Bharat Heavy Electricals Ltd is an integrated power plant equipment manufacturer engaged in design, engineering, manufacture, erection, testing, commissioning and servicing of a wide range of products and services for the core sectors of the economy, viz. Power, transmission, Industry, transportation, renewable energy, Oil & Gas and defence.[1]It is the flagship engineering and manufacturing company of India owned and controlled by the Govt. of India.[2]
Business Segments
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Siemens | 2909.00 | 61.39 | 103595.52 | 0.40 | 485.40 | -7.14 | 5171.20 | 16.02 | 15.83 | 17364.20 | 11.56 | 1687.44 | 484.90 | 7.84 | 7.46 | 0.01 |
| 2. | A B B | 4870.95 | 58.39 | 103219.47 | 0.89 | 409.04 | -7.17 | 3310.72 | 13.69 | 38.65 | 13010.65 | 16.56 | 1766.99 | 408.88 | 14.38 | 16.04 | 0.01 |
| 3. | B H E L | 264.65 | 170.15 | 92152.82 | 0.19 | 367.67 | 280.34 | 7511.80 | 14.09 | 4.75 | 29269.17 | 4.03 | 541.60 | 367.67 | 3.71 | 0.77 | 0.44 |
| 4. | CG Power & Ind | 561.80 | 82.74 | 88476.67 | 0.23 | 284.44 | 29.76 | 2922.79 | 21.14 | 37.48 | 11069.29 | 12.97 | 1068.45 | 286.72 | 11.83 | 14.53 | 0.02 |
| 5. | Siemens Ener.Ind | 2319.00 | 75.11 | 82584.36 | 0.17 | 359.60 | – | 2645.70 | – | 38.52 | 7826.70 | 19.34 | 1100.10 | 359.60 | 18.85 | 13.26 | 0.03 |
| 6. | Hitachi Energy | 16104.00 | 100.10 | 71779.31 | 0.04 | 264.36 | 405.57 | 1832.55 | 17.94 | 19.44 | 6815.40 | 12.60 | 717.23 | 264.36 | 15.71 | 5.77 | 0.02 |
| 7. | GE Vernova T&D | 2652.15 | 73.73 | 67908.36 | 0.18 | 299.48 | 107.08 | 1538.46 | 38.88 | 54.74 | 5094.78 | 23.87 | 919.85 | 299.48 | 32.62 | 14.76 | 0.01 |
| – | Median: 37 Co. | 503.5 | 43.85 | 6267.46 | 0.05 | 46.34 | 41.39 | 482.56 | 25.05 | 28.09 | 1522.91 | 13.99 | 169.5 | 46.34 | 5.55 | 12.29 | 0.14 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 5,203 | 5,263 | 8,227 | 5,003 | 5,125 | 5,504 | 8,260 | 5,485 | 6,584 | 7,277 | 8,993 | 5,487 | 7,512 |
Expenses | 5,446 | 5,119 | 7,178 | 5,182 | 5,279 | 5,287 | 7,532 | 5,654 | 6,309 | 6,973 | 8,162 | 6,024 | 6,931 |
Operating Profit | -244 | 144 | 1,049 | -178 | -154 | 217 | 728 | -169 | 275 | 304 | 832 | -537 | 581 |
Other Income | 224 | 99 | 112 | 122 | 197 | 104 | 165 | 110 | 118 | 116 | 159 | 185 | 182 |
Profit before tax | -201 | 41 | 927 | -284 | -197 | 70 | 631 | -280 | 132 | 169 | 704 | -607 | 492 |
Tax % | -105% | 25% | 30% | -25% | -70% | 34% | 23% | -24% | 27% | 26% | 28% | -25% | 25% |
Net Profit | 10 | 31 | 645 | -212 | -58 | 46 | 484 | -213 | 97 | 125 | 504 | -455 | 368 |
EPS in Rs | 0.03 | 0.09 | 1.85 | -0.61 | -0.17 | 0.13 | 1.39 | -0.61 | 0.28 | 0.36 | 1.45 | -1.31 | 1.06 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 39,101 | 30,717 | 25,467 | 28,435 | 28,813 | 30,423 | 21,459 | 17,308 | 21,211 | 23,365 | 23,893 | 28,339 | 29,269 |
Expenses | 34,581 | 28,618 | 26,834 | 27,312 | 26,806 | 28,268 | 21,588 | 20,351 | 20,381 | 22,321 | 23,182 | 26,940 | 28,089 |
Operating Profit | 4,520 | 2,099 | -1,367 | 1,123 | 2,007 | 2,155 | -129 | -3,043 | 830 | 1,044 | 711 | 1,399 | 1,180 |
Other Income | 1,610 | 1,210 | 1,498 | 766 | 694 | 744 | 581 | 370 | 368 | 515 | 586 | 503 | 642 |
Interest | 133 | 92 | 359 | 412 | 330 | 377 | 611 | 466 | 447 | 612 | 828 | 906 | 762 |
Depreciation | 983 | 1,077 | 936 | 849 | 786 | 475 | 503 | 473 | 314 | 260 | 249 | 272 | 303 |
Profit before tax | 5,014 | 2,140 | -1,164 | 628 | 1,585 | 2,048 | -662 | -3,612 | 437 | 686 | 220 | 725 | 757 |
Net Profit | 3,461 | 1,419 | -710 | 496 | 807 | 1,209 | -1,473 | -2,717 | 410 | 624 | 260 | 513 | 542 |
EPS in Rs | 9.43 | 3.87 | -1.93 | 1.35 | 2.20 | 3.47 | -4.23 | -7.80 | 1.18 | 1.79 | 0.75 | 1.47 | 1.56 |
Dividend Payout % | 20% | 20% | -14% | 78% | 83% | 58% | 0% | 0% | 34% | 22% | 34% | 34% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 490 | 490 | 490 | 490 | 734 | 696 | 696 | 696 | 696 | 696 | 696 | 696 | 696 |
Reserves | 32,558 | 33,595 | 31,692 | 31,805 | 31,867 | 30,735 | 28,485 | 25,788 | 26,275 | 24,116 | 24,154 | 24,417 | 24,088 |
Borrowings | 2,722 | 118 | 202 | 150 | 99 | 2,586 | 5,065 | 4,935 | 4,830 | 5,454 | 8,856 | 9,015 | 10,969 |
Other Liabilities | 37,108 | 34,402 | 33,036 | 29,136 | 31,484 | 30,969 | 26,531 | 25,001 | 25,654 | 27,832 | 26,489 | 35,117 | 36,608 |
Total Liabilities | 72,878 | 68,604 | 65,419 | 61,580 | 64,184 | 64,987 | 60,778 | 56,421 | 57,455 | 58,098 | 60,196 | 69,245 | 72,362 |
Fixed Assets | 4,693 | 4,141 | 3,962 | 3,596 | 3,069 | 2,967 | 2,814 | 2,488 | 2,398 | 2,476 | 2,574 | 2,947 | 2,958 |
Gross Block | 12,050 | 12,589 | 4,896 | 5,372 | 5,626 | 5,996 | 6,331 | 6,463 | 6,640 | 6,949 | 7,236 | 7,749 | – |
Accumulated Depreciation | 7,360 | 8,451 | 934 | 1,777 | 2,557 | 3,029 | 3,517 | 3,975 | 4,241 | 4,473 | 4,662 | 4,802 | – |
CWIP | 642 | 518 | 318 | 168 | 203 | 235 | 314 | 420 | 431 | 354 | 308 | 195 | 275 |
Investments | 420 | 418 | 664 | 661 | 691 | 669 | 670 | 670 | 670 | 670 | 668 | 672 | 672 |
Other Assets | 67,123 | 63,528 | 60,475 | 57,155 | 60,222 | 61,115 | 56,980 | 52,843 | 53,956 | 54,599 | 56,646 | 65,431 | 68,457 |
Total Assets | 72,878 | 68,604 | 65,419 | 61,580 | 64,184 | 64,987 | 60,778 | 56,421 | 57,455 | 58,098 | 60,196 | 69,245 | 72,362 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 4,518 | 775 | 347 | 562 | 991 | -3,856 | -2,892 | 560 | 660 | -741 | -3,713 | 2,192 |
Cash from Investing Activity | -168 | 464 | 51 | -566 | 964 | 1,915 | 1,877 | -43 | -1,125 | 1,480 | 1,331 | -2,731 |
Cash from Financing Activity | -209 | -3,300 | -124 | -470 | -671 | -32 | 1,622 | -393 | -330 | 89 | 2,656 | -857 |
Net Cash Flow | 4,141 | -2,060 | 274 | -474 | 1,284 | -1,973 | 607 | 124 | -795 | 829 | 274 | -1,396 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 262 | 312 | 321 | 283 | 178 | 142 | 121 | 85 | 52 | 49 | 73 | 76 |
Inventory Days | 198 | 280 | 272 | 200 | 191 | 218 | 321 | 333 | 274 | 261 | 253 | 289 |
Days Payable | 175 | 240 | 240 | 225 | 301 | 297 | 300 | 281 | 291 | 345 | 270 | 259 |
Cash Conversion Cycle | 285 | 351 | 354 | 258 | 68 | 63 | 142 | 137 | 35 | -35 | 56 | 106 |
Working Capital Days | 137 | 198 | 209 | 162 | 121 | 101 | 72 | 43 | 1 | -5 | 60 | 99 |
ROCE % | 15% | 6% | -2% | 3% | 6% | 7% | -0% | -10% | 3% | 4% | 3% | 5% |
Direct from BSE filings, auto-summarised
External media mentions & references
Editorial & research coverage
Oct 2025
May 2025
Jan 2025
Oct 2024
Jul 2024
May 2024
Nov 2023
May 2023
Feb 2023
May 2022
Jul 2021
Sep 2020
Jun 2020
Feb 2020
Oct 2019
Aug 2019
Stock Analysis
Bharat Heavy Electricals Limited (BHEL) is a major Indian public sector company engaged in the manufacturing of a wide range of products and services for the core sectors of the economy, including power, transmission, transportation, defence, and industry.
Currently no data available for Order Book.
Currently no data available for Key Red Flags.
Not specified in this release.
Corporate Announcements
