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BHEL · NSE · Heavy Electrical Equipment

Bharat Heavy Electricals Ltd

What the numbers mean, from its filings and the exchange. Data as of 12 Oct 2026.
Large Cap · AMFI list Jan-Jun 2026 · Vendor sector: Industrials
cheap low confidence No valuation within 120 days; P/E 62.0 vs peers 68.0 (5th of 9); P/B 3.2 vs peers 13.3 (1st of 9).
Statements through FY2026Prices adjusted for corporate actionsNot yet reviewed by the adversarial model

What is Bharat Heavy Electricals's share price today?

Bharat Heavy Electricals last traded at ₹439.90 on the NSE, as of 12 Oct 2026, 11:00 pm IST, up 1.4% on the day, up 84.6% over a year. Its 52-week range is ₹230 to ₹456. The live price is in the app.

₹439.90 +1.4% today
+84.6% over 1 year · NSE, as of 12 Oct 2026, 11:00 pm IST
60 month-end closes, 31 Oct 2021 to 30 Sep 2026, adjusted for splits and bonuses
52-week range93% of the way up
Low ₹230High ₹456

What is Bharat Heavy Electricals's market cap?

Bharat Heavy Electricals's market capitalisation is about ₹1.51 lakh crore: what it would cost to buy every share at today's price. That makes it the 59th largest large cap company we cover.

₹1.5 L Cr Large Cap59th largest large cap company
Large Cap means the 100 largest listed companies, under SEBI's rules. Shares in issue are worked out from the market cap and the price. What market cap tells you →

Key facts

From the exchange
Symbol
NSE: BHEL
ISIN
INE257A01026
Cap bucket
Large Cap, 59th largest by market cap
Industry (NSE)
Industrials › Capital Goods › Electrical Equipment › Heavy Electrical Equipment
Listed since
2003
Futures and options
Traded

Is Bharat Heavy Electricals overvalued?

Cheap, with low confidence: no valuation within 120 days; P/E 62.0 vs peers 68.0 (5th of 9); P/B 3.2 vs peers 13.3 (1st of 9).

Valuation

Latest price and trailing 12 months
P/E 62.03
vs peers 68.0 · 5th of 9
Price divided by last year's earnings per share: how many years of today's profit you pay for. Learn more →
P/B 3.22
vs peers 13.3 · 1st of 9
Price divided by book value per share: what you pay for each rupee of net assets on the balance sheet. Learn more →
Market cap ₹1.51 lakh Cr
Total market value of all shares, in ₹ crore. Learn more →
Dividend yield 0.6%
vs peers 0.4% · 3rd of 5
Last year's dividends as a share of today's price. Learn more →
PEG (vendor) 10.07
vs peers 2.4 · 6th of 7
P/E divided by the vendor's earnings growth figure, which it does not disclose; a P/E adjusted for how fast profits grow. Learn more →
PEG on our 3-year EPS growth 1.79
P/E divided by the 3-year EPS growth rate from the stored accounts. Learn more →
3 models could be judged
Skipped — Fair value, EPV, Graham number, Graham value, Lynch, Owner earnings: no valuation stored

Our valuation range

🔒 Pro
Value range, implied growth at today's price, and the nine models behind it: in the app.

Is Bharat Heavy Electricals a quality business?

Quality score 32.1, 9th of 9 in its peer set; WATCH on 30 of 30 flags judged.

Quality and risk

Data as of 12 Oct 2026
Business quality Not available
The kind of business, which sets the yardstick it is judged by. Learn more →
Quality score 32.1
vs peers 47.3 · 9th of 9
Returns, margins, leverage and consistency against its peers, out of 100. Learn more →
Risk level WATCH
30 of 30 flags judged
From flags on debt, earnings quality, dilution and price swings. Learn more →

Profitability

ROE 5.2%
vs peers 21.9% · 9th of 9
Return on equity: profit as a share of shareholders' money. Learn more →
ROCE 5.6%
vs peers 29.0% · 9th of 9
Return on capital employed: operating profit as a share of all the capital in the business, debt and equity. Learn more →
Profit margin 6.6%
vs peers 15.8% · 8th of 9
Profit after everything, as a share of revenue. Learn more →
EPS ₹4.60
Trailing 12 months
Profit for each share over the last 12 months.

Scorecard

🔒 Pro
Health scores and red flags with their values and history: in the app.
See the scorecard →
Inside the app

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Has Bharat Heavy Electricals made money for shareholders?

Yes: +84.6% over one year and +45.1% a year over five years.

Shareholder returns

1-year return +84.6%
Price only
What the share price did over the last 12 months. Learn more →
5-year return +45.1% a year
Price only
Yearly average price return over five years, bonuses and splits adjusted. Learn more →
Wealth destroyer No
Five-year total return — price CAGR on bonus- and split-adjusted closes plus the dividend yield — below the 7% a bank fixed deposit paid. Learn more →

Returns

3Y and 5Y are yearly averages
1W
+1.1%
1M
+5.0%
3M
+6.0%
6M
+50.7%
1Y
+84.6%
3Y
+50.9%
5Y
+45.1%

Does Bharat Heavy Electricals pay a dividend?

Yes. Bharat Heavy Electricals's dividend yield is 0.57% at the latest price; the last payout was ₹1.40 a share, ex-dividend 17 Jul 2026.

Dividends

Per share, by ex-dividend date
Dividend yield0.57%
The past 12 months' dividends as a share of today's price.
17 Jul 2026 · Final₹1.40
1 Aug 2025 · Final₹0.50
9 Aug 2024 · Final₹0.25
11 Aug 2023 · Final₹0.40
15 Sep 2022 · Final₹0.40
Payout ratio🔒 In the app
The share of profit paid out as dividends; a very high share leaves little to reinvest.
Dividend growth, 5 years🔒 In the app
How fast the dividend per share has grown a year.
Years without a miss🔒 In the app
How many years in a row a dividend has been paid.

Is Bharat Heavy Electricals growing?

Revenue 3 years 13.2% a year; profit 3 years 34.7% a year; revenue 5 years 11.3% a year.

Growth

Statements through FY2026 (Mar-26)
Revenue 3 years 13.2% a year
vs peers 23.2% · 5th of 6
Compound annual growth of revenue over three years. Learn more →
Profit 3 years 34.7% a year
vs peers 12.4% · 2nd of 5
Compound annual growth of net profit over three years. Learn more →
Revenue 5 years 11.3% a year
Compound annual growth of revenue over five years. Learn more →
Profit 5 years 40.4% a year
Compound annual growth of net profit over five years. Learn more →
EPS 3 years 34.7% a year
Growth in earnings per share, so dilution counts against the company. Learn more →
EPS 5 years Not available
Growth in earnings per share over five years, so dilution counts against the company. Learn more →
P/E vs own history -0.6%
vs peers -24.1% · 4th of 5
Today's P/E against its own 5-year median; negative is cheaper than its history. Learn more →

How did Bharat Heavy Electricals do last quarter?

Bharat Heavy Electricals reported revenue of ₹7,698 Cr, up 19.2% on a year earlier and a net profit of ₹377 Cr, up 199.7% in the Jun 2026 quarter.

Latest quarter

Jun 2026
Revenue, latest quarter₹7,698 Cr
+19.2% on a year earlier
What the company took in over the quarter.
Net profit, latest quarter₹377 Cr
+199.7% on a year earlier
What was left for shareholders after every cost and tax.

How does Bharat Heavy Electricals compare with its peers?

Compared with 8 Heavy Electrical Equipment; 5th of 9 on P/E; 9th of 9 on quality score.

Compared with 8 Heavy Electrical Equipment

8 companies

Bharat Heavy Electricals against its peers

Largest 8 of 8 peers, by market cap
CompanyMarket capP/EP/BROEROCE1YQuality 🔒Rank 🔒
Bharat Heavy Electricals Ltd₹1.5 L Cr62.03.25.2%5.6%+84.6%
ABB India Ltd₹1.4 L Cr48.114.022.4%29.8%+31.7%
Hitachi Energy India Ltd₹1.4 L Cr118.620.921.0%27.9%+72.1%
CG Power & Industrial Solutions Ltd₹1.3 L Cr107.812.621.4%28.1%+14.5%
Siemens Ltd₹1.3 L Cr39.17.712.0%12.3%+16.8%
Siemens Energy India Ltd₹1.1 L Cr74.227.950.2%58.3%−2.6%
GE Vernova T&D India Ltd₹1.1 L Cr82.334.655.3%71.0%+38.5%
Suzlon Energy Ltd₹51,271 Cr16.55.538.1%32.2%−30.8%
Thermax Ltd₹38,801 Cr61.88.811.3%15.4%+2.1%
Peer median—68.013.321.9%29.0%+15.7%
Market cap in rupees crore; P/E and P/B on the latest price; 1Y is the price return over a year. A dash is a figure that does not apply or is not reported.

Full peer comparison

🔒 Pro
Every peer, every figure, the ranks and the quality and forensic scores side by side: in the app.

Who owns Bharat Heavy Electricals?

Bharat Heavy Electricals is held by promoters 58.2%, foreign institutions 9.5%, domestic institutions 22.4%.

Shareholding pattern

Latest filing, percent of shares
Promoters58.2%
The founders and controlling group.
Foreign institutions9.5%
Overseas funds investing through the FPI route.
Domestic institutions22.4%
Indian insurers, banks, pension and mutual funds together.
Mutual funds11.4%
Indian mutual fund schemes; part of domestic institutions.
Retail and others7.9%
Individual investors and everyone else.
Promoter shares pledged🔒 In the app
Promoter shares given as collateral for loans; a high share is a risk to watch.
Holding trend🔒 In the app
Whether promoters, foreign funds and mutual funds have been adding or selling over recent quarters.

What do analysts say about Bharat Heavy Electricals?

20 analysts cover Bharat Heavy Electricals, and the consensus is hold. A consensus is a count of opinions, not a forecast; read it beside the numbers.

Analyst consensus

20 analysts
ConsensusHold
The rating most covering analysts give the share.
Average target price🔒 In the app
The mean of the analysts' 12-month price targets.
Upside to target🔒 In the app
How far the target sits above or below today's price.
Share rating it a buy🔒 In the app
The share of covering analysts with a buy rating.

What does Bharat Heavy Electricals do and what is it sensitive to?

BHEL manufactures and supplies power generation equipment (thermal, hydro, nuclear) and transmission systems to government utilities, and provides engineering, procurement and construction (EPC) services. Sensitive to: electricity demand growth.

Business-model card

FY2025 · 25 verified
2Revenue
2Channels
0Regulators
3Reg. dependencies
2Sensitivities
1Costs
0Geographies

BHEL manufactures and supplies power generation equipment (thermal, hydro, nuclear) and transmission systems to government utilities, and provides engineering, procurement and construction (EPC) services. It earns revenue through equipment sales, long-term EPC contracts with state and central power utilities and state electricity boards, and spares and service agreements.

Revenue by segment

For the year ended March 31, 2025 (consolidated)
Power73.9%
Industry26.1%

Revenue engine

2 verified
Industry segment: equipment supplies and EPC works across transportation, transmission, defence, renewables, oil & gas and energy storage (26.1%)
Product and systems sales for non-power sectors including transmission, locomotives and industrial equipment.
Spares, services and solutions revenue
Long-term spares supply agreements, service contracts, and equipment flexiblisation for grid stability.

Customers & channels

2 verified
Government utilities and state-owned power companies (80.0%)
Central and state government utilities are primary customers for capacity expansion; 80% of trade receivables from government sector.
Independent Power Producers (IPP) and private sector (20.0%)
Private power utilities and IPPs participate in thermal capacity tenders; payment typically through Letter of Credit.

Regulatory dependencies

3 verified
Government thermal capacity expansion policy
GoI policy to add minimum 80 GW coal-based capacity by 2031-32 directly drives order tendering volume and project pipeline.
Renewable energy transition and net-zero policy
Country's net-zero goal by 2070 and 100 GW nuclear capacity by 2047 drive hydro and nuclear project orders from utilities.
Energy security and affordability mandate
Government thrust on energy security and affordability policies propel thermal capacity additions, which are the company's core business.

Sensitivities

2 verified
Electricity demand growth
Peak demand growth of 16–18 GW annually through FY2029-30 drives government tendering for new generation capacity.
Project delivery and execution risks
Delayed delivery triggers liquidated damages and customer dissatisfaction, impacting revenue recognition and reputation.

Cost inputs

1 verified
Raw materials, components, stores and spares
87.46% sourced domestically; 12.54% imported. Material sourcing risk from geopolitical uncertainties and price volatility.
Each statement is checked word for word against the FY2025 annual report; the passages are in the app.

What changed recently?

Q1 FY2027 results filed (16 Jul 2026).

Change log

6 entries · newest first
  1. Results filedQ1 FY2027 results filed.
  2. Results filedQ4 FY2026 results filed.
  3. Results filedQ3 FY2026 results filed.
  4. Results filedQ2 FY2026 results filed.
  5. Results filedQ1 FY2026 results filed.
  6. Results filedQ4 FY2025 results filed.
Get alerts →Sign in to be told when any of these change.

What this page does not tell you

What could not be judged, and why. Never empty.
  • Models not runFair value, EPV, Graham number, Graham value, Lynch, Owner earnings: no valuation stored.
  • FlagsWATCH on 30 of 30 flags judged; 1 red.
  • Data gapsBusiness quality, EPS 5 years: not available yet.

What this page rests on

✓10 years of annual statements, through FY2026 (Mar-26)✓10 quarters of results✓285 months of month-end prices, adjusted for bonuses and splits○no valuation of ours yet✓business-model card FY2025 · 25 verified

Questions people ask

What is Bharat Heavy Electricals's share price today?

Bharat Heavy Electricals last traded at ₹439.90 on the NSE, as of 12 Oct 2026, 11:00 pm IST, up 1.4% on the day, up 84.6% over a year. Its 52-week range is ₹230 to ₹456. The live price is in the app.

What is Bharat Heavy Electricals's market cap?

Bharat Heavy Electricals's market capitalisation is about ₹1.51 lakh crore: what it would cost to buy every share at today's price. That makes it the 59th largest large cap company we cover.

Is Bharat Heavy Electricals Ltd a large cap, mid cap or small cap?

Bharat Heavy Electricals Ltd (BHEL) is a large cap company in AMFI's classification for Jan-Jun 2026. SEBI's buckets go by rank on six-month average market capitalisation: the top 100 are large caps, 101 to 250 mid caps, the rest small caps.

What is Bharat Heavy Electricals Ltd's P/E ratio?

62.03, vs peers 68.0 · 5th of 9. Price divided by last year's earnings per share: how many years of today's profit you pay for.

Is Bharat Heavy Electricals Ltd overvalued?

Cheap, with low confidence: no valuation within 120 days; P/E 62.0 vs peers 68.0 (5th of 9); P/B 3.2 vs peers 13.3 (1st of 9).

How does Bharat Heavy Electricals Ltd make money?

BHEL manufactures and supplies power generation equipment (thermal, hydro, nuclear) and transmission systems to government utilities, and provides engineering, procurement and construction (EPC) services. It earns revenue through equipment sales, long-term EPC contracts with state and central power utilities and state electricity boards, and spares and service agreements.

Who are Bharat Heavy Electricals Ltd's peers?

Compared with 8 Heavy Electrical Equipment: ABB India Ltd, Hitachi Energy India Ltd, CG Power & Industrial Solutions Ltd, Siemens Ltd, Siemens Energy India Ltd and 3 more. The app shows how they compare on every figure.

Is this investment advice?

No. Valarth is a research and learning tool and is not a SEBI-registered investment adviser or research analyst. The figures come from the company's filings and the exchanges; what to do with them is your call.

How did Bharat Heavy Electricals do last quarter?

Bharat Heavy Electricals reported revenue of ₹7,698 Cr, up 19.2% on a year earlier and a net profit of ₹377 Cr, up 199.7% in the Jun 2026 quarter.

Who owns Bharat Heavy Electricals?

Bharat Heavy Electricals is held by promoters 58.2%, foreign institutions 9.5%, domestic institutions 22.4%.

Does Bharat Heavy Electricals pay a dividend?

Yes. Bharat Heavy Electricals's dividend yield is 0.57% at the latest price; the last payout was ₹1.40 a share, ex-dividend 17 Jul 2026.

What do analysts say about Bharat Heavy Electricals?

20 analysts cover Bharat Heavy Electricals, and the consensus is hold. A consensus is a count of opinions, not a forecast; read it beside the numbers.

Everything on Bharat Heavy Electricals, and 6,621 other companies, with 212 filters and the full peer tables

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