Bharat Heavy Electricals logo

Bharat Heavy Electricals share price

NSE: BHELBSE: 500103Electrical EquipmentLarge Cap

Bharat Heavy Electricals Limited · Face value ₹2 · Listed Oct 1992 on BSE, Nov 2003 on NSE
Last close ₹401.95down ₹3.35 (0.83%)BSE ₹401.95

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

52-week range of traded prices to 29 Oct 2026
₹237.00Low, 29 Oct 2025₹464.00High, 14 Oct 2026
Market cap
₹1,39,962 Cr98th largest listed
P/E
48.62
P/B
5.23
Dividend yield
0.35%
ROE
11.3%
ROCE
10.7%
Debt to equity
0.23
Volume, NSE
76,47,09637.7% delivered

Bharat Heavy Electricals share price chart

Daily closes since Jan 2007, adjusted for splits and bonuses

+63.8%over a year · Nifty 500 −8.4%

Results20-session average 1,35,74,358 shares a day, 39.0% 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 202613
    Itemquarter to Sep 2026quarter 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
    Revenue for the half year to Sep 2026 was ₹16,998 crore, against ₹12,999 crore.

Market position

  • Share of India's installed utility power capacity it supplied, end of Mar 202614
    Itemyear to Mar 2026
    Thermal54%
    Nuclear, turbine and generator side60%
    Hydro43%
    Thermal, nuclear and hydro together53%
  • 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
    Itemyear to Mar 2026
    Boilers32%
    Building and maintaining power plants20%
    Engines and turbines16%
    Transformers9%
    Switchgear and control equipment8%

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
    Itemquarter 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. 1. Annual report, 10 Jul 2026, page 15
  2. 2. Investor presentation, 14 Oct 2026, page 4
  3. 3. Annual report, 10 Jul 2026, page 99
  4. 4. Annual report, 10 Jul 2026, page 33
  5. 5. Investor presentation, 14 Oct 2026, page 4
  6. 6. Annual report, 10 Jul 2026, page 17
  7. 7. Annual report, 10 Jul 2026, page 16
  8. 8. Annual report, 10 Jul 2026, page 98
  9. 9. Annual report, 10 Jul 2026, page 304
  10. 10. Annual report, 10 Jul 2026, page 55
  11. 11. Annual report, 10 Jul 2026, page 56
  12. 12. Annual report, 10 Jul 2026, page 339
  13. 13. Investor presentation, 14 Oct 2026, page 9
  14. 14. Annual report, 10 Jul 2026, page 34
  15. 15. Annual report, 10 Jul 2026, page 36
  16. 16. Annual report, 10 Jul 2026, page 37
  17. 17. Annual report, 10 Jul 2026, page 33
  18. 18. Annual report, 10 Jul 2026, page 55
  19. 19. Annual report, 10 Jul 2026, page 99
  20. 20. Investor presentation, 14 Oct 2026, page 4
  21. 21. Annual report, 10 Jul 2026, page 99
  22. 22. Annual report, 10 Jul 2026, page 99
  23. 23. Investor presentation, 14 Oct 2026, page 7
  24. 24. Investor presentation, 14 Oct 2026, page 7
  25. 25. Investor presentation, 14 Oct 2026, page 7
  26. 26. Annual report, 10 Jul 2026, page 5
  27. 27. Investor presentation, 14 Oct 2026, page 8
  28. 28. Annual report, 10 Jul 2026, page 146
  29. 29. Annual report, 10 Jul 2026, page 16
  30. 30. Annual report, 10 Jul 2026, page 147
  31. 31. Exchange filing, 14 Sep 2026, page 1
  32. 32. Exchange filing, 14 Sep 2026, page 2
  33. 33. Exchange filing, 3 Jul 2026, page 2
  34. 34. Exchange filing, 5 Jun 2026, page 2
  35. 35. Annual report, 10 Jul 2026, page 303
  36. 36. Annual report, 10 Jul 2026, page 223
  37. 37. Annual report, 10 Jul 2026, page 223
  38. 38. Exchange filing, 1 Apr 2026, page 2
  39. 39. Exchange filing, 1 Apr 2026, page 2

Results

Consolidated; ₹ crore.Bharat Heavy Electricals quarterly results

Revenue growth, 12 months
+29.1%
Net profit growth, 12 months
+415.4%

Quarter to Sep 2026, against the quarter before

Revenue
₹9,300 Crup 20.82%
Net profit
₹821 Crup 117.92%
Net margin
8.8%

Revenue by quarter

₹7,277 CrDec 24₹8,993 CrMar 25₹5,487 CrJun 25₹7,512 CrSep 25₹8,473 CrDec 25₹12,310 CrMar 26₹7,698 CrJun 26₹9,300 CrSep 26
Peak revenue ₹12,310 Cr, quarter to Mar 2026; lowest ₹5,487 Cr, quarter to Jun 2025

Net profit by quarter, a loss in red

  • Net profit
  • Loss
₹135 CrDec 24₹504 CrMar 25−₹456 CrJun 25₹375 CrSep 25₹390 CrDec 25₹1,290 CrMar 26₹377 CrJun 26₹821 CrSep 26
A loss in 1 of the 8 quarters shown
₹ croreDec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Revenue7,2778,9935,4877,5128,47312,3107,6989,300
Net profit135504−4563753901,290377821
Net margin1.9%5.6%−8.3%5.0%4.6%10.5%4.9%8.8%
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.

Business segments

Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit

  • Power₹25,407 Crup 21.35%75.2%
  • Industry₹8,375 Crup 13.15%24.8%
The pill is the change in revenue on the year before; the share is of all the businesses together.

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

Price to earnings

At or below today's level on 47% of 1,738 trading days since Feb 2017.

LowestHighest
Its median56.80Industry median33.53
Price to book

At or below today's level on 95% of 1,864 trading days since Oct 2018.

LowestHighest
Its median1.00Industry median5.51
Dividend yield

At or below today's level on 55% of 2,479 trading days over the last 10 years.

LowestHighest
Its median0.31%Industry median0.35%

Where the return came from

Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.

OverReturn a yearEarnings growthChange in P/EDividend 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%
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth and the change in P/E are left empty where earnings per share at either end of the window was a loss or is not on record.

Shareholding

Per cent of the company's shares, from the filing for Sep 2026.Bharat Heavy Electricals shareholding pattern

Shareholding by group

  • Promoters58.17%
  • Foreign institutions9.94%
  • Indian institutions21.88%
  • Individuals and others10.02%
Holder
PRESIDENT OF INDIAPromoter58.17%
LIFE INSURANCE CORPORATION OF INDIAInsurance companies5.21%
NPS TRUSTProvident and pension funds1.86%
Holders are named in the company's own words: an insurer's holding can carry one of its funds' names. Mutual funds are left out here and listed fund by fund below.

Since Jun 2026: promoters unchanged, foreign institutions +0.43 pts, Indian institutions −0.56 pts, mutual funds −0.19 pts.

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 time
6
Bought again
1
Added
86
Cut
80
Held unchanged
148
Sold out
9
Fund
Nippon India Mutual Fund logoNippon India Small Cap FundNippon India Mutual Fund3,45,08,5951.77%₹1,433.8 Cr
Nippon India Mutual Fund logoNippon India Growth Mid Cap FundNippon India Mutual Fund1,70,00,0001.41%₹706.4 Cr
Axis Mutual Fund logoAxis Midcap FundAxis Mutual Fund1,56,36,7541.94%₹649.7 Cr
SBI Mutual Fund logoSBI Midcap FundSBI Mutual Fund1,50,00,0002.68%₹623.3 Cr
quant Mutual Fund logoquant ELSS Tax Saver Fundquant Mutual Fund1,17,69,8453.73%₹489.0 Cr
ICICI Prudential Mutual Fund logoICICI Prudential Arbitrage FundICICI Prudential Mutual Fund1,15,63,1251.35%₹480.4 Cr
Aditya Birla Sun Life Mutual Fund logoAditya Birla Sun Life PSU Equity FundAditya Birla Sun Life Mutual Fund92,96,3016.69%₹386.3 Cr
quant Mutual Fund logoquant Mid Cap Fundquant Mutual Fund92,71,5005.03%₹385.2 Cr
SBI Mutual Fund logoSBI Arbitrage FundSBI Mutual Fund80,37,7500.72%₹334.0 Cr
Mirae Asset Mutual Fund logoMirae Asset Midcap FundMirae Asset Mutual Fund78,99,4751.68%₹328.2 Cr
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.

Promoter and insider buying and selling

Trades made since 30 Oct 2025.Bharat Heavy Electricals insider trading

Bought on the market Sold on the market
  • Promoters and promoter group0 purchases, 2 salesNo purchase₹8,940 CrNet−₹8,940 Cr
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.

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

Return on equity across, P/E up, size is market cap
Company
ABB India logoABB IndiaABB1,38,37646.3114.82––36.1%18.7%1.83%
CG Power and Industrial Solutions logoCG Power and Industrial SolutionsCGPOWER1,30,73295.0514.96+23.8%+29.4%17.0%17.7%0.16%
Hitachi Energy India logoHitachi Energy IndiaPOWERINDIA1,25,360108.9724.22+40.2%+127.7%24.5%25.4%0.03%
Siemens logoSiemensSIEMENS1,19,87036.608.66−1.7%+33.7%25.0%11.7%0.53%
GE Vernova T&D India logoGE Vernova T&D IndiaGVT&D1,04,74980.2638.94+43.9%+70.6%58.5%63.5%0.24%
Siemens Energy India logoSiemens Energy IndiaENRIN1,00,15267.3120.81––34.3%39.2%0.14%
Suzlon Energy logoSuzlon EnergySUZLON50,57322.394.92+33.9%−28.8%24.9%24.8%0.00%
Thermax logoThermaxTHERMAX38,04864.126.86+4.7%−11.6%11.3%8.3%0.63%
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.

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

1.1Mar 171.8Mar 182Mar 19Mar 20Mar 210.4Mar 220.4Mar 230.3Mar 240.5Mar 251.4Mar 26
Highest ₹2.00 a share, year to Mar 2019.
Ex-dateTypePer share
17 Jul 2026Final₹1.40
1 Aug 2025Final₹0.50
9 Aug 2024Final₹0.25
11 Aug 2023Final₹0.40
15 Sep 2022Final₹0.40
11 Sep 2019Final₹1.20
Latest payments, as declared, by ex-date.

Latest announcements

Routine notices left out.Bharat Heavy Electricals announcements

Bharat Heavy Electricals share price by year

Each calendar year to 2025.Bharat Heavy Electricals share price history

YearClose at year endChangeHighest closeLowest close
2025287.45+25.3%291.00179.17
2024229.40+18.5%332.70194.40
2023193.55+144.4%193.5567.10
202279.20+34.4%90.5542.10
202158.95+64.2%77.0035.70
202035.90−17.4%46.8519.85
201943.45−40.6%77.7041.85
201873.10−21.0%104.5562.95
201792.50+14.5%119.4081.67
201680.80−28.3%113.9360.57
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before.

Recent sessions

The 9 trading days to 28 Oct 2026, as traded on NSE; the latest is at the top of the page.

DateOpenHighLowCloseAverage priceVolumeDelivery
28 Oct 2026397.75408.50394.50405.30404.8781,55,74539.8%
27 Oct 2026398.00400.80393.55399.90397.2699,15,94744.2%
26 Oct 2026387.50394.70379.45394.55389.0767,18,67027.2%
23 Oct 2026398.70398.70377.70387.50382.711,45,64,34737.0%
22 Oct 2026409.80412.65396.80398.90404.061,48,42,39546.9%
21 Oct 2026430.00430.55409.05410.20416.711,31,54,07847.3%
19 Oct 2026435.00436.30425.55427.35432.4486,39,49140.4%
16 Oct 2026435.95439.50431.50434.60434.981,16,80,17536.2%
15 Oct 2026450.50452.75433.10434.25442.642,41,13,68131.0%
Prices in ₹ per share as traded, not adjusted.

Price adjustments

What the price chart is corrected for, so it reads as one share held throughout.Bonus shares and stock split history

Ex-dateEventPrice factorWhat happened
4 Jun 2024Price 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 2017Bonus0.6667Holders received 1 bonus share for every 2 held.
3 Oct 2011Split0.2000Each share became 5.
31 May 2007Bonus0.5000Holders received 1 bonus share for every 1 held.
Earlier prices are multiplied by the factor, so the chart reads as one share held throughout. Any other event is noted and not adjusted for.

Company details

Chairperson and managing director
K S Murthy
At the end of the quarter to Sep 2026
NSE symbol
BHEL
BSE code
500103
ISIN
INE257A01026
Industry
Electrical Equipment
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