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  7. Bharat Heavy Electricals Ltd
Financial RatiosPE RatioShareholdingDividendQuarterly ResultsBalance SheetProfit & LossCash Flow

Bharat Heavy Electricals Ltd Stock Price Today (NSE: BHEL)

Bharat Heavy Electricals Ltd

BHELHeavy Electrical Equipment
₹329.60+₹12.81 (+4.04%)↑
As on 20 Apr 2026, 08:31 am ISTMarket Open

Fundamental Score

...

Bharat Heavy Electricals Ltd Share Price — Live NSE/BSE Price, Fundamentals & Analysis

Bharat Heavy Electricals Ltd share price today is ₹329.60, up +4.04% on NSE/BSE as of 20 April 2026. Bharat Heavy Electricals Ltd (BHEL) is a Large-cap company in the Heavy Electrical Equipment sector with a market capitalisation of ₹1.01L (Cr). The 52-week high for BHEL share price is ₹305.90 and the 52-week low is ₹205.12. At a P/E ratio of 181.54x, BHEL is currently trading above its industry average P/E of 47.05x. The company has a Return on Equity (ROE) of 2.12% and a debt-to-equity ratio of 0.45.

Bharat Heavy Electricals Ltd Share Price Chart — NSE/BSE Historical Performance

No data
High
₹0.00
Low
₹0.00
Volume
0
Change
+4.04%

Institutional Deep-Dive

Bull Run Research Hub

Live Price:₹329.60— Analysis below may reference an earlier price snapshot.

Bharat Heavy Electricals Share Price: A Financial Analysis

The heavy electrical equipment industry, traditionally a bellwether for infrastructure development, is currently undergoing a significant transformation driven by the push for renewable energy and grid modernization. This context is crucial when analyzing the Bharat Heavy Electricals share price, currently at ₹266.600006. This analysis forms part of a comprehensive 80-parameter fundamental audit, verified by Sweta Mishra, and aims to provide an objective assessment of the company's financial standing.

A key metric to consider is Bharat Heavy Electricals Ltd's (BHEL) Price-to-Earnings (PE) ratio of 181.54. This significantly exceeds the sector average, suggesting the market anticipates substantial future earnings growth. However, it's important to juxtapose this with the Return on Capital Employed (ROCE) of 4.87%. This ROCE indicates the efficiency with which BHEL is using its capital to generate profits. A low ROCE, in this instance, can erode a company's economic moat. It suggests that BHEL might struggle to defend its market share against competitors, particularly in a rapidly evolving landscape where innovation and efficiency are paramount.

Considering sector peers is crucial. While Aartech Solonics Ltd might operate in a slightly different segment of the electrical equipment market, comparing management quality and strategic agility is vital. A deeper dive into management's ability to navigate the changing industry dynamics and execute effectively is essential. This includes scrutinizing past performance, strategic decisions, and the track record of innovation and project execution. A comparison with how peers like Aartech Solonics Ltd approach similar challenges can provide valuable insights.

In conclusion, while the high PE ratio for Bharat Heavy Electricals suggests market optimism, the relatively low ROCE raises concerns about the company's ability to sustain its competitive advantage and efficiently generate returns on its capital. Further investigation is needed to understand the underlying drivers of both the PE and ROCE, and how BHEL is positioned to capitalize on the opportunities within the evolving heavy electrical equipment sector.

SM
Analysis by Sweta Mishra
SEBI Registered Research Analyst

Bharat Heavy Electricals Ltd Share Price — Last 10 Trading Days

DateOpenHighLowCloseVolume
2 Apr 26₹248.95₹249.30₹240.92₹248.1179.85L (Cr)
1 Apr 26₹254.50₹257.35₹250.50₹251.84142.42L (Cr)
30 Mar 26₹250.35₹254.85₹244.00₹245.50123.09L (Cr)
27 Mar 26₹260.30₹261.45₹254.45₹254.8569.78L (Cr)
25 Mar 26₹259.95₹266.80₹259.35₹262.0568.00L (Cr)
24 Mar 26₹258.00₹260.00₹252.30₹258.2073.84L (Cr)
23 Mar 26₹260.20₹260.25₹249.25₹252.85116.76L (Cr)
20 Mar 26₹254.05₹266.20₹253.25₹262.05190.56L (Cr)
19 Mar 26₹256.00₹256.80₹250.05₹251.7547.10L (Cr)
18 Mar 26₹257.50₹261.50₹256.35₹260.1541.98L (Cr)

Bharat Heavy Electricals Ltd Share Price History — Last 12 Months

MonthOpenHighLowCloseChange
Apr 2026₹254.50₹257.35₹240.92₹248.11-2.51%
Mar 2026₹256.05₹270.35₹244.00₹245.50-4.12%
Feb 2026₹253.50₹277.00₹249.50₹264.95+4.52%
Jan 2026₹288.50₹305.90₹240.50₹262.70-8.94%
Dec 2025₹291.10₹295.25₹267.70₹287.45-1.25%
Nov 2025₹265.00₹295.25₹255.30₹290.85+9.75%
Oct 2025₹239.00₹266.49₹229.54₹265.49+11.08%
Sept 2025₹209.50₹242.43₹209.05₹238.45+13.82%
Aug 2025₹238.45₹249.60₹205.12₹208.01-12.77%
Jul 2025₹267.75₹267.75₹234.25₹238.45-10.94%
Jun 2025₹261.05₹272.10₹243.50₹266.30+2.01%
May 2025₹226.84₹269.12₹212.10₹259.83+14.54%

AI Research Briefing

Powered by Gemini · 2026-04-10

BHEL is a play on India's power sector growth, but rich valuation and execution risks warrant caution.

Research Confidence
7.0/10High
GOVT CAPEX DARK HORSEBreakout - Up 9.61% in 1 month and 35.3% in 3 months.Expensive - P/E of 181.54x vs Industry P/E of 47.05x.

⚡ WHAT'S HAPPENING NOW (last 2-4 weeks): BHEL has been on a winning streak, with the stock up for the third straight session as of April 9, 2026. As of April 10, 2026, the stock rose 2.62% to hit a day high of ₹284.35, marking a four-day gain of 15.76%. This surge is partly fueled by a Technology Collaboration Agreement (TCA) with E2S Company Ltd of South Korea to enhance capabilities in excitation systems for synchronous machines. 🧠 CORE STORY (THE REAL GAME): BHEL is being priced as a proxy for India's power sector growth, particularly thermal and nuclear, with potential upside from indigenization and government capex. The market sees it as a key beneficiary of increased power demand and the 'Make in India' initiative. 🔥 WHAT IS DRIVING THE STOCK: 1. **NTPC Order:** The ₹13,500 crore order from NTPC for the Telangana Stage-II thermal power project provides revenue visibility. 2. **Technology Upgrade:** The collaboration with E2S enhances BHEL's technological capabilities and market competitiveness. 3. **Sector Tailwinds:** Increased emphasis on the power sector, including nuclear, is driving positive sentiment. ⚖️ BULL vs BEAR: Bull: Strong order book, technological advancements, and government support drive growth. JM Financial expects BHEL to begin FY27 with an order book of at least ₹2.5 lakh crore. ICICI Securities sees BHEL as a key beneficiary of nuclear energy expansion. Bear: Rich valuation (P/E 181.54x vs industry 47.05x), execution challenges, and potential gas shortages pose risks. Government stake sales can create short-term price pressure. Negative free cash flow of ₹-2124.76 Cr over the last 5 years. 💣 WHAT MARKET IS PRICING: The market is pricing in sustained order inflows and margin expansion driven by government capex and indigenization. Risk: This narrative fades if order inflows slow or execution falters. 🎯 BOTTOM LINE: BHEL is a leveraged bet on India's power sector, but valuation is stretched. Any hiccup in order execution or government policy will lead to a sharp correction.

Why Now
  • ₹13,500 crore order from NTPC provides revenue visibility
  • Technology Collaboration Agreement (TCA) with E2S enhances capabilities
  • Increased emphasis on the power sector, including nuclear, is driving positive sentiment
Potential Catalysts
  • Further large order wins in power generation or transmission
  • Successful execution of existing orders leading to margin expansion
  • Government policies favoring domestic power equipment manufacturers
Key Risks
  • High P/E ratio relative to industry peers
  • Negative free cash flow
  • Execution risks related to large projects and potential gas shortages
Institutional Activity

FII holdings decreased by 0.13% while DII holdings increased by 0.17%.

Macro Context

Government focus on infrastructure development and power sector expansion provides a tailwind.

Order Book / Expansion

Secured ₹13,500 crore order from NTPC for Telangana Stage-II thermal power project.

Cash Flow Quality

No - Free Cash Flow 5Y: ₹-2124.76 Cr

3–6 Month Outlook

BHEL is poised to benefit from India's power sector growth, but execution and valuation are key concerns. Monitor order inflows and margin performance closely.

Primary Thesis Risk

Overvaluation and execution risks could derail the growth narrative.

For educational purposes only. Not investment advice. Consult a SEBI-registered advisor before investing.

Returns & Performance

Poor

ROE

2.12%
Poor

ROCE

4.87%
Poor

OPM (5Y)

0.82%

Div Yield

0.17%

Bharat Heavy Electricals Ltd Valuation Check

Poor

P/E Ratio

181.54x
Poor

Industry P/E

47.05x
Market-cap Classification
Large-cap
Established & liquid; typically steadier returns.

Market Cap

1.01L (Cr)

Growth Engine

Excellent

Profit Growth (Q)

253.17%
Poor

Sales Growth (Q)

14.09%
Poor

Sales Growth (5Y)

5.72%
Excellent

EPS Growth (5Y)

18.65%
Excellent

Profit Growth (5Y)

18.65%

Balance Sheet Health

Good

Debt to Equity

0.45x
Poor

Int. Coverage

2.02x

Free Cash Flow (5Y)

-2.12K (Cr)

Shareholding

Excellent

Promoter

63.17%
Average

FII

6.23%
Good

DII

18.62%
Excellent

Pledged

0.00%

Labels (e.g., "Excellent", "Good") are peer-based vs industry/sector averages — data-only, not advice

Bharat Heavy Electricals Ltd Fundamental Analysis & Valuation Benchmarking

Educational evaluation of BHEL across key market metrics for learning purposes.

Positive Indicators

5 factors identified

Robust Profit Growth (253.17%)

Observation: Strong year-over-year profit expansion demonstrates business momentum.

Analysis: Profit growth >20% indicates effective execution and market opportunity capture.

Excellent EPS Growth (18.65% CAGR)

Observation: Outstanding 5-year earnings per share compound growth.

Analysis: EPS CAGR >15% indicates strong wealth creation potential.

Strong Profit Growth Track Record (18.65% CAGR)

Observation: Consistent 5-year profit compound annual growth rate.

Analysis: Profit CAGR >15% demonstrates scalable business model.

Balanced Promoter Holding (63.17%)

Observation: Optimal balance between promoter control and public float.

Analysis: Promoter holding in 50-75% range provides management alignment.

Zero Share Pledging Risk

Observation: No promoter shares pledged as collateral.

Analysis: Absence of share pledging eliminates potential forced-selling pressure.

Risk Factors

6 factors identified

Below-Average Return on Equity (2.12%)

Observation: Returns on equity are below industry benchmarks.

Analysis: ROE <10% may indicate inefficient capital utilization. Consider monitoring for operational improvements and management effectiveness.

Suboptimal ROCE (4.87%)

Observation: Returns on capital employed are below expectations.

Analysis: ROCE <10% suggests potential inefficiencies in capital allocation.

Margin Pressure Concerns (0.82%)

Observation: Operating margins are below industry standards.

Analysis: OPM <5% may indicate pricing pressures or cost management challenges.

Premium Valuation Risk (P/E: 181.54x)

Observation: High valuation multiples may limit upside potential.

Analysis: Elevated P/E ratios require strong growth execution to justify current valuations.

Weak Interest Coverage (2.02x)

Observation: Limited ability to service debt obligations from earnings.

Analysis: Low interest coverage raises concerns about financial stability.

Negative Free Cash Flow (₹-2124.76 Cr over 5Y)

Observation: Cash outflows exceed inflows.

Analysis: Negative FCF requires analysis of capital expenditure cycle.

Peer Comparison - Heavy Electrical Equipment

Compare Bharat Heavy Electricals Ltd with 10 other companies in the same sector

11 companies
Company Info
Fundamental
Overall score
Valuation
Price metrics
Profitability
Return metrics
Financial Health
Debt management
Growth
5Y performance
Dividend
Yield %
Company
Company name
Score
Bull Run comprehensive fundamental score based on 20+ metrics
Price
Current trading price of the stock
Market Cap
Total value of all shares in the market
P/E
Price per share divided by earnings per share
ROE
Net income divided by shareholder equity
ROCE
Earnings before interest and tax divided by capital employed
Debt/Eq
Total debt divided by total equity
Profit 5Y
Average annual profit growth over 5 years
Sales 5Y
Average annual sales growth over 5 years
Dividend
Annual dividend per share divided by price per share
Bharat Heavy Electricals LtdBharat Heavy El...Selected✓
BHEL • 500103
44.8/100
₹329.60₹330
₹101397.77₹101397.77
181.54Average
181.5
Average
2.12%Poor
2.12%
Poor
4.87%Poor
4.87%
Poor
0.45Excellent
0.5
Excellent
18.65%Excellent
18.65%
Excellent
5.72%Good
5.72%
Good
0.17%
Siemens LtdSiemens Ltd...
SIEMENS • 500550
58.1/100
₹3726.20₹3726
₹117781.20₹117781.20
69.80Average
69.8
Average
11.81%Average
11.81%
Average
0.00%Poor
0.00%
Poor
0.01Excellent
0.0
Excellent
0.00%Average
0.00%
Average
0.00%Average
0.00%
Average
0.00%
Siemens Energy India LtdSiemens Energy ...
ENRIN • 544390
31.7/100
₹3076.00₹3076
₹111859.20₹111859.20
101.68Average
101.7
Average
28.96%Excellent
28.96%
Excellent
0.00%Poor
0.00%
Poor
0.03Excellent
0.0
Excellent
0.00%Average
0.00%
Average
0.00%Average
0.00%
Average
0.00%
ABB India LtdABB India Ltd...
ABB • 500002
66.1/100
₹7132.50₹7133
₹110020.87₹110020.87
62.26Average
62.3
Average
28.82%Excellent
28.82%
Excellent
0.00%Poor
0.00%
Poor
0.01Excellent
0.0
Excellent
0.00%Average
0.00%
Average
0.00%Average
0.00%
Average
0.00%
CG Power and Industrial Solutions LimitedCG Power and In...
CGPOWER • 500093
67.9/100
₹778.85₹779
₹105260.55₹105260.55
98.52Average
98.5
Average
27.66%Excellent
27.66%
Excellent
0.00%Poor
0.00%
Poor
0.02Excellent
0.0
Excellent
0.00%Average
0.00%
Average
0.00%Average
0.00%
Average
0.00%
Hitachi Energy India LtdHitachi Energy ...
POWERINDIA • 543187
63.2/100
₹29480.00₹29480
₹98828.01₹98828.01
137.79Average
137.8
Average
13.79%Average
13.79%
Average
0.00%Poor
0.00%
Poor
0.02Excellent
0.0
Excellent
0.00%Average
0.00%
Average
0.00%Average
0.00%
Average
0.00%
Suzlon Energy LtdSuzlon Energy L...
SUZLON • 532667
63.7/100
₹52.36₹52
₹73094.27₹73094.27
23.04Average
23.0
Average
41.44%Excellent
41.44%
Excellent
0.00%Poor
0.00%
Poor
0.05Excellent
0.1
Excellent
0.00%Average
0.00%
Average
0.00%Average
0.00%
Average
0.00%
GE Vernova T&D India LtdGE Vernova T&D ...
GVT&D • 522275
65.2/100
₹4240.00₹4240
₹71752.19₹71752.19
78.00Average
78.0
Average
40.35%Excellent
40.35%
Excellent
0.00%Poor
0.00%
Poor
0.01Excellent
0.0
Excellent
0.00%Average
0.00%
Average
0.00%Average
0.00%
Average
0.00%
Thermax LtdThermax Ltd...
THERMAX • 500411
49.9/100
₹4260.70₹4261
₹34742.42₹34742.42
58.52Average
58.5
Average
13.57%Average
13.57%
Average
0.00%Poor
0.00%
Poor
0.36Excellent
0.4
Excellent
0.00%Average
0.00%
Average
0.00%Average
0.00%
Average
0.00%
Inox Wind LtdInox Wind Ltd...
INOXWIND • 539083
68.3/100
₹98.19₹98
₹22999.39₹22999.39
45.14Average
45.1
Average
11.69%Average
11.69%
Average
0.00%Poor
0.00%
Poor
0.17Excellent
0.2
Excellent
0.00%Average
0.00%
Average
0.00%Average
0.00%
Average
0.00%
Schneider Electric Infrastructure LimitedSchneider Elect...
SCHNEIDER • 534139
54.2/100
₹1061.00₹1061
₹17143.48₹17143.48
69.84Average
69.8
Average
73.96%Excellent
73.96%
Excellent
0.00%Poor
0.00%
Poor
0.80Good
0.8
Good
0.00%Average
0.00%
Average
0.00%Average
0.00%
Average
0.00%

Bharat Heavy Electricals Ltd Financial Statements

Comprehensive financial data for Bharat Heavy Electricals Ltd including income statement, balance sheet and cash flow

About BHEL (Bharat Heavy Electricals Ltd)

Bharat Heavy Electricals Ltd is a titan of India's heavy electrical equipment sector, a name synonymous with power generation and industrial progress. With a legacy stretching back... decades, BHEL has established itself as a comprehensive engineering and manufacturing powerhouse, shaping the landscape of India's energy infrastructure. The company's expertise extends from the foundational design and engineering phases to the complex fabrication and installation of critical power plant components. Their expansive capabilities encompass the entire spectrum of power generation, positioning them as a vital partner in India's pursuit of energy independence and sustainable industrial growth. BHEL's unwavering commitment to technological innovation and quality assurance has cemented its reputation as a trusted provider of reliable and efficient solutions. BHEL's influence permeates a wide array of industries beyond traditional power generation. From supplying equipment for the burgeoning renewable energy sector to providing specialized components for defense and aerospace applications, the company's versatile product portfolio reflects its adaptability and commitment to meeting evolving market demands. Their involvement in transportation, transmission, oil and gas, and e-mobility projects further underscores their multifaceted capabilities and positions them as a key contributor to India's infrastructure development. This diversification strategy allows BHEL to leverage its core engineering strengths across various sectors, fostering growth and resilience in a rapidly changing technological landscape. At its core, BHEL is an end-to-end solutions provider, adept at managing complex projects from inception to completion. This comprehensive approach, encompassing engineering, procurement, and construction (EPC) services, allows them to deliver turnkey solutions tailored to the specific needs of their clients. Whether it's constructing a coal-fired power plant, developing a hydroelectric facility, or providing equipment for a nuclear installation, BHEL's expertise and project management capabilities ensure seamless execution and optimal performance. The company's commitment to sustainable practices and environmental responsibility further reinforces its position as a responsible corporate citizen, dedicated to powering India's future while minimizing its environmental impact.

Company Details

Symbol:BHEL
Industry:Heavy Electrical Equipment
Sector:Heavy Electrical Equipment
Website:https://www.bhel.com

Key Leadership

Mr. Koppu Sadashiv Murthy
Chairman & MD
Mr. Rajesh Kumar Dwivedi
CFO, Director of Finance & Whole-Time Director
Mr. Krishna Kumar Thakur
Director of Human Resources & Whole Time Director

Corporate Events

Upcoming
Earnings Date
2026-01-28
Recent
Ex-Dividend Date
2025-08-01

Latest News

India's BHEL posts wider quarterly loss on weak power demand, higher expenses - Reuters
Reuters• 8/6/2025
AM/NS India commissions auto steel line at Hazira plant to reduce imports - Business Standard
Business Standard• 7/16/2025
BHEL extends rally to 6th session, jumps 8% on order win from NTPC - The Economic Times
The Economic Times• 9/1/2023

BHEL Share Price: Frequently Asked Questions

What is the current share price of Bharat Heavy Electricals Ltd (BHEL)?

As of 20 Apr 2026, 08:31 am IST, Bharat Heavy Electricals Ltd share price is ₹329.60. The BHEL stock has a market capitalisation of ₹1.01L (Cr) on NSE/BSE.

Is BHEL share price Overvalued or Undervalued?

BHEL share price is currently trading at a P/E ratio of 181.54x, compared to the industry average of 47.05x. Based on this relative valuation, the Bharat Heavy Electricals Ltd stock appears to be Overvalued against its sector peers.

What is the 52-week high and low of BHEL share price?

The 52-week high of BHEL share price is ₹305.90 and the 52-week low is ₹205.12. These values are updated daily from NSE/BSE price data.

What factors affect the Bharat Heavy Electricals Ltd share price?

Key factors influencing BHEL share price include quarterly earnings growth (Sales Growth: 14.09%), raw material costs, government infrastructure spending, and institutional flows (FII/DII holding).

Is Bharat Heavy Electricals Ltd a good stock for long-term investment?

Bharat Heavy Electricals Ltd shows a 5-year Profit Growth of 18.65% and an ROE of 2.12%. Long-term investors should consider these fundamentals alongside the debt-to-equity ratio of 0.45 before investing in BHEL shares.

How does Bharat Heavy Electricals Ltd compare with its industry peers?

Bharat Heavy Electricals Ltd competes with major peers in the Heavy Electrical Equipment. Investors should compare BHEL share price P/E of 181.54x and ROE of 2.12% against the industry averages to determine competitive standing.

What is the P/E ratio of BHEL and what does it mean?

BHEL share price has a P/E ratio of 181.54x compared to the industry average of 47.05x. Investors pay ₹182 for every ₹1 of annual earnings.

How is BHEL performing according to Bull Run's analysis?

BHEL has a Bull Run fundamental score of 44.8/100, indicating concerns requiring careful analysis. This comprehensive rating is based on 15+ financial parameters.

What sector and industry does BHEL belong to?

BHEL operates in the Heavy Electrical Equipment industry. This classification helps understand the competitive landscape and sector-specific trends affecting Bharat Heavy Electricals Ltd share price.

What is Return on Equity (ROE) and why is it important for BHEL?

BHEL has an ROE of 2.12%, which suggests challenges in generating returns from shareholders equity. ROE measures how efficiently Bharat Heavy Electricals Ltd generates profits from shareholders capital.

How is BHEL debt-to-equity ratio and what does it indicate?

BHEL has a debt-to-equity ratio of 0.45, which indicates moderate leverage that should be monitored.

What is BHEL dividend yield and is it a good dividend stock?

BHEL offers a dividend yield of 0.17%, meaning you receive ₹0.17 annual dividend for every ₹100 invested in Bharat Heavy Electricals Ltd shares.

How has BHEL share price grown over the past 5 years?

BHEL has achieved 5-year growth rates of: Sales Growth 5.72%, Profit Growth 18.65%, and EPS Growth 18.65%.

What is the promoter holding in BHEL and why does it matter?

Promoters hold 63.17% of BHEL shares, with 0.00% pledged. High promoter holding often indicates strong management confidence in Bharat Heavy Electricals Ltd.

What is BHEL market capitalisation category?

BHEL has a market capitalisation of ₹101398 crores, placing it in the Large-cap category.

How volatile is BHEL stock?

BHEL has a beta of N/A. A beta > 1 suggests the Bharat Heavy Electricals Ltd stock is more volatile than the market, while a beta < 1 suggests it is less volatile.

What is BHEL operating profit margin trend?

BHEL has a 5-year average Operating Profit Margin (OPM) of 0.82%, indicating the company's operational efficiency.

How is BHEL quarterly performance?

Recent quarterly performance shows Bharat Heavy Electricals Ltd YoY Sales Growth of 14.09% and YoY Profit Growth of 253.17%.

What is the institutional holding pattern in BHEL?

BHEL has FII holding of 6.23% and DII holding of 18.62%. Significant institutional holding often suggests professional confidence in the Bharat Heavy Electricals Ltd stock.

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