients.

AI-generated summary, written from the company's own filings and disclosures. Every figure elsewhere on this page comes from exchange data, not from a model. See our editorial standards. Generated 3 Jul 2026.

Financials

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24
Income statement
	7,698	12,310	8,473	7,512	5,487	8,993	7,277	6,584	5,485	8,260	5,504	5,125
	214.14	243.13	218.75	174.61	171.16	149.27	107.91	111.27	96.86	156.59	95.82	180.09
	7,416	10,843	8,188	7,202	6,280	8,448	7,225	6,571	5,875	7,794	5,817	5,753
	5,839	8,346	6,059	5,741	4,128	6,979	4,895	4,789	3,725	5,755	3,939	3,974
	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—	—
	1,506	1,994	1,531	1,480	1,462	1,539	1,482	1,467	1,435	1,485	1,442	1,282
	139.88	197.52	182.47	195.21	181.21	201.43	183.78	201.38	161.74	193.32	189.60	180.41
	81.88	87.90	77.99	75.46	74.52	85.02	67.88	60.09	58.97	68.40	60.60	59.91
	390.79	542.15	534.69	237.39	675.05	669.06	906.64	411.80	341.84	527.13	95.36	521.48
	496.24	1,711	503.59	484.87	-621.71	694.50	160.49	124.80	-293.20	622.73	-217.24	-447.94
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	496.24	1,711	503.59	484.87	-621.71	694.50	160.49	124.80	-293.20	622.73	-217.24	-447.94
	130.99	437.12	129.43	124.34	-152.54	199.97	44.05	35.27	67.59	146.70	46.14	197.87
	376.71	1,290	390.40	374.89	-455.50	504.45	134.70	106.15	-211.40	489.62	-148.77	-238.12
	1.08	3.71	1.12	1.08	-1.31	1.45	0.39	0.30	-0.61	1.41	-0.43	-0.68
Key metrics
	718.00	1,996	764.05	755.54	-365.98	980.95	412.15	386.27	-72.49	884.45	32.96	-207.62
	9.30%	16.20%	9.00%	10.10%	-6.70%	10.90%	5.70%	5.90%	-1.30%	10.70%	0.60%	-4.10%
	4.90%	10.50%	4.60%	5.00%	-8.30%	5.60%	1.90%	1.60%	-3.90%	5.90%	-2.70%	-4.60%
	—	4.30%	—	1.70%	—	2.20%	—	—	—	—	—	—
	40.30%	36.90%	16.40%	14.10%	0.00%	8.90%	32.20%	28.50%	—	—	—	—
	182.70%	155.80%	189.80%	253.20%	-115.50%	3.00%	190.50%	144.60%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Income statement
	35,993	33,782	28,339	23,893	23,365	21,211	17,309	21,490	30,368	29,075
	850.63	807.65	465.31	546.27	488.63	354.54	348.42	564.30	661.52	678.01
	33,648	32,512	28,118	24,260	23,430	21,146	21,297	22,739	28,993	28,148
	25,986	24,274	20,387	17,244	15,954	9,848	11,071	14,729	18,850	—
	0.00	0.00	0.00	—	—	4,142	—	—	—	—
	6,511	6,468	5,923	5,629	5,701	5,519	5,378	5,409	6,269	—
	715.08	756.41	748.33	731.29	521.43	355.96	373.95	508.45	288.01	255.16
	323.23	315.87	271.96	248.90	260.34	314.12	473.25	503.27	475.74	—
	1,705	1,989	2,329	844.23	647.03	162.62	3,490	2,605	4,183	4,782
	3,196	2,078	686.59	178.68	423.42	420.04	-3,640	-684.79	2,036	1,606
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	3,196	2,078	686.59	178.68	423.42	420.04	-3,640	-684.79	2,036	1,606
	821.88	538.35	211.70	39.56	2.05	25.75	896.23	809.28	840.94	776.68
	2,432	1,600	533.90	282.22	477.39	444.71	-2,700	-1,468	1,009	438.19
	6.99	4.60	1.53	0.81	1.37	1.28	-7.75	-4.22	2.78	—
Key metrics
	4,234	3,150	1,707	1,159	1,205	1,090	-2,793	326.93	2,799	1,861
	11.76%	9.30%	6.00%	4.90%	5.20%	5.10%	-16.10%	1.50%	9.20%	6.40%
	6.76%	4.70%	1.90%	1.20%	2.00%	2.10%	-15.60%	-6.80%	3.30%	1.50%
	—	6.50%	3.60%	—	—	—	—	—	—	—
	—	19.20%	18.60%	2.30%	10.20%	22.50%	-19.50%	-29.20%	4.40%	—
	—	199.70%	89.20%	-40.90%	7.30%	116.50%	-83.90%	-245.50%	130.30%	—
	—	5,248	1,910	—	—	—	—	—	—	—
	—	3.65	4.11	—	—	—	—	—	—	—
	—	0.31	0.36	—	—	—	—	—	—	—
	—	6,752	8,575	—	—	—	—	—	—	—
	—	104.1	80.0	—	—	—	—	—	—	—
Balance sheet
	—	76,186	68,083	—	—	—	—	—	—	—
	—	51,455	42,760	—	—	—	—	—	—	—
	—	1,435	439.21	—	—	—	—	—	—	—
	—	6,796	5,884	—	—	—	—	—	—	—
	—	13,335	9,869	—	—	—	—	—	—	—
	—	18,923	18,955	—	—	—	—	—	—	—
	—	2,933	2,862	—	—	—	—	—	—	—
	—	10,492	9,541	—	—	—	—	—	—	—
	—	32,302	28,226	—	—	—	—	—	—	—
	—	8,187	9,015	—	—	—	—	—	—	—
	—	8,019	8,852	—	—	—	—	—	—	—
	—	168.18	162.39	—	—	—	—	—	—	—
	—	26,147	24,722	—	—	—	—	—	—	—
Cash flow
	—	5,837	2,192	—	—	—	—	—	—	—
	—	-3,035	-2,731	—	—	—	—	—	—	—
	—	-1,806	-856.81	—	—	—	—	—	—	—
	—	589.04	281.54	—	—	—	—	—	—	—

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24
Income statement
	7,698	12,310	8,473	7,512	5,487	8,993	7,277	6,584	5,485	8,260	5,504	5,125
	230.80	252.12	227.08	181.75	185.44	158.79	116.24	118.41	109.95	164.92	104.15	196.75
	7,416	10,843	8,188	7,202	6,280	8,448	7,225	6,571	5,875	7,794	5,817	5,753
	5,839	8,346	6,059	5,741	4,128	6,979	4,895	4,789	3,725	5,755	3,939	3,974
	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—	—
	1,506	1,994	1,531	1,480	1,462	1,539	1,482	1,467	1,435	1,485	1,442	1,282
	139.88	197.52	182.47	195.21	181.21	201.43	183.78	201.38	161.74	193.32	189.60	180.41
	81.88	87.90	77.99	75.46	74.52	85.02	67.88	60.09	58.97	68.40	60.60	59.91
	390.79	542.15	534.69	237.39	675.05	669.06	906.64	411.80	341.84	527.13	95.36	521.48
	512.90	1,720	511.92	492.01	-607.43	704.02	168.82	131.94	-280.11	631.06	-208.91	-431.28
	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—	—
	512.90	1,720	511.92	492.01	-607.43	704.02	168.82	131.94	-280.11	631.06	-208.91	-431.28
	130.99	437.12	129.43	124.34	152.54	199.97	44.05	35.27	67.59	146.70	46.14	197.87
	381.91	1,283	382.49	367.67	-454.89	504.05	124.77	96.67	-212.52	484.36	-162.77	-233.41
	1.10	3.68	1.10	1.06	-1.31	1.45	0.36	0.28	-0.61	1.39	-0.47	-0.67
Key metrics
	734.66	2,005	772.38	762.68	-351.70	990.47	420.48	393.41	-59.40	892.78	41.29	-190.96
	9.50%	16.30%	9.10%	10.20%	-6.40%	11.00%	5.80%	6.00%	-1.10%	10.80%	0.80%	-3.70%
	5.00%	10.40%	4.50%	4.90%	-8.30%	5.60%	1.70%	1.50%	-3.90%	5.90%	-3.00%	-4.60%
	—	4.30%	—	1.70%	—	2.20%	—	—	—	—	—	—
	40.30%	36.90%	16.40%	14.10%	0.00%	8.90%	32.20%	28.50%	—	—	—	—
	184.00%	154.50%	206.60%	280.30%	-114.00%	4.10%	176.70%	141.40%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Income statement
	35,993	33,782	28,339	23,893	23,365	21,211	17,308	21,486	30,349	29,061
	891.75	846.39	503.39	587.92	514.81	367.81	369.84	580.58	677.64	693.05
	33,648	32,512	28,118	24,260	23,430	21,142	21,290	22,729	28,969	28,169
	25,986	24,274	20,387	17,244	15,954	9,848	11,071	14,727	18,837	—
	0.00	0.00	0.00	—	—	4,142	—	—	—	—
	6,511	6,468	5,923	5,629	5,701	5,517	5,372	5,403	6,261	—
	715.08	756.41	748.33	731.29	521.43	354.72	373.09	506.95	286.93	254.55
	323.23	315.87	271.96	248.90	260.34	314.06	473.05	502.86	474.81	—
	1,705	1,989	2,329	844.23	647.03	162.49	3,490	2,604	4,182	4,823
	3,237	2,116	724.67	220.33	449.60	436.95	-3,612	-662.11	2,058	1,585
	0.00	0.00	0.00	—	—	—	—	—	—	—
	3,237	2,116	724.67	220.33	449.60	436.95	-3,612	-662.11	2,058	1,585
	821.88	538.35	211.70	39.56	2.05	26.71	894.46	810.86	842.47	778.39
	2,415	1,578	512.97	259.89	447.55	410.24	-2,717	-1,473	1,215	806.60
	6.94	4.53	1.47	0.75	1.29	1.18	-7.80	-4.23	3.35	—
Key metrics
	4,275	3,189	1,745	1,201	1,231	1,106	-2,765	347.70	2,820	1,840
	11.88%	9.40%	6.20%	5.00%	5.30%	5.20%	-16.00%	1.60%	9.30%	6.30%
	6.71%	4.70%	1.80%	1.10%	1.90%	1.90%	-15.70%	-6.90%	4.00%	2.80%
	—	6.50%	3.70%	—	—	—	—	—	—	—
	—	19.20%	18.60%	2.30%	10.20%	22.50%	-19.40%	-29.20%	4.40%	—
	—	207.60%	97.40%	-41.90%	9.10%	115.10%	-84.50%	-221.20%	50.70%	—
	—	5,248	1,910	—	—	—	—	—	—	—
	—	3.70	4.27	—	—	—	—	—	—	—
	—	0.31	0.36	—	—	—	—	—	—	—
	—	6,752	8,575	—	—	—	—	—	—	—
	—	104.1	80.0	—	—	—	—	—	—	—
Balance sheet
	—	76,560	68,479	—	—	—	—	—	—	—
	—	51,455	42,760	—	—	—	—	—	—	—
	—	1,435	439.21	—	—	—	—	—	—	—
	—	6,796	5,884	—	—	—	—	—	—	—
	—	13,335	9,869	—	—	—	—	—	—	—
	—	18,923	18,955	—	—	—	—	—	—	—
	—	2,933	2,862	—	—	—	—	—	—	—
	—	10,492	9,541	—	—	—	—	—	—	—
	—	32,307	28,231	—	—	—	—	—	—	—
	—	8,187	9,015	—	—	—	—	—	—	—
	—	8,019	8,852	—	—	—	—	—	—	—
	—	168.18	162.39	—	—	—	—	—	—	—
	—	26,516	25,113	—	—	—	—	—	—	—
Cash flow
	—	5,837	2,192	—	—	—	—	—	—	—
	—	-3,035	-2,731	—	—	—	—	—	—	—
	—	-1,806	-856.81	—	—	—	—	—	—	—
	—	589.04	281.54	—	—	—	—	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: +13.08%
Sales CAGR 5Y: +14.31%
Sales CAGR 10Y: —
Profit CAGR 3Y: +52.20%
Profit CAGR 5Y: —
Profit CAGR 10Y: —
Sales YoY (TTM): +27.00%
Profit YoY (TTM): +792.37%

Consolidated

Sales CAGR 3Y: +13.08%
Sales CAGR 5Y: +14.31%
Sales CAGR 10Y: —
Profit CAGR 3Y: +49.66%
Profit CAGR 5Y: —
Profit CAGR 10Y: —
Sales YoY (TTM): +27.00%
Profit YoY (TTM): +739.36%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Jun 2026

Promoter holding: 58.17%

Holder	Type	Holding	Previous	Change
PRESIDENT OF INDIA	Promoter	58.17%	—	—
LIFE INSURANCE CORPORATION OF INDIA	Public	6.01%	—	—
NIPPON LIFE INDIA TRUSTEE LTD.	Public	2.49%	—	—
NPS TRUST	Public	1.62%	—	—
SBI MUTUAL FUND	Public	1.32%	—	—
AXIS MUTUAL FUND TRUSTEE LTD.	Public	1.07%	—	—
FII	Public	0.00%	—	—

Public shareholders are disclosed individually only above 1%.

Filings & corporate actions

Recent announcements

As per attachment18 Sep 2026 · Company Update / General
Signing of Joint Venture Agreement with Titagarh Rail Systems Limited15 Sep 2026 · Company Update / Memorandum of Understanding /Agreements
Outcome of Board Meeting - Equity Investment in Joint Venture14 Sep 2026 · Company Update / Acquisition
Intimation of Appointment of Auditors for FY 2026-278 Sep 2026 · Company Update / Appointment of Statutory Auditor/s
Intimation of Manufacturing Unit visit by analyst/ investors group5 Sep 2026 · Company Update / Analyst / Investor Meet
As per attachment26 Aug 2026 · Company Update / General
Change in Management25 Aug 2026 · Company Update / Change in Management
The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Life Insurance Corporation of India18 Aug 2026 · Insider Trading / SAST / Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
BHEL signs SCA with M/s Hystar AS, Norway for PEM Electrolyser Systems for Green Hydrogen projects13 Aug 2026 · Company Update / General
Information to Stock Exchange on BHEL''s Credit Rating Upgrade by M/s India Ratings & Research12 Aug 2026 · Company Update / Credit Rating
Proceedings of the 62nd AGM of BHEL & voting results thereof5 Aug 2026 · AGM/EGM / AGM
Copy of newspaper publication4 Aug 2026 · Company Update / Newspaper Publication
Disclosure under Regulation 30 read with Para A of Part A of Schedule III of SEBI (LODR) Regulations, 201531 Jul 2026 · Company Update / General
BHEL''s statement on news being circulated online and through social media about successful development of its 1200kV Transformer29 Jul 2026 · Company Update / General
Intimation of Investor Group Meeting under Regulation 30 of SEBI (LODR) Regulations, 202521 Jul 2026 · Company Update / Analyst / Investor Meet
Published Financial Results for the quarter ended 30.06.202617 Jul 2026 · Company Update / Newspaper Publication
BHEL Q1 FY 2026-27 Supplementary Information16 Jul 2026 · Company Update / General
As per Attachment16 Jul 2026 · Result / Financial Results
Published advertisement regarding 62nd AGM & E-voting Information11 Jul 2026 · Company Update / Newspaper Publication
BHEL BRSR for FY 2025-2610 Jul 2026 · Others / Business Responsibility and Sustainability Reporting (BRSR)
As per attachment10 Jul 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Pursuant to Regulation 34 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, please find enclosed copy of the Annual Report of BHEL for the financial year 2025-26.10 Jul 2026 · Others / Reg. 34 (1) Annual Report
Pursuant to Regulation 34 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, please find enclosed copy of the Annual Report of BHEL for the financial year 2025-26.10 Jul 2026 · Others / Reg. 34 (1) Annual Report
Notice of 62nd AGM & E-voting Information10 Jul 2026 · AGM/EGM / AGM
Bharat Heavy Electricals Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 16/07/2026 ,inter alia, to consider and approve Unaudited Financial ....9 Jul 2026 · Board Meeting / Board Meeting
Published advertisement regarding 62nd AGM, Record Date & other related information9 Jul 2026 · Company Update / Newspaper Publication
BHEL has signed Strategic Collaboration Agreement with M/s thyssenkrup nucera India Private Limited for Alkaline Electrolyser System for Green Hydrogen projects7 Jul 2026 · Company Update / General
Information regarding BHEL''s Credit Rating upgrade by M/s CRISIL Ratings3 Jul 2026 · Company Update / Credit Rating
Record Date for Final Dividend1 Jul 2026 · Corp. Action / Dividend
Intimation of date of Annual General Meeting & Record Date for Final Dividend for FY 2025-261 Jul 2026 · Company Update / General
Newspaper Publication30 Jun 2026 · Company Update / Newspaper Publication
Closure of Trading Window29 Jun 2026 · Insider Trading / SAST / Closure of Trading Window
Information to Stock exchange on BHEL''s Credit Rating Upgrade by M/s CARE Ratings Limited12 Jun 2026 · Company Update / Credit Rating
BHEL receives Limited Notice to Proceed (LNTP) from DVC 1x800 MW Durgapur (Main plant package)11 Jun 2026 · Company Update / Award of Order / Receipt of Order
BHEL has received a Notification of Award from Meja Urja Nigam Pvt. Ltd. (MUNPL)5 Jun 2026 · Company Update / Award of Order / Receipt of Order
BHEL signs contract agreement with M/s Dangote Petroleum Petrochemicals Free Zone Enterprise, Nigeria3 Jun 2026 · Company Update / Award of Order / Receipt of Order
Newspaper Publication2 Jun 2026 · Company Update / Newspaper Publication
Completion of tenure of Shri Ramesh Patlya Mawaskar, Independent Director from the Board of BHEL2 Jun 2026 · Company Update / Cessation
As per attachment28 May 2026 · Company Update / General
BHEL Secretarial Compliance Report for FY 2025-2620 May 2026 · Company Update / Reg.24(A)-Annual Secretarial Compliance

Corporate actions

Purpose	Ex date	Record date	Payment date
Final Dividend - Rs. - 1.4000	17 Jul 2026	17 Jul 2026	—
Final Dividend - Rs. - 0.5000	1 Aug 2025	1 Aug 2025	—
Final Dividend - Rs. - 0.2500	9 Aug 2024	9 Aug 2024	—

Board meetings

16 Jul 2026 Board Meeting - Financial Results