Bharat Heavy Electricals share price
NSE: BHELBSE: 500103Electrical EquipmentLarge Cap
Share price at the NSE close on 29 Oct 2026. Previous close ₹405.30.
29 Oct: open ₹405.00, high ₹405.90, low ₹396.85
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹1,39,962 Cr98th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 48.62
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 5.23
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.35%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 11.3%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 10.7%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Sep 2026.
- 0.23
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 76,47,09637.7% delivered
About Bharat Heavy Electricals
Bharat Heavy Electricals Limited (BHEL) designs, engineers, makes and supplies capital goods for power, transportation, defence, aerospace, oil and gas and process industries, and carries projects through to commissioning, spares and lifecycle services.12 Its customers include government bodies, public sector companies, state electricity boards, independent power producers and private companies in India, and it also sells abroad.31
It reports its results in 2 segments, Power and Industry, run through 3 business sectors: Power Sector, Industry Sector and International Operations.4 It has 15 manufacturing units, 8 service centres and about 27,300 employees, including more than 9,000 engineers.25 Its factories are in Bengaluru, Bhopal, Goindwal, Haridwar, Hyderabad, Jagdishpur, Jhansi, Rudrapur, Ranipet, Tiruchirappalli, Thirumayam and Visakhapatnam, with repair units in Mumbai and Varanasi.6 Power generating equipment it supplied, about 214 gigawatts (GW) in all, is installed in India and abroad.7
It was incorporated on 13 November 1964 as a public sector undertaking (a company the government controls), and its registered office is in New Delhi.81 The Government of India holds 58.17% of its shares.1 Its joint ventures include BHEL-GE Gas Turbine Services with GE, NTPC BHEL Power Projects with NTPC, Raichur Power Corporation with Karnataka Power Corporation, and Bharat Coal Gasification and Chemicals, formed with Coal India in 2024.910
Bharat Heavy Electricals key points
Results
- Consolidated revenue from operations was ₹33,782 crore in the year to Mar 2026, against ₹28,339 crore a year earlier, and profit after tax was ₹1,600 crore, against ₹534 crore.11
- On a standalone basis, EBITDA (earnings before interest, tax, depreciation and amortisation) rose 83% to ₹3,189 crore in the year to Mar 2026.12
- Standalone results, quarter to Sep 202613Revenue for the half year to Sep 2026 was ₹16,998 crore, against ₹12,999 crore.
Item quarter to Sep 2026 quarter to Sep 2025 Revenue from operations ₹9,300 crore ₹7,512 crore EBITDA ₹1,286 crore ₹763 crore Profit after tax ₹810 crore ₹368 crore
Market position
- Share of India's installed utility power capacity it supplied, end of Mar 202614
Item year to Mar 2026 Thermal 54% Nuclear, turbine and generator side 60% Hydro 43% Thermal, nuclear and hydro together 53% - Its market share of coal-based thermal power orders in the year to Mar 2026 was about 57%.15
- Sets it supplied produced 56.56% of India's coal and lignite based power generation in the year to Mar 2026.16
Business segments
- Power. Equipment and EPC (engineering, procurement and construction) work for coal, gas, hydro and nuclear power plants, spares and services, and coal to chemicals. Standalone revenue was ₹25,407 crore in the year to Mar 2026, against ₹20,937 crore.1718
- Industry. Equipment and EPC work for railways, power transmission, defence and aerospace, industrial power plants, process industries, renewables, oil and gas, e-mobility and energy storage. Standalone revenue was ₹8,375 crore in the year to Mar 2026, against ₹7,402 crore.1718
- International Operations. Exports were about 1.35% of standalone revenue in the year to Mar 2026. The company has references in 95 countries and has delivered more than 14 GW of power equipment abroad.1920
- Share of standalone turnover by product, year to Mar 20262122
Item year to Mar 2026 Boilers 32% Building and maintaining power plants 20% Engines and turbines 16% Transformers 9% Switchgear and control equipment 8%
Order book
- The order book (orders received but not yet delivered) was ₹2,57,571 crore at the end of Sep 2026, against ₹2,19,641 crore a year earlier.23
- Orders outside thermal power in the order book, end of Sep 2026 (approximate)24
Item quarter to Sep 2026 Transportation ₹16,400 crore Transmission ₹13,600 crore Nuclear ₹12,800 crore Coal gasification ₹9,000 crore Defence ₹7,300 crore Hydro ₹6,400 crore Spares and services ₹4,000 crore - Orders received in the half year to Sep 2026 were about ₹30,000 crore, including about ₹4,000 crore in the quarter to Sep 2026.25
- Orders received in the year to Mar 2026 were ₹75,916 crore, of which ₹59,256 crore came in the power sector, including ₹8,288 crore for coal gasification (turning coal into gas to make chemicals).26
Project execution
- In the year to Mar 2026, the company commissioned or synchronised (connected to the grid) about 8.9 GW of power capacity in India and abroad.26
- In its presentation of 14 Oct 2026, the company said it had added 2,260 megawatts (MW) of power capacity in the half year to Sep 2026, against its target of 4,790 MW for the year to Mar 2027.27
Research and development
- R&D spending was about 2.4% of revenue in the year to Mar 2026, and about 14% of revenue came from products, systems and services developed in-house.28
- It filed 428 patents and copyrights in the year, taking its intellectual property portfolio to 6,068 at 31 Mar 2026, and has 4 research institutes, 13 centres of excellence and 18 technology collaboration agreements.282930
Recent events
- On 14 Sep 2026, the board approved a further ₹65 crore equity investment in NTPC BHEL Power Projects, its 50:50 joint venture with NTPC, mainly to settle urgent liabilities and keep it a going concern (a business able to keep operating).3132
- On 3 Jul 2026, the company said CRISIL had raised its long-term credit rating (a view of its ability to repay debt) to AA from AA-, with a stable outlook.33
- On 4 Jun 2026, it received the award for the EPC package of the Meja supercritical thermal power project Stage-II in Uttar Pradesh, worth over ₹21,000 crore, to be completed within 70 months.34
- On 19 Mar 2026, the board approved investing ₹3,064.46 crore as equity in Bharat Coal Gasification and Chemicals, its joint venture with Coal India, for a coal to ammonium nitrate plant of 2,000 tonnes a day.35
Litigation and regulatory matters
- Claims it does not accept as debts (standalone) were ₹6,609.85 crore at the end of Mar 2026, against ₹6,308.11 crore; ₹3,673.27 crore of this is liquidated damages (customers' claims for project delays).3637
- In its exchange filing of 1 Apr 2026, the company said a Bengaluru GST authority dropped ₹54.83 crore of a demand but kept ₹10.92 crore and a ₹10.80 crore penalty, and that it was filing an appeal; its documents give no later status.3839
Last updated
All 39 sources, each with its page
- 1. Annual report, 10 Jul 2026, page 15
- 2. Investor presentation, 14 Oct 2026, page 4
- 3. Annual report, 10 Jul 2026, page 99
- 4. Annual report, 10 Jul 2026, page 33
- 5. Investor presentation, 14 Oct 2026, page 4
- 6. Annual report, 10 Jul 2026, page 17
- 7. Annual report, 10 Jul 2026, page 16
- 8. Annual report, 10 Jul 2026, page 98
- 9. Annual report, 10 Jul 2026, page 304
- 10. Annual report, 10 Jul 2026, page 55
- 11. Annual report, 10 Jul 2026, page 56
- 12. Annual report, 10 Jul 2026, page 339
- 13. Investor presentation, 14 Oct 2026, page 9
- 14. Annual report, 10 Jul 2026, page 34
- 15. Annual report, 10 Jul 2026, page 36
- 16. Annual report, 10 Jul 2026, page 37
- 17. Annual report, 10 Jul 2026, page 33
- 18. Annual report, 10 Jul 2026, page 55
- 19. Annual report, 10 Jul 2026, page 99
- 20. Investor presentation, 14 Oct 2026, page 4
- 21. Annual report, 10 Jul 2026, page 99
- 22. Annual report, 10 Jul 2026, page 99
- 23. Investor presentation, 14 Oct 2026, page 7
- 24. Investor presentation, 14 Oct 2026, page 7
- 25. Investor presentation, 14 Oct 2026, page 7
- 26. Annual report, 10 Jul 2026, page 5
- 27. Investor presentation, 14 Oct 2026, page 8
- 28. Annual report, 10 Jul 2026, page 146
- 29. Annual report, 10 Jul 2026, page 16
- 30. Annual report, 10 Jul 2026, page 147
- 31. Exchange filing, 14 Sep 2026, page 1
- 32. Exchange filing, 14 Sep 2026, page 2
- 33. Exchange filing, 3 Jul 2026, page 2
- 34. Exchange filing, 5 Jun 2026, page 2
- 35. Annual report, 10 Jul 2026, page 303
- 36. Annual report, 10 Jul 2026, page 223
- 37. Annual report, 10 Jul 2026, page 223
- 38. Exchange filing, 1 Apr 2026, page 2
- 39. Exchange filing, 1 Apr 2026, page 2
Results
Consolidated; ₹ crore.Bharat Heavy Electricals quarterly results
- Revenue growth, 12 monthsRevenue growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +29.1%
- Net profit growth, 12 monthsNet profit growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +415.4%
Quarter to Sep 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹9,300 Crup 20.82%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent. Net profit in the glossary
- ₹821 Crup 117.92%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 8.8%
Revenue by quarter
Net profit by quarter, a loss in red
- Net profit
- Loss
| ₹ crore | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7,277 | 8,993 | 5,487 | 7,512 | 8,473 | 12,310 | 7,698 | 9,300 |
| Net profit | 135 | 504 | −456 | 375 | 390 | 1,290 | 377 | 821 |
| Net margin | 1.9% | 5.6% | −8.3% | 5.0% | 4.6% | 10.5% | 4.9% | 8.8% |
Year to Mar 2026, against the year before
- RevenueRevenue. The pill is the change in revenue against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹33,782 Crup 19.21%
- Net profitNet profit. The pill is the change in net profit against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹1,600 Crup 199.73%
- Net margin
- 4.7%
Revenue by year
Net profit by year, a loss in red
- Net profit
- Loss
The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 29,507what Revenue, Mar 2017, includes. This period's revenue includes excise duty of ₹1,254 crore, a tax on the goods the company makes that it collects and pays to the government. | 29,075 | 30,349 | 21,490 | 17,309 | 21,211 | 23,365 | 23,893 | 28,339 | 33,782 |
| Net profit | 455 | 438 | 1,215 | −1,468 | −2,700 | 445 | 477 | 282 | 534 | 1,600 |
| Net margin | 1.5% | 1.5% | 4.0% | −6.8% | −15.6% | 2.1% | 2.0% | 1.2% | 1.9% | 4.7% |
Business segments
Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit
- PowerPower, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹25,407 Crup 21.35%75.2%
- IndustryIndustry, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹8,375 Crup 13.15%24.8%
Valuation
Today, against the company's own history. Its history crosses a change of basis in the accounts in the year to Mar 2018: days before it are of the company before the change.Bharat Heavy Electricals PE ratio and valuation
At or below today's level on 47% of 1,738 trading days since Feb 2017.
At or below today's level on 95% of 1,864 trading days since Oct 2018.
At or below today's level on 55% of 2,479 trading days over the last 10 years.
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | +14.0% | +200.7% | −62.3% | 0.6% |
| 3 years | +52.2% | +49.7% | +1.4% | 0.3% |
| 5 years | +38.6% | – | – | 0.5% |
Mutual fund holdings
323 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 140 of the 166 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future. 2 more funds filed their first portfolio on record, holding it.All 323 funds holding Bharat Heavy Electricals
- Bought for the first timeBought for the first time. Funds that held it at the month's end and had not held it in any month on record before.
- 6
- Bought againBought again. Funds that held it at the month's end, had not held it the month before, and held it in an earlier month.
- 1
- AddedAdded. Funds that held more shares than at the end of the month before.
- 86
- CutCut. Funds that held fewer shares than at the end of the month before.
- 80
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 148
- Sold outSold out. Funds that held it at the end of the month before and hold none at this month's end. Sold out in the glossary
- 9
| Fund | |||
|---|---|---|---|
| 3,45,08,595 | 1.77% | ₹1,433.8 Cr | |
| 1,70,00,000 | 1.41% | ₹706.4 Cr | |
| 1,56,36,754 | 1.94% | ₹649.7 Cr | |
| 1,50,00,000 | 2.68% | ₹623.3 Cr | |
| 1,17,69,845 | 3.73% | ₹489.0 Cr | |
| 1,15,63,125 | 1.35% | ₹480.4 Cr | |
| 92,96,301 | 6.69% | ₹386.3 Cr | |
| 92,71,500 | 5.03% | ₹385.2 Cr | |
| 80,37,750 | 0.72% | ₹334.0 Cr | |
| 78,99,475 | 1.68% | ₹328.2 Cr |
Promoter and insider buying and selling
Trades made since 30 Oct 2025.Bharat Heavy Electricals insider trading
- Promoters and promoter group0 purchases, 2 salesNo purchase₹8,940 CrNetNet. The value bought on the market less the value sold, over the trades whose filers stated a value.−₹8,940 Cr
Bharat Heavy Electricals competitors and peers
Heavy Electrical Equipment, 48 listed companies, priced on 29 Oct 2026. The table lists the 8 companies closest to Bharat Heavy Electricals in market cap.Capital goods stocks
Where the company sits among the companies nearest its size
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
| 1,38,376 | 46.31 | 14.82 | – | – | 36.1% | 18.7% | 1.83% | |
| 1,30,732 | 95.05 | 14.96 | +23.8% | +29.4% | 17.0% | 17.7% | 0.16% | |
| 1,25,360 | 108.97 | 24.22 | +40.2% | +127.7% | 24.5% | 25.4% | 0.03% | |
| 1,19,870 | 36.60 | 8.66 | −1.7% | +33.7% | 25.0% | 11.7% | 0.53% | |
| 1,04,749 | 80.26 | 38.94 | +43.9% | +70.6% | 58.5% | 63.5% | 0.24% | |
| 1,00,152 | 67.31 | 20.81 | – | – | 34.3% | 39.2% | 0.14% | |
| 50,573 | 22.39 | 4.92 | +33.9% | −28.8% | 24.9% | 24.8% | 0.00% | |
| 38,048 | 64.12 | 6.86 | +4.7% | −11.6% | 11.3% | 8.3% | 0.63% |
Dividends
Per share, by the year it was paid for, and the latest payments.Bharat Heavy Electricals dividend history
Dividend per share, ₹, restated for later splits and bonuses
Dividend per share. The dividends declared for the year, each restated to today's share count by the splits and bonuses after its own ex-date, added up. Dividend per share in the glossary| Ex-date | Type | Per share |
|---|---|---|
| 17 Jul 2026 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. Final dividend in the glossary | ₹1.40 |
| 1 Aug 2025 | Final | ₹0.50 |
| 9 Aug 2024 | Final | ₹0.25 |
| 11 Aug 2023 | Final | ₹0.40 |
| 15 Sep 2022 | Final | ₹0.40 |
| 11 Sep 2019 | Final | ₹1.20 |
Latest announcements
Routine notices left out.Bharat Heavy Electricals announcements
Oct 2026
29 Oct · Analysts
25 Oct · Management
14 Oct · General Updates
14 Oct · Updates
14 Oct · Results
Bharat Heavy Electricals share price by year
Each calendar year to 2025.Bharat Heavy Electricals share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 287.45 | +25.3% | 291.00 | 179.17 |
| 2024 | 229.40 | +18.5% | 332.70 | 194.40 |
| 2023 | 193.55 | +144.4% | 193.55 | 67.10 |
| 2022 | 79.20 | +34.4% | 90.55 | 42.10 |
| 2021 | 58.95 | +64.2% | 77.00 | 35.70 |
| 2020 | 35.90 | −17.4% | 46.85 | 19.85 |
| 2019 | 43.45 | −40.6% | 77.70 | 41.85 |
| 2018 | 73.10 | −21.0% | 104.55 | 62.95 |
| 2017 | 92.50 | +14.5% | 119.40 | 81.67 |
| 2016 | 80.80 | −28.3% | 113.93 | 60.57 |
Recent sessions
The 9 trading days to 28 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 28 Oct 2026 | 397.75 | 408.50 | 394.50 | 405.30 | 404.87 | 81,55,745 | 39.8% |
| 27 Oct 2026 | 398.00 | 400.80 | 393.55 | 399.90 | 397.26 | 99,15,947 | 44.2% |
| 26 Oct 2026 | 387.50 | 394.70 | 379.45 | 394.55 | 389.07 | 67,18,670 | 27.2% |
| 23 Oct 2026 | 398.70 | 398.70 | 377.70 | 387.50 | 382.71 | 1,45,64,347 | 37.0% |
| 22 Oct 2026 | 409.80 | 412.65 | 396.80 | 398.90 | 404.06 | 1,48,42,395 | 46.9% |
| 21 Oct 2026 | 430.00 | 430.55 | 409.05 | 410.20 | 416.71 | 1,31,54,078 | 47.3% |
| 19 Oct 2026 | 435.00 | 436.30 | 425.55 | 427.35 | 432.44 | 86,39,491 | 40.4% |
| 16 Oct 2026 | 435.95 | 439.50 | 431.50 | 434.60 | 434.98 | 1,16,80,175 | 36.2% |
| 15 Oct 2026 | 450.50 | 452.75 | 433.10 | 434.25 | 442.64 | 2,41,13,681 | 31.0% |
Price adjustments
What the price chart is corrected for, so it reads as one share held throughout.Bonus shares and stock split history
| Ex-date | Event | Price factor | What happened |
|---|---|---|---|
| 4 Jun 2024 | Price move | – | Between two trading sessions the price moved by a fifth or more. The Nifty 500 moved 5% or more the same way over the same sessions. Not adjusted for. |
| 28 Sep 2017 | Bonus | 0.6667 | Holders received 1 bonus share for every 2 held. |
| 3 Oct 2011 | Split | 0.2000 | Each share became 5. |
| 31 May 2007 | Bonus | 0.5000 | Holders received 1 bonus share for every 1 held. |
Company details
- NSE symbol
- BHEL
- BSE code
- 500103
- ISIN
- INE257A01026
- Industry
- Electrical Equipment
- Website
- www.bhel.in
- CIN
- L74899DL1964GOI004281
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 1964
- Registered office
- BHEL House, Siri Fort, New Delhi 110049, Delhi
- Share registrar
- Bigshare Services Pvt. Ltd
- Keeps the register of shareholders and handles transfers and dividend payments