Bharat Heavy Electricals financials

Latest results Q2 FY27 · Jul–Sep 2026
Revenue
₹9,300cr+23.8% on Q2 FY26
Net profit
₹821cr+119.0% on Q2 FY26
EBITDA margin
11.0%+3.3 pts on Q2 FY26
EPS
₹2.36+118.5% on Q2 FY26

Quarterly results

Every quarter ›
₹ croreQ2 FY27Q2 FY26Change
Revenue9,3007,512+23.8%
EBITDA1,026581+76.6%
EBITDA margin11.0%7.7%+3.3 pts
Profit before tax1,071485+120.8%
Net profit821375+119.0%
EPS₹2.36₹1.08+118.5%

Over time

Q2 FY27 · Jul–Sep 2026latest
Revenue₹9,300 crNet profit₹821 crNet margin8.8%

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.

Key numbersby financial year

₹ crore except per share
Tap a line for its trendCurrentlast 12MFY26Mar 2026FY25Mar 2025FY24Mar 2024FY23Mar 2023FY22 and earlierAlpha Plus
1,41,127————
FY22 and earlierEvery year the company has filed comes with Alpha Plus.
2391,4354391,8351,561
8,1878,1879,0158,8565,454
1,49,075————
37,78233,78228,33923,89323,365
—+19.2%+18.6%+2.3%—
3,8282,3421,242613717
10.1%6.9%4.4%2.6%3.1%
3,4972,026970364456
2,8791,600534282477
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%—
—5,8372,192−3,713−742
—−589−282−233−188
5,2485,2481,910−3,945−930
Open the chart

From the company's filings with NSE and BSE (Ind-AS), consolidated. For information only, not investment advice.

BHEL₹405.30

Bharat Heavy Electricals Ltd.

· Capital Goods & Defence
₹ CrorePeersLTTHERMAXSUZLONASHOKLEYAPLAPOLLOPOLYCABGVT&DPOWERINDIAMcap ₹1.41L Cr
HighlightsEnterprise ValueMultiplesPer ShareAnnuals · FY-end closes
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 Investments1,560.51,835.0439.21,435.5239.4
+ Total Debt5,453.58,856.59,014.68,187.08,187.0
Enterprise Value————1,49,075.0
Revenue23,364.923,892.828,339.533,782.237,781.5
Growth %, YoY—+2.3+18.6+19.2—
EBITDA716.6612.61,241.62,342.23,828.1
Margin %3.072.564.386.9310.13
EBIT456.2363.7969.62,026.33,497.2
Net Income477.4282.2533.91,600.32,878.5
Margin %2.041.181.884.747.62
EPS, Adj (current shares)1.370.811.534.608.27
Growth %, YoY—-40.9+89.2+199.7—
Cash from Operations-741.5-3,712.92,191.95,837.4—
Capital Expenditures-188.4-232.5-281.5-589.0—
Free Cash Flow-929.9-3,945.41,910.45,248.35,248.3
Market Cap/EV/multiples pair each (split/bonus-adjusted) FY-end close with the latest filed share count; Current column uses the last close. Market Capitalization is a market-level figure — identical across Consolidated/Standalone (the accounting rows below differ). No consensus estimates → no Est columns. Click any row to chart it.
« ‹ › »Latest: FY26 · ConsolidatedFA Financial Analysis · alphave
Data & compliance. Descriptive financial information from official NSE/BSE filings — for information and education only, not investment advice, a recommendation, or a valuation. Standalone = parent entity; consolidated includes subsidiaries. Historical multiples pair each fiscal year's filed figures with that FY-end market close; the Current column uses the last close with the latest filed annuals. Figures are cross-verified via accounting identities and NSE×BSE agreement — XBRL cross-verified ✓ 95%.

BHEL financials and key ratios

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 Q2 FY27 results
filed 14 October 2026
Share price used
₹401.95 · 29 October 2026 close
Latest balance sheet
30 September 2026
Shareholding pattern
30 September 2026

BHEL at a glance · consolidated

Market cap
₹1,39,961 Crat ₹401.95 · 29 Oct close
PE ratio (last 4 quarters)
48.687.5 on FY26 profit
Price to book (PB)
5.23book value ₹76.83 a share
ROE (FY26)
6.3%+4.1 pts vs FY25ROCE 4.8%
Debt to equity
0.22net cash ₹4,403 Cr
Promoter holding
58.17%unchanged vs 30 Jun 202630 September 2026
Dividend yield
0.35%₹1.40 a share in 12 months
Net worth
₹26,752 Cr+9.6% vs 30 Sep 202530 September 2026
Free cash flow (FY26)
₹5,248 Cr+174.7% vs FY25

Questions

What is the BHEL PE ratio today?

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.

What is the BHEL net worth?

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.

What is the BHEL book value per share?

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.

What is the BHEL PB ratio (price to book value)?

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.

Is BHEL debt free?

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.

What is the BHEL ROE and ROCE?

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%.

What is the BHEL market cap?

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.

What is the BHEL EPS?

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.

What is the BHEL dividend in 2026 and its record date?

In 2026, BHEL has declared one dividend: ₹1.40 with record date 17 July 2026.

What is the BHEL debt to equity ratio?

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.

What is the BHEL dividend yield?

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.

What is the BHEL promoter holding?

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.

What is the BHEL shareholding pattern?

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%.

How does the BHEL PE ratio compare with its peers?

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.

BHEL vs L&T: how do they compare?

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.

What is the BHEL free cash flow?

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.

What are the BHEL latest quarterly results?

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.

When are the BHEL next results?

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.

What is the BHEL revenue and profit in FY26?

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%.

How does BHEL compare with its peers?

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).

Where do these BHEL figures come from?

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.