Flash Finance

Bharat Heavy Electricals LimitedBHELCorporate

Industrials Specialty Industrial Machinery Latest results: Sep 2026 16 quarters of data
Consolidated Standalone
₹398.90
MCap ₹138,900 Cr · P/E 48.3
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AI-assisted data: figures and text on this page are extracted from public quarterly filings with AI assistance, checked automatically and overseen by our editorial team (human in the loop). They may still contain errors or omissions. Verify critical numbers against official company / SEBI / NSE / BSE filings before making any decision. Educational information only, not financial advice.
₹9,300 Cr
Sales · Sep 2026
+23.8% YoY
₹1,026 Cr
Operating Profit · Sep 2026
+76.6% YoY
11.0%
OPM % · Sep 2026
+42.9% YoY
₹821 Cr
Net Profit · Sep 2026
+118.9% YoY
₹2.36
EPS · Sep 2026
+118.5% YoY

📝 Bharat Heavy Electricals Limited — results explained

Quarter ended September 2026 (Q2 FY27)

Bharat Heavy Electricals Limited reported revenue of ₹9,300 crore for the quarter ended September 2026 (Q2 FY27), up 23.8% from ₹7,512 crore in the same quarter last year, and up 20.8% sequentially over the June 2026 quarter.

Net profit rose 118.9% year-on-year to ₹821 crore, from ₹375 crore. Earnings per share (EPS) came in at ₹2.36.

Operating profit stood at ₹1,026 crore — an operating margin (OPM) of 11.0%, compared with 7.7% in the year-ago quarter.

Full year and trailing twelve months

For the full year FY26, Bharat Heavy Electricals Limited posted revenue of ₹33,782 crore, a growth of 19.2% over FY25, with a net profit of ₹1,599 crore (up 199.6% year-on-year).

On a trailing-twelve-month (TTM) basis, revenue stands at ₹37,781 crore with a net profit of ₹2,878 crore.

Valuation snapshot

At the current price of ₹398.90, BHEL has a market capitalisation of ₹138,900 crore and a trailing P/E of about 48.3.

Within the Specialty Industrial Machinery industry, it is the 2nd-largest of the 23 companies we track by market value.

Shareholding pattern

As of Sep 2026, promoters held 58.17%, foreign institutional investors (FIIs) 9.94%, domestic institutional investors (DIIs) 21.88%, public shareholders 10.02% of Bharat Heavy Electricals Limited.

📈 Share price & events

📊 Quarterly trend

₹ crore · OPM % on right axis

🎯 Key metrics

price-linked ratios use the latest close
Valuation
Market Cap ?
₹138,900 Cr
Current Price ?
₹398.9
P/E ?
48.27above ind
Industry P/E ?
41.50
P/B ?
5.31
P/S ?
3.68
P/FCF ?
26.40
Enterprise Value ?
₹147,087 Cr
EV/EBITDA ?
38.43
PEG ?
1.30
Earnings Yield ?
2.4%
Dividend Yield ?
0.12%
Profitability & Returns
Sales (TTM) ?
₹37,781 Cr
OPM ?
10.1%
Profit after tax (TTM) ?
₹2,878 Cr
EPS (TTM) ?
₹8.26
ROCE ?
9.0%
ROE ?
11.0%
ROA ?
3.8%
Growth
Sales — latest qtr ?
₹9,300 Cr
PAT — latest qtr ?
₹821 Cr
YoY qtr sales growth ?
23.8%
YoY qtr profit growth ?
118.9%
Sales growth (3y) ?
13%
Sales growth (5y) ?
14%
Profit growth (3y) ?
37%
Profit growth (5y) ?
21%
Financial Health
Debt ?
₹8,187 Cr
Debt to Equity ?
0.31
Interest Coverage ?
2.7
Current Ratio ?
N/A
Ownership
Promoter holding ?
58.17%
Change in promoter holding ?
-5.00%
Pledged percentage ?
N/A
Market
Return 3 months ?
-4.4%
Return 6 months ?
18.2%

🗓️ Quarterly results (16 quarters · ₹ Cr)

same fiscal quarter as Sep bestweakest per row · for costs (interest, NPAs) low is best
Metric Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026 YoY % QoQ %
Sales 5,2638,2275,0035,1255,5048,2605,4856,5847,2778,9935,4877,5128,47312,3107,6989,300 +23.8% +20.8%
Operating Profit 144986-178-154-63728-169275304832-5375815451,7535041,026 +76.6% +103.6%
Other Income 9111213019211817097128108149185189235260214253 +33.7% +18.0%
Interest 139161168180190193162201184201181195182198140125 -36.0% -10.8%
Depreciation 62736060616859606885757578888283 +10.8% +1.5%
Profit Before Tax 53877-276-202-195636-279141179704-6084995201,7285081,089 +118.3% +114.5%
Net Profit 42611-205-63-149490-211106135504-4563753901,290377821 +118.9% +117.9%
EPS 0.121.75-0.59-0.18-0.431.41-0.610.300.391.45-1.311.081.123.711.082.36 +118.5% +118.5%
OPM % 2.7% 12.0% -3.6% -3.0% -1.1% 8.8% -3.1% 4.2% 4.2% 9.2% -9.8% 7.7% 6.4% 14.2% 6.5% 11.0% +42.9% +69.2%

📆 Annual results (₹ Cr, FY = Apr–Mar)

Metric FY25 FY26 TTM YoY %
Sales ₹28,339 Cr ₹33,782 Cr ₹37,781 Cr +19.2%
Operating Profit ₹1,242 Cr ₹2,342 Cr ₹3,828 Cr +88.6%
OPM % 4.38% 6.93% 10.13% +58.2%
NPM % 1.88% 4.73% 7.62% +151.6%
Other Income ₹482 Cr ₹869 Cr ₹962 Cr +80.3%
Depreciation ₹272 Cr ₹316 Cr ₹331 Cr +16.2%
Interest ₹748 Cr ₹756 Cr ₹645 Cr +1.1%
EBIT ₹970 Cr ₹2,026 Cr ₹3,497 Cr +108.9%
PBT ₹745 Cr ₹2,139 Cr ₹3,845 Cr +187.0%
Tax ₹176 Cr — ₹399 Cr —
Net Profit ₹534 Cr ₹1,599 Cr ₹2,878 Cr +199.6%
EPS ₹1.53 ₹4.60 ₹8.27 +200.7%
Material Cost ₹15,599 Cr — ₹12,798 Cr —
Employee Cost ₹4,456 Cr — ₹3,158 Cr —
Extraordinary Items — — ₹11 Cr —

🏛️ Balance Sheet (latest 4 periods)

Metric Mar 2023Mar 2024Mar 2025Mar 2026 % Chg
Equity Capital 696696696696 +0.0%
Reserves 23,68223,74224,02625,450 +5.9%
Borrowings 5,4548,8569,0158,187 -9.2%
Other Liabilities 27,83226,48935,11241,852 +19.2%
Total Liabilities 57,66459,78468,84976,186 +10.7%
Fixed Assets 2,4762,5742,9473,094 +5.0%
CWIP 354308195399 +104.6%
Investments 235256276302 +9.4%
Other Assets 54,59956,64665,43172,390 +10.6%
Total Assets 57,66459,78468,84976,186 +10.7%

💧 Cash Flow (latest 4 periods)

Metric Mar 2023Mar 2024Mar 2025Mar 2026 % Chg
Cash from Operating Activity -741-3,7132,1925,837 +166.3%
Cash from Investing Activity 1,4801,331-2,731-3,035 -11.1%
Cash from Financing Activity 892,656-857-1,806 -110.7%
Net Cash Flow 829274-1,396996 +171.3%
Free Cash Flow -921-3,9361,9245,261 +173.4%
CFO/OP -82%-554%151%258% +70.9%

➗ Ratios (latest 4 periods)

Metric Mar 2023Mar 2024Mar 2025Mar 2026 % Chg
Debtor Days 49737673 -3.9%
Inventory Days 261253289212 -26.6%
Days Payable 345270259167 -35.5%
Cash Conversion Cycle -3556106119 +12.3%
Working Capital Days -5609979 -20.2%
ROCE % 4%3%5%9% +80.0%

👥 Shareholding (latest 5 periods)

Metric Jun 2025Sep 2025Dec 2025Mar 2026Sep 2026 % Chg
Promoters 63.17%63.17%63.17%58.17%58.17% +0.0%
FIIs 6.36%6.23%6.28%7.23%9.94% +37.5%
DIIs 18.45%18.62%19.70%23.93%21.88% -8.6%
Government 0.00%0.00%0.00%0.06%— —
Public 12.02%11.98%10.85%10.63%10.02% -5.7%
No. of Shareholders 19,83,21519,61,66417,91,83117,55,26216,04,120 -8.6%

⚖️ Peer comparison

Industry: Specialty Industrial Machinery · 23 companies · full page →
# Company CMP MCap (Cr) P/E Sales TTM NP TTM OPM% NPM% Sales YoY% NP YoY% Qtr Rev Δ% Qtr NP Δ%
1 ABB ABB India ₹6,927.00 146,789 49.1 13,477 2,988 14.1% 22.2% 8.0% 57.9% 12.1% 2.9%
2 BHEL Bharat Heavy ₹410.20 142,834 49.6 37,781 2,878 10.1% 7.6% 19.2% 199.6% 23.8% 118.9%
3 SIEMENS Siemens ₹3,957.00 140,917 46.9 14,754 3,007 9.8% 20.4% -26.3% -50.6% 8.4% 406.2%
4 CUMMINSIND Cummins India ₹4,440.00 123,077 52.0 12,662 2,366 20.4% 18.7% 16.4% 18.0% 19.8% 0.9%
5 GVT&D GE Vernova ₹4,548.10 116,453 89.2 6,712 1,305 26.2% 19.4% 44.6% 102.5% 38.1% 24.7%
6 SUZLON Suzlon Energy ₹44.12 60,646 19.2 17,429 3,144 17.3% 18.0% 53.9% 52.7% 22.8% -5.8%
7 AIAENG AIA Engineering ₹3,737.90 34,882 27.5 4,549 1,264 27.7% 27.8% 3.1% 19.8% 12.4% -1.4%
8 KIRLOSENG Kirloskar Oil ₹2,170.00 31,578 72.7 7,937 424 13.3% 5.3% 21.5% -5.1% 13.4% -20.1%
9 TDPOWERSYS TD Power ₹758.55 23,701 43.1 2,124 275 18.0% 12.9% 45.1% 37.0% 72.1% 72.6%
10 JYOTICNC Jyoti CNC ₹978.00 22,242 69.2 2,191 322 24.4% 14.7% 15.1% 6.4% 24.0% -20.0%
11 LMW LMW ₹17,845.00 19,064 92.9 3,684 205 7.5% 5.6% 6.5% 27.3% 37.7% 74.1%
12 TRITURBINE Triveni Turbine ₹540.80 17,192 51.1 2,253 336 19.0% 14.9% 8.9% -8.4% 19.3% -20.2%
13 ELGIEQUIP Elgi Equipments ₹526.10 16,585 37.1 4,147 448 14.8% 10.8% 12.6% 22.8% 22.6% 20.7%
14 KIRLOSBROS Kirloskar Brothers ₹1,790.00 14,214 38.1 4,664 377 11.7% 8.1% 1.0% -9.9% 12.9% -0.6%
15 KSB KSB ₹802.00 13,958 56.8 2,726 246 12.8% 9.0% 4.6% 1.6% 3.6% -18.3%
16 INOXWIND Inox Wind ₹76.50 13,221 33.3 4,209 418 19.5% 9.9% 23.5% 5.9% -22.7% -33.9%
17 TEGA Tega Industries ₹1,718.50 12,911 — 3,059 -0 7.6% -0.0% 3.3% -28.6% 383.9% -405.6%
18 SETL Standard Engineering ₹379.90 7,579 3.6 23,290 2,175 14.0% 9.3% — — 43.1% 26.6%
19 POWERICA Powerica ₹586.15 7,418 26.3 3,176 291 12.5% 9.2% — — 26.6% 25.5%
20 OMNI Omnitech Engineering ₹522.50 6,462 62.2 574 104 34.0% 18.1% — — 61.8% 494.5%
21 LCL Lohia ₹545.60 5,764 — — — — — — — 59.7% 289.8%
22 ADVAIT Advait Energy ₹1,781.10 1,948 33.1 775 62 12.3% 8.0% 79.0% 76.1% 51.4% 65.8%
23 HTEL Hy-Tech Engineers ₹74.25 704 — — — — — — — 13.4% 10.8%
❓ Frequently asked questions
What was Bharat Heavy Electricals Limited's revenue in Q2 FY27?
Bharat Heavy Electricals Limited reported revenue of ₹9,300 crore for the quarter ended September 2026 (Q2 FY27), up 23.8% from ₹7,512 crore in the same quarter last year, and up 20.8% sequentially over the June 2026 quarter.
What was Bharat Heavy Electricals Limited's net profit in Q2 FY27?
Net profit rose 118.9% year-on-year to ₹821 crore, from ₹375 crore. Earnings per share (EPS) came in at ₹2.36.
What is BHEL's market capitalisation and P/E ratio?
At the current price of ₹398.90, BHEL has a market capitalisation of ₹138,900 crore and a trailing P/E of about 48.3.
Who owns Bharat Heavy Electricals Limited? (shareholding pattern)
As of Sep 2026, promoters held 58.17%, foreign institutional investors (FIIs) 9.94%, domestic institutional investors (DIIs) 21.88%, public shareholders 10.02% of Bharat Heavy Electricals Limited.
TTM ends 2026-09-30. Amounts are ₹ crore unless stated otherwise. Figures are extracted by AI from public quarterly filings; gaps are filled from public market data. Live price refreshed about twice a day from exchange data. Educational information only — not financial advice.
⚠️ How this site is made: Market data pages are computed automatically from NSE/BSE publications and company filings; news articles and announcement analyses are written with AI assistance, with a human in the loop: our editors review what the AI produces. Both can contain errors. Verify with the original sources before any investment decision. Not investment advice; Flash Finance is not SEBI-registered. How we use AI