BHEL
B H E L share price & financials
- Price
- ₹422
- Market cap
- ₹1.5L Cr
- Sector
- Capital Goods
What B H E L does
Bharat Heavy Electricals Limited is a Government of India Public Sector Undertaking (GoI holds a 63.17% stake), incorporated in 1964, that designs, manufactures and installs capital equipment for power generation across thermal, hydro, gas, nuclear and solar sources. Beyond power, it supplies transmission equipment, rail transportation electricals, defence & aerospace systems (including naval gun mounts), and oil & gas equipment to domestic and international customers. It earns mainly by winning EPC and equipment-supply orders from utilities, industry and government, executing them through its own manufacturing plants, and through an after-market spares and services business. BHEL operates through dedicated business groups for each sector (e.g. Power Sector Business Groups, Nuclear, Hydro, Transportation, Defence & Aerospace, Transmission, New & Renewable Energy) rather than as a single undifferentiated manufacturer.
Segments
- Power
- Industry (incl. exports)
- Manufacturing plants
- 16 plants across India
- Export footprint
- Presence in 91 countries
- Cumulative power equipment installed
- 205+ GW of power-generating equipment installed in India and abroad
- Power capacity delivered overseas
- 13+ GW installed outside India, with 3.5 GW under execution
- Captive power plants commissioned (cumulative)
- ~20 GW
- HVDC projects executed
- 6 major HVDC projects since 1989
Quarterly results
Q1 FY27: revenue up 40.3%, net profit up 182.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6,584 | 7,277 | 8,993 | 5,487 | 7,512 +14% | 8,473 +16% | 12,310 +37% | 7,698 +40% |
| EBITDA | 275 | 304 | 832 | -537 | 581 +111% | 545 +79% | 1,753 +111% | 504 +194% |
| Net profit | 106 | 135 | 504 | -456 | 375 +254% | 390 +189% | 1,290 +156% | 377 +183% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +95.9% 1Y
1Y: ₹220.03 on 10 Sept 2025 → ₹431. High ₹442.65 (31 Aug 2026), low ₹220.03 (10 Sept 2025).
Financials, as filed
Revenue grew 13.1% a year over 3 years, FY23 to FY26. Operating margin widened to 6.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹23.4k Cr | ₹23.9k Cr | ₹28.3k Cr | ₹33.8k Cr |
| Operating profit | ₹779 Cr | ₹613 Cr | ₹1.2k Cr | ₹2.3k Cr |
| Operating margin | 3.3% | 2.6% | 4.4% | 6.9% |
| Interest | ₹521 Cr | ₹731 Cr | ₹748 Cr | ₹756 Cr |
| Depreciation | ₹261 Cr | ₹249 Cr | ₹272 Cr | ₹316 Cr |
| Net profit | ₹524 Cr | ₹282 Cr | ₹534 Cr | ₹1.6k Cr |
| Net margin | 2.2% | 1.2% | 1.9% | 4.7% |
| Cash from operations | ₹-741 Cr | ₹-3.7k Cr | ₹2.2k Cr | ₹5.8k Cr |
| Free cash flow | ₹-921 Cr | ₹-3.9k Cr | ₹1.9k Cr | ₹5.3k Cr |
| ROCE | 4.0% | 3.0% | 5.0% | 9.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹696 Cr | ₹696 Cr | ₹696 Cr | ₹696 Cr | ₹696 Cr | ₹696 Cr |
| Reserves | ₹25.3k Cr | ₹25.8k Cr | ₹23.7k Cr | ₹23.7k Cr | ₹23.7k Cr | ₹25.4k Cr |
| Borrowings | ₹5.0k Cr | ₹4.8k Cr | ₹5.5k Cr | ₹8.9k Cr | ₹11.0k Cr | ₹8.2k Cr |
| Other liabilities | ₹25.0k Cr | ₹25.7k Cr | ₹27.8k Cr | ₹26.5k Cr | ₹36.6k Cr | ₹42.6k Cr |
| Total liabilities | ₹56.0k Cr | ₹57.0k Cr | ₹57.7k Cr | ₹59.8k Cr | ₹72.0k Cr | ₹76.9k Cr |
| Fixed assets | ₹2.5k Cr | ₹2.4k Cr | ₹2.5k Cr | ₹2.6k Cr | ₹3.0k Cr | ₹3.0k Cr |
| Capital work in progress | ₹420 Cr | ₹431 Cr | ₹354 Cr | ₹308 Cr | ₹275 Cr | ₹495 Cr |
| Investments | ₹185 Cr | ₹205 Cr | ₹235 Cr | ₹256 Cr | ₹282 Cr | ₹302 Cr |
| Other assets | ₹52.9k Cr | ₹54.0k Cr | ₹54.6k Cr | ₹56.6k Cr | ₹68.5k Cr | ₹73.1k Cr |
| Total assets | ₹56.0k Cr | ₹57.0k Cr | ₹57.7k Cr | ₹59.8k Cr | ₹72.0k Cr | ₹76.9k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −5.00 pp while DIIs added +3.90 pp. The shareholder count shrank 18% to 16,28,020.
- Promoters
- 58.2%
- FIIs
- 9.5%
- DIIs
- 22.4%
- Government
- 0.1%
- Public
- 9.9%
Since Jun 2025
- Promoters −5.00 pp
- DIIs +3.90 pp
- FIIs +3.16 pp
How it drifted, 12 quarters
Over this window DIIs went from 16.0% to 22.4% — +6.4 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 63.2%, FIIs 7.2%, DIIs 16.0%, Public 13.6%.Dec '23: Promoters 63.2%, FIIs 7.0%, DIIs 17.6%, Public 12.2%.Mar '24: Promoters 63.2%, FIIs 8.8%, DIIs 15.9%, Public 12.1%.Jun '24: Promoters 63.2%, FIIs 9.1%, DIIs 15.0%, Public 12.7%.Sep '24: Promoters 63.2%, FIIs 9.5%, DIIs 14.7%, Public 12.7%.Dec '24: Promoters 63.2%, FIIs 8.0%, DIIs 15.5%, Public 13.4%.Mar '25: Promoters 63.2%, FIIs 7.2%, DIIs 16.3%, Public 13.3%.Jun '25: Promoters 63.2%, FIIs 6.4%, DIIs 18.4%, Public 12.0%.Sep '25: Promoters 63.2%, FIIs 6.2%, DIIs 18.6%, Public 12.0%.Dec '25: Promoters 63.2%, FIIs 6.3%, DIIs 19.7%, Public 10.8%.Mar '26: Promoters 58.2%, FIIs 7.2%, DIIs 23.9%, Government 0.1%, Public 10.6%.Jun '26: Promoters 58.2%, FIIs 9.5%, DIIs 22.4%, Government 0.1%, Public 9.9%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- SBI Mutual Fund Mutual fund newly disclosed 1.32% held
- NPS Trust Pension / PF +0.07 pp 1.62% held
The same filing shows 2 holders trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of B H E L above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| President Of India | 58.17% | unchanged |
| Life Insurance Corporation Of India Insurer | 6.01% | −0.20 pp |
| Nippon Life India Trustee Ltd. Mutual fund | 2.49% | −0.26 pp |
| NPS Trust Pension / PF | 1.62% | +0.07 pp |
| SBI Mutual Fund Mutual fund | 1.32% | newly disclosed |
| Axis Mutual Fund Trustee Ltd. Mutual fund | 1.07% | unchanged |
| SBI PSU Fund Mutual fund | — | off the list |
| Isif Equity Fund | — | off the list |
| Mirae Asset ETF | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in BHEL
Filings to Aug 2026
0 new, 9 added, 5 trimmed, 0 sold out — net −24.94 L shares (−2.0%).
- Held by funds
- ₹5.5k Cr
- 29 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹1.5k Cr · 1.9% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹1.5k Cr | held | Sep '22 |
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹753 Cr | held | Oct '22 |
| SBI Midcap Fund SBI Mutual Fund | ₹664 Cr | held | May '25 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹375 Cr | −17.77 L | Aug '21 |
| SBI PSU Fund SBI Mutual Fund | ₹288 Cr | held | Jun '25 |
| Nippon India Focused Fund Nippon India Mutual Fund | ₹287 Cr | held | Sep '24 |
| Nippon India Power & Infra Fund Nippon India Mutual Fund | ₹283 Cr | held | Sep '24 |
| Nippon India Value Fund Nippon India Mutual Fund | ₹226 Cr | held | Nov '23 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
9 added, 5 trimmed — net −24.94 L shares (−2.0%)
- Funds are sitting on
- +90%
- vs est. average cost
- Held by funds
- ₹5.5k Cr
- 29 schemes · ≈ 3.5% of the company
- Biggest holder
- Nippon India Small Cap Fund
- ₹1.5k Cr · 1.9% of that fund
- Longest holder
- SBI Arbitrage Fund
- 5y 1m · since Aug '21
Shares held by these funds +40%
Aug '23 12.64 cr shares Jul '26
Learn to analyse B H E L
Guides on how to read this kind of business and the numbers that matter.