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Bharat Heavy Electricals Limited (BHEL.NS)

INR417.95 +14.05 (+3.48%)
IN NSE Industrials Industrial - Machinery
Address BHEL House 110049
New Delhi, IN
CEO Koppu Sadashiv Murthy
Website bhel.com
IPO 1996-01-01
ISIN INE257A01026

Explore sections of this company profile

Also trades on Bombay Stock Exchange · BHEL.BO (INR) National Stock Exchange of India · BHEL.NS (INR)
Description

Bharat Heavy Electricals Limited stands as a leading global engineering and manufacturing enterprise, organizing its extensive operations across two primary divisions: Power and Industry. The company provides a vast array of products and services worldwide, encompassing comprehensive power generation solutions such as thermal, nuclear, gas, hydro, solar, and diesel generator plants, in addition to desalination and water treatment facilities. Its expansive portfolio also includes various industrial systems and crucial components like boilers, turbines, generators, pumps, compressors, castings, forgings, heat exchangers, solar photovoltaics, and advanced automation and control systems. Beyond power generation, BHEL is a key supplier of essential transmission infrastructure, offering control systems, software solutions, diverse switchgear, transformers, reactors, and other electrical equipment. Its expertise further extends to rail transportation systems, defense and aerospace products, energy storage, e-mobility solutions, oil field machinery, and bespoke mechanical packages. Established in 1964 and headquartered in New Delhi, India, the company caters to a wide spectrum of industries, including thermal, hydro, gas, nuclear, and solar power, transmission, transportation, renewables, water, oil & gas, defense, aerospace, energy storage, e-mobility, and petrochemicals.

Market Cap & Enterprise Value
Merger & Acquisition History

No mergers or acquisitions recorded for this company.

Technical Outlook
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Signal Summary Loading…
Indicator 1D1W2W3W1M
Each column is computed on that timeframe's candles (1D = daily, 1W ≈ weekly, 1M ≈ monthly), not on the same last day. ▲ bullish · ▼ bearish · — neutral. The Net row counts signals per column; hover any cell (or the indicator name) to see the exact rule behind it.
Day Score & sub-scores
Statistical fingerprint & regime detail
Conditional historical analysis
Customize analysis (advanced)
Indicative levels generated algorithmically. Not financial advice.
Risk Profile
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Price Chart
Averages
Trend
Price
Levels
Draw
INR417.95 +14.05 (+3.48%)
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Volume Profile
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Liquidity & share structure
Average Volume
18M
Beta
0.85
Float Shares
1.42B
Free Float %
40.8%
Price Performance
1D5D1M3M6M YTD1Y3Y5Y10YMax
-1.28% +2.78% +39.16% +52.03% +38.02% +37.83% +70.08% +389.44% +454.90% +373.19% +3,113.30%
Rolling Volatility
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Drawdown
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Relative Strength
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Monthly Returns Heatmap
From To
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Annual Monthly Returns
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Daily Returns Distribution
vs.
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Revenue flow

Revenue by geography

Revenue by segment

From To

Revenue composition

From To

By product

By geography

Financial Statements

Income Statement

Balance Sheet

Cash Flow Statement

Key Metrics

Financial Ratios

Employees

Financial Growth (CAGR)

Market Data

Price Targets & DCF
Current price
417.95
DCF (Levered) 37.33 -91.1%

DCF figures are point estimates: small changes in growth or discount-rate assumptions move them materially. Read them as a reference, not a precise target.

Ratings Trend (MoM) 41% Bullish
Rating 2026-05 Change
Strong Buy 1 0
Buy 6 -1
Hold 2 0
Sell 5 0
Strong Sell 3 0
Quality scores
Altman Z-Score
2.53
Grey zone
Piotroski F-Score
5 / 9
Average
MOAT Score
3 / 10
No MOAT
Composite Rating
C+
Overall Score
2 / 5
Medium
DCF Score
1 / 5
Low
ROE Score
3 / 5
Medium
ROA Score
3 / 5
Medium
D/E Score
2 / 5
Medium
P/E Score
1 / 5
Low
P/Book Score
2 / 5
Medium
Operational MOAT
✗ Below peers
  • ✓
    Revenue growth Industrial - Machinery: +7.4%
    +23.5% ★ Q1'26: +53.7% (vs Q1'25)
  • ✓
    EPS growth Industrial - Machinery: +15.6%
    +200.7% ★ Q1'26: +155.9% (vs Q1'25)
  • ✓
    FCF margin FCF growth · Industrial - Machinery: +38.2%
    +14.3% ★ Q1'26: -11.5% (vs Q1'25)
  • ✗
    EBIT margin Industrial - Machinery: +10.0%
    +6.0% Q1'26: +13.5% (vs Q1'25)
  • ✗
    ROIC Industrial - Machinery: +6.8%
    +6.8% Q1'26: +22.1% (vs Q1'25)
  • ✓
    Share dilution Industrial - Machinery: +0.0%
    -0.1% ★ Q1'26: 0.0% (vs Q1'25)
  • ✗
    Debt / EBITDA Net debt/EBITDA · Industrial - Machinery: -0.65×
    3.50× ★ Q1'26: 1.17× (vs Q1'25)
Valuation Multiples From To
Price Forecast (3Y) From To
Model
Adjust
P/E
Theoretical Return — If Invested Today

* These projections are based on analyst consensus estimates and user-defined valuation multiples. This table is for informational purposes only and does not constitute a recommendation to buy or sell any security. Past performance is not indicative of future results.

DCF Interactive Model (UFCF)
Projection years:
Market assumptions
▶ WACC components (optional)
Ke (Cost of Equity) = Rf + β (0.86) × ERP
WACC = 95% × Ke + 5% × Kd (9.2%) × (1−t)

Modifying these values recalculates WACC automatically.

Business assumptions
—
Current price: 417.95
Enterprise Value: — Equity Value: — Terminal Value: — TV as % of EV: —

Base values reflect the latest available data for this company and market conditions.

Consensus Estimates
Metric Mar 2009
actual 		Mar 2010
actual 		Mar 2011
actual 		Mar 2012
actual 		Mar 2013
actual 		Mar 2014
actual 		Mar 2015
actual 		Mar 2016
actual 		Mar 2017
actual 		Mar 2018
actual 		Mar 2019
actual 		Mar 2020
actual 		Mar 2021
actual 		Mar 2022
actual 		Mar 2023
actual 		Mar 2024
actual 		Mar 2025
actual 		Mar 2026
16 Rev. Ana.
14 EPS Ana. 		Mar 2027
17 Rev. Ana.
14 EPS Ana. 		Mar 2028
15 Rev. Ana.
15 EPS Ana. 		Mar 2029
11 Rev. Ana.
10 EPS Ana.
Revenue
264.91B
est: 258.27B (+2.6%)
331.54B
est: 332.92B (-0.4%)
418.55B
est: 410.17B (+2.0%)
477.86B
est: 491.05B (-2.7%)
484.35B
est: 487.84B (-0.7%)
391.72B
est: 404.86B (-3.2%)
304.08B
est: 306.19B (-0.7%)
255.20B
est: 268.05B (-4.8%)
276.17B
est: 297.13B (-7.1%)
279.78B
est: 291.55B (-4.0%)
294.42B
est: 312.64B (-5.8%)
204.95B
est: 257.37B (-20.4%)
162.96B
est: 178.26B (-8.6%)
201.53B
est: 217.13B (-7.2%)
221.36B
est: 235.34B (-5.9%)
229.21B
est: 253.55B (-9.6%)
273.55B
est: 304.11B (-10.0%)
335.31B
312.60B – 405.88B
+10.3% YoY
437.04B
403.60B – 481.41B
+30.3% YoY
531.30B
492.26B – 599.75B
+21.6% YoY
617.75B
571.51B – 689.74B
+16.3% YoY
EBITDA
52.16B
est: 67.54B (-22.8%)
71.18B
est: 76.79B (-7.3%)
96.68B
est: 98.10B (-1.4%)
111.97B
est: 124.95B (-10.4%)
105.32B
est: 119.72B (-12.0%)
61.72B
est: 96.29B (-35.9%)
33.61B
est: 55.80B (-39.8%)
-1.98B
est: 31.05B (-106.4%)
14.98B
est: 10.46B (+43.2%)
22.57B
est: 17.66B (+27.8%)
26.03B
est: 29.08B (-10.5%)
3.50B
est: 15.30B (-77.1%)
-27.50B
est: -13.14B (-109.2%)
11.41B
est: -15.97B (+171.4%)
14.97B
est: -17.48B (+185.6%)
12.23B
est: -20.79B (+158.8%)
17.66B
est: 19.51B (-9.5%)
20.89B
19.47B – 25.28B
+7.0% YoY
27.22B
25.14B – 29.99B
+30.3% YoY
33.09B
30.66B – 37.36B
+21.6% YoY
38.48B
35.60B – 42.96B
+16.3% YoY
EBIT
48.73B
est: 41.62B (+17.1%)
66.58B
est: 50.21B (+32.6%)
91.22B
est: 67.67B (+34.8%)
103.94B
est: 98.21B (+5.8%)
95.74B
est: 90.89B (+5.3%)
51.86B
est: 73.21B (-29.2%)
22.79B
est: 27.49B (-17.1%)
-11.34B
est: 12.25B (-192.6%)
6.48B
est: -25.40B (+125.5%)
14.70B
est: 4.73B (+210.6%)
21.28B
est: 7.06B (+201.4%)
-1.53B
est: 13.71B (-111.2%)
-32.23B
est: -9.70B (-232.3%)
8.26B
est: -11.79B (+170.1%)
12.37B
est: -12.90B (+195.8%)
9.74B
est: -15.34B (+163.5%)
14.94B
est: 15.91B (-6.1%)
17.03B
15.88B – 20.61B
+7.0% YoY
22.20B
20.50B – 24.45B
+30.3% YoY
26.98B
25.00B – 30.46B
+21.6% YoY
31.38B
29.03B – 35.03B
+16.3% YoY
Net Income
31.15B
est: 34.56B (-9.9%)
43.27B
est: 40.16B (+7.8%)
60.53B
est: 53.31B (+13.6%)
70.87B
est: 73.44B (-3.5%)
66.93B
est: 70.41B (-4.9%)
35.03B
est: 57.45B (-39.0%)
14.52B
est: 26.84B (-45.9%)
-7.04B
est: 12.38B (-156.9%)
4.57B
est: -7.80B (+158.6%)
4.41B
est: 4.54B (-2.8%)
10.05B
est: 4.71B (+113.6%)
-14.66B
est: 8.34B (-275.8%)
-26.97B
est: -12.10B (-123.0%)
4.46B
est: -14.70B (+130.3%)
6.37B
est: -16.09B (+139.6%)
2.82B
est: -19.14B (+114.7%)
5.34B
est: 8.79B (-39.3%)
12.90B
9.55B – 19.72B
+46.8% YoY
31.72B
27.42B – 41.90B
+145.9% YoY
44.80B
39.15B – 56.27B
+41.3% YoY
52.76B
47.62B – 60.75B
+17.7% YoY
SGA
18.50B
est: 51.39B (-64.0%)
20.84B
est: 50.70B (-58.9%)
12.76B
est: 81.26B (-84.3%)
816.70M
est: 68.73B (-98.8%)
69.05B
est: 57.67B (+19.7%)
1.37B
est: 69.11B (-98.0%)
55.90B
est: 57.49B (-2.8%)
54.86B
est: 58.86B (-6.8%)
56.48B
est: 90.07B (-37.3%)
62.04B
est: 83.92B (-26.1%)
56.51B
est: 103.54B (-45.4%)
55.77B
est: 45.72B (+22.0%)
55.20B
est: 57.57B (-4.1%)
56.80B
est: 69.97B (-18.8%)
57.96B
est: 76.59B (-24.3%)
57.09B
est: 91.09B (-37.3%)
65.41B
est: 68.34B (-4.3%)
73.15B
68.19B – 88.54B
+7.0% YoY
95.34B
88.05B – 105.02B
+30.3% YoY
115.91B
107.39B – 130.84B
+21.6% YoY
134.76B
124.68B – 150.47B
+16.3% YoY
EPS
8.49
est: 8.83 (-3.9%)
11.79
est: 11.95 (-1.3%)
16.49
est: 15.57 (+5.9%)
19.31
est: 18.18 (+6.2%)
18.23
est: 17.55 (+3.9%)
9.54
est: 10.39 (-8.1%)
3.95
est: 4.45 (-11.3%)
-1.92
est: -1.37 (-39.8%)
1.24
est: 2.65 (-53.2%)
1.19
est: 2.24 (-47.0%)
2.77
est: 3.50 (-21.0%)
-4.21
est: 2.18 (-292.7%)
-7.75
est: -3.01 (-157.4%)
0.12
est: -0.42 (+128.8%)
1.88
est: 1.24 (+52.1%)
0.81
est: 0.27 (+201.3%)
1.53
est: 2.41 (-36.4%)
3.71
2.75 – 5.67
+54.0% YoY
9.12
7.88 – 12.04
+145.9% YoY
12.88
11.25 – 16.18
+41.3% YoY
15.17
13.69 – 17.46
+17.7% YoY
Historical Ratings (3M)
Date Rating Overall DCF ROE ROA D/E P/E P/B
2026-05-07 C+ 2/5 1/5 3/5 3/5 2/5 1/5 2/5
2026-05-06 D+ 1/5 1/5 1/5 1/5 1/5 1/5 1/5
2026-05-05 D+ 1/5 1/5 1/5 1/5 1/5 1/5 1/5
2026-05-04 D+ 1/5 1/5 1/5 1/5 1/5 1/5 1/5
2026-04-30 D+ 1/5 1/5 1/5 1/5 1/5 1/5 1/5
2026-04-29 D+ 1/5 1/5 1/5 1/5 1/5 1/5 1/5
2026-04-28 D+ 1/5 1/5 1/5 1/5 1/5 1/5 1/5
2026-04-27 D+ 1/5 1/5 1/5 1/5 1/5 1/5 1/5
2026-04-24 D+ 1/5 1/5 1/5 1/5 1/5 1/5 1/5
2026-04-23 D+ 1/5 1/5 1/5 1/5 1/5 1/5 1/5
2026-04-22 D+ 1/5 1/5 1/5 1/5 1/5 1/5 1/5
2026-04-21 D+ 1/5 1/5 1/5 1/5 1/5 1/5 1/5
2026-04-20 D+ 1/5 1/5 1/5 1/5 1/5 1/5 1/5
2026-04-17 D+ 1/5 1/5 1/5 1/5 1/5 1/5 1/5
2026-04-16 D+ 1/5 1/5 1/5 1/5 1/5 1/5 1/5

Owner Earnings

Owner's Earnings (history) From To
Owner alignment
Owner's Earnings TTM
2.51B
OE per share TTM
0.73
Owner's Yield
0.18%
Maintenance CapEx ratio
—
Maint CapEx / Avg PPE
12.6%

Ownership Overview

Ownership breakdown

Ownership breakdown not available.

At a glance
Institutional holders
—
Total invested
—
Insider transactions (90d)
0
Beneficial owners (>5%)
0
Beneficial owners (>5%)

No beneficial ownership filings recorded.

Institutional Activity (13F)

Institutional ownership trend

Institutional history not available.

Top institutional holders

Top holders not available.

ETF Ownership

Top ETFs holding this stock Held by 14 ETFs in our universe
# ETF Weight Est. AUM exposure TER
1 Matthews India Active ETF INDE INDE 1.41% 250.5K 0.79%
2 State Street SPDR S&P Emerging Asia Pacific ETF GMF 0.16% 697.0K 0.49%
3 WisdomTree Emerging Markets Quality Dividend Growth Fund DGRE 0.12% 167.9K 0.32%
4 State Street SPDR Portfolio Emerging Markets ETF SPEM 0.09% 16.30M 0.07%
5 Dimensional - Emerging Markets ex China Core Equity ETF DEXC 0.08% 251.2K 0.56%
6 WisdomTree India Earnings Fund EPI 0.08% 1.59M 0.84%
7 Dimensional Emerging Markets Sustainability Core 1 ETF DFSE 0.06% 374.4K 0.44%
8 Schwab Emerging Markets Equity ETF SCHE 0.06% 7.17M 0.06%
9 Dimensional - Emerging Markets Value ETF DFEV 0.06% 1.10M 0.46%
10 State Street SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF EEMX 0.04% 77.2K 0.30%

Insider Activity

Insider Activity — Latest Quarter

No insider activity available.

Insider buys vs sells (history)

Insider history not available.

Recent insider transactions

No recent insider transactions.

Executive team

Top executives
EBIT / Employee
472.6K
Shares Outstanding
3.48B

Executive compensation

Executive compensation (annual)

Executive compensation not available.

CEO compensation breakdown

No CEO compensation history available.

Proxy statements

Proxy statements (DEF 14A)

No proxy statements available for this company yet.

Recent SEC filings

Recent SEC filings

No SEC filings available for this company yet.

Executive team

NameTitleCompensationGender
Bani Varma Head of EDN-Bengaluru, TBSG-ND, Director of Industrial Systems & Products & E, R&D WTD 7M female
Tajinder Gupta Director of Power, Director of Human Resources & Whole-Time Director 7M male
Koppu Sadashiv Murthy Chairman & MD 7M male
Rajesh Kumar Dwivedi Chief Financial Officer, Director of Finance & Whole-Time Director 6M male
Krishna Kumar Thakur Director of Human Resources & Whole Time Director 5M male
Sumeet Salhotra General Manager & Head of COC - New Delhi — male
Parthasarathi Das GM & Head of Mktg. & CC/ PSBG I — male
H. Malathi GM & Head of Corp. Finance, New Delhi — female
Alok Ranjan Chief Vigilance Officer — male
Rajnish Goyal GM & Head (ESSG & NBA), New Delhi — —
Rakesh Singh GM, Head (TBG), Noida & Executive Director — —
ESG Score History

No data available for this company.

Senate Trading Activity

No Senate trading activity found for this company.

House Trading Activity

No House trading activity found for this company.

Market share among peers
Peer comparison — filtered group (TTM)
Your opinion

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Dividend yield history

Dividend history

Earnings history

Earnings reports

Stock splits

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