StrengthTalking point
Profit outpacing revenue
Profit grew 199.7% while revenue grew 19.2%, so the company kept more of each rupee of revenue as profit.
Importance 72 / 95 · growth
Bharat Heavy Electricals · Research view
Bharat Heavy Electricals Ltd.
NSE: BHELBSE: 500103ISIN INE257A01026Face value ₹2consolidated
₹422
+1.69% · 2026-10-01 · 52-wk ₹231–₹443
Financials to FY2026 · 7 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
WatchTalking point
Volatile earnings
Profit has swung sharply over 6 years (from ₹-2,700 to ₹1,600) — one year is a weak guide to the earnings power.
Importance 65 / 95 · growth
ContextTalking point
Cheaper than peers — but earns less
P/E of 60.41× is below the heavy electrical equipment median (85.42×) — but ROE of 6.3% is also below that peer set (19.2%), so the lower multiple tracks the lower profitability.
Importance 58 / 95 · valuation
StrengthTalking point
Returns at a multi-year high
ROE of 6.3% is the highest in 6 years (prior range -9.9% to 2.2%).
Importance 58 / 95 · profitability
Section 03 · The company
Who is this company?
Classified by the exchange under Industrials › Capital Goods › Electrical Equipment › Heavy Electrical Equipment.
- Market cap
- ₹1.47 L cr
- FY2026 revenue
- ₹33,782 cr
- FY2026 net profit
- ₹1,600 cr
- Net worth
- ₹26,147 cr
- Total debt
- ₹8,187 cr
- EPS (basic)
- ₹4.60
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 8 heavy electrical equipment.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Profit grew 199.7% while revenue grew 19.2%, so the company kept more of each rupee of revenue as profit.
Rule PROFIT_FASTER_THAN_REVENUE
- Revenue growth per year
- +7.8%over 6 years
- Revenue growth
- +19.2%vs last year
- Net profit growth
- +199.7%vs last year
- Change in net profit since FY20
- +209%
Profit has swung sharply over 6 years (from ₹-2,700 to ₹1,600) — one year is a weak guide to the earnings power.
Net profit grew 199.7% year on year (FY2025 → FY2026).
Revenue grew 19.2% year on year (FY2025 → FY2026).
Revenue has compounded at 7.8% a year over 6 years (₹21,490 → ₹33,782) — steady rather than rapid.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 revenue was ₹7,698 cr, up 40.3% from ₹5,487 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 EBITDA margin was 9.3%, up 16.00 percentage points from -6.7% a year earlier.
Rule QTR_MARGIN_CHANGED_YOY
Watch
Q1 FY27 net profit was ₹377 cr, down 70.8% from ₹1,290 cr in the previous quarter (Q4 FY26).
Rule QTR_PROFIT_SEQUENTIAL_CHANGE
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 6,584 | — | 106 | — | 1.6% |
| Q3 FY25 | 7,277 | +32.2% | 135 | −190.5% | 1.9% |
| Q4 FY25 | 8,993 | +8.9% | 504 | +3.0% | 5.6% |
| Q1 FY26 | 5,487 | +0.0% | −456 | +115.5% | −8.3% |
| Q2 FY26 | 7,512 | +14.1% | 375 | +253.2% | 5.0% |
| Q3 FY26 | 8,473 | +16.4% | 390 | +189.8% | 4.6% |
| Q4 FY26 | 12,310 | +36.9% | 1,290 | +155.8% | 10.5% |
| Q1 FY27 | 7,698 | +40.3% | 377 | −182.7% | 4.9% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹35,993 crTTM
- EBITDA
- ₹4,234 crTTM
- EBIT
- ₹3,911 crTTM
- PBT
- ₹3,196 crTTM
- Net profit
- ₹2,432 crTTM
C. Corporate actions
17 Jul 2026DividendFinal Dividend - Rs. - 1.4000 — ₹1.40/share
1 Aug 2025DividendFinal Dividend - Rs. - 0.5000 — ₹0.50/share
9 Aug 2024DividendFinal Dividend - Rs. - 0.2500 — ₹0.25/share
11 Aug 2023DividendFinal Dividend - Rs. - 0.4000 — ₹0.40/share
15 Sept 2022DividendFinal Dividend - Rs. - 0.4000 — ₹0.40/share
11 Sept 2019DividendFinal Dividend - Rs. - 1.2000 — ₹1.20/share
12 Feb 2019DividendInterim Dividend - Rs. - 0.8000 — ₹0.80/share
5 Nov 2018BuybackBuy Back of Shares
11 Sept 2018DividendFinal Dividend - Rs. - 1.0200 — ₹1.02/share
15 Feb 2018DividendInterim Dividend - Rs. - 0.8000 — ₹0.80/share
28 Sept 2017Bonus issueBonus issue 1:2 — 2:3
23 Aug 2017DividendFinal Dividend - Rs. - 0.7800 — ₹0.78/share
14 Feb 2017DividendInterim Dividend - Rs. - 0.8000 — ₹0.80/share
14 Sept 2016DividendFinal Dividend - Rs. - 0.4000 — ₹0.40/share
14 Sept 2015DividendFinal Dividend - Rs. - 0.6200 — ₹0.62/share
16 Feb 2015DividendInterim Dividend - Rs. - 0.5400 — ₹0.54/share
8 Sept 2014DividendFinal Dividend - Rs. - 1.5200 — ₹1.52/share
7 Feb 2014DividendInterim Dividend - Rs. - 1.3100 — ₹1.31/share
6 Sept 2013DividendFinal Dividend - Rs. - 3.2900 — ₹3.29/share
5 Feb 2013DividendInterim Dividend - Rs. - 2.1200 — ₹2.12/share
6 Sept 2012DividendFinal Dividend - Rs. - 3.6800 — ₹3.68/share
6 Mar 2012DividendInterim Dividend - Rs. - 2.7200 — ₹2.72/share
3 Oct 2011Stock splitStock Split From Rs.10/- to Rs.2/- — 10:2
10 Aug 2011DividendFinal Dividend - Rs. - 17.9000 — ₹17.90/share
18 Mar 2011DividendInterim Dividend - Rs. - 13.2500 — ₹13.25/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
ROE of 6.3% is the highest in 6 years (prior range -9.9% to 2.2%).
Rule ROE_AT_MULTI_YEAR_HIGH
- EBITDA margin now
- 9.3%
- 7-year range
- -16.1–9.3%
- ROE FY2026
- 6.3%
- ROCE FY2026
- 8.3%
EBITDA margin of 9.3% is the widest in 6 years (prior range -16.1% to 6.0%).
ROE of 6.3% is below the heavy electrical equipment median of 19.2%.
EBITDA margin of 9.3% is below the heavy electrical equipment median of 14.7%.
ROE improved from 2.2% to 6.3% year on year.
EBITDA margin improved from 6.0% to 9.3% of revenue.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Watch
Cash conversion (CFO ÷ profit) has averaged -1.80× over the last 3 profit-making years versus -0.03× before that.
Rule CASH_CONVERSION_DETERIORATING
Operating cash flowNet profit
- Total debt
- ₹8,187 cr
- Operating cash flow ÷ net profit
- 3.65×FY2026
- Free cash flow
- ₹5,261 cr
- Current ratio
- 1.59×
Section 08 · Relative position
How does it compare with peers?
Ranked against 8 heavy electrical equipment (FY2026, consolidated).
Revenue growth
BHEL · 5th of 6 · set median 26.5%
EBITDA margin
BHEL · 8th of 8 · set median 18.2%
Return on equity
BHEL · 8th of 8 · set median 21.2%
P/E ratio
BHEL · 3rd of 8 · set median 85.4×
Context
P/E of 60.41× is below the heavy electrical equipment median (85.42×) — but ROE of 6.3% is also below that peer set (19.2%), so the lower multiple tracks the lower profitability.
Rule CHEAP_VS_LOW_RETURNS
- P / E
- 60.4×TTM to Jun 26
- P / B
- 5.6×latest book
- P / S
- 4.1×TTM sales
- Earnings yield
- 1.7%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 91.8× · P/S 4.2× · ROE 6.3%. TTM and full-year profit and EBITDA differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- +75.7%
- 3-year return
- +222.1%
- 5-year return
- +543.3%
- From 52-wk high
- −4.7%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Above₹419
- vs 200-day avg
- Above₹346
- RSI (14)
- 50.6neutral
- MACD histogram
- -1.3
- From 52-wk high
- −4.7%
- From 52-wk low
- +82.7%
- 30-day volatility
- 30.3%ann.
- 6-month return
- +71.9%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchVolatile earningsProfit has swung sharply over 6 years (from ₹-2,700 to ₹1,600) — one year is a weak guide to the earnings power.EARNINGS_VOLATILE · conviction 65
- WatchCash conversion trending downCash conversion (CFO ÷ profit) has averaged -1.80× over the last 3 profit-making years versus -0.03× before that.CASH_CONVERSION_DETERIORATING · conviction 55
- ConcernLess profitable than peersROE of 6.3% is below the heavy electrical equipment median of 19.2%.ROE_BELOW_PEER_MEDIAN · conviction 55
- ConcernThinner margins than peersEBITDA margin of 9.3% is below the heavy electrical equipment median of 14.7%.MARGIN_BELOW_PEER_MEDIAN · conviction 48
- Cash-flow-statement facts are unavailable for FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| Revenue | 21,490 | 17,309 | 21,211 | 23,365 | 23,893 | 28,339 | 33,782 |
| Total income | 22,054 | 17,657 | 21,566 | 23,854 | 24,439 | 28,805 | 34,590 |
| EBITDA | 327 | −2,793 | 1,090 | 1,205 | 1,159 | 1,707 | 3,150 |
| Profit before tax | −685 | −3,640 | 420 | 423 | 179 | 687 | 2,078 |
| Net profit | −1,468 | −2,700 | 445 | 477 | 282 | 534 | 1,600 |
| EPS (₹) | −4.2 | −7.8 | 1.3 | 1.4 | 0.8 | 1.5 | 4.6 |
| Net worth | 28,652 | 25,972 | 26,507 | 26,828 | 24,439 | 24,722 | 26,147 |
| Total debt | 5,023 | 4,951 | 4,830 | 5,454 | 8,856 | 9,015 | 8,187 |
| Operating cash flow | — | 562 | 660 | −742 | −3,713 | 2,192 | 5,837 |
| Free cash flow | — | 311 | 498 | −922 | −3,936 | 1,924 | 5,261 |
| Ratio | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Revenue growth YoY | — | -19.5 | 22.5 | 10.2 | 2.3 | 18.6 | 19.2 |
| Profit growth YoY | — | — | — | 7.3 | -40.9 | 89.2 | 199.7 |
| Profitability | |||||||
| EBITDA margin % | 1.5 | -16.1 | 5.1 | 5.2 | 4.9 | 6.0 | 9.3 |
| Net margin % | -6.7 | -15.3 | 2.1 | 2.0 | 1.2 | 1.9 | 4.6 |
| Return on equity % | -5.1 | -9.9 | 1.7 | 1.8 | 1.1 | 2.2 | 6.3 |
| Return on capital % | -0.5 | -10.1 | 2.5 | 3.0 | 2.8 | 4.3 | 8.3 |
| Leverage & cash | |||||||
| Debt to equity | 0.18 | 0.19 | 0.18 | 0.20 | 0.36 | 0.36 | 0.31 |
| Cash flow ÷ profit | — | — | 1.48 | -1.55 | -13.16 | 4.11 | 3.65 |
| Current ratio | 1.44 | 1.39 | 1.30 | 1.29 | 1.36 | 1.51 | 1.59 |