Bharat Heavy Electricals Ltd Stock Analysis

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

BSE Share Price 28-Nov-2023 17:59
156.15 3.90 (2.56%)

DeciZen - Make an Informed Decision on BHEL

Overall Rating

1. Quality

2. Valuation


3. Price Trend

BHEL Price Chart

P/E Ratio (SA):
Market Cap:
54,372.4 Cr.
52-wk low:
52-wk high:
Bole Toh?

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

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 38,82430,01825,48328,44728,81330,42321,45917,30821,21123,36522,522
YoY Gr. Rt. %--22.7%-15.1%11.6%1.3%5.6%-29.5%-19.3%22.6%10.2%-
Adj EPS 8.24.6-
YoY Gr. Rt. %--43.8%-159%NA-32.1%163%-253.3%NANA-65.4%-
BVPS (₹) 9092.887.78888.890.383.876.177.578.376.1
Adj Net Profit 3,0001,686-9946854671,163-1,784-2,76135212045
Cash Flow from Ops. 4,518775347562991-3,856-2,892560660-742-
Debt/CF from Ops.


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%
Share Price 4.1% 18.1% 68.1% 92.4%

Key Financial Parameters

Performance Ratio Colour Code Guide

Return on Equity % 9.55-
Op. Profit Mgn % 8.32.6-12.7-8.7-2.6-0.4-16.9-31.8-11.2-8.61.7
Net Profit Mgn % 7.75.6-
Debt to Equity 0.100000.
Working Cap Days 565694754606519521766852642602572
Cash Conv. Cycle 251310338253135579910338-3106

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 0.20%

Sales growth has been subdued in last 3 years 2.88%

Net Profit has been subdued in last 3 years 0.00%

Sales growth is not so good in last 4 quarters at 2.99%

Latest Financials - Bharat Heavy Electricals Ltd.

Standalone Consolidated
TTM EPS (₹) 0.1 0.2
TTM Sales (₹ Cr.) 22,522 22,522
BVPS (₹.) 76.1 74.9
Reserves (₹ Cr.) 25,817 25,386
P/BV 2.05 2.08
PE 0.00 762.91
From the Market
52 Week Low / High (₹) 66.30 / 156.15
All Time Low / High (₹) 5.00 / 390.00
Market Cap (₹ Cr.) 54,372
Equity (₹ Cr.) 696.4
Face Value (₹) 2
Industry PE 43

Management X-Ray of BHEL :

Shareholding Pattern

Promoter's Holding & Share Pledging

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

Event Update

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Analyst's Notes

Key Ratios of BHEL

Adj EPS (Rs.)
Sales (Cr.)
ROE (%)
ROCE (%)


Bharat Heavy Electricals Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of BHEL on 28-Nov-2023 17:59 is : 156.2.
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-Nov-2023 17:59 the market cap of BHEL stood at ₹ 54,372.4.
The latest PE ratio of BHEL as of 28-Nov-2023 17:59 is 0.00.
The latest PB ratio of BHEL as of 28-Nov-2023 17:59 is 2.05
The 52-week high of BHEL is ₹ 156.2 and the 52-week low is ₹ 66.30.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue / sales of BHEL is ₹ 22,522 ( 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



  • 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 


  • 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


  • 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  


  • 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 


  • 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 


  • 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'


  • 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 


  • 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' 


  • 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.


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



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


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


  • 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 


  • 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 


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


  • 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 


  • 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 


  • 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 


  • 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 


  • 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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