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Bharat Heavy Electricals Ltd (BHEL) Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating

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

BHEL Share Price

316.70 7.65 (2.48%)
As on 17-Apr'26 16:59

Bharat Heavy Electricals Ltd (BHEL)

BSE: 500103 NSE: BHEL
Key Metrics
Market Cap
₹1,10,277 Cr.
P/E Ratio
137.96
Price to Book (P/B)
4.38
Price to Sales (P/S)
3.62
EV/EBITDA
51.92
Return on Capital Employed (ROCE)
4.83%
Current Price
₹316.7
Return on Equity (ROE)
2.05%
Return on Assets (ROA)
0.86%
Operating Profit Margin
-14.9%
Net Profit Margin
1.81%
Gross Profit Margin
3%
Book Value per Share
₹72.3
Sales Growth (YoY)
18.61%
Sales Growth (3 Years)
10.14%
Operating Profit Growth (1 Year)
NA%
Operating Profit Growth (3 Years)
N/A%
Net Profit Growth (1 Year)
97.38%
52-Week Low / High
₹205 / 318
Net Profit Growth (3 Years)
7.73%
Dividend Yield
0.23%
Promoter Holding
58.17%
Pledged shares (%)
of Promoter's holding (%)
0.00%

Check Before You Invest

Q.1 Revenue growth of Bharat Heavy Electricals Ltd?
Bharat Heavy Electricals Ltd revenue growth is 18.6% for FY-2025 , which is above its 5 year CAGR of 5.7% , indicating faster growth.
Q.1 Promoter shareholding and pledge status of Bharat Heavy Electricals Ltd?
Promoters hold 58.17% of the Bharat Heavy Electricals Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Revenue growth of Bharat Heavy Electricals Ltd vs industry peers?
Bharat Heavy Electricals Ltd revenue CAGR is 5.72% , compared to the industry median CAGR of 2.86% , indicating faster growth and gaining its market share.
Q.1 Which industry/sub-sector does Bharat Heavy Electricals Ltd belong to?
Bharat Heavy Electricals Ltd belongs to the Capital Goods & Industrial Consumables sector, operating specifically within the Engineering - Industrial Equipments segment.
Q.1 Stock return of Bharat Heavy Electricals Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 13.4% based on the current price.

DeciZen - make an informed investing decision on BHEL

Based on:

Overall Rating
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1. Quality


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2. Valuation


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3. Price Trend


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Bharat Heavy Electricals stock performance

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


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10 Year X-Ray : Login to view analysis.

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'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % -2.4%3.2%5.9%7.3%-0.2%-9.6%2.8%4.2%3.3%4.8%-
Value Creation
Index
-1.2-0.7-0.5-0.4-1.0-1.7-0.8-0.6-0.7-0.6-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 25,48328,44728,81330,42321,45917,30821,21123,36523,89328,33930,465
Sales YoY Gr.-11.6%1.3%5.6%-29.5%-19.3%22.6%10.2%2.3%18.6%-
Adj EPS -2.71.91.33.3-5.1-7.910.80.51.22.3
YoY Gr.-NA-32.1%163%-253.3%NANA-20.8%-35%123.1%-
BVPS (₹) 87.78888.890.383.876.177.571.371.472.172.3
Adj Net
Profit
-9946854671,163-1,784-2,761352279181405801
Cash Flow from Ops. 347562991-3,856-2,892560660-741-3,7132,192-
Debt/CF from Ops. 0.60.30.1-0.7-1.78.67.2-7.3-2.44-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 1.2%5.7%10.1%18.6%
Adj EPS NANA4.7%123.1%
BVPS-2.1%-3%-2.4%1.1%
Share Price 13.6% 47% 61.3% 39.2%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
-32.11.43.6-5.9-9.91.31.10.71.63.2
Op. Profit
Mgn %
-12.7-8.7-2.6-0.4-16.9-31.8-11.2-8.6-17.6-14.94.7
Net Profit
Mgn %
-3.92.41.63.8-8.3-161.71.20.81.42.6
Debt to
Equity
0000.10.20.20.20.20.40.4-
Working Cap
Days
754606519521766852642580584547246
Cash Conv.
Cycle
338253135579910338-363179

Recent Performance Summary

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Latest Financials

Standalone Consolidated
TTM EPS (₹) 2.3 2.3
TTM Sales (₹ Cr.) 30,465 30,465
BVPS (₹) 72.3 71.2
Reserves (₹ Cr.) 24,470 24,078
P/BV 4.38 4.45
PE 137.96 135.44
From the Market
52 Week Low / High (₹) 205.20 / 317.70
All Time Low / High (₹) 5.00 / 390.00
Market Cap (₹ Cr.) 1,10,277
Equity (₹ Cr.) 696.4
Face Value (₹) 2
Industry PE 55.2

Management X-Ray

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 (%)

Valuation of BHEL - Standalone Basis

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Event Update

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Analyst's Notes

data not found
No data found!

Key Ratios

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales25,48328,44728,81330,42321,45917,30821,21123,36523,89328,339
Operating Expenses + 28,72431,20029,60130,53925,07622,82123,58825,38328,09432,558
Manufacturing Costs4,5404,6334,9485,6334,4194,0105,9286,7906,2416,508
Material Costs13,21214,09712,72013,98010,7388,6699,73010,47511,54813,423
Employee Cost 5,3805,3956,0675,5025,4265,3725,5175,7015,6295,923
Other Costs 5,5917,0755,8665,4244,4934,7692,4132,4174,6776,703
Operating Profit -3,241-2,752-788-117-3,617-5,512-2,377-2,018-4,201-4,218
Operating Profit Margin (%) -12.7%-9.7%-2.7%-0.4%-16.9%-31.8%-11.2%-8.6%-17.6%-14.9%
Other Income + 3,3724,6413,4893,0164,0692,8393,5743,5775,4986,121
Exceptional Items 0000000000
Interest 359412330377611466447612828906
Depreciation 936849786475503473314260249272
Profit Before Tax -1,1646281,5852,048-662-3,612437686220725
Tax -455132778839811-8942761-40212
Profit After Tax -7104968071,209-1,473-2,717410624260513
PAT Margin (%) -2.8%1.7%2.8%4.0%-6.9%-15.7%1.9%2.7%1.1%1.8%
Adjusted EPS (₹)-1.91.42.23.5-4.2-7.81.21.80.81.5
Dividend Payout Ratio (%)-14%78%83%58%0%0%34%22%33%34%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 32,18132,29432,60131,43229,18126,48426,97124,81224,85125,113
Share Capital 490490734696696696696696696696
Reserves 31,69231,80531,86730,73528,48525,78826,27524,11624,15424,417
Debt +12690572,5274,9334,8344,7455,3858,8088,795
Long Term Debt126905795000000
Short Term Debt0002,4324,9334,8344,7455,3858,8088,795
Minority Interest0000000000
Trade Payables8,6988,70910,58711,3758,8246,6757,7509,8968,5399,541
Others Liabilities 26,75019,78819,17618,48816,84014,70713,77413,07413,04020,975
Total Liabilities 67,75660,88162,42163,82259,77952,70053,24053,16755,23864,424

Fixed Assets

Net Fixed Assets +3,9623,5963,0692,9672,8142,4882,3982,4762,5742,947
Gross Block4,8965,3725,6265,9516,3316,4636,6406,9497,2367,748
Accumulated Depreciation9341,7772,5572,9843,5173,9754,2414,4734,6624,801
CWIP 318168203235314420431354308195
Investments 664661691669670670670670668672
Inventories9,6027,3726,2597,7978,9057,1916,5606,7567,2219,869
Trade Receivables22,43022,07614,06411,8617,1084,0343,0253,1284,7855,884
Cash Equivalents 10,08610,49211,1767,5036,4196,7017,1546,6986,1577,612
Others Assets 20,69316,51626,96032,78933,54931,19633,00233,08533,52437,244
Total Assets 67,75660,88162,42163,82259,77952,70053,24053,16755,23864,424

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 347562991-3,856-2,892560660-741-3,7132,192
PBT -1,1646281,5852,048-662-3,612437686220725
Adjustment 2,4991,8992,6362,1077131,742-778-740-711-344
Changes in Working Capital -683-1376-3274-7589-26202620592-797-34451729
Tax Paid -305-58943-421-322-19040911022281
Cash Flow From Investing Activity + 51-5669641,9151,877-43-1,1251,4801,331-2,731
Capex -553-333-270-424-385-249-162-181-224-268
Net Investments 0-8615621,7341,707-159-1,2511,3841,113-2,873
Others 604628672605555365288277441410
Cash Flow From Financing Activity + -124-470-671-321,622-393-330892,656-857
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 0000000000
Interest Paid -25-64-37-109-310-234-192-362-589-701
Dividend Paid -183-294-485-653-505-1-0-139-139-87
Others 85-112-1497292,436-158-1385903,384-68
Net Cash Flow 274-4741,284-1,973607124-795829274-1,396

Finance Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)-2.141.542.493.78-4.86-9.761.532.411.052.05
ROCE (%)-2.423.215.887.27-0.15-9.622.84.193.284.83
Asset Turnover Ratio0.380.460.530.550.390.350.460.510.510.55
PAT to CFO Conversion(x)N/A1.131.23-3.19N/AN/A1.61-1.19-14.284.27
Working Capital Days
Receivable Days33327320113614210353425259
Inventory Days1351047673125149104909295
Payable Days241225276285342323266303289245

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Bharat Heavy Electricals Ltd FAQs

The current trading price of BHEL on 17-Apr-2026 16:59 is ₹316.7.

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 16-Apr-2026 the market cap of BHEL stood at ₹1,10,277 Cr

The latest P/E ratio of BHEL as of 16-Apr-2026 is 138.0.

The latest P/B ratio of BHEL as of 16-Apr-2026 is 4.38.

The 52-week high of BHEL is ₹317.7 and the 52-week low is ₹205.2.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of BHEL is ₹30,465 ( 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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