Bharat Heavy Electricals Limited

Key Highlights

Order, Capacity, or Business Update

BHEL has announced the receipt of orders from Adani Power Limited. The contracts involve the supply of power equipment and services for four thermal power projects. Each project consists of two 800 MW units.

The technical scope for these orders includes the full set of primary power generation equipment: boilers, turbines, and generators, along with the necessary auxiliary systems. In addition to the hardware supply, the contract covers agreed-upon services.

Financial Implications

Each of the four contracts awarded carries a valuation between Rs 5,000 crore and Rs 7,000 crore, excluding GST. Given that there are four such projects, this represents a substantial, multi-thousand-crore addition to the company's order book.

What Looks Positive

• Large Scale: Securing four distinct projects of 800 MW each with a single client significantly enhances the company's order intake for the period.
• Strategic Significance: The order confirms the company's ability to win large-scale domestic thermal power equipment contracts, which are critical for the country's power infrastructure.

Concerns and Watch Points

• Execution Timeline: The filing notes that the execution period is "as per customer project requirements." Investors should monitor for updates on project commissioning schedules and any potential bottlenecks in supply chain or site execution that could impact revenue recognition timelines.
• Pricing and Margins: While the contract values are significant, the final impact on profitability will depend on the cost structure associated with these specific, large-scale projects.

What This Means for Investors

For shareholders, this announcement is highly relevant as it secures significant long-term work for BHEL's manufacturing facilities. The sheer size of the combined contracts—spanning four major projects—strengthens the company's order book position and provides greater visibility into operational activities for the coming years. Monitoring progress on these projects will be key to tracking the company's performance in the medium term.

Investor Takeaway

The announcement of four large-scale orders from Adani Power Limited is a material development for BHEL. With each contract valued in the Rs 5,000–7,000 crore range, the aggregate order value is significant. The company's ability to execute these large-scale projects on schedule and maintain margins on these high-value contracts will be the primary focus for stakeholders moving forward.

Investor Meeting Schedule

Bharat Heavy Electricals Ltd (BHEL) has disclosed its schedule for upcoming analyst and institutional investor meetings to be held on November 4, 2026, in Mumbai. The company's management will engage with investors in two sessions:

Management Statement

The company has confirmed that it will not be making any formal presentation during these meetings. Management stated that they will refer only to publicly available documents and information while interacting with the meeting participants.

Senior Management Changes

Bharat Heavy Electricals Ltd (BHEL) has informed the exchanges about changes in its senior management, effective October 25, 2026, following the superannuation of an executive.

Personnel Transitions

Appointee Profiles

• Shri Rajeeva Srivastava: Appointed as the new Head of International Operations, New Delhi. He will report to the Director (IS & P). He is a B. Tech (Chemical Engineering) graduate and has been with BHEL since August 10, 1992, completing 34 years of service.
• Shri Amit Gupta: Appointed as the new Head of the Defence & Aerospace Business Group (DABG), Industry Sector, New Delhi. He will report to the Director (IS & P). He holds degrees in BE (Electrical & Electronics) and ME (Electrical Engineering) and has served BHEL since February 3, 1992, completing 34 years of service.

Governance Implications

The appointments follow the retirement of Shri Jitendra Das. These changes represent routine administrative succession within the company's management structure and are disclosed in compliance with Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.

Appointment Details

Bharat Heavy Electricals Ltd (BHEL) has formally announced the appointment of Shri Manepalli Sridhar to the Board as Director (Human Resources). The appointment follows communication from the Ministry of Heavy Industries and board approval on October 22, 2026.

Professional Background

Shri Sridhar is a long-standing BHEL veteran with over 36 years of experience, having joined the organization as an Engineer Trainee in 1990. Prior to this appointment, he served as the Executive Director (Human Resources) at the BHEL Corporate Office, where he led corporate HR functions and strategic people initiatives.

His career includes leadership positions at the Hyderabad unit and the Corporate Office, spanning:

• Manufacturing & Operations: Steam turbines, gas turbines, and centrifugal compressors.
• Functional Areas: Contracts Management, Commercial, Marketing, Productivity & Management Services, Planning & Development, Erection & Construction, and Industrial Relations.

He holds a Mechanical Engineering degree from CBIT, Osmania University, an M. Tech in CAD/CAM from JNTU, Hyderabad, and a Post Graduate Diploma in Business Administration (PGDM) from XLRI, Jamshedpur.

Investor Takeaway

This appointment represents a continuity in leadership, given Shri Sridhar's extensive tenure within the company. For investors, this governance update marks the filling of a key board position with an internal candidate who has significant experience across both the technical and administrative functions of the organization.

Publication Details

Bharat Heavy Electricals Ltd (BHEL) has published its unaudited financial results for the quarter and half-year ended September 30, 2026. This publication is part of the company's adherence to SEBI (Listing Obligations and Disclosure Requirements) regulations regarding mandatory financial reporting.

Important Dates

Regulatory Context

The publication of these results satisfies mandatory listing requirements under SEBI (LODR), ensuring transparency and accessibility of financial performance data to all shareholders through recognized media channels.

What Shareholders Should Know

Investors and shareholders may review the full, unaudited financial results for the quarter and half-year ended September 30, 2026, through the following channels:

• Official Website: The results are available for review at www.bhel.com.
• Stock Exchange Filings: The detailed reports have been filed with both BSE Limited and the National Stock Exchange of India Ltd (NSE).
• Media: The summary was published in the October 15, 2026, editions of "Financial Express" (English) and "Jansatta" (Hindi).

Key Highlights

Financial Snapshot

The company reported significant financial improvement in Q2 and H1 FY27 compared to the previous year:

• Revenue: Standalone revenue for Q2 FY27 stood at Rs 9,300 crore (vs Rs 7,512 crore in Q2 FY26). H1 FY27 revenue was Rs 16,998 crore (vs Rs 12,999 crore in H1 FY26).
• Profitability: PAT for Q2 FY27 was Rs 810 crore compared to Rs 368 crore in the year-ago period. For H1 FY27, PAT was Rs 1,192 crore, reversing a loss of Rs 87 crore in H1 FY26.
• Margins: EBITDA margin for Q2 FY27 improved to 13.4% from 9.9% in Q2 FY26. H1 FY27 EBITDA margin was 11.6% compared to 3.1% in H1 FY26.

Order Book and Diversification

BHEL's order book remains a key indicator of its growth trajectory, reaching Rs 2,57,571 crore as of September 30, 2026. The company is actively diversifying beyond its core thermal power business:

• Transportation: Rs 16,400 crore
• Transmission: Rs 13,600 crore
• Nuclear: Rs 12,800 crore
• Coal Gasification: Rs 9,000 crore
• Defense: Rs 7,300 crore
• Hydro: Rs 6,400 crore
• Spares & Services: Rs 4,000 crore

The company secured approximately Rs 30,000 crore in new orders during H1 FY27, including Rs 4,000 crore in Q2. Notable Q2 orders included Heo and Tato-I hydro packages, 265 main traction transformers, an FR6B gas turbine, and green-ammonia and recycle-gas compressors.

Operational Performance

BHEL achieved the following execution milestones during H1 FY27:

• Capacity Addition: 2,260 MW, against an annual target of 4,790 MW for FY27.
• Specific Milestones:
  • 660 MW: Unit 1 of Udangudi STPP, TANGEDCO.
  • 199 MW: 46 MW Panchet HEP, 39 MW Chilla HEP, and 36 MW/60 MW/18 MW STG for industrial applications.
  • 40 MW: Units 1 & 2 of Rahughat HEP, Nepal.

Strategic Initiatives

BHEL is focusing on several diversification and technology-led initiatives:

• Rail Mobility: Joint venture with Titagarh for Vande Bharat maintenance and execution of the maiden KAVACH order.
• Coal Gasification: Equity infusion in a CIL-BHEL joint venture for a 2,000 TPD ammonium nitrate plant.
• Grid Integration: Design of synchronous condensers for solar power integration.
• Green Hydrogen: Technology tie-ups for alkaline and PEM electrolyzers.

What This Means for Investors

The supplementary results highlight BHEL's ability to maintain margin discipline while growing its top line. The diversification into non-thermal sectors like rail, transmission, and defense, combined with a significant and growing order book, suggests sustained revenue visibility. Shareholders should monitor the conversion of the order book into revenue and the company's ability to meet its FY27 capacity addition targets.

Board Approval Highlights

Capacity Expansion

The Board of Directors has formally approved a capital investment proposal for the HEEP-Haridwar unit. The funds, estimated at Rs 500 crore, are designated for creating additional manufacturing facilities specifically for Thermal and Nuclear Sets. This expansion is likely aimed at strengthening the company's production capacity in the power generation segment.

Organizational Restructuring

BHEL is consolidating its operations by merging the Electrical Machines Repair Plant (EMRP) in Mumbai into the Electronics Division (EDN) in Bengaluru. Following the effective date of November 1, 2026, the Electronics Division will function as the single merged unit. This move suggests an effort to streamline internal resources and combine the operations of these two divisions.

Investor Takeaway

For shareholders, the Rs 500 crore capital investment is a direct indicator of management's intent to scale up manufacturing for the power sector. The merger of the Mumbai plant into the Bengaluru division represents internal reorganization to likely drive efficiency. Investors should monitor the progress of the Haridwar facility expansion and any further operational updates regarding the consolidation of the merged units.

Key Highlights

Financial Snapshot (Consolidated)

Revenue and Profitability Analysis

BHEL recorded strong financial performance for the second quarter of FY27. Consolidated revenue from operations grew to Rs 9,300.35 crore from Rs 7,511.80 crore in the comparable quarter of the previous year. Profitability saw a more pronounced improvement, with consolidated PAT rising to Rs 820.94 crore, significantly higher than the Rs 376.89 crore reported in the corresponding period of the previous year.

Governance Update

The company reported that currently, there are no Independent Directors on the Board. Consequently, the constitution of the Audit Committee (BAC) is not in line with Regulation 18 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Section 177 of the Companies Act, 2013. The reported financial results were placed directly before the Board of Directors for approval in the meeting held on October 14, 2026.

Concerns and Watch Points

• Asset Quality/Sudan Receivable: Trade receivables include an overdue amount of Rs 196 crore (USD 23 million) from a customer, STPG (formerly NEC Sudan), due to ongoing instability in the region. The company has stated this amount is considered 'good'. However, management noted that if this amount were provided for, the impact on Profit Before Tax would be approximately Rs 176 crore (net of Expected Credit Loss provision).
• Governance Status: The absence of Independent Directors on the Board remains a material governance observation requiring monitoring until compliance is restored.

Investor Takeaway

The Q2 FY27 results demonstrate robust financial momentum for BHEL, characterized by strong revenue and profit growth. Investors should balance this positive operating performance against the disclosed governance gap regarding the Board's composition and the potential financial impact of overdue receivables linked to the Sudan project.

Key Highlights

Financial Snapshot

BHEL recorded strong growth in its consolidated financial results for the quarter ended September 30, 2026. Revenue from operations increased to Rs 9,300.35 crore from Rs 7,511.80 crore in the comparable quarter of the previous year. Similarly, the company reported a consolidated net profit of Rs 820.94 crore, reflecting growth compared to the Rs 374.89 crore reported in the quarter ended September 30, 2025.

Significant Disclosures

• Overdue Receivables: The company disclosed that its trade receivables include an overdue amount of Rs 1,196 crore (USD 2.3 million) from a customer, STPG (formerly NEC Sudan), attributable to the ongoing crisis in Sudan. Management noted that if the amount were to be provided for, the impact on Profit Before Tax would be Rs 1,176 crore, net of the expected credit loss (ECL) provision.
• Governance Matter: The filing explicitly states that as of the reporting date, there is no Independent Director on the Board of BHEL. Consequently, the constitution of the Board Level Audit Committee (BLAC) is not in alignment with Regulation 18 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Section 177 of the Companies Act, 2013.

Management Commentary and Governance

The results were approved by the Board of Directors on October 14, 2026. Due to the lack of an Independent Director, the results were directly placed before the Board and approved without the committee oversight typically required under SEBI regulations.

Investor Takeaway

Existing shareholders should monitor the resolution of the overdue receivables from the Sudanese client, as this represents a material financial risk. Additionally, the governance shortfall regarding the appointment of an Independent Director remains a key monitorable that affects board committee compliance.

Compliance Certificate

Bharat Heavy Electricals Limited (BHEL) has submitted the compliance certificate required under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2026. This filing is a mandatory disclosure ensuring the company adheres to securities processing norms.

Details

The certificate was issued by Bigshare Services Pvt. Ltd., the company's Registrar and Transfer Agent (RTA). The RTA has formally confirmed that:

• Securities received for dematerialization during the quarter were duly listed on the relevant stock exchanges.
• The corresponding physical share certificates were verified, mutilated, and cancelled.
• The names of the depositories have been substituted as the registered owners in the company's records.

Investor Takeaway

This disclosure is a routine procedural requirement and carries no implications for the company's financial performance or operational outlook.

Publication Details

Bharat Heavy Electricals Limited issued a notice on October 5, 2026, regarding the opening of a special window for the transfer and dematerialization of physical securities. The notice was published in Financial Express (English) and Jansatta (Hindi) editions.

Purpose of Notice

The notice complies with the SEBI Circular dated January 30, 2026. It establishes a special window to facilitate the transfer and dematerialization of physical equity shares in cases where the transfer deed was executed prior to April 01, 2019.

Important Dates

• Window Opening Date: February 05, 2026
• Window Closing Date: February 04, 2027

Shareholder Instructions

Eligible shareholders holding valid transfer deeds executed prior to April 01, 2019, may submit their requests along with the complete set of requisite documents to the company's Registrar and Share Transfer Agent.

Registrar Details

Name: Bigshare Services Private Limited
Address: Office No. S6-2, 6th Floor, Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, Andheri (East), Mumbai 400093
Phone: 022-62638200
Email: investor@bigshareonline.com
Website: www.bigshareonline.com

Board Meeting Details

Bharat Heavy Electricals Limited (BHEL) will convene a meeting of its Board of Directors on Wednesday, October 14, 2026. The primary agenda for the meeting is to consider and approve the company's unaudited financial results for the quarter ended September 30, 2026.

Trading Window Closure

In accordance with the SEBI (Prohibition of Insider Trading) Regulations, 2015, and the company's Code of Conduct, the trading window for dealing in BHEL securities will remain closed for all 'Designated Persons' and their immediate relatives. The closure period commences on October 1, 2026, and concludes on October 16, 2026.

Investor Takeaway

This filing is a routine procedural disclosure. Investors should note the scheduled date for the quarterly results, which will provide insight into the company's performance for the period ended September 30, 2026.

Key Highlights

Board Meeting Overview

Bharat Heavy Electricals Ltd (BHEL) has informed the stock exchanges that a meeting of its Board of Directors is scheduled for Wednesday, October 14, 2026. The principal agenda for the meeting is to consider and approve the unaudited financial results of the company for the quarter ended September 30, 2026.

Compliance and Trading Window

In accordance with the SEBI (Prohibition of Insider Trading) Regulations, 2015, and the company's internal code of conduct, BHEL has notified that the trading window for dealing in the company's securities will remain closed for all 'Designated Persons & their immediate relatives' from October 1, 2026, through October 16, 2026.

RTA Transition Update

Bharat Heavy Electricals Limited (BHEL) has finalized the transition of its Registrar and Share Transfer Agent (RTA) services. The company has formally executed a tripartite agreement involving the following parties:

• New RTA: Bigshare Services Private Limited
• Old RTA: Alankit Assignments Limited
• Company: Bharat Heavy Electricals Limited

Compliance Context

This action follows the company's prior intimation on January 1, 2026, regarding the change of its RTA. The execution of this agreement fulfills the regulatory requirements prescribed under Regulation 7 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

What This Means for Shareholders

This is a routine administrative development and holds no material financial impact. Shareholders should ensure that future correspondence regarding share transfers and related services is directed to the new RTA, Bigshare Services Private Limited, in accordance with company guidelines.

Joint Venture Overview

Bharat Heavy Electricals Limited (BHEL) has announced the signing of a Joint Venture (JV) agreement with Titagarh Rail Systems Limited (TRSL). The venture is established to provide comprehensive maintenance services for Vande Bharat Sleeper Trainsets.

Key Transaction Terms

Rationale and Benefit

The Joint Venture is designed to combine the technical expertise of both BHEL and TRSL. By forming this entity, the companies aim to ensure high standards of operational readiness, safety, and reliability for Vande Bharat Sleeper Trainsets throughout their projected 35-year service life.

Investor Takeaway

The formation of this joint venture formalizes the operational and maintenance strategy for the Vande Bharat trainsets. As the venture is yet to be incorporated, shareholders should monitor the operational commencement and any subsequent updates regarding the specific service contracts and performance metrics associated with this long-term maintenance project.

Board Approval for Equity Infusion

The Board of Directors of BHEL, at their meeting held on 14th September 2026, approved a further equity investment of Rs 65 crore in NTPC BHEL Power Projects Private Limited (NBPPL). This investment is intended to be executed in one or more tranches within FY 2026-27.

Joint Venture and Rationale

NBPPL is a 50:50 joint venture between BHEL and NTPC Limited, incorporated in April 2008 to execute EPC contracts for power plants and manufacture power plant equipment. The stated objective for this fresh capital infusion is to enable the settlement of the JV’s urgent liabilities and to maintain NBPPL as a going concern.

Financial Performance of NBPPL

The financial disclosures regarding the JV indicate a significant contraction in business activity over the last three years:

Investor Takeaway

For shareholders, this development highlights the financial stress within the NBPPL joint venture. While the Rs 65 crore investment is intended to stabilize the JV, the sharp decline in NBPPL's turnover—from Rs 18.19 crore in FY 2023-24 to Rs 1.04 crore in FY 2025-26—serves as a watch point regarding the long-term viability of this venture. Investors should monitor whether this infusion successfully restores the entity's stability or if further support will be required in subsequent periods.

Auditor Appointments for FY 2026-27

Bharat Heavy Electricals Ltd (BHEL) has received communication from the Office of the Comptroller & Auditor General of India regarding the appointment of auditors for the financial year 2026-27, pursuant to Section 139(5) of the Companies Act, 2013.

Joint Statutory Auditors

The following firms have been appointed as Joint Statutory Auditors for the company:

Branch Auditors

The following firms have been appointed as Branch Auditors for the respective units:

Note: M/S Venkatram & Co LLP is newly appointed effective from FY 2026-27.

Regulatory Context

The appointment of these auditors is subject to conditions stipulated by the Comptroller & Auditor General of India. The company is required to coordinate with the appointed firms and manage remuneration and other allowances as per the provisions of Section 142 of the Companies Act, 2013, read with relevant guidelines issued by the Department of Company Affairs.

Analyst and Investor Visit

Bharat Heavy Electricals Limited (BHEL) has provided intimation regarding an upcoming visit by a group of analysts and institutional investors to one of its manufacturing facilities. This filing is in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Visit Schedule

Investor Relevance

The company has clarified that during the course of the site visit, management will only refer to documents that are currently available in the public domain. Such visits are routine corporate engagement activities designed to provide analysts and institutional investors with better visibility into manufacturing processes and facility operations.

Regulatory Fine Announcement

Bharat Heavy Electricals Limited (BHEL) disclosed that it has received notices dated August 25, 2026, from both BSE Limited and the National Stock Exchange (NSE). Both exchanges have imposed a fine of Rs 11.03 lakh each (inclusive of GST) for non-compliance with the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, for the quarter ended June 30, 2026.

Governance and Compliance Issues

The company reported that as of June 30, 2026, there remained non-compliance with the following SEBI (LODR) Regulations:

The filing notes that there was only one Independent Director on the board up to June 1, 2026, and no Independent Director on the board from June 2, 2026, onwards.

Company Response and Next Steps

BHEL, a Government of India undertaking, stated that the appointment of Directors, including Independent Directors, is conducted by the Government of India. The company is actively pursuing the appointment of the required number of Independent Directors with the government to ensure future compliance. Furthermore, in accordance with the Standard Operating Procedure (SOP) circulars issued by the stock exchanges, BHEL is proposing to seek a waiver for the imposed fines.

Investor Takeaway

For shareholders, the key development is the lapse in mandatory board and committee composition, which has triggered financial penalties. While the company is a government entity and dependent on government appointments for board roles, this represents a governance oversight for the quarter ending June 2026. Investors should monitor the timeline for these board appointments and whether the requested fine waivers are granted by the stock exchanges.

Board, Management, Auditor, or Governance Update

Bharat Heavy Electricals Limited (BHEL) has officially disclosed a change in its senior management team due to the superannuation of a key official.

• Personnel: Shri Sumeet Salhotra
• Previous Designation: General Manager & Head (COC), Corporate Office, Noida
• Effective Date of Retirement: 24th August 2026

The company submitted this information in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, which mandates the disclosure of material events and information by listed entities.

Investor Takeaway

This announcement is a routine compliance filing concerning the retirement of a senior management personnel. It does not indicate any strategic shift, management instability, or material change in business operations.

Transaction Overview

Life Insurance Corporation of India (LIC) has disclosed a significant reduction in its equity stake in Bharat Heavy Electricals Ltd (BHEL). According to the filing under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, LIC sold shares via the open market over a period spanning May 9, 2024, to August 14, 2026.

Shareholding Change Details

Investor Implications

This disclosure indicates that a long-term institutional shareholder has actively trimmed its exposure to BHEL. While open market sales are routine portfolio adjustments for large investors, the disposal of a 2.01% stake is material. Investors should monitor this against the company's broader shareholding pattern and any future disclosures regarding further divestments or portfolio rebalancing by other major shareholders.

What This Means for Investors

For existing shareholders, this filing provides transparency regarding the exit of a significant volume of shares from an institutional holder. Market participants often track such disclosures to gauge institutional confidence and liquidity dynamics. As this was an open-market sale, it does not imply a strategic partnership change or a takeover-related development, but rather a standard equity investment adjustment by the life insurer.

Strategic Collaboration for Green Hydrogen

Bharat Heavy Electricals Limited (BHEL) has entered into a Strategic Collaboration Agreement (SCA) with Hystar AS, Norway. The agreement focuses on the development and deployment of PEM (Proton Exchange Membrane) Electrolyser systems specifically for green hydrogen projects.

Strategic Rationale and Objectives

The collaboration is aimed at facilitating the phased indigenization and local manufacturing of PEM electrolyser systems within India. By partnering with Hystar AS, BHEL intends to:

• Strengthen its project execution capabilities for green hydrogen projects.
• Enhance its contribution to the National Green Hydrogen Mission.
• Support the Government of India's 'Make in India' initiative.

Portfolio Expansion

This partnership complements BHEL's existing capabilities in the green hydrogen segment. In July 2026, the company entered into a strategic tie-up with thyssenkrupp nucera India Private Limited for alkaline electrolyser systems.

With this new agreement, BHEL is positioned as one of the few Indian players capable of offering both alkaline and PEM electrolyser solutions. This diversification is intended to serve the country's emerging green hydrogen market effectively.

Key Terms

While the specific financial consideration remains confidential, the agreement is established as a strategic tie-up to build local technical capacity. The arrangement does not involve share exchange or JV equity structures at this stage.

Key Highlights

Important Figures Used

Credit Rating Upgrade

BHEL has received a credit rating upgrade from India Ratings & Research. The company's long-term rating has been improved to 'IND AA / Stable' from its previous position of 'IND AA- / Positive'. The short-term rating has been reaffirmed at the highest level of 'IND A1+'.

This rating update is backed by the company’s operational and financial performance recorded up to the fiscal year 2025-26 and the first quarter of 2026-27. The upgrade effectively applies to the company’s total bank loan facilities of ₹80,000 crore and its commercial paper/unsecured loans of ₹5,000 crore.

What This Means for Investors

A credit rating upgrade is generally regarded as a positive indicator of a company's financial health. It suggests that the rating agency has observed improved stability, reduced credit risk, or better operational performance. For investors, this development is a meaningful signal regarding the company's improved solvency and may imply better terms for future borrowing.

Investor Takeaway

The credit upgrade to 'IND AA' confirms that BHEL's recent financial and operational results have been viewed favorably by credit rating agencies. This shift signals improved financial stability and reduced credit risk. Existing shareholders should view this as a positive development reflecting the underlying business progress. Investors should continue to monitor the company's operational performance in upcoming quarters to see if the momentum sustains.

Key Highlights

Bharat Heavy Electricals Limited (BHEL) conducted its 62nd Annual General Meeting (AGM) on August 5, 2026, via video conferencing. The company successfully secured shareholder approval for all seven resolutions listed in the AGM notice. The proceedings were marked by clean audit reports and no qualifications from statutory authorities.

AGM Proceedings

• Meeting Duration: The meeting commenced at 10.00 A.M. and concluded at 10.58 A.M.
• Shareholder Participation: A total of 188 public shareholders attended the meeting through video conferencing.
• Audit Transparency: The management confirmed that there were no qualifications from the statutory auditors and nil comments from the C&AG regarding the audited accounts for the year ended March 31, 2026, enhancing the company's transparency profile.

Resolution Outcomes

The following items were approved by the shareholders with the requisite majority:

1. Financial Statements: Adoption of audited financial statements for FY 2025-26.
2. Dividend: Approval and declaration of dividend for FY 2025-26.
3. Director Appointments: Re-appointment of Shri Rajesh Kumar Dwivedi and Shri Serugulathur Mahadevan Ramanathan.
4. Auditor Remuneration: Authorization for the Board to fix auditor remuneration and ratification of cost auditor remuneration for FY 2026-27.
5. New Appointment: Appointment of Ms. Nigar Fatima Husain as Director.

Board Appointments and Institutional Dissent

While all resolutions passed, Resolution 7, concerning the appointment of Ms. Nigar Fatima Husain as Director, witnessed substantial institutional opposition.

This high level of dissent (47.63% against) from the public institutional category highlights a significant disagreement among major investors regarding this specific board appointment.

What This Means for Investors

The approval of the financial statements and dividend declaration provides clarity and formal closure to the company's annual performance and payout cycle for FY 2025-26. Investors should note the clean audit status, which is a positive governance indicator. However, the institutional dissent surrounding the appointment of a specific director suggests internal friction or differing views among shareholders on board composition, which warrants continued observation during future board-related votes.

Investor Takeaway

For investors, the primary takeaway is the successful and procedural completion of the AGM with clean financial audits. The company maintains its governance standards regarding financial reporting. The notable institutional dissent on a board appointment should be monitored as a potential signal of evolving shareholder sentiment regarding board-level decisions, though it did not impede the passing of the resolution.

Key Highlights

Corporate Action Details

Bharat Heavy Electricals Limited has initiated a special window to facilitate the transfer and dematerialisation of physical shares. This process is strictly for shareholders who hold valid transfer deeds that were executed prior to April 01, 2019, adhering to the SEBI circular dated January 30, 2026.

Shareholders who wish to avail of this facility must submit their requests along with the required documents to the company's Registrar and Share Transfer Agent (RTA), Bigshare Services Private Limited. During the specified one-year window, all eligible requests will be processed exclusively in dematerialised mode.

What This Means for Investors

This update is relevant primarily to shareholders who may still hold physical share certificates and possess transfer deeds dated prior to April 01, 2019. It provides a formal, time-bound opportunity to convert these physical holdings into dematerialised form in compliance with regulatory standards. Investors are advised to ensure all necessary documentation is prepared correctly and submitted to the designated RTA within the stipulated timeframe.

Investor Takeaway

For most shareholders, this is a procedural compliance update with no bearing on the company's financial performance or investment thesis. Existing shareholders with physical shares falling under the specified criteria should take note of the deadline to avoid potential issues with their holdings.

Key Highlights

Important Figures Used

Regulatory Compliance and Context

The company received an Order in Original (No. 2017/2026, dated July 24, 2026) from the customs authorities in Chennai. The authority has raised a demand citing a classification error where the company reportedly availed Basic Customs duty benefits under HSN code 9026 instead of 9032.

Management Stance

BHEL has explicitly stated that the order received is currently appealable. The company is performing an internal assessment to exercise its right to appeal the decision. This indicates that the fiscal impact may be subject to change depending on the outcome of the legal or administrative process.

What This Means for Investors

This disclosure is a procedural requirement under SEBI regulations regarding regulatory orders. Given the quantum of the penalty relative to the scale of BHEL’s operations, this event does not pose a material risk to the company's financial position. Investors should note the classification dispute as a matter of routine regulatory interaction.

Investor Takeaway

This is a standard regulatory update involving a minor financial penalty. Investors should view this as a routine compliance matter. Management's intent to assess the appeal process suggests active handling of the issue. No material change to the business outlook is expected from this event.

Clarification on Technological Milestones

Bharat Heavy Electricals Limited (BHEL) has issued a clarification in response to recent online and social media circulation of news concerning the "successful development" of its 1200 kV Ultra High Voltage AC (UHVAC) Auto Transformer. The company has clarified that this news refers to R&D and operational milestones achieved more than a decade ago.

The intent of this filing is to ensure that investors and the public have an accurate understanding of the timeline of the company's technological advancements, distinguishing legacy projects from current business activities.

Timeline of Technological Developments

The company provided the following verified timeline regarding its transformer technology:

Investor Takeaway

For investors, the key takeaway is the importance of distinguishing between historical technical capabilities and current market developments. BHEL has clarified that it has been prepared to address 1200 kV Transformer and Reactor requirements since 2011 and has been a regular supplier of 765 kV equipment since 2014. This filing serves as a corrective measure against misinformation rather than an indication of a new breakthrough. Investors should continue to track standard performance metrics such as order inflow, financial results, and project execution rather than relying on resurfaced reports of older technological achievements.

Investor Meeting Schedule

Bharat Heavy Electricals Limited (BHEL) has announced its participation in an analyst and institutional investor meeting. The meeting is scheduled as follows:

Disclosure Policy

The company has clarified its approach for this meeting. Management will not be making any specific presentation. Instead, the discussion will be limited to publicly available documents and information. This ensures that no non-public, price-sensitive information is shared during the interaction.

Filing Overview

The company has fulfilled its regulatory obligation to publish its unaudited financial results for the quarter ended 30th June 2026. This filing serves as a confirmation of the mandatory publication requirement.

Compliance and Regulatory Context

This action aligns with Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The publication occurred on 17th July 2026 in both English and Hindi editions of 'Business Standard'.

Board Approval

The financial results were reviewed and approved by the Board of Directors prior to the newspaper publication, ensuring adherence to corporate governance standards.

What This Means for Investors

This update is a routine compliance announcement. It confirms that the company has met its regulatory obligations for public disclosure. Investors should note that this specific filing pertains to the publication process and does not introduce new financial metrics beyond those already disclosed in relevant financial result filings.

Key Highlights

Financial Snapshot

Financial Performance Analysis

BHEL demonstrated a strong recovery in Q1 FY2026-27. The company's revenue from operations increased to ₹7,698 crore, a 40% improvement from ₹5,487 crore in the same quarter last year. More significantly, the company moved from operational losses to profits, with EBITDA rising to ₹735 crore from a loss of ₹352 crore. This trend continued at the bottom line, where the company reported a Profit After Tax (PAT) of ₹382 crore, turning around from a net loss of ₹455 crore in Q1 FY2026.

Order Book and Inflow

The company maintains a robust order pipeline. The outstanding order book stood at ₹2,60,255 crore as of the end of Q1 FY2026-27, marking a 27% growth year-on-year. During the quarter, BHEL secured fresh order inflows amounting to ₹26,745 crore, primarily driven by the Power segment (₹22,625 crore), followed by Exports (₹2,353 crore) and Industry (₹1,767 crore).

Strategic Developments

Management has emphasized that BHEL is at an 'inflection point', entering a multi-year growth phase. The strategic focus is shifting toward translating the order book into profitable growth with higher margins. Key areas identified for future growth include:

• Diversification: Reducing dependence on traditional thermal power by expanding in Nuclear, Defence, and Rail Mobility.
• Technology & Execution: Improvements in project execution milestones, such as capacity additions for Unit#2 of Patratu STPS and Unit#3 of Yadadri TPS, have structurally improved margins.
• Coal Gasification: Recent progress, including the foundation stone for the Coal-to-Ammonium Nitrate project, positions the company to tap into emerging energy categories.

What This Means for Investors

The Q1 FY2026-27 results indicate a successful operational turnaround for BHEL. The shift from loss to profit, combined with strong double-digit growth in both revenue and collections, suggests improved operational efficiency. The record order book provides significant medium-to-long-term revenue visibility. Investors should monitor the company's ability to maintain these margins while executing on its large order book and effectively scaling its newer focus areas like nuclear, defence, and rail, which are intended to diversify its revenue base.

Investor Takeaway

BHEL's latest results showcase a definitive turnaround in financial health, supported by a massive and growing order book. The 40% revenue growth and shift to positive EBITDA and PAT highlight that the company's strategic focus on disciplined execution is yielding results. With a record outstanding order book of over ₹2.6 lakh crore, the company has significant revenue visibility. Moving forward, the key factor for investors to track will be the continued execution of these orders and the successful scaling of non-thermal business segments, which management has identified as the next engines of growth.

Key Highlights

Financial Snapshot

Financial Performance Analysis

The company witnessed a notable operational turnaround in the quarter ended 30th June 2026. Standalone revenue from operations grew to ₹7,697.72 crore, an increase compared to the ₹5,486.91 crore reported in the same quarter last year. The bottom line also improved significantly, with the company reporting a net profit of ₹381.91 crore, compared to a net loss of ₹454.89 crore in the corresponding quarter of the previous year.

Segment Performance

The Power segment continues to be the primary revenue driver for the company, contributing ₹5,919.50 crore, while the Industry segment added ₹1,778.22 crore.

Governance and Operational Risks

Corporate Governance

The company has disclosed a non-compliance issue regarding its board composition. Currently, there is no Independent Director on the Board of BHEL. Consequently, the constitution of the Board Level Audit Committee (BLAC) is not in line with Regulation 18 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Section 177 of the Companies Act, 2013.

Receivable Risk

Trade receivables include an overdue amount of ₹196 crore from a customer in Sudan (STPG, formerly NEC Sudan). Due to the ongoing crisis in the region, there is a risk associated with this recovery. The company has stated that if this amount were to be provided for, it would impact the profit before tax by ₹177 crore (net of expected credit loss provision).

Corporate Action and Liquidity

The company has successfully repaid its commercial papers on their respective due dates. As of 30th June 2026, the company reported nil listed commercial papers. It continues to maintain a credit rating of 'CARE A1+' and 'Ind A1+'.

Investor Takeaway

BHEL's latest quarterly results highlight a strong financial turnaround, with revenue growth and a return to profitability. However, investors should closely monitor the company's progress in addressing the corporate governance non-compliance regarding board composition. Additionally, the exposure to Sudanese receivables remains a watch point for potential future provisioning if the recovery situation does not improve.

Key Highlights

The company has announced the schedule and procedural details for its 62nd Annual General Meeting (AGM).

AGM and E-voting Participation

The 62nd AGM will be conducted through Video Conferencing (VC) or Other Audio-Visual Means (OAVM). The company has noted that the Annual Report 2025-26 was sent electronically to shareholders on July 10, 2026.

Shareholders who wish to vote remotely must do so within the specified period. The cut-off date for determining eligibility to vote and attend the AGM is July 29, 2026. Additionally, the company is facilitating a 'Speaker Registration' process, allowing shareholders to register in advance to express their views or ask questions during the AGM.

What This Means for Investors

This filing is a procedural compliance update. Investors who are shareholders should note the cut-off date of July 29, 2026, to ensure their eligibility to participate in the upcoming AGM. The availability of electronic voting and virtual meeting participation ensures that shareholders can exercise their rights without the need for physical presence.

Investor Takeaway

This is a standard corporate governance update. Investors should take note of the AGM schedule and the e-voting window if they intend to participate in the decision-making process for the company. No new financial or business performance information was released as part of this specific announcement.

Key Highlights

Financial Snapshot

Strategy and Operations

BHEL is undergoing a strategic transformation through its 'HARIT BHEL' initiative, which aims to achieve Net Zero emissions by 2047. The company is actively diversifying its business mix to mitigate reliance on traditional thermal power equipment. A key target is to secure 50% of its order book from the non-fossil fuel sector between FY23 and FY27; the company has achieved 22% progress in this area over the last four years.

Operational diversification is currently focused on sectors including Nuclear, Defence, Transportation, Hydrogen, and Coal-to-Chemicals. The company operates a total of 45 locations across India, including 16 plants and 29 offices, serving 94 countries.

Environment Management

BHEL’s sustainability efforts include:

• Energy Efficiency: Total energy consumption for the year was 2,814,172 Giga Joules. Energy intensity improved to 8.33 kilo Joules per rupee of turnover, compared to 9.24 in the previous year.
• Water Management: The company withdrew 10,164,006 kilolitres of water. 11 manufacturing units have achieved Zero Liquid Discharge status.
• Waste Management: The company generated 56,870.63 metric tonnes of waste. BHEL successfully disposed of scrap worth approximately ₹59.20 crore during the year.

Risks and Watch Points

What This Means for Investors

For investors, the FY 2025-26 report signals a company in transition. While the core thermal power business remains significant, BHEL's management is clearly focused on pivoting toward the non-fossil sector to ensure long-term relevance. The focus on GreenCo ratings for its manufacturing units and the implementation of Zero Liquid Discharge reflect active steps in ESG compliance. However, investors should closely monitor how effectively BHEL manages the skill gap in its newer, diversified business verticals.

Investor Takeaway

BHEL’s latest BRSR indicates a structured approach to ESG and operational transparency. The commitment to a Net Zero target by 2047 and the 50% non-fossil order book goal are primary indicators of the company's future growth strategy. While the company maintains a stable domestic market position and strong internal processes for grievance redressal and audit, the reliance on specialized skills for future revenue generation remains a key area for investors to watch.

Key Highlights

• Filing Type: Compliance Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
• Reporting Period: Quarter ended June 30, 2026.
• Compliance Status: Confirmed by Registrar and Transfer Agent (RTA), Bigshare Services Pvt. Ltd.

Regulatory Compliance

The company has completed its routine regulatory filing for the quarter ended June 30, 2026. The RTA has certified that:

1. Securities received for dematerialization were duly listed on stock exchanges.
2. Physical certificates were verified, mutilated, and cancelled.
3. The depository's name was correctly substituted in company records as the registered owner.

What This Means for Investors

This filing is a standard procedural requirement for listed companies in India. It serves to inform shareholders and regulators that the process for converting physical share certificates into electronic (dematerialized) format is being handled correctly by the company's RTA. There is no financial or material impact on the company's operations from this update.

Key Highlights

Financial Snapshot

Revenue and Profitability Analysis

BHEL has demonstrated strong financial resilience in FY 2025-26. The 19% growth in Revenue from Operations is attributed to better shop capacity utilization and strong execution of its extensive order book. The profitability metrics showed significant improvement, with EBITDA increasing by 83% to ₹3,189 crore and Profit After Tax (PAT) surging three-fold. This improvement is driven by higher operational efficiency and cost management strategies.

Order Book and Business Outlook

The company secured order inflows of ₹75,916 crore during the year, resulting in an all-time high order book of ₹2,39,057 crore. This provides a robust foundation for revenue visibility. BHEL is strategically diversifying beyond thermal power, with coal gasification, transmission, rail transportation, and defence sectors now contributing to the inflow mix.

Dividend and Corporate Action

The Board has recommended a final dividend of 70% (₹1.40 per share) for FY 2025-26, showing an increase from the previous year's 25% (₹0.50 per share).

Governance and Compliance

The Secretarial Audit Report highlighted a non-compliance regarding board composition: the number of independent directors was less than half the total strength, and committee compositions did not meet regulatory standards from March 28, 2026, to March 31, 2026. Management attributed this to the appointment process of directors being under the purview of the Government of India, and noted that they are in continuous communication regarding these appointments.

Investor Takeaway

BHEL has posted a strong financial and operational year, marked by record order levels and a significant jump in profitability. The company's focus on diversifying its portfolio and maintaining financial discipline (debt-free status) appears to be yielding results. While the financial trajectory is positive, investors should remain aware of the ongoing governance observations related to board composition and track management's updates on filling these vacancies. Overall, the company is well-positioned for the upcoming fiscal years.

Key Highlights

Financial Snapshot

Financial Performance Analysis

The company demonstrated significant improvement in profitability, with PAT tripling during the year. This growth is primarily attributed to higher business volumes, enhanced execution, and operational efficiencies. The company achieved an EBITDA of ₹3,189 Crore, up 83% from the previous year, reflecting better operating margins.

Margin Analysis

Order Book and Operations

The company reported its highest-ever outstanding order book at ₹2,39,057 Crore, supported by a robust order inflow of ₹75,916 Crore during the year. A significant portion of this order book is in non-thermal sectors, reflecting the company’s success in its diversification strategy. Operational execution remained strong, with approximately 8.9 GW of power capacity commissioned or synchronized during the year.

Balance Sheet and Cash Position

BHEL maintained a strong financial position with a net cash surplus of ₹4,630 Crore. The company’s liquidity management and cash collection efforts have been effective, with cash generated from operations increasing by 176% to ₹5,827 Crore. Trade receivables reduced to 100 days of Revenue from Operations, an improvement from 115 days in the previous year.

Corporate Governance and Compliance

The secretarial auditor highlighted a compliance shortfall in the composition of the Board of Directors, where the number of independent directors was less than half of the total strength at year-end, failing to meet SEBI Listing Regulations. The company has clarified that as a Government Company, these appointments are handled by the administrative ministry and the matter is under process.

What This Means for Investors

BHEL’s FY 2025-26 performance indicates strong operational recovery and effective execution, with clear financial improvement. The diversification into coal gasification, rail signalling, and renewable energy sectors provides a multi-pronged growth strategy beyond traditional power generation. Investors should continue to monitor the company’s progress in addressing the board composition compliance issue and the execution timeline of the massive order book.

Key Highlights

Important Figures Used

Corporate Action Details

The Board of Directors has recommended a final dividend of 70% (Rs 1.40 per share of Rs 2 face value) for the financial year 2025-26. This dividend is subject to approval by the shareholders at the upcoming 62nd Annual General Meeting. The company has fixed Friday, July 17, 2026, as the record date for determining the entitlement of members to receive the dividend.

Management, Auditor, and Compliance Changes

The notice proposes the re-appointment of Shri Rajesh Kumar Dwivedi and Shri Serugulathur Mahadevan Ramanathan, who retire by rotation. Additionally, the appointment of Ms. Nigar Fatima Husain as a Director (Government Nominee) is also on the agenda. The shareholders are also requested to ratify the total remuneration of ₹0.17 crore (₹17.36 lakh) fixed for eight Cost Accountants/Firms appointed as cost auditors for FY 2026-27.

Board Decision or Meeting Update

The 62nd AGM is scheduled to be held on Wednesday, August 5, 2026, at 10:00 A.M. IST through video conferencing. The company has provided an e-voting facility for shareholders, with the remote e-voting period commencing from August 2, 2026, at 9:00 A.M. and concluding on August 4, 2026, at 5:00 P.M. The cut-off date for voting eligibility is July 29, 2026.

What This Means for Investors

The AGM notice provides shareholders with clarity on the upcoming dividend payment, leadership continuity, and board composition. The recommended dividend of Rs 1.40 per share represents a direct cash distribution to shareholders, payable within 30 days of declaration if approved. Shareholders should take note of the record date for dividend eligibility and the e-voting timeline to exercise their voting rights.

Investor Takeaway

Investors should review the AGM agenda, specifically regarding the re-appointment of key directors and the proposed cost auditor remuneration. The dividend payment is the primary financial event to monitor, with the record date set for July 17, 2026. Shareholders should also ensure their PAN/Aadhaar and KYC details are updated, as the company has highlighted TDS implications for dividends. Participation in the AGM via the virtual platform and timely e-voting is encouraged to ensure governance participation.

Board Meeting Update

Bharat Heavy Electricals Limited has scheduled a meeting of its Board of Directors on Thursday, 16th July 2026. The primary agenda for this meeting is to review and approve the unaudited financial results for the company for the quarter ended 30th June 2026.

Regulatory Compliance

In accordance with the company's code of conduct for the prevention of insider trading, the trading window for designated persons and their immediate relatives remains closed until 18th July 2026.

Investor Takeaway

This filing is a standard procedural notification. Investors should monitor the upcoming financial results release for insights into the company's operational performance for the first quarter of the fiscal year. No specific financial details or performance indicators were disclosed in this announcement.

Key Highlights

Dividend and AGM Details

Bharat Heavy Electricals Limited has scheduled its 62nd Annual General Meeting to be conducted via Video Conferencing on August 5, 2026.

The Board of Directors has recommended a final dividend of Rs 1.40 per equity share for the financial year 2025-26. Shareholders should be aware of the following:

• Record Date: The company has fixed July 17, 2026, as the record date. Only shareholders whose names appear in the Register of Members or list of Beneficial Owners as of this date will be eligible for the final dividend.
• Payment Timeline: If approved by shareholders at the AGM, the dividend is expected to be paid within 30 days from the date of declaration, on or before September 3, 2026.

Participation and Voting

The meeting will be held electronically. Shareholders are encouraged to review the AGM notice for specific instructions on how to join via video conferencing and how to cast their votes remotely.

What This Means for Investors

This announcement is a routine procedural update regarding the company's annual governance and distribution of profits. Investors planning to be eligible for the proposed dividend must ensure their shareholding is recorded by the cutoff date of July 17, 2026.

Investor Takeaway

For existing shareholders, the key focus is the upcoming record date for the dividend. Participation in the AGM is optional but provides an opportunity to engage with the company's governance process. There are no unexpected operational or financial shifts indicated in this filing; it reflects standard end-of-year corporate activity.

Strategic Collaboration Details

BHEL has signed a Strategic Collaboration Agreement (SCA) with thyssenkrupp nucera India Private Limited. This collaboration centers on Alkaline Electrolyser Systems, which are critical components for green hydrogen production.

Strategic Rationale and Objectives

The agreement is aimed at several key strategic outcomes:

• Indigenization: The primary goal is to facilitate phased indigenization and local manufacturing of Alkaline electrolyser systems within India.
• Project Execution: The collaboration is expected to strengthen BHEL's ability to execute green hydrogen projects effectively.
• Policy Alignment: The tie-up aligns with the National Green Hydrogen Mission and supports the Government of India's 'Make in India' initiative.

What This Means for Investors

This partnership marks BHEL's active participation in the emerging green hydrogen value chain. By focusing on the local manufacturing of critical hardware like electrolysers, the company aims to reduce import dependency and leverage national policy incentives. While the financial details of this specific collaboration are confidential, the move represents a strategic pivot towards renewable energy infrastructure, which investors should monitor for future order book developments and project implementation progress.

Investor Takeaway

For investors, this announcement highlights BHEL's ongoing efforts to diversify its technological footprint into the renewable energy space. The focus on local manufacturing is a key point to track, as it aims to secure a competitive edge in India's growing green hydrogen market. Investors should watch for further updates regarding project wins or manufacturing milestones that stem from this strategic collaboration.

Summary

• BHEL reported strong revenue growth of 19% YoY to Rs. 33,782 Crores for FY26.
• The company achieved its highest-ever outstanding order book, standing at approximately Rs. 2,40,000 Crores as of March 31, 2026.
• Approximately 8.9 GW of power capacity was commissioned or synchronized during FY 2025-26.
• Significant order inflows were recorded in the Power and Industry segments, alongside diversification into coal-to-chemical and rail signaling businesses.

Key Numbers & Dates

• Revenue from Operations (FY26): Rs. 33,782 Crore (19% YoY growth).
• Order Inflow (FY26): Rs. 75,916 Crore.
• Order Inflow (Q4 FY26): Rs. 30,011 Crore.
• Outstanding Order Book (as on 31.03.2026): ~Rs. 2,40,000 Crore.
• Power Capacity Commissioned/Synchronized (FY25-26): ~8.9 GW.
• Profit After Tax (FY26): Rs. 1,578 Crore (Standalone).
• Profit Before Tax (FY26): Rs. 2,116 Crore (Standalone).
• Announcement Date: May 4, 2026.

What Changes for the Business

• Effective April 1, 2026, Central Foundry Forge Plant (CFFP), Haridwar has been merged with Heavy Electrical Equipment Plant (HEEP), Haridwar into a single unit.
• BHEL is diversifying into coal-to-chemical business and has received an order for 'Kavach', marking a step towards rail signaling segment.

⚠️ What Could Go Wrong

• [Other] The company's performance is subject to various factors including global and Indian demand-supply conditions, finished goods prices, cyclical demand, changes in government regulations, tax regimes, economic developments, litigation, and labour negotiations.
• [Other] Statements in the document may be forward-looking, and actual results could differ materially from expectations due to these influencing factors.

Results Snapshot

• Standalone Results (Rs. Crore):
  • Revenue from Operations: FY26: 33,782; FY25: 28,339
  • Profit After Tax: FY26: 1,578; FY25: 513
  • Profit Before Tax: FY26: 2,116; FY25: 725

What to Track Next

• The performance of new diversification areas like coal-to-chemical and rail signaling.
• Progress on the ~Rs. 2,40,000 Crore order book.
• Impact of strategic integration of manufacturing units.

Summary

• The Board of Directors of Bharat Heavy Electricals Limited (BHEL) has approved the audited financial results for the quarter and year ended March 31, 2026.
• The company recommended a final dividend of ₹1.40 per share for the financial year 2025-26.
• The dividend, if declared by shareholders at the Annual General Meeting, will be paid within 30 days of that meeting.

Key Numbers & Dates

• Financial Year End: March 31, 2026
• Board Approval Date: May 4, 2026
• Recommended Final Dividend: ₹1.40 per share (70% on face value of ₹2)
• Standalone Revenue (FY 2025-26): ₹33,782.18 crore
• Standalone Net Profit (FY 2025-26): ₹1,577.95 crore
• Consolidated Revenue (FY 2025-26): ₹33,782.18 crore
• Consolidated Net Profit (FY 2025-26): ₹1,600.26 crore

What Changes for the Business

• The company has recommended a final dividend for FY 2025-26, which is subject to shareholder approval at the Annual General Meeting.

⚠️ What Could Go Wrong (source-based)

• [Financial] Trade receivables include an overdue amount of ₹196 crore from STPG (formerly NEC Sudan), which is stuck due to an ongoing crisis. While considered good and not provided for, if it were to be provided for, it would impact profit before tax by ₹179 crore.
• [Governance] The Board currently has only one Independent Director, preventing the Board Level Audit Committee from meeting due to a lack of quorum. Results were directly placed before the Board for review and approval.

Results Snapshot

• Standalone Results (FY Ended March 31, 2026): Revenue was ₹33,782.18 crore and Net Profit was ₹1,577.95 crore.
• Consolidated Results (FY Ended March 31, 2026): Revenue was ₹33,782.18 crore and Net Profit was ₹1,600.26 crore.

What to Track Next

• Declaration of the final dividend by shareholders at the Annual General Meeting.
• Payment of the dividend within 30 days of the AGM, if declared.

📊 Performance Summary

• Reporting Period(s): Quarter and Year Ended 31st March 2026
• Unit: ₹ in Crore

(A) Quarterly Results

• Consolidated Total Income: ₹12,553.50 Cr
• Consolidated Net Profit: ₹1,290.47 Cr
• YoY Growth (Total Income): (₹12,553.50 Cr) vs (₹9,142.64 Cr) = +37.31%

(B) Annual Results

• Consolidated Total Income: ₹34,589.83 Cr
• Consolidated Net Profit: ₹1,600.26 Cr
• YoY Growth (Total Income): (₹34,589.83 Cr) vs (₹28,804.79 Cr) = +20.08%
• YoY Profit Jump: Consolidated Net Profit rose from ₹533.90 Cr in the previous year to ₹1,600.26 Cr, marking a 199.73% increase.

✅ What Looks Positive

• Strong Profitability: Annual consolidated net profit surged nearly 200% year-on-year.
• Revenue Expansion: Annual consolidated total income grew by over 20%.
• Shareholder Rewards: The Board recommended a final dividend of ₹1.40 per share.
• Reduced Current Borrowings: Consolidated current borrowings decreased to ₹7,950.00 Cr from ₹8,795.00 Cr in the previous year.
• Clean Audit Opinion: Auditors issued an unmodified opinion for the year ended 31st March 2026.

⚠️ Risk Alerts & Concerns

• Overdue Receivables: The company has ₹196 Cr in overdue trade receivables from a customer in Sudan (STPG), currently stuck due to a crisis. If this were provided for, the impact on profit before tax would be approximately ₹179 Cr.
• Unaudited Segments: 14 branches and certain joint ventures were not audited by the central statutory auditors, and their results are based on branch auditor reports or unaudited figures.

🧠 Investor Takeaway

BHEL has shown a very strong recovery in fiscal 2025-26, with a massive jump in profitability and healthy revenue growth. The reduction in current borrowings and the declaration of a dividend are positive signals for investors. While the overdue receivables in Sudan represent a localized risk, the overall financial trajectory is significantly improved compared to the prior year.

Summary

• BHEL has entered into a Licensing Agreement for Transfer of Technology (LAToT) with DRDO's Naval Science & Technological Laboratory (NSTL).
• The agreement covers the fabrication, installation, and commissioning of the LM2500 Gas Turbine-Infrared Suppression System (GT-IRSS) for naval vessels.
• This partnership aims to strengthen BHEL's diversification into the defence sector and support the 'Make in India' initiative.

Key Numbers & Dates

• Filing Date: 28.04.2026

What Changes for the Business

• BHEL will now be involved in the fabrication, installation, and commissioning of advanced GT-IRSS for naval vessels.
• This move signifies BHEL's strategic diversification into the defence manufacturing segment.
• The initiative aligns with and supports the Government's 'Make in India' program for indigenous defence production.

Summary

• BHEL's Board of Directors will meet on May 4, 2026.
• The primary agenda item is to consider the recommendation of a final dividend, if any, for the Financial Year 2025-26.
• The meeting is conducted as per SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.

Key Numbers & Dates

• Board Meeting Date: May 4, 2026

What to Track Next

• The outcome of the BHEL Board meeting concerning the recommendation of the final dividend for FY 2025-26.

📊 Performance Summary

• Reporting Period(s): Quarter and Year ended March 31, 2026 (Meeting Notice).
• Unit: Not applicable (No financial data present).

This document is a formal notification of a board meeting and does not contain financial results, revenue, or profit figures for the periods mentioned.

✅ What Looks Positive

No clear positives visible in provided data.

⚠️ Risk Alerts & Concerns

No financial risks visible in the provided meeting notice.

🧠 Investor Takeaway

Investors should note that BHEL will be considering its audited financial results for the fiscal year ended March 31, 2026, at a board meeting scheduled for May 4, 2026. Actual performance data will be available only after the conclusion of that meeting.

Summary

• Ms. Nigar Fatima Husain has been appointed as a Part-time Official (Government Nominee) Director on the Board of BHEL.
• The appointment is effective from April 27, 2026.
• She replaces Shri Asit Gopal, who has ceased to be a Director on BHEL's Board.

Key Numbers & Dates

• Appointment Effective Date: 27.04.2026

What Changes for the Business

• Ms. Nigar Fatima Husain brings experience from her current role as Additional Secretary & Financial Advisor in the Ministry of Commerce & Industry and Ministry of Heavy Industries, indicating continued government representation and oversight at the board level.

Summary

• BHEL announced a change in senior management.
• Ms. Aruna Gulati has been appointed as the new Head of the Solar Business Division (SBD) in Bengaluru.
• The appointment is effective from April 25, 2026.

Key Numbers & Dates

• Appointment Effective Date: April 25, 2026
• Ms. Aruna Gulati's Joining Date: October 21, 1991
• Ms. Aruna Gulati's Years of Service: 35 Years

What Changes for the Business

• Ms. Aruna Gulati will lead the Solar Business Division (SBD) in Bengaluru.
• She will report to the Director (IS & P).

Bharat Heavy Electricals Limited (BHEL) reported a robust financial year for 2025-26, with its turnover growing by 18% to around Rs. 32,350 crores. The company secured total order inflows of approximately Rs. 75,000 crores, bolstering its outstanding order book to Rs. 2.4 lakh crores. BHEL also commissioned 8.9 GW of power capacity, indicating strong operational execution and a positive outlook for FY 2026-27.

Summary

• BHEL has filed a suit in the Bengaluru Commercial Court against Raichur Power Corporation Ltd.
• The lawsuit seeks the recovery of ₹143.21 crore for supply and services related to the Yeramaras Thermal Power Station.
• This action is taken under a contract for 2 X 800 MW Units and associated works.

Key Numbers & Dates

• Amount Claimed in Lawsuit: ₹143.21 crore (BHEL's claim against Raichur Power Corporation Ltd.)
• Filing Date: April 17, 2026 (Date of disclosure)

What Changes for the Business

• BHEL is pursuing legal action to recover outstanding amounts owed for contractual obligations.

⚠️ What Could Go Wrong (source-based)

• [Legal] The outcome of the lawsuit is uncertain, and recovery of the claimed amount is not guaranteed.
• [Financial] Legal proceedings may incur costs and tie up resources.

Summary

• BHEL has withdrawn its acceptance of a Letter of Intent (LOI) from MB Power (Madhya Pradesh) Limited.
• The LOI was for the supply of Boiler, Turbine, and Generator for the 1x800 MW Anuppur Thermal Power Project.
• The withdrawal occurred because a formal contract could not be executed within the agreed timeline, despite extensions.

Key Numbers & Dates

• Project Capacity: 800 MW (Anuppur Thermal Power Project)
• Original LOI Acceptance: September 3, 2025
• Withdrawal Notification to Customer: April 17, 2026, at 16:36 hrs

What Changes for the Business

• BHEL will not proceed with supplying equipment for the 1x800 MW Anuppur Thermal Power Project as the LOI acceptance has been withdrawn.
• This signifies the loss of a potential order due to failure in contract execution.

⚠️ What Could Go Wrong

• [Deal] Failure to execute a formal contract for the supply of equipment to the 1x800 MW Anuppur Thermal Power Project, leading to the withdrawal of BHEL's acceptance to the Letter of Intent from MB Power (Madhya Pradesh) Limited.

Summary

• Bharat Heavy Electricals Limited (BHEL) submitted a Certificate under SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended March 31, 2026.
• The company's Registrar and Transfer Agent, Bigshare Services Pvt. Ltd., confirmed that physical share certificates received for dematerialisation were processed, listed, mutilated, cancelled, and the depository was registered as the owner.
• This filing is a routine compliance requirement for listed entities.

Key Numbers & Dates

• Quarter End Date: March 31, 2026
• Certificate Issuance Date: April 7, 2026

Bharat Heavy Electricals Limited (BHEL) has published an advertisement in the Financial Express and Jansatta on April 07, 2026, informing its equity shareholders about a Special Window. This window, operational from February 05, 2026, to February 04, 2027, facilitates the transfer and dematerialisation of physical equity shares, provided the transfer deed was executed before April 01, 2019, as per SEBI guidelines. Shareholders need to submit their requests and required documents to the company's Registrar & Share Transfer Agent, Bigshare Services Private Limited, or BHEL directly.

PMC Fincorp Limited announced the dispatch of its Postal Ballot Notice to shareholders on April 6, 2026, with a cut-off date of April 3, 2026. The notice, along with e-voting information, was published on April 7, 2026, in 'Financial Express' (English) and 'Jansatta' (Hindi). The company is facilitating remote e-voting via NSDL. Separately, Bharat Heavy Electricals Limited has opened a special window for the transfer and dematerialisation of physical securities from February 5, 2026, to February 4, 2027.

Summary

• Bharat Heavy Electricals Limited (BHEL) has received a demand order from GST Authorities, Karnataka.
• The order pertains to FY 2019-20 to FY 2022-23 and includes a balance demand of ₹10.92 crore and a penalty of ₹10.80 crore.
• BHEL disputes the demand, stating it is not tenable, and plans to file an appeal.

Key Numbers & Dates

• Balance GST demand: ₹10.92 crore for FY 2019-20 to FY 2022-23.
• Penalty imposed: ₹10.80 crore.
• Communication received date: March 31, 2026.
• Show Cause Notice date: September 29, 2025.

What Changes for the Business

• BHEL disputes the financial implications, stating the demand is not tenable.
• The company is in the process of filing an appeal before the Appellate Authorities.

⚠️ What Could Go Wrong (source-based)

• [Financial] Potential financial implication from the balance demand of ₹10.92 crore and a penalty of ₹10.80 crore, plus applicable interest, if the appeal is unsuccessful.

What to Track Next

• Outcome of BHEL's appeal before the Appellate Authorities regarding the GST demand and penalty.

Summary

• BHEL has responded to a rumour verification request from BSE Limited regarding news about the Centre relaxing land border norms for BHEL tenders.
• The company clarified that while a five-year relaxation was granted for procurement from land-border sharing countries, BHEL had no negotiations related to this policy change.
• BHEL also stated they are unaware of any unannounced information that could explain recent trading movements.

Key Numbers & Dates

• March 27, 2026: Date of the news item "Centre relaxes Land Border norms for BHEL tenders."
• March 30, 2026: BSE Limited's letter seeking confirmation.
• March 31, 2026: BHEL's Rumour Verification Letter date.
• December 31, 2025: Department of Expenditure (DoE) communication regarding equipment details.
• January 06, 2026: BHEL provided inputs to its administrative ministry.
• March 27, 2026: Department of Expenditure (DoE) issued an OM granting relaxation.

What Changes for the Business

• A relaxation has been accorded to BHEL under Rule 144(xi) of GFR for a period of five years.
• This relaxation pertains to the procurement of 21 items from entities representing countries sharing land borders with India.

⚠️ What Could Go Wrong

• [Other] BHEL stated they are not aware of information beyond government communications, which are not in their control and cannot be predicted, potentially impacting business operations or market perception.

Results Snapshot

• Not applicable.

What to Track Next

• Details of the implementation and impact of the 5-year GFR relaxation on BHEL's procurement processes for the specified 21 items.

Summary

• India Ratings & Research has revised Bharat Heavy Electricals Limited's (BHEL) credit rating outlook from 'Stable' to 'Positive'.
• The agency reaffirmed BHEL's long-term rating as IND AA- and short-term rating as IND A1+.
• This revision is based on anticipated operational and financial performance up to Q3/FY 2025-26.
• The total bank loan facilities rated amount to Rs 80,000 Crores.

Key Numbers & Dates

• Total Bank Loan Facilities Rated: 80,000 Crores
• Rating Outlook Revision Date: 30 March 2026
• Document Date: 31 March 2026
• Long Term Rating: IND AA- (Reaffirmed)
• Short Term Rating: IND A1+

What Changes for the Business

• A positive outlook may signal improved investor confidence and potentially better terms for future borrowings.
• The rating revision reflects expectations of strong operational and financial performance for BHEL.
• BHEL's creditworthiness is assessed as robust, supported by its market position and management.

Summary

• Bharat Heavy Electricals Limited (BHEL) has received a significant Notification of Award (NOA) from NTPC Limited.
• The order pertains to the main plant package for the 3x800 MW Telangana Stage-II STPP project.
• The contract is valued at over ₹13,500 crore, excluding GST, and covers comprehensive work including design, engineering, supply, erection, and commissioning.

Key Numbers & Dates

• Order Value: Over ₹13,500 Cr. excl. GST
• Project Capacity: 3x800 MW (2400 MW total)
• Notification of Award (NOA) Date: 30 March 2026
• Execution Timeline: Within 62 months from NOA date
• LNTP received: November 2024
• Bid Emerged: October 2024

What Changes for the Business

• This award represents a major order win for BHEL, strengthening its position in the thermal power project segment.
• The scope of work is comprehensive, covering multiple stages from design to commissioning, indicating BHEL's end-to-end capabilities.
• The project is a domestic order awarded by a fellow Central Public Sector Enterprise (CPSE).

⚠️ What Could Go Wrong

• [Other] While the order is for a significant value, the text does not provide details on payment terms or milestones which could impact cash flows.

What to Track Next

• Monitoring the official order finalization and commencement of work timelines.
• Tracking BHEL's execution progress against the 62-month completion schedule.

Summary

• Two Independent Directors of Bharat Heavy Electricals Limited (BHEL), Shri Ashok Kumar Aseri and Shri Aashish Chaturvedi, are set to complete their tenure on March 27, 2026.
• This announcement is made by BHEL in accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Numbers & Dates

• Tenure Completion Date: March 27, 2026 (for Shri Ashok Kumar Aseri and Shri Aashish Chaturvedi).
• Announcement Date: March 28, 2026.

Summary

• Bharat Heavy Electricals Limited (BHEL) has officially informed the stock exchanges about a change in its senior management.
• Ms. Aruna Gulati has transitioned from her previous role to a new designation within the company.

Key Numbers & Dates

• Senior management change effective date: March 25, 2026.

What Changes for the Business

• Ms. Aruna Gulati's designation has changed from GM & Head (CSM & CC), New Delhi, to General Manager (Operations), SBD, Bengaluru.
• Her reporting structure has also shifted; she will now report to the Head (SBD), Bengaluru, from her previous reporting line to the CMD, BHEL.
• The change is a result of a transfer and re-allocation of work.

⚠️ What Could Go Wrong (source-based)

• None identified in the source text.

Results Snapshot

• None identified in the source text.

What to Track Next

• No specific next steps or follow-up actions are mentioned in the report.

Summary

• BHEL announced its trading window will close from April 1, 2026, for designated employees and their relatives.
• This closure is in compliance with SEBI regulations and BHEL's code of conduct.
• It is related to the upcoming audited financial results for the quarter and year ended March 31, 2026.
• The window will reopen 48 hours after the results are officially filed with the stock exchanges.

Key Numbers & Dates

• Trading Window Closure Start: April 1, 2026
• Financial Period End: March 31, 2026
• Post-Results Trading Window Reopening: 48 hours after results filing
• Announcement Date: March 25, 2026

What to Track Next

• The date of the Board Meeting for consideration of the financial results.
• The actual filing date of the audited financial results for the quarter and year ended March 31, 2026.

Summary

• BHEL announced the superannuation of two senior management officials.
• Executive Director (HPBP), Trichy, Shri S Prabhakar and Executive Director, Corporate Office, Rajesh Kohli retired on March 24, 2026.
• The disclosure was made as per SEBI listing regulations.

Key Numbers & Dates

• Superannuation Date: March 24, 2026 (Shri S Prabhakar, Rajesh Kohli)
• Disclosure Date: March 25, 2026

What Changes for the Business

• The retirement of two Executive Directors signifies a transition in senior leadership at BHEL.
• Specific responsibilities held by Shri S Prabhakar (HPBP, Trichy) and Rajesh Kohli (Corporate Office, New Delhi) will be reassigned or filled.

What to Track Next

• Appointment of new executives to fill the vacant positions.
• Reassignment of responsibilities for the superannuated executives' roles.

Summary

• Shri Krishna Kumar Thakur has relinquished his charge as Director (Human Resources) at Bharat Heavy Electricals Limited (BHEL).
• This relinquishment is effective from March 19, 2026.
• He will be taking up the position of Director (Personnel) at NMDC Limited.
• Shri Tajinder Gupta, Director (Power), will hold the additional charge of the Director (Human Resources) post at BHEL.

Key Numbers & Dates

• Director (Human Resources) DIN: 10172666
• Relinquishment of charge by Shri Krishna Kumar Thakur: March 19, 2026 (F/N)
• Ministry of Heavy Industries Order Date: March 18, 2026
• Ministry of Steel Order Date: March 17, 2026

What Changes for the Business

• With Shri Krishna Kumar Thakur's departure, Shri Tajinder Gupta, Director (Power), will assume additional responsibilities for the Director (Human Resources) role at BHEL, effective March 19, 2026.

Summary

• Simplex Castings Ltd. has received a significant order worth ₹7.26 crore from Bharat Heavy Electricals Limited.
• The order involves fabricating and machining components such as Mill Side and Liner Assembly and Separator Body Assembly.
• The company is expected to complete the order within seven months from the issuance of the purchase order.

Key Numbers & Dates

• Order Value: ₹7.26 Cr.
• Commercial Consideration: ₹7,25,72,500.00
• Completion Timeline: 7 months from the issue of work or purchase order
• Letter Date: 12.03.2026

What Changes for the Business

• The order win adds to Simplex Castings' order book and revenue stream.
• It confirms business from a major public sector undertaking, Bharat Heavy Electricals Limited.

⚠️ What Could Go Wrong (source-based)

• No specific risks or adverse conditions were mentioned in the provided text.

Results Snapshot

• Not applicable as the text is an order win intimation.

What to Track Next

• Progress on order execution and completion within the stipulated 7-month timeline.

Summary

• BHEL has been fined ₹5,42,800.00 lakh (₹5.43 cr) by BSE and NSE each for non-compliance with SEBI's board composition regulations.
• The non-compliance pertains to the quarter ending December 2025, where the number of independent directors was below the required 50%.
• BHEL is seeking a waiver for these fines and is working with the Government of India to appoint the necessary independent directors.

Key Numbers & Dates

• Fine per Exchange: ₹5,42,800.00 lakh (₹5.43 cr)
• Quarter of Non-compliance: December, 2025
• Disclosure Date: 02.03.2026

What Changes for the Business

• The company faces a regulatory penalty, underscoring the need to ensure board composition aligns with SEBI guidelines.
• Ongoing efforts are required to secure timely appointments of independent directors from the Government of India.

⚠️ What Could Go Wrong

• [Governance] BHEL's non-compliance with SEBI (LODR) Regulations regarding the minimum percentage of independent directors on its Board may continue to pose regulatory challenges and potential future penalties if appointments are delayed.

What to Track Next

• Outcome of BHEL's waiver request for the levied fines.
• Progress on the appointment of independent directors by the Government of India.

NA

News Crux

Bharat Heavy Electricals Limited (BHEL) has announced receiving a Letter of Acceptance (LOA) from Steel Authority of India Limited (SAIL) for a Captive Power Plant (CPP) package. The order is for SAIL's IISCO Steel Plant expansion in Burnpur and is valued significantly between ₹1200-1500 Cr (excluding GST). The project is expected to be commissioned within 39 months from the effective date of the contract.

Key Events

• Order Awarded: Bharat Heavy Electricals Limited (BHEL) has received a Letter of Acceptance (LOA) from Steel Authority of India Limited (SAIL).
• Project Details: The LOA is for the Captive Power Plant (CPP) Package (Pkg. No. CPP-1) for the 4.08 MTPA CS expansion of SAIL's IISCO Steel Plant, Burnpur.
• Order Value: The significant industry order is valued in the range of Rs 1200 – Rs 1500 Cr excluding GST.
• Execution Timeline: Commissioning of the CPP Package is expected within 39 Months from the effective date of the contract.
• Nature of Contract: Design, Engineering, manufacture, supply, transportation, unloading, storage, erection, commissioning and performance guarantee test for CPP Package on turnkey basis excluding civil work.
• Entity Type: Awarded by a Domestic Entity through a Global Tender.
• Related Party: The company stated that the promoter/promoter group/group companies have no interest in the entity that awarded the order, and it does not fall within related party transactions.

NA

News Crux

Bharat Heavy Electricals Limited (BHEL) announced a disclosure received from its promoter, the President of India, acting through the Ministry of Heavy Industries. The disclosure pertains to the sale of equity shares by the promoter.

Key Events

Promoter (President of India) sale of 174,209,815 equity shares (reducing stake by 4.99%) through stock exchange mechanism.

Synergy Green Industries Ltd held its Q3 FY2026 earnings call on February 11, 2026, to discuss the unaudited financial results for the quarter ended December 31, 2025. The company reported a 4.8% year-on-year (YoY) decline in total income for the quarter, with PBDIT falling by 34% YoY to ₹9.62 crore and PBDIT margins at 10.32%. For the nine months ended December 31, 2025, total income also dropped by 4.8% YoY to ₹252.92 crore, and PBDIT saw a 10.2% YoY decline, with PBDIT margins standing at 13.63% (down from 14.44% in 9M FY25).

Management attributed the performance dip to several factors, including higher outsourcing costs incurred during the relocation of equipment, increased operating expenses (manpower, overheads) related to the establishment of the new unit, rising finance costs and depreciation from ongoing Capex, a provision for the new labour code, and lower export realizations due to discounted pricing. The company has also experienced delays in serial product off-take from key customers like Envision, pushing anticipated business from FY26 into Q1 FY27, and a ~1 quarter delay from Siemens Gamesa due to ownership changes.

Consequently, Synergy Green Industries Ltd has revised its full-year FY2026 revenue growth projection to 5% YoY, with an executable order book estimated at ₹380 crore. The projected PBDIT margins for FY26 are around 14%. Looking ahead to FY27, the company maintains its revenue target of exceeding ₹500 crore and expects margins to improve significantly to at least 16%, potentially reaching 18-20%, driven by the full ramp-up of its expanded foundry capacity to 45,000 metric tonnes (MT) and the operationalization of its in-house machining facility. The 10 MW captive solar power plant is now operational.

Key events discussed include the near completion of the foundry expansion, commissioning of Phase 1 of the machining facility (Phase 2 expected in Q1 FY27), development of 5 MW components for Nordex, proto development for Envision, securing an order from L&T for the non-wind segment, and receiving facility approval from BHEL. The company highlighted the positive impact of recent trade tariff waivers, expecting increased demand from US clients, and noted that Indian manufacturers are becoming more competitive globally. The balance sheet reflects increased non-current assets and borrowings due to Capex, with a current debt-to-equity ratio around 1:2. Significant Capex of approximately ₹200 crore is underway in FY26. Despite the short-term challenges, management expressed confidence in future performance, emphasizing that fundamental growth drivers remain intact.

Simplex Castings Limited's Q3 FY26 earnings call transcript, held on February 10, 2026, provided insights into its performance and future outlook. The company reported that while Q3 FY26 saw moderate revenue and margin due to strategic initiatives focused on capacity readiness and internal process strengthening, the first nine months of FY26 demonstrated a significantly better performance compared to the previous year, with 9-month revenue around ₹150 crore and a bottom line of ₹15 crore. Management expressed confidence in achieving its FY26 guidance, highlighting consistent execution momentum and a current quarterly order book exceeding ₹100 crore, which ensures healthy revenue visibility. A key development was the successful completion of a ₹50.15 crore fundraise, with 50% earmarked for capital expenditure (expansion of sheds, fabrication facilities, and railway bogies) and the remaining 50% for incremental working capital requirements. This fundraise aims to scale up the railway bogies business. The company is also focusing on financial discipline, deleveraging, tightening working capital, and faster receivable realization through platforms like RXIL and InvoiceMart. Management discussed strategic growth drivers, including the power and railway sectors, and noted new high-value orders from marquee clients like BHEL, Mazgaon Dock, and Gaza Engineering, along with a ₹12.71 crore order for a public sector steel plant. The outlook remains positive, with management confident in margin recovery and a long-term vision focused on moving up the value chain, becoming a solution provider, and potentially exploring global manufacturing partnerships. The company aims to improve margins by being selective with orders and expects asset turnover from new capex to be 3-4x. Future capacity expansions are planned, and they are considering a unit near Arcelor Mittal Nippon Steel's Vizag plant. The railway sector is expected to be the biggest growth contributor, driving a targeted 40-50% revenue CAGR over the next three years with an approximate 10% margin.

NA

Bharat Heavy Electricals Limited (BHEL) has received a significant Letter of Acceptance (LOA) from Bharat Coal Gasification and Chemicals Limited (BCGCL) for a major project. BCGCL is a joint venture entity where Coal India Limited (CIL) holds a 51% stake and BHEL holds the remaining 49%, with BHEL also acting as the executing agency for this contract.

The LOA pertains to the Syngas Purification Plant (LSTK 2 Package) for BCGCL's Coal to 2000 TPD Ammonium Nitrate Project, situated in Lakhanpur, Jharsuguda District, Odisha. This domestic order, received on a nomination basis, is valued at approximately INR 2800 Crores, excluding applicable Custom Duty and Goods and Services Tax (GST).

The scope of the contract encompasses the full spectrum of services including design, engineering, supply of necessary equipment, civil works, erection, commissioning, and comprehensive Operation & Maintenance (O&M) services. The execution timeline requires preliminary acceptance, including commissioning and performance guarantee tests, to be achieved within 42 months from the date of the LOA. Following this, BHEL will provide O&M services for a period of 60 months from the date of preliminary acceptance.

While the order falls within the purview of related party transactions, given BHEL's stake in BCGCL, the company has confirmed that the transaction is conducted at an 'arms length' basis, ensuring fair market value. This substantial order win is a key development for BHEL, significantly bolstering its order book and providing strong revenue visibility for the coming years, particularly in the specialized segment of gasification and chemical plant construction.

Bharat Heavy Electricals Limited (BHEL) has announced the receipt of a Letter of Intent (LOI) from Hindalco Industries Limited. This LOI pertains to the Design, Engineering, Supply of equipment, Installation, Commissioning, and Performance Acceptance Test (PAT) for a 2 x 150 MW Boiler Turbine Generator (BTG) Package. The project, identified as the Aditya Expansion Project Phase II, is for Hindalco's Aditya Aluminium facility located at Lapanga, Sambalpur in the state of Odisha, India. This order was secured through a domestic tender process from a domestic entity. The scope of work includes design, engineering, manufacture, supply up to site, unloading, storage, erection, commissioning, and performance guarantee testing for the BTG package, excluding civil work. The estimated value of this order is approximately INR 1200-1500 Crores, excluding Goods and Services Tax (GST). The execution of the BTG Package is planned within 35 months for Unit 1 and 37 months for Unit 2, commencing from the effective date of the contract, which is the date of the LOI. Neither the promoter nor group companies have any interest in Hindalco Industries Limited, and the transaction does not fall within related party transactions. This significant LOI represents a positive development for BHEL, enhancing its order book and providing strong revenue visibility for its power equipment division over the medium term.

Bharat Heavy Electricals Limited (BHEL) has announced a significant change in its board composition with the appointment of Shri Asit Gopal as a Part-time Official (Government Nominee) Director. This appointment, effective from February 3, 2026, is in line with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and follows a communication from the Ministry of Heavy Industries.

Shri Asit Gopal brings a wealth of experience to the board, currently serving as Special Secretary & Financial Advisor (SS&FA) in the Ministry of Textiles, with additional responsibilities across several other ministries including Food Processing Industries, Development of North Eastern Region, Commerce & Industry, Heavy Industry, and MSME. His career spans over three decades in public administration, covering diverse sectors such as finance, tribal affairs, vigilance, education, sanitation, and forest management. An alumnus of IIT Bombay, he also holds postgraduate qualifications in Wildlife Management, Public Policy & Management, and an MBA.

Prior to his current roles, Shri Gopal has held key leadership positions, including extensive service in the Forest Department of Madhya Pradesh, roles as Additional Secretary (Finance), Director in the Ministry of Tribal Affairs and Central Vigilance Commission, Mission Director of Swachh Bharat Mission (MP), and Chairman & Managing Director of the National Scheduled Tribe Finance and Development Corporation. He also played a role in overseeing Eklavya Model Residential Schools as Commissioner of the National Education Society for Tribal Students.

As part of the appointment process, Shri Asit Gopal has provided a declaration confirming that he is not debarred from holding the office of Director by any SEBI order or similar regulatory authority. A brief profile of Shri Gopal has been enclosed as an annexure to the filing.

Bharat Heavy Electricals Limited (BHEL) has submitted a disclosure to the stock exchanges (BSE and NSE) regarding a change in its senior management cadre. The company informed that Shri Alok Kumar Singhal, who held the position of Executive Director (CFP) and was stationed in New Delhi, has superannuated from the services of BHEL. This retirement took effect on January 24, 2026.

This announcement is made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which mandates timely disclosure of material events. The disclosure provides the name of the superannuating senior management official and their designation. The company has stated that this information is for "information and record please," indicating it is a routine administrative change.

New Light Industries Limited (formerly New Light Apparels Limited) has filed a mandatory compliance certificate with the BSE for the quarter ended December 31, 2025. This filing is made pursuant to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate was issued by the company's Registrar and Share Transfer Agent (RTA), Beetal Financial & Computer Services (P) Ltd, confirming that details of securities dematerialized or rematerialized during the quarter have been furnished to all stock exchanges where the company's shares are listed.

The RTA also confirmed that security certificates received for dematerialization were duly mutilated and cancelled after verification, and the depositories' names were substituted in the register of members within 15 days. This is a standard regulatory compliance procedure that ensures the integrity of the shareholding records and the dematerialization process. The announcement does not contain any information related to the company's financial performance, quarterly results, revenue, profits, margins, earnings per share, management guidance, future outlook, or any significant operational events, orders, or expansions. It serves solely as a procedural update confirming adherence to regulatory requirements.

Bharat Heavy Electricals Limited (BHEL) has announced a significant strategic decision regarding its expansion plans. In a Board of Directors meeting held on January 19, 2026, the company approved the 'short closure' of its capital investment scheme for establishing a new plant at Karkhiyaon, Varanasi. This scheme had previously received board approval on January 23, 2024.

The decision to close the scheme is attributed to the "current business landscape," indicating a reassessment of market conditions or strategic priorities. As a consequence, the products that were originally planned for manufacture at the Karkhiyaon plant will now be relocated and planned for production at other existing BHEL locations. This suggests that the company is not abandoning the production of these items but is opting for a different operational strategy for their manufacturing.

The announcement was made to the BSE Limited and the National Stock Exchange of India Ltd. as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board meeting commenced at 10:50 am and concluded at 11:28 am on January 19, 2026.

No specific financial results, future guidance, or detailed financial performance metrics were provided in this disclosure. The primary focus of the announcement is the modification of an expansion project, rather than an immediate impact on current financial performance or an explicit forward-looking statement on growth targets.

Bharat Heavy Electricals Limited (BHEL) announced its unaudited financial results for the quarter and nine months ended December 31, 2025, on January 19, 2026. The results indicate a significant improvement in profitability.

Quarterly and Annual Performance:
For the quarter ended December 31, 2025, BHEL reported standalone Revenue from Operations of ₹8,473.10 Cr, marking a 16.4% year-on-year (YoY) increase from ₹7,277.09 Cr in Q3 FY25. Standalone Net Profit saw a substantial surge of 206.5% YoY, reaching ₹382.49 Cr from ₹124.77 Cr in the prior year period. Consequently, standalone Basic & Diluted Earnings Per Share (EPS) improved to ₹1.10 from ₹0.36 YoY. On a consolidated basis, Net Profit grew by 189.6% YoY to ₹390.40 Cr from ₹134.70 Cr, with consolidated EPS rising to ₹1.12 from ₹0.39 YoY.

The nine-month period ended December 31, 2025, also demonstrated strong performance. Standalone Net Profit was ₹295.27 Cr, a considerable increase from ₹8.92 Cr in the corresponding period of FY25. Consolidated Net Profit for the nine months stood at ₹309.79 Cr, up from ₹29.45 Cr YoY.

Financial Deep Dive:
Income Statement: Revenue growth was observed across both standalone and consolidated figures for the quarter and nine months. The significant increase in Net Profit led to improved PAT margins, with standalone margins at 4.51% (Q3 FY26) compared to 1.71% (Q3 FY25), and consolidated margins at 4.61% (Q3 FY26) versus 1.85% (Q3 FY25).

Balance Sheet: As of the end of the nine months of FY26, standalone total assets were ₹74,365.68 Cr, an increase from ₹65,500.91 Cr in the previous year. Consolidated total assets stood at ₹73,982.74 Cr. Net worth also registered a year-on-year increase. The company stated it has no long-term debt, and the Total Debt to Total Assets ratio was reported at 0.14.

Ratios: The current ratio improved YoY to 1.49 from 1.37. Operating profit margins showed year-on-year enhancement.

Key Events and Risks:
A significant point highlighted in the notes is an overdue amount of ₹211 Cr from customer STPG (formerly NEC Sudan) due to civil war. The Board has deemed this amount good and no provision has been made, but any potential provision for bad debts would impact Profit Before Tax by ₹211 Cr. The company is also assessing the accounting treatment and potential financial impact of the New Labour Codes, effective November 21, 2025.

Furthermore, the joint venture 'Power Plant Performance Improvements Ltd.' was dissolved during the year.

Outlook and Discussion:
This financial results announcement does not contain specific forward-looking management guidance, outlook, or detailed discussion points regarding strategy shifts or future growth drivers. The focus is on reporting historical financial performance for the period.

GE Power India Limited has submitted a routine confirmation certificate to the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. This certificate, issued by its Registrar and Share Transfer Agent (RTA), KFin Technologies Limited, verifies the proper dematerialization of securities during the quarter ended December 31, 2025.

Financially, the company reported for Q2 FY26 (ended September 30, 2025) a revenue growth of 29% year-on-year to ₹2,805.2 million, with EBITDA margins improving to 17.7%. However, consolidated net profit saw a significant decline of 51.6% year-on-year, primarily attributed to discontinued operations. The company's balance sheet shows reduced debt and an improved debt-to-equity ratio, though historical data indicates high receivables.

Strategically, GE Power India's board has approved the demerger of its Durgapur facility to JSW Energy Limited. The company has also made progress on settlement agreements with BHEL and Jaiprakash Power Ventures Limited (JPVL) to resolve past disputes. However, a significant regulatory challenge remains in the form of a disputed GST demand of ₹41.57 Crore for FY 2018-2021, which the company intends to appeal.

The order book as of Q2 FY26 stood at ₹18,250 million, a 28.7% year-on-year decline, impacted by contract terminations. Nevertheless, management noted a positive sequential growth of 45% in order intake for core services, signaling a strategic focus on more profitable, shorter-cycle business. The company's trading window was closed from January 1, 2026, in anticipation of its Q3 FY26 results announcement.

Bharat Heavy Electricals Limited (BHEL) has announced the commencement of its supply for the prestigious Vande Bharat Sleeper Train project. The company flagged off the first set of semi-high-speed underslung traction transformers from its Jhansi plant, with earlier dispatches of traction converters originating from its Bengaluru unit.

This development signifies BHEL's strategic entry and strengthened presence in the semi-high-speed rail propulsion segment, catering to trains with operational speeds of up to 160 kmph and a design speed of 180 kmph. The traction transformers are being sent to Kolkata for the final assembly of the Vande Bharat Sleeper Trains. Additionally, BHEL's Bhopal unit has developed and manufactured the traction motors for these trains.

Further reinforcing its role in the railway sector and its commitment to indigenous manufacturing, BHEL-Jhansi has also received an order for Rail Borne Maintenance Vehicles (RBMVs). These vehicles are crucial for track maintenance and will be designed and manufactured domestically, aligning with the Government of India's 'Make in India' and 'Aatmanirbhar Bharat' initiatives. BHEL's overall contribution to the transportation and rolling stock sectors is enhanced by these developments.

BHEL has secured a significant Engineering, Procurement, and Construction (EPC) order from its joint venture company, Bharat Coal Gasification and Chemicals Limited (BCGCL), valued at approximately INR 5400 Crore (excluding GST). This order pertains to the Coal Gasification & Raw Syngas Cleaning Plant (LSTK 1 Package) for BCGCL's Coal to 2000 TPD Ammonium Nitrate Project located in Odisha. The scope of work encompasses design, engineering, supply of equipment, civil works, erection, commissioning, and operations & maintenance (O&M) services. The project execution is planned with preliminary acceptance achievable within 42 months from the Letter of Acceptance (LOA), followed by 60 months of O&M services. BHEL noted that this contract qualifies as a related party transaction, having been executed on an 'arms length' basis, given BHEL's role as a promoter and the executing agency for the JV. This substantial order is expected to bolster BHEL's order backlog and contribute positively to its future revenue streams, showcasing its capabilities in large-scale industrial EPC projects.

Bharat Heavy Electricals Limited (BHEL) has achieved a significant milestone by commencing the supply of semi-high-speed underslung traction converters for the prestigious Vande Bharat Sleeper Train project.

News Crux:
BHEL has commenced the supply of semi-high-speed underslung traction converters for the prestigious Vande Bharat Sleeper Train project.

Quarterly/Annual Results:
Not applicable for this specific news release.

Guidance & Concall commentary:
Not applicable.

Financials:
No financial data is presented in this specific announcement.

Key Events:
BHEL's Bengaluru plant flagged off the first set of semi-high-speed underslung traction converters for the Vande Bharat Sleeper Trains. This represents a significant new product supply and BHEL's entry into the semi-high-speed propulsion segment. The company is also manufacturing other critical propulsion equipment, such as traction motors and transformers, for these trains at its Bhopal and Jhansi units.

Outlook:
This development positively impacts BHEL's outlook in the transportation sector, showcasing its capability in advanced rail technology and contributing to India's 'Make in India' and self-reliance initiatives in rolling stock.

Bharat Heavy Electricals Limited (BHEL) demonstrated a significant financial recovery in its Q2 FY2025-26 standalone performance, reporting a 14.1% year-on-year increase in revenue to ₹7512 crore and a substantial 279.4% surge in Profit After Tax (PAT) to ₹368 crore. This rebound follows a net loss in Q1 FY2025-26, indicating improved operational efficiency and project execution.

The company's order book remained robust, exceeding ₹2,19,600 crore as of September 30, 2025, after securing significant inflows totaling over ₹35,000 crore in the second quarter. Key order wins contributing to this momentum include a major Engineering, Procurement, and Construction (EPC) package from NTPC Limited for its Darlipali Supercritical Thermal Power Project Stage-II, valued at over ₹6,650 crore, and a Letter of Intent (LOI) from MB Power (Madhya Pradesh) Limited for approximately ₹2600 crore for thermal power equipment.

In the railway sector, BHEL received an LOI from Indian Railways for KAVACH safety equipment, valued at ₹22.87 crore.

Strategically, BHEL has also focused on new energy and defence sectors, signing a 10-year exclusive Memorandum of Understanding (MOU) with Horizon Fuel Cell Technologies Pte Ltd, Singapore, to target the domestic hydrogen fuel cell market. Additionally, a License Agreement for Transfer of Technology (LAToT) was signed with DMRL, Hyderabad, for the indigenous manufacture of Fused Silica Radar Domes, strengthening its defence capabilities.

However, the company continues to navigate certain regulatory and financial challenges. BHEL reported a net loss of ₹455.50 crore in Q1 FY2025-26 and faces potential liabilities amounting to ₹586.43 crore from GST demand notices. Furthermore, the company was fined by stock exchanges for board composition issues, though it is pursuing waivers for these penalties.

BHEL has officially informed the stock exchanges (BSE and NSE) that a meeting of its Board of Directors is scheduled for Monday, January 19, 2026. The primary agenda for this meeting is to approve the unaudited financial results for the quarter and period ending December 31, 2025 (Q3 FY26). In accordance with SEBI regulations, the company has also announced the closure of the trading window for all designated persons and their immediate relatives. This window will remain shut until 48 hours after the financial results are filed with the exchanges, which is expected to be January 21, 2026.

Bharat Heavy Electricals Limited (BHEL) has informed the stock exchanges about receiving an order from the GST Authorities, Karnataka, for the Financial Year 2018-19. This order pertains to a dispute involving classification issues and input tax credit, resulting in a proposed demand of ₹4.30 Cr, along with consequential interest and a penalty of ₹4.15 Cr. BHEL has officially communicated that it anticipates no material impact on its financials, operations, or other business activities due to this tax payable. The company is currently evaluating the impugned order to determine the best course of action, including the possibility of filing an appeal before the Appellate Authorities within the prescribed timelines.

Bharat Heavy Electricals Limited (BHEL) has received a significant favorable adjudication order from the Telangana GST Authorities for FY 2021-22. The order drops ₹183.77 Cr of a ₹184.55 Cr GST demand, along with associated interest and penalty, marking a positive development for the company. BHEL plans to appeal for the remaining balance of ₹1.43 Cr. This follows another favorable order from Telangana GST Authorities for FY 2020-21 that set aside a demand of ₹10.76 Cr.

Financially, BHEL demonstrated a strong recovery in Q2 FY2025-26, following a net loss in Q1 FY26. Standalone revenue from operations increased by 14.09% year-on-year (YoY) to ₹7512 crore, with Profit After Tax (PAT) surging by 279.4% YoY to ₹368 crore. This performance was supported by significant order inflows exceeding ₹35,000 crore during the quarter, contributing to an impressive outstanding order book that surpassed ₹2,19,600 crore. Key wins include a ₹6,650 Cr EPC package from NTPC Limited for the Darlipali Supercritical Thermal Power Project and a ₹2600 Cr Letter of Intent from MB Power (Madhya Pradesh) Limited.

Other significant announcements include the appointment of new senior management, the dissolution of its joint venture with Siemens AG Germany (PPIL), and receipt of a GST demand notice from Gujarat authorities for FY 2018-19, which BHEL is evaluating for appeal. The company also reported receiving fines from BSE and NSE for non-compliance with board composition regulations for the quarter ending September 2025, for which it is seeking a waiver.

BHEL's strategic initiatives continue, including an MOU for hydrogen fuel cell technology and approval for amending its Articles of Association to enhance flexibility in forming Joint Ventures and subsidiaries. The company also announced the change of its Registrar and Share Transfer Agent from Alankit Assignments Limited to Bigshare Services Private Limited, effective January 1, 2026.

Bharat Heavy Electricals Limited (BHEL) has received an adjudication order from the Assistant Commissioner (ST), Commercial Tax Department, Telangana, dated December 31, 2025, which was received on February 1, 2026. This order pertains to a GST demand raised via a Show Cause Notice for the Financial Year 2021-22.

The adjudication authority has passed an order in favor of BHEL, dropping the demand amounting to ₹183.77 Crore, which included interest and penalty. This represents the majority of the ₹184.55 Crore demand that was initially reported.

BHEL intends to file an appeal before the Appellate Authorities for the balance demand of ₹1.43 Crore, which comprises ₹0.78 Crore demand, ₹0.58 Crore interest, and ₹0.07 Crore penalty.

The company considers the issues raised by the authority, primarily related to tax on exports beyond the prescribed time, as untenable, especially since the export activities were completed. BHEL anticipates no material financial implication from the dropped portion of the demand.

Bharat Heavy Electricals Limited (BHEL) showcased a significant financial turnaround in Q2 FY2025-26, reporting a standalone Profit After Tax (PAT) surge of 279.4% year-on-year to ₹368 crore. This strong performance was driven by a 14.1% year-on-year increase in revenue from operations to ₹7512 crore, recovering from a net loss in Q1 FY26 where consolidated net loss stood at ₹455.50 crore. The company's order book remained robust, growing to over ₹2.19 lakh crore by the end of Q2 FY26, supported by substantial order inflows during the quarter, including a significant ₹6,650 Cr order from NTPC Limited and a ₹2,600 Cr LOI from MB Power.

Operationally, BHEL is focusing on strategic growth areas. It signed an exclusive 10-year MOU with Horizon Fuel Cell Technologies for hydrogen fuel cell-based rolling stock, targeting a high-growth market segment. In the defense sector, a License Agreement for Transfer of Technology (LAToT) with DMRL, Hyderabad, was signed for the indigenous manufacture of Fused Silica Radar Domes. The company's members also approved a special resolution to amend its Articles of Association, granting greater flexibility in establishing Joint Ventures and subsidiaries.

However, BHEL also faces ongoing regulatory challenges. The company reported a net loss of ₹455.50 crore in Q1 FY26. It has been fined by BSE and NSE for non-compliance with board composition regulations for the quarter ending June 2025 and September 2025, and is seeking waivers for these penalties. Furthermore, BHEL is addressing GST demand notices aggregating ₹586.43 crore for FY21-24, although it considers the issues tenable and anticipates no material financial impact from these notices.

The company also announced senior management changes, including appointments and superannuations, and a formal notification regarding the change of its Registrar and Share Transfer Agent (RTA) from Alankit Assignments Limited to Bigshare Services Private Limited, effective January 1, 2026.

Gandhar Oil Refinery (India) Limited has reported a significant turnaround in its financial performance for the second quarter and half-year ended September 30, 2025 (Q2 and H1 FY26).

Quarterly/Annual Results:
The company announced robust Q2 FY26 results, showcasing a substantial increase in profitability and revenue. Consolidated Profit After Tax (PAT) surged by 119.24% year-on-year to ₹397.75 million, while consolidated revenue grew by 13.35% year-on-year to ₹10,599.13 million. For the first half of FY26 (H1 FY26), consolidated PAT increased by 29.68% year-on-year to ₹658.64 million. This strong performance in Q2 FY26 follows a mixed Q1 FY26, which saw year-on-year declines in revenue and PAT, though with significant sequential improvement.

Guidance & Concall Commentary:
During the earnings call, management expressed confidence in sustaining growth and improving profitability, attributing this outlook to operational efficiencies, strategic customer acquisitions, and a continued focus on higher-margin products such as PHPO.

Financials:

• Income Statement: The Q2 FY26 results highlight improved profitability and revenue growth. The company's strategy emphasizes a shift towards higher-margin products. In FY25, revenue was ₹31,608 million (down 5.3% YoY) and PAT was ₹752 million (down 49.5% YoY), indicating margin pressures in the previous fiscal year.
• Balance Sheet: The Debt-to-Equity ratio for FY25 was reported as 0.141, reflecting a healthy leverage position.
• Cash Flow: Historical data shows volatility in operating cash flows.
• Ratios: Key ratios like ROE and ROCE are being monitored for improvement.

Key Events:

• BHEL Contract: Gandhar Oil Refinery secured a two-year rate contract/framework agreement from Bharat Heavy Electricals Limited (BHEL), Jhansi, for the supply of transformer oil valued at ₹24.60 Crores.
• Strategic Exits: The Board of Directors approved the termination of its Joint Venture (JV) Agreement with ESPE Oils FZC, leading to the closure and winding-up of Texol Oils FZC. Additionally, the company approved the voluntary liquidation of its wholly-owned subsidiary, Gandhar Shipping & Logistics Private Limited, noting that these actions are not material to consolidated financials.
• Promoter Share Acquisition: The promoter group entity, Gandhar Coal & Mines Private Limited, has been actively acquiring shares in December 2025, increasing its stake in the company.
• Key Managerial Personnel (KMP) Change: Ms. Binal Khosla was appointed as the new Company Secretary, Legal & Compliance Officer, and Nodal Officer, effective December 10, 2025, succeeding Ms. Jayshree Soni.
• Dividend: A final dividend of 25% (₹0.50 per share) was declared for FY24-25 at the AGM.

Outlook:
The company's strategic direction remains focused on enhancing its presence in the consumer and healthcare sectors, growing its international sales, and concentrating on higher-margin PHPO products. The completion of strategic exits aims to streamline operations and improve overall efficiency.

Bharat Heavy Electricals Limited (BHEL) reported its Q2 FY2025-26 standalone financial results, demonstrating a significant recovery with Profit After Tax (PAT) surging by 280.35% year-on-year to ₹368 crore. This improvement follows a net loss of ₹455.50 crore in Q1 FY26. Revenue from operations in Q2 FY26 increased by 14.09% YoY to ₹7,512 crore. The company's order book remains robust, exceeding ₹2,19,600 crore as of Q2 FY26, with order inflows surpassing ₹35,000 crore during the quarter. Key new orders include a ₹6,650 crore EPC package from NTPC Limited for its Darlipali Supercritical Thermal Power Project Stage-II and a ₹2,600 crore Letter of Intent from MB Power (Madhya Pradesh) Limited. BHEL also secured a domestic order worth ₹22.87 crore from Indian Railways for KAVACH safety equipment. Strategically, the company has signed a 10-year exclusive MOU with Horizon Fuel Cell Technologies for hydrogen fuel cell-based rolling stock and received member approval to amend its Articles of Association for greater flexibility in Joint Ventures and subsidiaries. On the regulatory front, BHEL continues to address GST demand notices, including one for ₹586.43 crore from Telangana authorities, though the company anticipates no material financial impact. It also faces fines from stock exchanges for board composition issues and is seeking waivers; additional fines were levied for the September 2025 quarter. Positive GST appeal orders were received from Gujarat and Hyderabad authorities, setting aside demands. The company announced several senior management appointments and a routine closure of the trading window for Q3 FY26 results.

Bharat Heavy Electricals Limited (BHEL) has formally notified the stock exchanges, BSE and NSE, on December 25, 2025, regarding the superannuation of Shri Rajiv Jain, General Manager (Finance), Power Sector-Northern Region, Noida, effective December 24, 2025. This is a standard disclosure concerning a change in senior management. While this specific announcement pertains to a routine human resources event, BHEL's recent operational performance, particularly its Q2 FY26 results, showed a significant rebound with a 14.1% YoY revenue increase and a substantial 279.4% YoY rise in standalone PAT. The company's order book remains robust, exceeding ₹2.19 lakh crore, driven by new contract wins. BHEL also faces ongoing regulatory matters, including GST demand notices and penalties related to board composition in prior periods, which are being managed.

Bharat Heavy Electricals Limited (BHEL) has informed the stock exchanges about receiving a demand order from the GST Authorities, Gujarat, on December 24, 2025. This order pertains to a dispute concerning the availment and utilization of input tax credit for the financial year 2018-19, resulting in a penalty of ₹12,94,982/- and interest of ₹16,85,322/-. BHEL has clarified that this demand has no material impact on the company's financials, operations, or other business activities. The company is currently evaluating the impugned order and is considering filing an appeal.

Bharat Heavy Electricals Limited (BHEL) has informed the stock exchanges about receiving a demand order from the GST Authorities, Gujarat, on December 24, 2025. This order pertains to a dispute concerning the availment and utilization of input tax credit for the financial year 2018-19, resulting in a penalty of ₹12,94,982/- and interest of ₹16,85,322/-. BHEL has clarified that this demand has no material impact on the company's financials, operations, or other business activities. The company is currently evaluating the impugned order and is considering filing an appeal.

NA

Bharat Heavy Electricals Limited (BHEL) has received shareholder approval for a special resolution to amend its Articles of Association. This amendment aims to grant BHEL greater flexibility in establishing and divesting Joint Ventures and Subsidiaries, both domestically and internationally, aligning with its 'Maharatna' status. The postal ballot voting results, concluded on December 18, 2025, showed overwhelming support across all shareholder categories for this strategic change.

This corporate action aligns with BHEL's recent financial performance, which saw a significant turnaround in Q2 FY26. The company reported a standalone profit after tax (PAT) surge of 279.4% year-on-year (YoY) to ₹368 crore for Q2 FY26, on the back of a 14.1% YoY rise in revenue from operations to ₹7512 crore. This recovery follows a net loss reported in Q1 FY26.

Operationally, BHEL continues to secure substantial orders. In Q2 FY26, order inflows exceeded ₹35,000 crore, contributing to an order book that surpassed ₹2.19 lakh crore. Notable orders include an EPC package from NTPC Limited worth over ₹6,650 crore and a supply order from MB Power (Madhya Pradesh) Limited worth approximately ₹2,600 crore. The company also highlighted strategic advancements in areas like hydrogen fuel cells through an MOU with Horizon Fuel Cell Technologies Pte Ltd.

However, BHEL is also navigating regulatory challenges. The company has been fined by BSE and NSE for non-compliance with board composition regulations in previous quarters, for which it is seeking a waiver. Additionally, BHEL has received Show Cause Notices from GST authorities related to potential tax liabilities, though the company anticipates no material financial impact from these notices.

Bharat Heavy Electricals Limited (BHEL) has made a significant senior management appointment, announcing that Shri Navin Kaul has taken charge as the new General Manager & Head (Power Sector-Marketing), Power Sector-Business Group I, New Delhi. This appointment is effective from December 15, 2025. Mr. Kaul, who brings 33 years of experience with BHEL, will report directly to the Director (Power).

This disclosure is primarily an update on corporate governance and senior leadership, with no direct impact on the company's immediate financial performance or operational activities mentioned in this specific announcement. However, BHEL has been actively securing large orders, including an EPC package from NTPC Limited valued at over Rs. 6,650 Crore, and has reported strong Q2 FY26 financial results with a substantial YoY increase in PAT. The company's order book remains robust, indicating positive underlying operational momentum.

BHEL delivered a strong Q2 FY2025-26 performance, with standalone revenue climbing 14.1% year-on-year to ₹7512 crore. Profit After Tax (PAT) demonstrated a significant recovery, surging 279.4% YoY to ₹368 crore. This improvement contrasts with the net loss reported in Q1 FY26. The company's order book remains a key strength, standing at over ₹2,19,600 crore following Q2 inflows exceeding ₹35,000 crore, boosted by major orders from NTPC (₹6,650 Cr) and MB Power (₹2,600 Cr), alongside a ₹22.87 crore order from Indian Railways. In a separate disclosure, BHEL announced the appointment of Shri Sunil Kumar Somani as the Head of Fabrication, Stamping & Insulator Plant (FSIP), Jagdishpur, effective December 15, 2025, as part of its senior management updates. The company is addressing regulatory matters, including GST show cause notices totaling ₹586.43 crore and previous penalties for board composition, for which it is seeking waivers.

Bharat Heavy Electricals Limited (BHEL) reported strong year-on-year growth in its financial results for the second quarter ended September 30, 2025. The company posted a standalone revenue increase of 14.09% YoY to ₹7512 crore, with Profit After Tax (PAT) surging by 279.4% YoY to ₹368 crore. This marks a significant improvement from the net loss of ₹455.50 crore recorded in the first quarter of FY26. The robust performance in Q2 FY26 was supported by substantial order inflows exceeding ₹35,000 crore during the quarter, bringing the total outstanding order book to over ₹2,19,600 crore.

Major order wins contributing to this performance include an approximate ₹2600 crore LOI from MB Power for its Anuppur Thermal Power Project and a ₹6650 crore EPC package from NTPC for the Darlipali Thermal Power Project Stage-II. BHEL also secured a ₹22.87 crore order from Indian Railways for KAVACH safety equipment.

Strategically, BHEL is expanding into new technology areas, such as a License Agreement with DMRL for defence radar domes and an MOU with Horizon Fuel Cell Technologies for hydrogen fuel cells. The company is also seeking shareholder approval via postal ballot to amend its Articles of Association to allow for greater flexibility in Joint Ventures and Subsidiaries.

In terms of management, several senior appointments were made, including new Heads for various sectors, alongside the superannuation of several officials. The company also announced its Board meeting on October 29, 2025, to approve its unaudited financial results for Q2 and H1 FY26.

However, BHEL faced regulatory challenges, including fines from BSE and NSE for non-compliance with board composition norms in Q1 FY26 and Q2 FY25 reporting periods, for which waivers are being sought. The company is also managing GST show-cause notices and other legal matters, stating no material financial impact at present.

Bharat Heavy Electricals Limited (BHEL) has announced changes in its senior management, effective December 2, 2025. Shri Rajesh Pratap Singh Sisodia has been relieved from his services as Executive Director (NREB), Industry Sector, New Delhi, following his appointment as Director (Projects & planning) in NLC India Limited (NLCIL). Shri Sisodia will retain a lien on his Executive Director post at BHEL until the end of his NLCIL tenure or May 24, 2028, whichever is earlier.

Consequently, Shri Sutripto De has been appointed as the new Head of NREB, Industry Sector, New Delhi, reporting to Director (IS & P). Shri De holds a BE in Electrical Engineering and an MBA in Marketing, and has been with BHEL since July 29, 1992, with 33 years of service.

Bharat Heavy Electricals Limited (BHEL) has recently made several announcements, including participation in an investor group meeting, financial results for Q2 FY26, a new order, and changes in senior management.

Investor Group Meeting:
BHEL will participate in an investor group meeting on December 5, 2025, at its Corporate Office in New Delhi. No formal presentations will be made during the meeting.

Q2 FY26 Results:
BHEL announced its Q2 FY26 standalone financial results, demonstrating notable improvements:

• Revenue from Operations: ₹7,512 crore, up 14.1% YoY.
• Profit After Tax (PAT): ₹368 crore, a significant increase of 279.4% YoY.
• Order Inflows: Exceeded ₹35,000 crore during the quarter.
• Outstanding Order Book: Exceeded ₹2,19,600 crore.

New Order:
BHEL secured an Engineering, Procurement, and Construction (EPC) package from NTPC Limited for the 1x800 MW Darlipali Supercritical Thermal Power Project Stage-II in Odisha. The order is valued at over ₹6,650 crore (excluding GST). BHEL will be responsible for the design, engineering, equipment supply, erection, commissioning, and civil works, with project completion expected in 48 months.

Other Key Updates:

• Appointment of Auditors: M/s K Venkatachalam Aiyer & Co (New Delhi) and M/s K S Dua & Co (Hardwar) have been appointed as joint statutory auditors for FY26.
• Change of Registrar and Share Transfer Agent (RTA): The RTA will change from M/s Alankit Assignments Limited to M/s Bigshare Services Private Limited, effective January 1, 2026.
• Postal Ballot: A postal ballot has been initiated to amend Article 69(22) of the Articles of Association, allowing greater flexibility in establishing JVs/subsidiaries and divesting shareholding in these entities.

Bharat Heavy Electricals Limited (BHEL) received notices from BSE Limited and National Stock Exchange of India Limited (NSE) on November 28, 2025, imposing a fine of ₹5,42,800 each (inclusive of GST). The fines are for non-compliance with Regulation 17(1) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, pertaining to the composition of the Board of Directors for the quarter ending September 2025. Specifically, the number of Independent Directors was less than 50% of the actual strength of BHEL’s Board. BHEL intends to seek a waiver of these fines and has been actively engaging with the Government of India for the appointment of the required number of Independent Directors to ensure compliance with the regulations.

Bharat Heavy Electricals Limited (BHEL), through its Company Secretary Dr. Yogesh R Chhabra, has notified the stock exchanges about a published notice for Postal Ballot and Remote E-voting. This action is pursuant to SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, and aims to amend Article 69(22) of the company's Articles of Association. The proposed amendment seeks to provide BHEL with greater flexibility in establishing Joint Ventures and Subsidiaries, both domestically and internationally, and in divesting its shareholding in these entities. This strategic move is intended to align with BHEL's 'Maharatna' status and broaden its growth and collaboration opportunities. The voting process will exclusively use remote e-voting from November 19, 2025, to December 18, 2025, with results anticipated by December 20, 2025.

Bharat Heavy Electricals Limited (BHEL) has issued a postal ballot notice dated November 18, 2025, to its members, seeking approval for a special resolution to amend its Articles of Association (AoA). The proposed amendment targets Clause 22 of Article 69, which currently reflects powers based on the company's former 'Navratna' status and includes specific equity investment limits for establishing Joint Ventures and Subsidiaries. The new clause aims to grant Directors the authority to establish Joint Ventures and Subsidiaries in India or abroad and to divest shareholding in these entities, subject to compliance with Government guidelines, aligning with BHEL's current 'Maharatna' status. This change is intended to provide greater flexibility for strategic initiatives and expansion. The voting process will be conducted via remote e-voting from November 19, 2025, to December 18, 2025, with results expected by December 20, 2025. This move signifies a potential shift towards more agile strategic partnerships and corporate restructuring to leverage BHEL's capabilities.

Bharat Heavy Electricals Limited (BHEL), as part of a consortium with Hitachi Energy India Limited (INHE), has executed a novation agreement dated November 14, 2025. This agreement was signed with Rajasthan Part I Power Transmission Limited (RPPTL) and AESL Projects Limited (APL), a wholly owned subsidiary of Adani Energy Solutions Limited (AESL). The purpose of this novation is to transfer RPPTL's obligations under the previously executed Supply and Services Contracts, dated April 3, 2025, concerning a High Voltage Direct Current (HVDC) link project. This project involves the design and execution of an HVDC link and associated AC substations for transmitting renewable energy. BHEL had previously intimated the receipt of a Letter of Intent (LoI) from RPPTL on February 9, 2025, and the execution of the contracts on April 3, 2025. With the novation agreement, APL has, with the consortium's consent, assumed all rights and obligations of RPPTL under the contracts. Importantly, the company clarified that all other terms and conditions of the project, including the scope of work, project schedule, and commercial terms, remain unchanged for the BHEL-INHE consortium. This means APL now legally holds all past, ongoing, and future rights, liabilities, obligations, and duties pertaining to the project.

Power Mech Projects Limited presented its unaudited financial results for the quarter and half-year ended September 30, 2025 (Q2 FY26 and H1 FY26) on November 12, 2025. The company reported a 20% year-on-year (YoY) increase in revenue for Q2 FY26, reaching ₹1,237.87 Cr. For the half-year ended September 30, 2025, revenue grew 24% YoY to ₹2,531.29 Cr. EBITDA for Q2 FY26 saw an 18% YoY rise to ₹157.99 Cr, while H1 FY26 EBITDA increased by 33% YoY to ₹340.36 Cr. EBITDA margins remained stable at 12.65% for Q2 and improved to 13.33% for H1 FY26. Profit After Tax (PAT) for Q2 FY26 grew 12.4% YoY to ₹78.11 Cr, and H1 FY26 PAT rose 21% YoY to ₹158.63 Cr. However, PAT after Non-Controlling Interest (NCI) showed flat growth of 0% for H1 FY26. The investor presentation highlighted the absence of exceptional revenue recognized in Q1 FY26, which contributed to a 4% sequential decline in revenue from Q1 to Q2 FY26. The company's order book stood strong at ₹56,353 Cr (as of FY26 YTD), supported by recent significant order wins, including an EPC package for balance of plants (BoP) at the Singareni Super Thermal Power Project from BHEL, valued over ₹2,500 Cr. The company continues to focus on its core segments of Erection & Commissioning, O&M, Infrastructure Construction, and Mining Development & Operations (MDO), with strategic expansion into adjacent sectors and high-value EPC projects.

Bharat Heavy Electricals Limited (BHEL) has announced receiving a Notification of Award (NOA) from NTPC Limited, a government-owned power generation company. The award is for an Engineering, Procurement, and Construction (EPC) package for NTPC's 1x800 MW Darlipali Supercritical Thermal Power Project Stage-II, located in Sundargarh district, Odisha.

The order's broad consideration is stated to be over Rs. 6,650 Crore, excluding Goods and Services Tax (GST). The scope of work includes comprehensive EPC services, encompassing design, engineering, supply of equipment, erection and commissioning, as well as civil works for the project.

The execution timeline for the project is significant, with a completion of facilities (COF) expected within 48 months from the date of the Notification of Award. BHEL received this NOA on November 6, 2025. The bidding process was conducted under International Competitive Bidding, although the awarding entity is a domestic one.

Both BHEL and NTPC are Central Public Sector Enterprises (CPSEs), and the company has confirmed that the order does not fall within related party transactions. This substantial order win is a key development for BHEL, strengthening its order book in the power sector and highlighting its capabilities in executing large thermal power projects.

Bharat Heavy Electricals Limited (BHEL) has officially communicated through newspaper advertisements in the Financial Express (English) and Jansatta (Hindi) on November 4, 2025. This disclosure, made under SEBI's Regulation 30, highlights the establishment of a special window for the re-lodgement of physical share transfer requests, following a SEBI circular issued on July 2, 2025. Concurrently, BHEL is participating in the 'Saksham Niveshak' campaign, a 100-day initiative promoted by the Ministry of Corporate Affairs (MCA) and the Investor Education and Protection Fund Authority (IEPFA), aimed at enhancing investor awareness and engagement.

Bharat Heavy Electricals Limited (BHEL), a Government of India Undertaking, has officially released its unaudited financial results for the second quarter and the first half of the financial year concluding on September 30, 2025. These results were published on October 30, 2025, in both the English daily 'Mint' and the Hindi daily 'Haribhoomi', providing key financial performance indicators for stakeholders.

Bharat Heavy Electricals Ltd (BHEL) announced its Q2 FY2025-26 standalone financial results, showcasing robust year-on-year growth in revenue and significant improvements in profitability, alongside substantial order book additions and key operational achievements. For the quarter ended September 30, 2025, BHEL reported a 14.10% YoY increase in Revenue from Operations to ₹7,512 crore, compared to ₹6,584 crore in Q2 FY2024-25. EBITDA surged by 94.15% YoY to ₹763 crore. Profit Before Tax (PBT) rose dramatically by 272.73% YoY to ₹492 crore, and Profit After Tax (PAT) jumped 279.38% YoY to ₹368 crore from ₹97 crore in the corresponding period last year. Cumulatively, for the first half of FY2025-26, revenue grew 7.70% YoY to ₹12,999 crore, and both PBT and PAT showed significant improvement, moving from losses of ₹(148) crore and ₹(116) crore respectively to losses of ₹(115) crore and ₹(87) crore. Key balance sheet items as of the end of Q2 FY2025-26 showed trade receivables at ₹9,592 crore and contract assets at ₹29,063 crore, representing a slight increase from the previous year. The company highlighted a strong order inflow exceeding ₹35,000 crore during Q2 FY2025-26, bolstering its outstanding order book to over ₹2,19,600 crore. Notable new orders include EPC contracts for thermal power projects (Amarkantak, Satpura), BTG supply for Anuppur Thermal Power Project, solar PV balance of system, and crucially, maiden orders for the Kavach system and traction equipment from Indian Railways. Other significant orders were received from the industry sector, for power transformers, and design development for the AMCA program. Operational highlights for the quarter included capacity additions and synchronization of several power projects (Yadadri, Khurja, Punatsangchhu-II), full load operations at Patratu TPS, and commissioning of projects in Bhutan. BHEL also achieved milestones such as the flagging off of MEMU passenger trains equipped with its electrics, commissioning of frigates with its manufactured SRGMs, and its contribution to the NASA-ISRO SAR Mission (NISAR) with space-grade solar panels. An MoU was extended with NPCIL for nuclear power collaboration, and BHEL was appointed as the Project Implementation Agency for EV charging infrastructure. The quarter was also marked by several awards and recognitions, including the SCOPE Eminence Award for R&D, an EEPC India Quality Award, and a CSR Award. While specific forward-looking guidance was not detailed, the strong financial results, significant order inflows, and diverse operational achievements suggest a positive momentum for BHEL.

Bharat Heavy Electricals Limited (BHEL) has announced a significant administrative change regarding its shareholder services. The company's Board of Directors has approved the proposal to change its Registrar and Share Transfer Agent (RTA). The existing RTA, M/s Alankit Assignments Limited, will be replaced by M/s Bigshare Services Private Limited. This transition is scheduled to take effect from January 1, 2026. The primary reason cited for this change is the impending completion of the contract period with the current RTA, which is set to conclude on December 31, 2025. The Board meeting where this decision was made commenced on October 29, 2025, at 03:35 PM and concluded at 04:28 PM. This announcement was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. While this is a crucial update for corporate governance and shareholder record management, it does not directly indicate any changes in the company's financial performance, operational outlook, or strategic direction, making it an important but non-financial event.

The news pertains to Bharat Heavy Electricals Limited (BHEL) revising its 'Code of Conduct for Regulating & Reporting Trading by Designated Persons & their Immediate Relatives and for Fair Disclosure'. This revised code, approved by the Board of Directors, will be effective from October 29, 2025. The update is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, as amended, aiming to enhance corporate governance and prevent insider trading.

Key provisions of the revised code include:

• Confidentiality and UPSI: Emphasis on preserving the confidentiality of unpublished price sensitive information (UPSI) and handling it on a need-to-know basis.
• Trading Restrictions: Insiders are prohibited from trading in securities while in possession of UPSI.
• Trading Window: A notional trading window will be used for monitoring. The window will be closed from the end of every quarter until 48 hours after the declaration of financial results, and at other times when designated persons may possess UPSI.
• Pre-clearance: Designated persons and their immediate relatives intending to trade in the company's securities above a minimum threshold (2500 shares per transaction) must obtain pre-clearance from the Compliance Officer.
• Trading Plans: Insiders can formulate trading plans for future trades, subject to approval and public disclosure.
• Disclosure Requirements: Initial and continual disclosures are mandated for promoters, directors, KMP, and designated persons regarding their and their relatives' shareholdings and trading activities.
• Compliance Officer: The Director (Finance) is designated as the Compliance Officer, responsible for the code's implementation, record-keeping, and monitoring.
• Penalties: Contravention of the code may lead to penalties, sanctions, and disciplinary actions by the company, without prejudice to SEBI's actions.
• Fair Disclosure: The code also incorporates a 'Code of Practice & Procedure for Fair Disclosure' to ensure prompt and uniform dissemination of UPSI.

This revision underscores BHEL's commitment to regulatory adherence and transparent market practices.

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Bharat Heavy Electricals Ltd. (BHEL) has disclosed the initiation of legal proceedings by filing two petitions before the Commercial Court in Bengaluru on October 24, 2025. These petitions are filed under the provisions of the Arbitration and Conciliation Act, 1996, to challenge an arbitration award previously passed by a sole arbitrator. The dispute involves claims amounting to INR 200.76 crores, along with applicable interest. This disclosure is made pursuant to Regulation 30(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, highlighting material ongoing litigations or disputes that could potentially impact the company's financial health. The company has provided the details of these petitions as an annexure to its filing with the stock exchanges.

Bharat Heavy Electricals Limited (BHEL) has formally notified the BSE Limited and the National Stock Exchange of India Ltd. regarding an upcoming Board of Directors meeting. Scheduled for Wednesday, October 29, 2025, the meeting's primary agenda item is the approval of the company's un-audited financial results for the quarter and period ending September 30, 2025 (Q2 FY26).

As per SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, this notice serves as a precursor to the financial disclosure. Following the board's approval, BHEL will release its detailed financial performance. In adherence to regulatory practices aimed at preventing insider trading, the company has also declared a closure of the trading window for all designated persons. This window will remain shut from the date of the notice (October 21, 2025) up to October 31, 2025, i.e., for two days post the board meeting. This announcement provides investors with a future date for the expected financial results announcement, allowing them to anticipate the company's performance metrics for the specified quarter.

Bharat Heavy Electricals Limited (BHEL) has officially submitted a certificate to the BSE, NSE, and depositories, as mandated by Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. This certificate, dated October 13, 2025, was issued by Alankit Assignments Limited, BHEL's Registrar and Share Transfer Agent. It covers the quarter ending September 30, 2025. The document confirms that all physical share certificates received by the company for dematerialization during this period have been duly verified, mutilated, and cancelled. Furthermore, the name of the depository has been substituted as the registered owner in the company's records. This is a standard compliance procedure for listed entities to ensure smooth transition of shares from physical to dematerialized form, thereby enhancing liquidity and security for shareholders.

Bharat Heavy Electricals Limited (BHEL) has disclosed the filing of new execution petitions before the Commercial Court, Jaipur, on October 9, 2025. These petitions are filed for the enforcement of arbitration awards in favor of BHEL against Rajasthan Rajya Vidhyut Utpadan Nigam Ltd. (RVUNL). The disputes pertain to three separate projects: Kota 7, Suratgarh 6, and Chhabra 1 & 2. The allowed claims for these projects are INR 25.48 crores for Kota 7, INR 28.04 crores for Suratgarh 6, and INR 54.23 crores for Chhabra 1 & 2. The aggregate value of claims BHEL is seeking to enforce through these petitions amounts to INR 107.75 crores. This disclosure is made pursuant to Regulation 30(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, highlighting BHEL's ongoing efforts to realize dues from contractual disputes through legal recourse.

Bharat Heavy Electricals Limited (BHEL) has formally notified the stock exchanges, BSE Limited and the National Stock Exchange of India Ltd., regarding a change in its Board of Directors. Ms. Arti Bhatnagar, who held the position of Part-time Official (Government Nominee) Director, has ceased to be a director on the Board of BHEL. This cessation is effective from September 30, 2025, as she has attained the age of superannuation. The announcement was made by Dr. Yogesh R Chhabra, Company Secretary of BHEL, on October 1, 2025, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulatory filing ensures transparency regarding significant corporate governance events. While this is a standard procedural update concerning board membership composition, it does not provide information on BHEL's financial performance, quarterly or annual results, future outlook, new orders, expansions, or any other operational metrics. The company's financial health, growth drivers, risks, and strategic direction remain unaddressed by this particular announcement.

Bharat Heavy Electricals Limited (BHEL) has officially informed the stock exchanges, BSE and NSE, about receiving a combined Show Cause Notice (SCN) under Section 74 of the Central Goods and Services Tax (CGST) Act, 2017. This notice was issued by the Additional Commissioner of Central Tax, Mysuru Audit Commissionerate, Bengaluru, and pertains to the fiscal years 2019-20 through 2022-23. The SCN follows a departmental audit conducted under Section 65 of the CGST Act. The notice indicates a potential demand of ₹65.75 crore for the specified period, exclusive of applicable interest and penalties. BHEL has asserted that there will be no material impact on its financials, operations, or other business activities as a result of this notice, as the company is of the firm view that the issues raised and the demand amount are not tenable. The aberrations or non-compliances identified by the revenue authority are primarily related to classification of goods/services, reconciliation of Input Tax Credit (ITC), and reconciliation of outward supplies. BHEL is actively preparing and will submit a detailed reply to the SCN, presenting facts, figures, justifications, and required evidence to substantiate its tax position before the concerned authority within the prescribed timelines. Importantly, no immediate penalty, restriction, or sanction has been imposed on the company. This disclosure highlights a common regulatory challenge faced by large manufacturing entities, involving complex tax interpretations, and BHEL's proactive stance suggests confidence in its tax compliance framework.

Bharat Heavy Electricals Limited (BHEL) has disclosed receipt of a favorable order from the Appellate Authority, Commissioner of Customs & Central Tax, Appeals-II Commissionerate Hyderabad, Telangana. The order, dated 17th September 2025, received by BHEL on 29th September 2025, allows the company's appeal and sets aside a previously reported demand of ₹10.76 Cr. This demand, along with applicable interest of ₹7.74 Cr and a penalty of ₹1.07 Cr for the financial year 2020-21, was initially disclosed on 29th March 2025. The original demand was reportedly on account of a mismatch in GST Credit availed. BHEL has stated that there are no expected financial implications on the company as the order is in its favor. The appeal was settled by dropping the demand, and no further action is required from BHEL.

Bharat Heavy Electricals Limited (BHEL) has announced the receipt of two Notifications of Award (NOA) from M.P. Power Generating Company Ltd. (MPPGCL). These awards are for Engineering, Procurement, and Construction (EPC) packages for two supercritical thermal power plants: one 660 MW unit at Amarkantak (Unit no. 6) and another 660 MW unit at Satpura (Unit no. 12), both located in Madhya Pradesh. The total consideration for these orders is in the significant range of Rs. 13,000 Crore to Rs. 15,000 Crore, exclusive of taxes and duties. The scope of work includes the supply of equipment, civil works, erection, and commissioning for both projects. The project completion schedule for each plant is stipulated within 57 months from the date of the NOA, which was received on September 29, 2025. The company confirmed that these orders were secured through an open tender enquiry from a domestic entity and that promoters or group companies have no interest in MPPGCL. This development is crucial for BHEL's order book and its revenue visibility in the power sector.

Bharat Heavy Electricals Limited (BHEL) has provided an update regarding a significant strategic initiative: the proposed Joint Venture with REC Power Development and Consultancy Limited. In a board meeting held on September 25, 2025, from 4:00 PM to 5:30 PM, BHEL's Board of Directors noted that the Department of Investment and Public Asset Management (DIPAM) has not agreed to the formation of this joint venture. This development comes as a continuation of discussions, with a previous clarification being issued on May 10, 2025. The rejection by DIPAM effectively puts an end to this specific partnership proposal. While the news does not contain details on financial performance, quarterly or annual results, earnings per share, or financial ratios, it directly impacts the company's outlook by halting a planned strategic collaboration. The management guidance and outlook sections are therefore not applicable based on this disclosure. There were no specific orders, penalties, product launches, or buybacks mentioned. The news primarily addresses a strategic development that has not materialized, leaving investors to assess the impact on BHEL's future growth trajectory and its broader strategy for forming alliances.

Bharat Heavy Electricals Limited (BHEL) has issued a notification regarding the closure of its trading window. In adherence to SEBI (Prohibition of Insider Trading) Regulations, 2015, and the company's internal code of conduct, the trading window for dealing in BHEL securities will be closed for "Designated Persons & their immediate relatives". This closure commences on Wednesday, October 1, 2025. The trading window will reopen only 48 hours after the company has filed its un-audited financial results for the quarter and half-year ended September 30, 2025, with the stock exchanges (BSE and NSE). The specific date for the Board Meeting, where these financial results will be considered, is yet to be intimated by the company. This is a routine compliance procedure preceding the announcement of quarterly financial performance.

Bharat Heavy Electricals Limited (BHEL) has officially disclosed changes within its senior management structure through a filing with the BSE and NSE on September 25, 2025. Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the company announced the appointment of two new senior management personnel. Shri V Shrinivas Rao, with 33 years of service at BHEL and qualifications including BE (Mechanical), M. Tech (Mechanical), and PGDM (Financial Management), has been appointed as the General Manager & Head (HBG), PS-BG II, Noida. He will report to the Director (Power). Concurrently, Shri Ajay Kumar, who has served BHEL for 35 years and holds a BE in Electrical & Electronics, has been appointed as the General Manager & Head (PEM & CPC), Noida, also reporting to the Director (Power).

Further to these new appointments, BHEL also announced the superannuation of two senior officials from its services. Shri Pankaj Rastogi, Executive Director (HBG), PS-BG II, Noida, and Shri Praveen Kishore, Executive Director (CPC) with additional charge of PS-PEM, superannuated effective September 24, 2025. These changes are routine administrative disclosures aimed at informing stakeholders about key personnel transitions at the senior management level.

Bharat Heavy Electricals Limited (BHEL) has informed the stock exchanges that it has received show cause notices under Section 73 of the CGST Act/TGST Act, 2017, from the Assistant Commissioner (ST), Commercial Tax Department, Telangana. The notices were received on September 18, 2025, and are based on GST Annual Returns and Financial Statements for the financial years 2021-22, 2022-23, and 2023-24. The aggregate indicative amount mentioned across the notices is ₹586.43 Cr, broken down as ₹184.55 Cr for FY 2021-22, ₹207.26 Cr for FY 2022-23, and ₹194.62 Cr for FY 2023-24. BHEL has stated that the issues raised by the authorities are generic in nature and appear to be not tenable. As the matter is currently at the show cause notice stage and no adjudication order has been issued, the exact financial implications cannot be quantified at this point. BHEL is evaluating the content of the notices to prepare a suitable response for the GST authorities.

Bharat Heavy Electricals Limited (BHEL) has submitted a disclosure to BSE Limited and National Stock Exchange of India Limited on September 17, 2025, as per Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure pertains to newspaper advertisements published on the same date in the Financial Express (English) and Jansatta (Hindi editions). These advertisements cover two key points: 1. The opening of a special window for the re-lodgement of transfer requests for physical shares, in compliance with a SEBI circular dated July 2, 2025. 2. BHEL's participation in the 'Saksham Niveshak' campaign, a 100-day initiative by the Ministry of Corporate Affairs (MCA) and the Investor Education and Protection Fund Authority (IEPFA). This announcement is for informational purposes and record-keeping by the stock exchanges.

Bharat Heavy Electricals Limited (BHEL) has issued a regulatory filing, Ref: CC/MISC/2025-26/30 dated September 15, 2025, intimating stock exchanges about its participation in an investor group meeting. As per Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company confirmed its presence at a physical group meeting with investors. This meeting is scheduled for September 18, 2025, and will take place post 15:30 hours IST at the BHEL Corporate Office in New Delhi. BHEL has explicitly stated that it will not be making any presentations during this interaction. The filing was signed by Sayed Salahuddin, Manager, Corporate Communication, BHEL. This is a routine disclosure for investor relations purposes and does not involve any new financial data, guidance, or strategic announcements beyond the scheduling of the meeting.

Bharat Heavy Electricals Limited (BHEL) has announced the receipt of a significant domestic order from Indian Railways, specifically the South Western Railway division. The company received a Letter of Intent on September 11, 2025, for the comprehensive design, development, supply, installation, trial, and commissioning of On-board KAVACH equipment for locomotives and trackside KAVACH equipment at various station, level crossing (LC), intermediate block (IB), and automatic boundary (ABS) locations. The total consideration for this order amounts to ₹22.87 crore, inclusive of Goods and Services Tax (GST). The KAVACH equipment is slated to be manufactured at BHEL’s Bengaluru plant. The execution period for this contract is stipulated to be 18 months from the date of the Letter of Intent. This order signifies BHEL's contribution to enhancing railway safety infrastructure in India. The company confirmed that neither its promoters nor group companies have any interest in the entity awarding the order, and it does not fall under related party transactions.

Bharat Heavy Electricals Limited (BHEL) has formally informed the stock exchanges, BSE Limited and the National Stock Exchange of India Ltd., about the appointment of its auditors for the Financial Year 2025-26. This announcement is made in compliance with SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, and Section 139(5) of the Companies Act, 2013.

The Comptroller and Auditor General of India (CAG) has appointed M/s K Venkatachalam Aiyer & Co, based in New Delhi, and M/s K S Dua & Co, based in Hardwar, as the Joint Statutory Auditors for BHEL for FY 2025-26. These firms will also be responsible for auditing the consolidated financial statements.

In addition to the joint statutory auditors, several firms have been appointed as Branch Auditors for BHEL's various locations for the same fiscal year. These include:

• M/s Sanjay Srivastava & Co, Bhopal
• M/s Ganesan and Company, Chennai
• M/s Y C R J & Associates, Bengaluru
• M/s Sarath & Associates, Hyderabad
• M/s K Gopal Rao & Co, Chennai

The communication from the CAG also designates the Director General of Audit (Energy) to conduct the supplementary/test audit under sections 143 (6) & (7) of the Companies Act, 2013. BHEL has been advised to regulate the remuneration and allowances payable to the auditors as per Section 142 of the Companies Act, 2013, and relevant government guidelines. The company is also required to provide specific details regarding audit fees and remuneration for other services to facilitate future appointment reviews.

Bharat Heavy Electricals Limited (BHEL) has announced the signing of a long-term, exclusive Memorandum of Understanding (MOU) with Horizon Fuel Cell Technologies Pte Ltd, Singapore. This strategic partnership, exclusive for a period of 10 years, marks BHEL's intended entry into the hydrogen fuel cell-based rolling stock segment for the domestic market. The agreement focuses on business sharing, with no share exchange ratio or consideration mentioned at this stage. The primary rationale behind this collaboration is the creation and entry into a new market segment, positioning BHEL to capitalize on the growing demand for cleaner transportation solutions in the rail sector. This move signifies BHEL's commitment to diversifying its offerings and exploring new technological frontiers in energy and transportation.

Bharat Heavy Electricals Limited (BHEL) has received a significant Letter of Intent (LOI) from MB Power (Madhya Pradesh) Limited for the supply of equipment for its 1x800 MW Anuppur Thermal Power Project.

The order, valued at approximately ₹2600 Crore (excluding GST), is for the supply of Boiler, Turbine, and Generator (BTG) along with associated auxiliaries and control and instrumentation systems. The project is based on supercritical technology and is located in Anuppur, Madhya Pradesh.

BHEL confirmed that the LOI was accepted on September 3, 2025. The company stated that the Boiler will be manufactured at its Trichy plant, and the Turbine Generator will be produced at its Haridwar plant. The broad consideration for the order is approximately ₹2600 Cr, excluding GST.

The supply completion schedule for this contract is 58 months from the effective date. The order has been placed by a domestic entity, and BHEL clarified that neither the promoter nor promoter group has any interest in MB Power (Madhya Pradesh) Limited, nor does the order fall within related party transactions.

A formal contract agreement is expected to be entered into shortly. This award significantly boosts BHEL's order book and provides revenue visibility for the coming years.

Bharat Heavy Electricals Limited (BHEL) has formally announced the dissolution of its joint venture company, Powerplant Performance Improvement Pvt. Ltd. (PPIL), with Siemens AG Germany. The National Company Law Tribunal (NCLT), New Delhi Bench, issued an order on August 29, 2025, confirming the dissolution of PPIL, which was incorporated in May 1997. The JV was engaged in the marketing, sale, order execution, and performance improvement of fossil fuel-based power plants.

The dissolution follows a voluntary liquidation process initiated by PPIL as per the Insolvency and Bankruptcy Code, 2016. The company's liquidator, Mr. Rajan Das Gupta, filed an application with the NCLT seeking dissolution after completing necessary formalities. During the liquidation, the company's closing bank balance as of June 13, 2024, was Rs. 1,98,70,636.81. Following the approved waterfall mechanism for distribution, an amount of Rs. 1,10,17,683/- was remitted to Siemens AG on December 13, 2024, and a cheque of Rs. 86,90,729/- was handed over to BHEL on December 18, 2024. The liquidator had filed the final report with the Registrar of Companies and the Insolvency and Bankruptcy Board of India on January 06, 2025. The NCLT order allows the application and confirms that the company's affairs have been wound up and liabilities satisfied, leading to its dissolution.

Bharat Heavy Electricals Limited (BHEL) has informed the stock exchanges about receiving a favourable order from the Commissioner CGST (Appeals), Dehradun. The order, dated 30.06.2025 and received on 01.09.2025, quashes the Departmental Appeal that was filed against an earlier order by the Joint Commissioner. The original Show Cause Notice (SCN) dated 26.12.2023 was issued under Section 73 of the CGST Act, 2017, involving a demand of ₹31,20,20,575/- plus applicable interest and penalty. The favourable ruling from the appellate authority pertains to the periods FY 2018-19 and 2020-21. BHEL explicitly stated that the order has no financial implications or impact on the company's operations, indicating a successful defence against the tax demand. No aberrations, non-compliances, penalties, or restrictions were identified by the authority in this communication. The company has accepted the favourable order and no further action is required from its end. This is a positive development for BHEL, avoiding a substantial tax liability.

Bharat Heavy Electricals Limited (BHEL) has informed the stock exchanges about the dissolution of its joint venture, Powerplant Performance Improvement Pvt. Ltd. (PPIL), with Siemens AG Germany. The National Company Law Tribunal (NCLT), New Delhi Bench, issued an order on August 29, 2025, officially dissolving PPIL. BHEL received a copy of this order on September 1, 2025, through the liquidator of PPIL, confirming the dissolution effective from the order's pronouncement date. This announcement does not include details on the financial performance of PPIL or its impact on BHEL's consolidated results. No specific financial metrics such as revenue, profit, or debt related to the joint venture were disclosed. The company has not provided any forward-looking guidance or commentary from management regarding this event. The dissolution represents a corporate restructuring action to close down a past joint venture; the long-term strategic implications or financial consequences for BHEL are not elaborated upon in this notification.

Bharat Heavy Electricals Limited (BHEL) has disclosed that it has been fined by both BSE Limited and the National Stock Exchange of India Limited for non-compliance with SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. Specifically, the company violated Regulation 17(1) concerning the composition of its Board of Directors for the quarter ending June 2025. The stock exchanges have each imposed a penalty of ₹5,36,900, which includes Goods and Services Tax (GST). The reason for the non-compliance is that the number of Independent Directors on BHEL’s Board was less than the 50% threshold stipulated by the SEBI regulations during the specified quarter. In response to these penalties, BHEL has indicated that it plans to seek a waiver from the stock exchanges, leveraging provisions within the Standard Operating Procedure (SOP) circulars issued by the exchanges. The company emphasized its status as a Government Company, wherein the appointment of directors, including Independent Directors, is carried out by the Government of India. BHEL also stated that it is regularly engaging with the Government of India to expedite the appointment of the requisite number of Independent Directors to ensure future compliance with the SEBI regulations. This development highlights the importance of corporate governance and adherence to regulatory norms for listed entities. While the fines are not substantial in the context of BHEL's overall financials, they point to a governance oversight. The company's proactive approach in seeking a waiver and addressing the root cause through government dialogue suggests an intent to rectify the situation promptly. Investors will monitor the outcome of the waiver request and the timely appointment of directors.

Bharat Heavy Electricals Limited (BHEL) has announced the signing of a License Agreement for Transfer of Technology (LAToT) with Defence Metallurgical Research Laboratory (DMRL), Hyderabad, a prominent research laboratory under the Defence Research and Development Organisation (DRDO).

The core of this agreement is the technology transfer for the indigenous manufacture of Fused Silica Radar Domes. This process will utilize the Cold Isostatic Pressing and Sintering route. DMRL, recognized for its expertise in high-temperature alloys and advanced ceramics, has transferred this critical technology to BHEL.

The primary rationale and expected benefit from this collaboration is to strengthen India's self-reliance in strategic defence systems. By enabling BHEL to domestically produce radar domes, which are key components for seeker-based guidance in missile programs, the agreement significantly bolsters India's defence manufacturing capabilities and technological independence.

Bharat Heavy Electricals Limited (BHEL) has made an announcement regarding changes in its senior management team. This filing, made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, details key personnel movements. The primary update is the appointment of Shri Asim Mishra as the new Head of BHEL, Power Sector- Head Quarter, New Delhi. This appointment is effective from August 25, 2025, and he will report to the Director (Power). Shri Mishra brings 34 years of service experience with BHEL and holds a BE in Electronics & Communications. The company also informed about the superannuation of two senior management officials: Shri Sanjeev Kumar Roy, Executive Director (PS-HQ), New Delhi, and Shri Rakesh Kumar Chokhani, General Manager I/C (OSD), NBG, PS-BG II, Noida. Both superannuated on August 24, 2025. This news pertains to corporate governance and leadership structure changes. It does not contain any financial performance data, quarterly results, guidance, or specific business outlook. The impact on stock performance is likely minimal unless linked to broader strategic realignments of leadership which are not detailed here.

Bharat Heavy Electricals Limited (BHEL) has issued a regulatory filing dated August 7, 2025, to the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The filing pertains to the publication of the company's unaudited financial results for the quarter ended June 30, 2025 (Q1 FY26). The results have been published in the business dailies 'Business Standard' (English and Hindi). The company has provided copies of these results to the stock exchanges for their information and record. This announcement signifies the official disclosure of BHEL's financial performance for the first quarter of the fiscal year, although the specific financial figures are not detailed within this particular filing.

Bharat Heavy Electricals Ltd (BHEL) reported its financial results for the first quarter of FY2025-26. Revenue from operations stood at ₹5,487 Cr, showing marginal YoY growth of 0.04% from ₹5,485 Cr in Q1 FY2024-25. The company faced significant challenges on the profitability front, with EBITDA worsening substantially to a loss of ₹352 Cr from a loss of ₹59 Cr in the prior year, marking a YoY decline of approximately 497%. Profit Before Tax (PBT) also deteriorated to a loss of ₹607 Cr from ₹280 Cr YoY. Consequently, Profit After Tax (PAT) for the quarter was a loss of ₹455 Cr, compared to a loss of ₹213 Cr in the same period last year, reflecting a YoY decline of about 114%. The results did not include specific analyst comparisons.

BHEL's order book remains a strong point, with an outstanding order book value of ₹2,04,375 Cr as of June 30, 2025. During Q1 FY2025-26, the company secured fresh orders worth ₹13,445 Cr, comprising 57% from the power sector and 43% from the industry sector. Notable orders included supply and erection of Steam Turbine Generators, design and execution of HVDC terminals, traction transformers for Indian Railways, and Li-ion cells from New Space India Ltd.

Operationally, BHEL reported key capacity additions and synchronizations across various power projects, including atomic, thermal, and hydro plants. The company also highlighted its involvement in significant infrastructure projects like the foundation stone for an 800 MW Ultra-Supercritical Thermal Power Plant and the New Pamban Bridge. Strategic developments included an MoU with Nuovo Pignone for compressor revamp and a Technology Transfer Agreement with BARC for membrane diaphragms. BHEL also received several awards and recognitions for its performance in cost management, green initiatives, and digital transformation.

No specific management guidance, outlook, balance sheet figures, cash flow data, or key financial ratios were provided in this supplementary information. The overall trend indicates pressure on current profitability, offset by a robust order pipeline and ongoing operational execution.

Bharat Heavy Electricals Limited (BHEL) has announced its unaudited financial results for the quarter ended June 30, 2025. The company reported a significant net loss on both standalone and consolidated bases.

Quarterly Performance:

• Standalone: Revenue from operations stood at ₹5486.91 Cr, flat year-on-year (YoY) (+0.04%) compared to ₹5484.92 Cr in Q1 FY25, but down 39.0% QoQ from ₹8993.37 Cr in Q4 FY25. The company posted a net loss of ₹454.89 Cr, a sharp deterioration from a net profit of ₹504.05 Cr in the previous quarter and widening the net loss from ₹212.52 Cr in Q1 FY25. Basic and Diluted EPS was ₹(1.31) compared to ₹1.45 QoQ and ₹(0.61) YoY. Standalone operating profit margin was (9.79)% and net profit margin was (8.29)%.
• Consolidated: Revenue from operations was also ₹5486.91 Cr. The consolidated net loss was reported at ₹455.50 Cr, against a profit of ₹504.45 Cr QoQ and a loss of ₹211.40 Cr YoY. Consolidated EPS was ₹(1.31).

Financials & Ratios:

• The company reported significant losses before tax, driven by high expenses.
• Standalone net worth was ₹24624.45 Cr as of June 30, 2025.
• The Total Debt to Total Assets ratio was 0.15.
• Key ratios like Current Ratio stood at 1.50. Inventory turnover decreased YoY and QoQ.

Key Events & Notes:

• The auditor's report highlighted an overdue amount of ₹211 Cr from customer STPG (formerly NEC Sudan) due to civil war, which the board has not provided for.
• Additionally, ₹185 Cr in dues from the RVUNL/Suratgarh project are outstanding, with some payments received in FY26. The auditor noted that provision for these amounts was not considered prudent based on recoverability.

Outlook & Guidance: No specific management guidance or outlook commentary was provided in this filing.

Bharat Heavy Electricals Limited (BHEL) has filed a disclosure with the stock exchanges, BSE Limited and National Stock Exchange of India Ltd., on August 5, 2025. The subject of the disclosure, ref CC/MISC/2025-26/19, is 'Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 – Credit Rating.' The company stated that information regarding a change in its credit rating is enclosed for their kind information and records. This communication indicates a material event related to BHEL's creditworthiness, which can impact its cost of borrowing, investor perception, and financial strategy. The specific details of the rating change (e.g., upgrade, downgrade, affirming with outlook change) were not provided in this excerpt but would typically follow in the enclosure.