| ₹ crore | Q2 FY27 | Q2 FY26 | Change |
|---|---|---|---|
| Revenue | 9,300 | 7,512 | +23.8% |
| EBITDA | 1,026 | 581 | +76.6% |
| EBITDA margin | 11.0% | 7.7% | +3.3 pts |
| Profit before tax | 1,071 | 485 | +120.8% |
| Net profit | 821 | 375 | +119.0% |
| EPS | ₹2.36 | ₹1.08 | +118.5% |
Amounts on the left scale in ₹ crore; per cent on the right, dashed. L = lakh crore, K = thousand crore. Touch the chart to read any period.
| Tap a line for its trend | Currentlast 12M | FY26Mar 2026 | FY25Mar 2025 | FY24Mar 2024 | FY23Mar 2023 | FY22 and earlierAlpha Plus |
|---|
| 1,41,127 | — | — | — | — | FY22 and earlierEvery year the company has filed comes with Alpha Plus. | |
| 239 | 1,435 | 439 | 1,835 | 1,561 | ||
| 8,187 | 8,187 | 9,015 | 8,856 | 5,454 | ||
| 1,49,075 | — | — | — | — | ||
| 37,782 | 33,782 | 28,339 | 23,893 | 23,365 | ||
| — | +19.2% | +18.6% | +2.3% | — | ||
| 3,828 | 2,342 | 1,242 | 613 | 717 | ||
| 10.1% | 6.9% | 4.4% | 2.6% | 3.1% | ||
| 3,497 | 2,026 | 970 | 364 | 456 | ||
| 2,879 | 1,600 | 534 | 282 | 477 | ||
| 7.6% | 4.7% | 1.9% | 1.2% | 2.0% | ||
| ₹8.27 | ₹4.60 | ₹1.53 | ₹0.81 | ₹1.37 | ||
| — | +199.7% | +89.2% | −40.9% | — | ||
| — | 5,837 | 2,192 | −3,713 | −742 | ||
| — | −589 | −282 | −233 | −188 | ||
| 5,248 | 5,248 | 1,910 | −3,945 | −930 | ||
From the company's filings with NSE and BSE (Ind-AS), consolidated. For information only, not investment advice.
In ₹ Crore except Per Share 12 Months Ending | FY23 31/03/2023 | FY24 31/03/2024 | FY25 31/03/2025 | FY26 31/03/2026 | Current/LTM TTM · last close | |
|---|---|---|---|---|---|---|
| Market Capitalization | — | — | — | — | 1,41,127.5 | |
| - Cash, Equiv & ST Investments | 1,560.5 | 1,835.0 | 439.2 | 1,435.5 | 239.4 | |
| + Total Debt | 5,453.5 | 8,856.5 | 9,014.6 | 8,187.0 | 8,187.0 | |
| Enterprise Value | — | — | — | — | 1,49,075.0 | |
| Revenue | 23,364.9 | 23,892.8 | 28,339.5 | 33,782.2 | 37,781.5 | |
| Growth %, YoY | — | +2.3 | +18.6 | +19.2 | — | |
| EBITDA | 716.6 | 612.6 | 1,241.6 | 2,342.2 | 3,828.1 | |
| Margin % | 3.07 | 2.56 | 4.38 | 6.93 | 10.13 | |
| EBIT | 456.2 | 363.7 | 969.6 | 2,026.3 | 3,497.2 | |
| Net Income | 477.4 | 282.2 | 533.9 | 1,600.3 | 2,878.5 | |
| Margin % | 2.04 | 1.18 | 1.88 | 4.74 | 7.62 | |
| EPS, Adj (current shares) | 1.37 | 0.81 | 1.53 | 4.60 | 8.27 | |
| Growth %, YoY | — | -40.9 | +89.2 | +199.7 | — | |
| Cash from Operations | -741.5 | -3,712.9 | 2,191.9 | 5,837.4 | — | |
| Capital Expenditures | -188.4 | -232.5 | -281.5 | -589.0 | — | |
| Free Cash Flow | -929.9 | -3,945.4 | 1,910.4 | 5,248.3 | 5,248.3 | |
Prices at the 29 October 2026 close · figures from the company's filings with NSE
Bharat Heavy Electricals (NSE: BHEL) had a market capitalisation of ₹1,39,961 crore at the 29 October 2026 close (₹401.95 a share), a PE ratio of 48.6 on the last four quarters' profit and a price-to-book ratio of 5.23. In FY26 its consolidated net profit was ₹1,600 crore on revenue of ₹33,782 crore; in Q2 FY27 (July–September 2026) it was ₹821 crore, up 119.0% year on year. Its debt-to-equity ratio was 0.22 on 30 September 2026. Promoters held 58.17% of the shares on 30 September 2026.
BHEL's PE ratio is 48.6 at the 29 October 2026 close (₹401.95 a share): a market capitalisation of ₹1,39,961 crore divided by consolidated net profit of ₹2,879 crore over the last four quarters (Q3 FY26 to Q2 FY27). On FY26 net profit (₹1,600 crore) it is 87.5.
BHEL's net worth — shareholders' equity in its consolidated balance sheet — was ₹26,752 crore on 30 September 2026, up 9.6% from ₹24,400 crore a year earlier. Its market value is a different figure: a market capitalisation of ₹1,39,961 crore at the 29 October 2026 close.
BHEL's book value per share was ₹76.83 on 30 September 2026: shareholders' equity of ₹26,752 crore divided by the 348.21 crore shares in issue, up 9.6% from ₹70.07 a year earlier. The share price at the 29 October 2026 close was ₹401.95.
BHEL's price-to-book (PB) ratio is 5.23 at the 29 October 2026 close: a market capitalisation of ₹1,39,961 crore divided by shareholders' equity (book value) of ₹26,752 crore on 30 September 2026. That is a book value of ₹76.83 per share against a share price of ₹401.95.
No. BHEL had borrowings of ₹6,018 crore on 30 September 2026 (consolidated balance sheet), a debt-to-equity ratio of 0.22. Its cash and current investments were ₹10,421 crore, so it held net cash of ₹4,403 crore.
In FY26, BHEL's return on equity (ROE) was 6.3% and its return on capital employed (ROCE) was 4.8%. ROE is net profit divided by average shareholders' equity (the start and end of the year); ROCE is operating profit (EBIT) divided by average capital employed (total assets less current liabilities). In FY25, ROE was 2.2% and ROCE 2.6%.
BHEL's market capitalisation was ₹1,39,961 crore (₹1.40 lakh crore) at the 29 October 2026 close: 348.21 crore shares at ₹401.95 each.
BHEL's basic earnings per share (EPS) were ₹4.60 in FY26, against ₹1.53 in FY25. Over the last four quarters (Q3 FY26 to Q2 FY27) they add up to ₹8.27.
In 2026, BHEL has declared one dividend: ₹1.40 with record date 17 July 2026.
BHEL's debt-to-equity ratio was 0.22 on 30 September 2026: borrowings of ₹6,018 crore against total equity of ₹26,752 crore. A year earlier, on 30 September 2025, it was 0.45.
BHEL's dividend yield is 0.35% at the 29 October 2026 close: dividends of ₹1.40 a share that went ex-dividend in the 12 months before that day, divided by the share price of ₹401.95. They were ₹1.40 on 17 July 2026.
Promoters held 58.17% of BHEL on 30 September 2026, unchanged from the previous quarter and down 5.00 percentage points from 63.17% a year earlier, according to the shareholding pattern filed with NSE.
On 30 September 2026, BHEL's shares were held by promoters 58.17%, foreign portfolio investors (FII/FPI) 9.94%, domestic institutions (DII) 21.88% (including mutual funds at 11.21%) and retail and other non-institutional investors 10.02%. Over the year, FII holding was up 3.71 percentage points from 6.23% and DII holding was up 3.26 percentage points from 18.62%.
At the 29 October 2026 closing prices, on FY26 net profit, BHEL's PE ratio is 87.5, the highest of the four: L&T 32.8, Thermax 49.9 and Suzlon Energy 16.0, a peer average of 32.9. Each is the company's market capitalisation at that price divided by its FY26 net profit.
In FY26, BHEL earned net profit of ₹1,600 crore on revenue of ₹33,782 crore, against ₹16,084 crore on ₹2,85,874 crore for L&T. BHEL's operating margin was 6.0% (L&T 8.7%) and its return on equity 6.3% (L&T 15.5%). At the 29 October 2026 close, BHEL's market capitalisation was ₹1,39,961 crore against ₹5,27,947 crore for L&T, and its PE ratio on FY26 profit 87.5 against 32.8.
In FY26, BHEL generated ₹5,837 crore of cash from operations and spent ₹589 crore on capital expenditure (property, plant, equipment and intangibles), leaving free cash flow of ₹5,248 crore. In FY25 it was ₹1,910 crore.
BHEL's latest results are for Q2 FY27 (July–September 2026), filed on 14 October 2026: consolidated net profit ₹821 crore, up 119.0% from ₹375 crore in Q2 FY26; revenue from operations ₹9,300 crore, up 23.8% year on year.
BHEL has reported Q2 FY27. Its next results, for Q3 FY27 (October–December 2026), are due by 14 February 2027 under SEBI's 45-day rule; the company notifies the board-meeting date at least two working days before.
In FY26 (April 2025–March 2026), BHEL's consolidated net profit was ₹1,600 crore, up 199.7% from ₹534 crore in FY25, on revenue from operations of ₹33,782 crore (up 19.2%). Over three years, from FY23, net profit was up 235.2%.
On FY26 consolidated figures, against L&T, Thermax and Suzlon Energy: BHEL's operating margin of 6.0% is the lowest of the four (L&T 8.7%, Thermax 7.7%, Suzlon Energy 16.2%; peer average 10.8%); its return on equity of 6.3% is the lowest of the four (L&T 15.5%, Thermax 13.7%, Suzlon Energy 40.6%; peer average 23.3%); its revenue growth over three years of 13.1% a year is the third highest of the four (L&T 16.0% a year, Thermax 9.8% a year, Suzlon Energy 41.0% a year; peer average 22.2% a year).
From Bharat Heavy Electricals' own consolidated results, balance sheets and shareholding patterns filed with NSE, and NSE prices (the latest used here: the 29 October 2026 close). Ratios are calculated by Alphave from those filings as each answer describes.
Consolidated figures from the company's filings with NSE; prices are NSE closing prices.