Bharat Heavy Electricals Ltd - Stock Valuation and Financial Performance

BSE: 500103 | NSE: BHEL | Engineering - Industrial Equipments | Mid Cap

BHEL Share Price

247.20 4.30 1.77%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on BHEL

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Bharat Heavy Electricals stock performance -

mw4me loader
P/E Ratio (SA):
0.00
Market Cap:
84,579.3 Cr.
52-wk low:
67.6
52-wk high:
271.9

Is Bharat Heavy Electricals Ltd an attractive stock to invest in?

1. Is Bharat Heavy Electricals Ltd a good quality company?

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Bharat Heavy Electricals Ltd is a below average quality company.

2. Is Bharat Heavy Electricals Ltd undervalued or overvalued?

The key valuation ratios of Bharat Heavy Electricals Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is Bharat Heavy Electricals Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Bharat Heavy Electricals Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

10 Year X-Ray of BHEL:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Bharat Heavy Electricals Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 9.1%5%-2.2%3%2.1%4.3%-4%-7.4%2.1%1.7%-
Value Creation
Index
-0.2-0.6-1.2-0.7-0.8-0.6-1.3-1.6-0.8-0.9-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 38,82430,01825,48328,44728,81330,42321,45917,30821,21123,36522,856
Sales YoY Gr.--22.7%-15.1%11.6%1.3%5.6%-29.5%-19.3%22.6%10.2%-
Adj EPS 8.24.6-2.71.91.33.3-5.1-7.910.4-0.4
YoY Gr.--43.8%-159%NA-32.1%163%-253.3%NANA-65.4%-
BVPS (₹) 9092.887.78888.890.383.876.177.578.375.7
Adj Net
Profit
3,0001,686-9946854671,163-1,784-2,761352120-150
Cash Flow from Ops. 4,518775347562991-3,856-2,892560660-742-
Debt/CF from Ops. 0.60.20.60.30.1-0.7-1.78.67.2-7.3-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales -5.5%-4.1%2.9%10.2%
Adj EPS -29.5%-22.7%NA-65.4%
BVPS-1.5%-2.5%-2.2%1.1%
Share Price 6.4% 28.2% 71.9% 252.4%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
9.55-32.11.43.6-5.9-9.91.30.4-0.6
Op. Profit
Mgn %
8.32.6-12.7-8.7-2.6-0.4-16.9-31.8-11.2-8.60.8
Net Profit
Mgn %
7.75.6-3.92.41.63.8-8.3-161.70.5-0.7
Debt to
Equity
0.100000.10.20.20.20.2-
Working Cap
Days
565694754606519521766852642602230
Cash Conv.
Cycle
251310338253135579910338-346

Recent Performance Summary

No data to display

Return on Equity is Poor

Sales growth has been subdued in last 3 years 2.88%

Sales growth is not so good in last 4 quarters at 4.57%

Latest Financials - Bharat Heavy Electricals Ltd.

Standalone Consolidated
TTM EPS (₹) -0.4 -0.3
TTM Sales (₹ Cr.) 22,856 22,856
BVPS (₹.) 75.7 74.4
Reserves (₹ Cr.) 25,654 25,215
P/BV 3.21 3.26
PE 0.00 0.00
From the Market
52 Week Low / High (₹) 67.63 / 271.90
All Time Low / High (₹) 5.00 / 390.00
Market Cap (₹ Cr.) 84,579
Equity (₹ Cr.) 696.4
Face Value (₹) 2
Industry PE 45.7

Management X-Ray of BHEL:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales38,82430,01825,48328,44728,81330,42321,45917,30821,21123,365
Operating Expenses 35,58529,62228,72431,20029,60130,53925,07622,82123,58825,383
Manufacturing Costs5,8954,9654,5404,6334,9485,6334,4194,0105,9286,790
Material Costs18,19513,36613,21214,09712,72013,98010,7388,6699,73010,475
Employee Cost 5,9315,4485,3805,3956,0675,5025,4265,3725,5175,701
Other Costs 5,5655,8435,5917,0755,8665,4244,4934,7692,4132,417
Operating Profit 3,238396-3,241-2,752-788-117-3,617-5,512-2,377-2,018
Operating Profit Margin (%) 8.3%1.3%-12.7%-9.7%-2.7%-0.4%-16.9%-31.8%-11.2%-8.6%
Other Income 2,8912,9133,3724,6413,4893,0164,0692,8393,5743,341
Interest 13392359412330377611466447612
Depreciation 9831,077936849786475503473314260
Exceptional Items 0000000000
Profit Before Tax 5,0142,140-1,1646281,5852,048-662-3,612437450
Tax 1,554721-455132778839811-894272
Profit After Tax 3,4611,419-7104968071,209-1,473-2,717410448
PAT Margin (%) 8.9%4.7%-2.8%1.7%2.8%4.0%-6.9%-15.7%1.9%1.9%
Adjusted EPS (₹)9.43.9-1.91.42.23.5-4.2-7.81.21.3
Dividend Payout Ratio (%)20%20%-14%78%83%58%0%0%34%31%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 33,04734,08532,18132,29432,60131,43229,18126,48426,97127,262
Share Capital 490490490490734696696696696696
Reserves 32,55833,59531,69231,80531,86730,73528,48525,78826,27526,566
Minority Interest0000000000
Debt2,6556112690572,5274,9334,8344,7455,385
Long Term Debt105611269057950000
Short Term Debt2,55000002,4324,9334,8344,7455,385
Trade Payables8,7188,7998,6988,70910,58711,3758,8246,6757,7509,896
Others Liabilities 34,41029,21126,75019,78819,17618,48816,84014,70713,77413,898
Total Liabilities 78,83072,15667,75660,88162,42163,82259,77952,70053,24056,441

Fixed Assets

Gross Block12,05012,5864,8965,3725,6265,9516,3316,4636,6406,949
Accumulated Depreciation7,3608,4479341,7772,5572,9843,5173,9754,2414,473
Net Fixed Assets4,6904,1383,9623,5963,0692,9672,8142,4882,3982,476
CWIP 642518318168203235314420431354
Investments 420418664661691669670670670670
Inventories9,79810,1059,6027,3726,2597,7978,9057,1916,5606,756
Trade Receivables28,07226,22422,43022,07614,06411,8617,1084,0343,0253,128
Cash Equivalents 11,8739,81310,08610,49211,1767,5036,4196,7017,1546,643
Others Assets23,33520,94120,69316,51626,96032,78933,54931,19633,00236,415
Total Assets 78,83072,15667,75660,88162,42163,82259,77952,70053,24056,441

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 4,518775347562991-3,856-2,892560660-742
PBT 5,0142,140-1,1646281,5852,048-662-3,612437450
Adjustment 2,1691,5112,4991,8992,6362,1077131,742-778-196
Changes in Working Capital -534-1846-683-1376-3274-7589-26202620592-1106
Tax Paid -2,131-1,030-305-58943-421-322-190409110
Cash Flow From Investing Activity -16846451-5669641,9151,877-43-1,1251,480
Capex -670-457-553-333-270-424-385-249-162-181
Net Investments 000-8615621,7341,707-159-1,2511,384
Others 502921604628672605555365288277
Cash Flow From Financing Activity -209-3,300-124-470-671-321,622-393-33089
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 0000000000
Interest Paid -127-101-25-64-37-95-292-221-192-362
Dividend Paid -1,316-594-183-294-485-653-505-10-139
Others 1,233-2,60585-112-1497152,419-171-138590
Net Cash Flow 4,141-2,060274-4741,284-1,973607124-795828
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)10.94.23-2.141.542.493.78-4.86-9.761.531.65
ROCE (%)15.26.38-2.423.215.887.27-0.15-9.622.83.3
Asset Turnover Ratio0.520.410.380.460.530.550.390.350.460.49
PAT to CFO Conversion(x)1.310.55N/A1.131.23-3.19N/AN/A1.61-1.66
Working Capital Days
Receivable Days2593183332732011361421035342
Inventory Days97117135104767312514910490
Payable Days183238241225276285342323266303

Bharat Heavy Electricals Ltd Stock News

Bharat Heavy Electricals Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of BHEL on 28-Mar-2024 16:01 is ₹247.2.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 28-Mar-2024 16:01 the market cap of BHEL stood at ₹84,579.3.
The latest P/E ratio of BHEL as of 28-Mar-2024 16:01 is 0.00.
The latest P/B ratio of BHEL as of 28-Mar-2024 16:01 is 3.21.
The 52-week high of BHEL is ₹271.9 and the 52-week low is ₹67.63.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of BHEL is ₹22,856 ( Cr.) .

About Bharat Heavy Electricals Ltd

Bharat Heavy Electricals Limited (BHEL) is a celebration of India’s industrial achievements. It is established in 1964. It is one of India’s largest engineering and manufacturing enterprises in the energy and infrastructure sectors and a leading power equipment manufacturer globally.

All the entities of the company are accredited to ISO 9001:2015, Quality Management Systems, with major manufacturing units also accredited to Environmental Management Systems, ISO 14001:2015, and Occupational Health & Safety Management Systems, OHSAS 18001:2007.

Business area of the company

The company is one of the largest engineering and manufacturing companies of its kind in India, engaged in the design, engineering, manufacture, construction, testing, commissioning and servicing of a wide range of products, services and systems for core sectors of the economy, viz. Power Generation, Transmission, Industry, Transportation, Renewable Energy, Oil & Gas, Water, Defence & Aerospace, and E-Mobility & Energy Storage Solutions.

Products & Services

  • Thermal Power Plants
  • Nuclear Power Plants
  • Gas-Based Power Plants
  • Hydro Power Plants
  • Solar Power System
  • DG Power Plants
  • Desalination And Water Treatment Plants
  • Boilers
  • Boiler Auxiliaries
  • Soot Blowers
  • Valves
  • Piping Systems
  • Seamless Steel Tubes
  • Steam Turbines
  • Turbogenerators
  • Industrial Sets
  • Castings And Forgings
  • Condenser And Heat Exchangers
  • Pumps
  • Compressors
  • Solar Photovoltaics
  • Automation And Control Systems
  • Transmission Systems Control
  • Software System Solution
  • Switchgear
  • On Load Tap Changers (OLTC)
  • L T Switchgear & Bus Ducts
  • Transformers & Reactors
  • Capacitors
  • Bushings
  • Control Gear
  • Insulators
  • Electrical Machines
  • Transportation Systems
  • Transportation Equipment
  • Energy Storage System & E- Mobility
  • Oil Field Equipment
  • Fabricated Equipment And Mechanical Packages

Awards

2011

  • BHEL employees win 5 Vishwakarma National Awards and BHEL Units bag 3 National Safety Awards 
  • BHEL wins ICWAI National Awards for Excellence in Cost Management for the sixth consecutive year; maximum number of awards conferred on BHEL among public and private sector companies 
  • BHEL gets Golden Peacock Award 2011 for Occupational Health and Safety 
  • BHEL bags Intellectual Property Award 2011 
  • BHEL receives Essar Steel Infrastructure Excellence Award 2011 
  • BHEL wins DSIJ Gentle Giant Award 2011 

2012

  • BHEL gets the D and B Best PSU award in the Electrical and Electronics category 
  • BHEL gets the BT-Star Award for the most Innovative PSU in the Maharatna/Navratna category

2013

  • BHEL wins India Pride Award 2013 for Excellence in Heavy Industries 
  • BHEL bags PSE Excellence Award 2013 for RnD, Technology Development and Innovation
  • BHEL conferred BGR-ENERTIA Commemoration Award for Technology Enterprise Innovation - Conventional Energy  

2014

  • BHEL bags PSE Excellence Award 2014 for R and D and Technology Development 
  • BHEL wins ICAI National Award for Excellence in Cost Management for the ninth consecutive year 
  • BHEL conferred Skoch Foundation Order of Merit Awards 

2015

  • BHEL wins DSIJ Award 2015 for the Most Efficient Maharatna PSU 
  • BHEL wins Best Overall Performance Award 
  • BHEL wins Award for Best R and D and Innovation 
  • BHEL bags EEPC's Top Export Award for the 25th consecutive year 
  • BHEL bags PSE Excellence Awards for Human Resource Management Excellence and for R and D Technology Development and Innovation 
  • BHEL wins India Pride Award 2014-15 for Excellence in Heavy Industries 

2016

  • BHEL wins Golden Peacock HR Excellence award 2016 
  • BHEL wins Awards for Excellence in R and D and Technology Adoption 
  • BHEL wins the EEPC Export Excellence Award for the 26th consecutive year 
  • BHEL bags PSE Excellence Awards for Human Resource Management Excellence and for R and D Technology Development and Innovation
  • BHEL honoured with Excellence Award by POWERGRID 
  • BHEL wins BML Munjal Award for 'Business Excellence through Learning and Development'

2017

  • BHEL bags PSE Excellence Awards for R and D, Technology Development and Innovation, Human Resource Management Excellence and for Contribution of Women in PSEs 
  • CMD, BHEL conferred Industry Honour for 'Visionary Leadership in Heavy Engineering' 
  • CMD, BHEL honoured as eminent engineering personality by The Institution of Engineers 
  • BHEL adjudged the Best Power Equipment Manufacturing Organisation 

2018

  • BHEL wins PSE Excellence Award 2018 for Corporate Governance 
  • BHEL wins ICAI National Award for Excellence in Cost Management 
  • BHEL wins Six National Safety Awards 
  • BHEL wins EEPC Export Excellence Award 
  • BHEL wins India Pride Award 2017-18 for Excellence in Heavy Industries 
  • BHEL wins CBIP Award 2018 for 'Best Power Equipment Manufacturing Organisation' 

2019

  • BHEL wins Indian Green Energy Award 2019 
  • Dun & Bradstreet PSU Award 2019 in manufacturing, processing & generation- Heavy & Medium Engineering category for its contribution to the country's development.
  • Safety Innovation Award 2019 by The Institution of Engineers.
  • Asia Pacific Entrepreneurship Award 2019 under corporate excellence in the field of Engineering Industry.
  • Golden Globe Tigers Award 2019 for excellence in HR Leadership under the category- Dream Company to Work for Golden Peacock Award 2019 for corporate social responsibility.
  • Golden Peacock Award 2019 for corporate social responsibility.
  • BHEL Hyderabad Provident Fund Trust has been conferred with the 'Best Performing Exempted PF Trust Award' by Employees' Provident Fund Organizations (EPFO) at its 67th Foundation Day celebration.
  • National Best Employer Brand Award 2019 for initiatives in talent development, succession planning, retention & talent attraction by World HRD Congress.

2020

  • BHEL wins Governance Now PSU Awards 2020 in three categories.

Milestones

2011

  • BHEL joins hands with Abengoa to develop Concentrated Solar Power projects in India 

2012

  • BHEL develops India first Ultra High Voltage AC 1200 kV Transformer through in-house Research and Development efforts 

2013

  • BHPV Merged with BHEL; Becomes Seventeenth Unit of BHEL 
  • BHEL reaffirms commitment towards environmental concerns; Acquires state-of-the-art technology for controlling pollution from thermal power plants 

2014

  • BHEL, HSL and Midhani join hands for Indigenous Submarine project 
  • BHEL further scaling up Research and Development efforts - Organizes Industry Academia meet to explore potential research areas of collaboration with leading Indian Institutes of Technology 

2015

  • BHEL holds Annual Industry-Academia Meet; Signs MoU with IIT Roorkee 
  • BHEL signs three strategic MoUs in Kazakhstan 
  • BHEL launches online Supplier Registration Portal 

2016

  • BHEL consolidates its global footprint Forays into two new countries - Togo and Benin 
  • BHEL and NHPC sign Contract Agreement 
  • BHEL further expands footprint in Afghanistan 

2017

  • BHEL signs Technology Collaboration Agreement with Kawasaki Heavy Industries Ltd. for Manufacture of Stainless Steel Coaches for Metros 
  • BHEL and Indian Railways tie up for Rooftop SPV Systems 
  • BHEL signs MoU with NEERI for joint working on projects related to water and waste water treatment 

2018

  • BHEL signs Technology Collaboration Agreement with Babcock Power Environmental Inc., USA
  • BHEL Renovates RCC drain and builds modern Public Utility Complex in Noida as part of CSR initiatives 
  • BHEL signs Technology Transfer Agreement with ISRO for manufacture of Space Grade Lithium-ion cells 
  • BHEL signs Technology Collaboration Agreement with HLB Power, Republic of Korea 

2019

  • BHEL signs MoU with CSIR for commercialisation of indigenously developed technologies
  • BHEL signs MoU with NTPC to set up world’s most efficient & environmental friendly coal-fired power plant 
  • BHEL and CONCOR to jointly set up Rail-based Logistics Facility at Haridwar
  • BHEL signs MoU with ARAI for e-mobility projects 

2020

  • AatmaNirbhar Bharat - BHEL showcases capabilities for developing self-reliance in manufacturing 
  • BHEL launches ‘Quality First’ Initiative 
  • BHEL signs MoU with Rosoboronexport, Russia 
  • BHEL launches multi-dimensional Transformation Strategy; Focuses on converting challenges of rapidly changing business environment into opportunities 
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