| Quarterly Financials | Jun 2018 | Sept 2018 | Dec 2018 | Mar 2019 | Jun 2019 | Sept 2019 | Dec 2019 | Mar 2020 | Jun 2020 | Sept 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sept 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sept 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 |
Revenue  | 5,971 | 6,761 | 7,352 | 10,036 | 4,557 | 6,170 | 5,616 | 4,741 | 1,997 | 3,554 | 4,302 | 6,836 | 2,798 | 5,007 | 5,023 | 7,731 | 4,533 | 5,154 | 5,050 | 7,944 | 5,133 | 5,317 | 5,622 | 8,430 | 5,596 | 6,712 | 7,403 | 9,153 | 5,672 |
| Expenses | 5,765 | 6,641 | 7,122 | 8,987 | 4,802 | 5,962 | 5,354 | 5,610 | 3,050 | 4,329 | 4,632 | 8,439 | 3,377 | 5,142 | 5,047 | 6,910 | 4,842 | 5,447 | 5,119 | 7,178 | 5,182 | 5,279 | 5,287 | 7,532 | 5,654 | 6,309 | 6,973 | 8,162 | 6,024 |
| EBITDA | 205 | 120 | 230 | 1,049 | -245 | 209 | 262 | -869 | -1,053 | -776 | -329 | -1,603 | -579 | -136 | -24 | 822 | -309 | -292 | -70 | 766 | -48 | 38 | 335 | 898 | -58 | 403 | 430 | 991 | -352 |
| Operating Profit % | 1 % | -0 % | -0 % | 9 % | -9 % | 1 % | 2 % | -22 % | -61 % | -26 % | -10 % | -25 % | -24 % | -5 % | -3 % | 9 % | -9 % | -11 % | -4 % | 8 % | -4 % | -3 % | 4 % | 9 % | -3 % | 4 % | 4 % | 9 % | -10 % |
| Depreciation | 176 | 52 | 113 | 134 | 115 | 120 | 115 | 154 | 119 | 115 | 113 | 127 | 111 | 43 | 74 | 86 | 67 | 59 | 63 | 73 | 60 | 60 | 61 | 68 | 59 | 60 | 68 | 85 | 75 |
| Interest | 64 | 69 | 58 | 97 | 108 | 119 | 140 | 141 | 115 | 95 | 86 | 79 | 84 | 90 | 86 | 96 | 98 | 123 | 139 | 161 | 168 | 180 | 190 | 193 | 162 | 201 | 184 | 201 | 181 |
| Profit Before Tax | 110 | 172 | 280 | 1,278 | -347 | 167 | 229 | -709 | -1,192 | -734 | -280 | -1,390 | -597 | -67 | 33 | 1,102 | -251 | -200 | 53 | 940 | -276 | -202 | 85 | 636 | -279 | 141 | 179 | 704 | -608 |
| Tax | 70 | 86 | 83 | 598 | -128 | 46 | 68 | 824 | -299 | -181 | -62 | -354 | -149 | -21 | 6 | 189 | -63 | -212 | 10 | 282 | -72 | -139 | 24 | 147 | -68 | 35 | 44 | 200 | -153 |
| Net Profit | 40 | 85 | 196 | 681 | -219 | 121 | 162 | -1,532 | -893 | -552 | -218 | -1,036 | -448 | -47 | 27 | 913 | -188 | 12 | 42 | 658 | -205 | -63 | 60 | 490 | -211 | 106 | 135 | 505 | -456 |
| EPS in ₹ | 0.11 | 0.23 | 0.54 | 1.88 | -0.63 | 0.35 | 0.46 | -4.40 | -2.56 | -1.59 | -0.62 | -2.97 | -1.29 | -0.13 | 0.08 | 2.62 | -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 |
Bharat Heavy Electricals
Bharat Heavy Electricals
232.62
-3.55
(-1.50%)
Key Fundamentals
Market Cap
82,235.90 Cr
EPS
1.53
PE Ratio
280.36
Dividend Yield
0.21 %
Industry
Capital Goods 52 Week High
272.10
52 Week Low
176.00
PB Ratio
3.28
Debt to Equity
0.36
Sector
Electrical Equipment Analyst Rating and Forecast
- By Refinitiv from20 analysts
Actual
Company News
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Bharat Heavy Electricals has filed petitions to enforce arbitration awards against Rajasthan Rajya Vidhyut Utpadan Nigam Ltd (RRVUNL). The company is claiming ₹25.48 crores for the Kota 7 project, ₹28.04 crores for the Suratgarh 6 project, and ₹54.23 crores for the Chhabra 1 & 2 projects. The total amount being claimed across all three projects is ₹107.75 crores.
Bharat Heavy Electricals Limited (BHEL) received Notifications of Award from M.P. Power Generating Company Ltd. (MPPGCL) for two thermal power plant projects. The contracts cover EPC packages for 1x660 MW Amarkantak Unit no. 6 and 1x660 MW Satpura Unit no. 12 Supercritical Thermal Power Plants in Madhya Pradesh. The work includes supply of equipment, erection & commissioning, and civil works. Each plant must be completed within 57 months from the award notification. The combined contract value ranges between Rs 13,000 crore to Rs 15,000 crore, excluding taxes and duties. The awards were received through an open tender enquiry process from a domestic entity.
BHEL's board of directors acknowledged DIPAM's decision not to approve the proposed joint venture with REC Power Development and Consultancy Limited during a board meeting held on September 25, 2025. The company referenced an earlier clarification from May 10, 2025. Separately, BHEL secured a ₹22.87 crore order from Indian Railways' South Western Railway division for KAVACH equipment design, supply, and installation. The equipment will be manufactured at BHEL's Bengaluru facility with completion expected within 18 months. BHEL shares closed at ₹234.60, declining ₹1.45 or 0.61% on the BSE.
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Peer Comparison Compare Peers on Screener
Competitors | LTP | Market Cap (₹ Cr.) | P/E Ratio | Revenue (₹ Cr.) | YoY Revenue Growth % | Net Profit (₹ Cr.) | YoY Profit Growth % | RSI |
|---|---|---|---|---|---|---|---|---|
757.70 | #1 1,19,770.20 | 119.55 | 10,070.80 | 23.53 | 973 | 10.66 | 54.96 | |
3,121.20 | 1,11,074.00 | 45.37 | 12,193.00 | 15.54 | 1,606 | -26.76 | 44.89 | |
5,202.00 | 1,10,446.60 | 61.36 | 12,541.70 | 16.69 | 1,875 | 25.39 | 49.59 | |
3,535.30 | 1,04,209.10 | 36.29 | 14,846.10 | 27.62 | 1,928 | 133.75 | 57.15 | |
232.62 | #5 82,235.90 | #10 280.36 | #1 28,804.80 | #7 17.86 | #9 534 | #10 -115.47 | 46.98 | |
17,439.00 | 78,893.10 | 153.79 | 6,442.10 | 22.78 | 384 | #1 1,165.38 | 35.52 | |
2,959.60 | 74,711.80 | 99.04 | 4,354.90 | 36.50 | 608 | 116.51 | 50.17 | |
52.92 | 73,491.40 | #1 34.35 | 10,993.10 | 67.39 | #1 2,072 | 7.28 | 31.85 | |
1,065.70 | 48,129.20 | 46.09 | 6,652.10 | #1 109.76 | 937 | 55.30 | 59.36 | |
3,145.20 | 37,739.20 | 56.00 | 10,640.90 | 11.35 | 627 | 38.39 | 42.17 |
Automatic Screeners on ScanX
Growth Rate
Revenue Growth
17.86 %
Net Income Growth
89.19 %
Cash Flow Change
159.03 %
ROE
87.83 %
ROCE
29.76 %
EBITDA Margin (Avg.)
25.11 %
Quarterly Financial Results
Balance Sheet
| Balance Sheet | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Total Assets | 70,846 | 65,321 | 61,347 | 63,474 | 63,934 | 59,749 | 55,240 | 56,244 | 56,920 | 59,002 | 68,083 |
| Fixed Assets | 4,230 | 3,969 | 3,601 | 3,073 | 2,971 | 2,817 | 2,491 | 2,399 | 2,476 | 2,574 | 2,947 |
| Current Assets | 49,041 | 45,140 | 42,904 | 42,143 | 38,381 | 32,711 | 28,343 | 27,862 | 29,095 | 34,542 | 42,760 |
| Capital Work in Progress | 2,614 | 318 | 168 | 203 | 235 | 314 | 420 | 431 | 354 | 308 | 195 |
| Investments | 0 | 796 | 757 | 429 | 152 | 162 | 185 | 205 | 235 | 256 | 276 |
| Other Assets | 64,003 | 60,238 | 56,821 | 59,769 | 60,576 | 56,455 | 52,144 | 53,209 | 53,855 | 55,864 | 64,665 |
| Total Liabilities | 70,846 | 65,321 | 61,347 | 63,474 | 63,934 | 59,749 | 55,240 | 56,244 | 56,920 | 59,002 | 68,083 |
| Current Liabilities | 22,727 | 20,741 | 20,143 | 21,868 | 23,055 | 22,609 | 20,357 | 21,371 | 23,480 | 25,247 | 28,226 |
| Non Current Liabilities | 13,910 | 12,265 | 8,817 | 9,275 | 9,982 | 8,488 | 8,911 | 8,366 | 9,062 | 9,316 | 15,135 |
| Total Equity | 34,209 | 32,315 | 32,388 | 32,331 | 30,898 | 28,652 | 25,972 | 26,507 | 24,378 | 24,439 | 24,722 |
| Reserve & Surplus | 33,717 | 31,825 | 31,900 | 31,601 | 30,208 | 27,964 | 25,287 | 25,810 | 23,682 | 23,742 | 24,026 |
| Share Capital | 490 | 490 | 490 | 734 | 696 | 696 | 696 | 696 | 696 | 696 | 696 |
Cash Flow
| Cash Flow | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Cash Flow | -2,071 | 275 | -473 | 1,283 | -1,973 | 608 | 123 | -787 | 829 | 274 | -1,396 |
| Investing Activities | 650 | 23 | -565 | 961 | 1,919 | 1,877 | -43 | -1,118 | 1,481 | 1,331 | -2,731 |
| Operating Activities | 821 | 374 | 560 | 989 | -3,860 | -2,892 | 560 | 660 | -741 | -3,713 | 2,192 |
| Financing Activities | -3,543 | -123 | -468 | -667 | -32 | 1,622 | -394 | -330 | 89 | 2,656 | -857 |
Share Holding
| % Holding | Mar 2021 | Jun 2021 | Sept 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sept 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 |
| Promoter | 63.17 % | 63.17 % | 63.17 % | 63.17 % | 63.17 % | 63.17 % | 63.17 % | 63.17 % | 63.17 % | 63.17 % | 63.17 % | 63.17 % | 63.17 % | 63.17 % | 63.17 % | 63.17 % | 63.17 % | 63.17 % | 63.17 % |
| FIIs | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 7.04 % | 8.75 % | 9.10 % | 9.49 % | 7.98 % | 7.19 % | 6.36 % | 6.23 % |
| DIIs | 12.49 % | 12.38 % | 13.72 % | 13.80 % | 12.66 % | 12.59 % | 14.46 % | 14.72 % | 15.50 % | 16.14 % | 15.99 % | 17.58 % | 15.94 % | 15.03 % | 14.69 % | 15.49 % | 16.35 % | 18.45 % | 18.62 % |
| Government | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % |
| Public / Retail | 15.96 % | 16.33 % | 16.15 % | 16.74 % | 17.63 % | 17.69 % | 15.44 % | 11.30 % | 10.98 % | 10.86 % | 11.72 % | 10.33 % | 10.33 % | 11.15 % | 11.23 % | 11.81 % | 11.77 % | 10.69 % | 10.66 % |
| Others | 8.38 % | 8.11 % | 6.95 % | 6.29 % | 6.54 % | 6.54 % | 6.93 % | 10.81 % | 10.35 % | 9.83 % | 9.12 % | 1.89 % | 1.80 % | 1.55 % | 1.43 % | 1.54 % | 1.52 % | 1.32 % | 1.31 % |
| No of Share Holders | 9,86,752 | 11,46,940 | 11,38,650 | 12,04,730 | 12,81,740 | 12,87,800 | 11,92,230 | 10,27,960 | 10,16,940 | 10,12,620 | 12,27,660 | 12,65,440 | 14,99,200 | 18,80,850 | 19,95,270 | 20,83,030 | 21,20,570 | 19,83,220 | 19,61,660 |
Dividend History
| Annual Cash Flows | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Per Share (₹) | 0.00 | 1.58 | 1.82 | 2 | 0.00 | 0.00 | 0.4 | 0.4 | 0.25 | 0.5 |
| Dividend Yield (%) | 0.00 | 1.94 | 2.43 | 9.62 | 0.00 | 0.00 | 0.57 | 0.16 | 0.12 | 0.21 |
Corporate Action
| Record Date | Corporate Action | Information | Announcement Day | LTP at Annoucement | LTP at Record Day |
|---|---|---|---|---|---|
| 30 Sept 2017 |  Bonus | 1:2 | 28 Sept 2017 | 0.00 | 0.00 |
| 16 Sept 2022 |  Dividend | ₹ 0.40 /share | 15 Sept 2022 | 53.15 | 61.70 |
| 11 Aug 2023 | Dividend | ₹ 0.40 /share | 11 Aug 2023 | 81.87 | 99.85 |
| 09 Aug 2024 | Dividend | ₹ 0.25 /share | 09 Aug 2024 | 310.05 | 297.85 |
| 22 Aug 2024 |  Annual General Meeting | NA | 22 Aug 2024 | 308.60 | 296.55 |
| 28 Oct 2024 |  Quarterly Result Announcement | NA | 28 Oct 2024 | 269.80 | 216.95 |
| 28 Jan 2025 | Quarterly Result Announcement | NA | 28 Jan 2025 | 216.38 | 194.54 |
| 16 May 2025 | Quarterly Result Announcement | NA | 16 May 2025 | 226.84 | 245.68 |
| 01 Aug 2025 | Dividend | ₹ 0.50 /share | 01 Aug 2025 | 245.68 | 238.30 |
| 06 Aug 2025 | Quarterly Result Announcement | NA | 06 Aug 2025 | 250.50 | 248.25 |
| 19 Aug 2025 | Annual General Meeting | NA | 19 Aug 2025 | 251.90 | 216.65 |
Announcements
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018
6 days ago
6 days agoDisclosure Regarding Ongoing Litigations Or Disputes10 days ago
10 days agoAnnouncement under Regulation 30 (LODR)-CessationOct 01, 2025
Oct 01, 2025Receipt Of A Show Cause Notice From GST Authorities Bengaluru KarnatakaSep 30, 2025
Sep 30, 2025Receipt Of Favourable Order From Appellate Authority TelanganaSep 30, 2025
Sep 30, 2025Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_OrderSep 30, 2025
Sep 30, 2025Board Meeting Outcome for Update On Proposed Joint Venture Between BHEL And REC Power Development And Consultancy LimitedSep 25, 2025
Sep 25, 2025Closure of Trading WindowSep 25, 2025
Sep 25, 2025Announcement under Regulation 30 (LODR)-Change in ManagementSep 25, 2025
Sep 25, 2025Receipt Of Notice From GST Authorities TelanganaSep 19, 2025
Sep 19, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationSep 17, 2025
Sep 17, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationSep 15, 2025
Sep 15, 2025Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_OrderSep 12, 2025
Sep 12, 2025Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/sSep 11, 2025
Sep 11, 2025Announcement under Regulation 30 (LODR)-Memorandum of Understanding /AgreementsSep 05, 2025
Sep 05, 2025Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_OrderSep 03, 2025
Sep 03, 2025Revised Declaration Regarding Dissolution Of Joint Venture CompanySep 02, 2025
Sep 02, 2025Receipt Of An Order From Commissioner CGST(Appeal)/DehradunSep 02, 2025
Sep 02, 2025Announcement under Regulation 30 (LODR)-Updates on Joint VentureSep 01, 2025
Sep 01, 2025Announcement Under Regulation 30Sep 01, 2025
Sep 01, 2025Announcement under Regulation 30 (LODR)-Memorandum of Understanding /AgreementsAug 30, 2025
Aug 30, 2025Announcement under Regulation 30 (LODR)-Change in ManagementAug 25, 2025
Aug 25, 2025Appointment Of M/S Akhil Rohatgi & Co. As Secretarial Auditors Of BHEL For Fys 2025-26 To 2029-30Aug 19, 2025
Aug 19, 2025Shareholder Meeting / Postal Ballot-Outcome of AGMAug 19, 2025
Aug 19, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationAug 07, 2025
Aug 07, 2025BHEL Q1 FY 2025-26 Results Supplementary InformationAug 06, 2025
Aug 06, 2025Financial Results For The Quarter Ended June 2025Aug 06, 2025
Aug 06, 2025Announcement under Regulation 30 (LODR)-Credit RatingAug 05, 2025
Aug 05, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationJul 27, 2025
Jul 27, 2025Business Responsibility and Sustainability Reporting (BRSR)Jul 26, 2025
Jul 26, 2025Reg. 34 (1) Annual Report.Jul 26, 2025
Jul 26, 2025Notice Of 61St AGM & E-Voting InformationJul 26, 2025
Jul 26, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationJul 25, 2025
Jul 25, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationJul 25, 2025
Jul 25, 2025Announcement under Regulation 30 (LODR)-Change in ManagementJul 25, 2025
Jul 25, 2025Intimation Of Revised Dates Of 61St Annual General Meeting Of BHEL & Record Date For Final Dividend For FY 2024-25
Jul 24, 2025
Jul 24, 2025Corporate Action-Board to consider DividendJul 24, 2025
Jul 24, 2025Intimation Of Revised Dates Of 61St Annual General Meeting Of BHEL & Record Date For Final Dividend For FY 2024-25
Jul 24, 2025
Jul 24, 2025Board Meeting Intimation for Unaudited Financial Results For The Quarter Ended 30Th June 2025Jul 23, 2025
Jul 23, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationJul 21, 2025
Jul 21, 2025Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018Jul 08, 2025
Jul 08, 2025Rescheduling Of 61St Annual General Meeting Of BHEL & Record Date For Final Dividend For FY 2024-25
Jul 02, 2025
Jul 02, 2025Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_OrderJun 27, 2025
Jun 27, 2025Closure of Trading WindowJun 26, 2025
Jun 26, 2025Announcement under Regulation 30 (LODR)-Change in ManagementJun 25, 2025
Jun 25, 2025Intimation Of Record Date For Final Dividend For FY 2024-25Jun 19, 2025
Jun 19, 2025Intimation Of Date Of Annual General MeetingJun 19, 2025
Jun 19, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationJun 11, 2025
Jun 11, 2025Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations 2015May 30, 2025
May 30, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationMay 28, 2025
May 28, 2025Mutual Fund Holdings
ICICI Prudential India Opportunities Fund Direct - Growth 
Parag Parikh Arbitrage Fund Direct - Growth 
SBI Arbitrage Opportunities Fund Direct-Growth 
Nippon India Vision Large & Mid Cap Direct-Growth 
Mirae Asset Large & Midcap Fund Direct-Growth 
Kotak Arbitrage Fund Direct-Growth 
HSBC Midcap Fund Direct-Growth 
JM Flexicap Fund Direct Plan-Growth 
Tata Arbitrage Fund Direct - Growth 
Axis Midcap Direct Plan-Growth 
Canara Robeco Mid Cap Fund Direct - Growth 
HDFC Arbitrage Fund Wholesale Direct-Growth 
ITI Mid Cap Fund Direct - Growth 
Edelweiss Arbitrage Fund Direct-Growth Technical Indicators
RSI(14)
Neutral 46.98
ATR(14)
Volatile 5.15
STOCH(9,6)
Neutral 27.11
STOCH RSI(14)
Oversold 16.50
MACD(12,26)
Bearish -1.15
ADX(14)
Weak Trend 21.91
UO(9)
Bearish 41.42
ROC(12)
Downtrend And Accelerating -2.44
WillR(14)
Oversold -86.42
About Bharat Heavy Electricals
Bharat Heavy Electricals Limited (BHEL) is an Indian engineering and manufacturing company specializing in power generation equipment and systems. It operates in two main segments: Power and Industry. The Power segment focuses on thermal, gas, hydro, nuclear and solar power plants, as well as related services and new technologies. The Industry segment provides equipment and EPC services for transportation, transmission, defense, aerospace, captive power, process industries, renewables, oil & gas, and energy storage. BHEL has a wide product range covering power generation, transmission, transportation, defense, and other sectors. The company has manufacturing facilities across India and has executed projects in over 80 countries. BHEL is known for its capabilities in supercritical thermal power technology and has commissioned numerous power plants and substations.
Website
Chairperson NameShri K Sadashiv Murthy
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