Bharat Heavy Electricals cash flow

Latest FY26

Cash from operations: ₹5,837cr+166.3% on FY25
Capital spending: ₹589cr+109.2% on FY25
Free cash flow: ₹5,248cr+174.7% on FY25
Cash from financing: −₹1,806cr−₹857 cr in FY25

₹ crore except per share

Tap a line for its trend	Last 12Mto Sep 2026	FY26Mar 2026	FY25Mar 2025	FY24Mar 2024	FY23Mar 2023	FY22 and earlierAlpha Plus

Changes in working capital
Adjustments to reconcile profit — non-cash items						FY22 and earlierEvery year the company has filed comes with Alpha Plus.
	—	316	272	249	260
	—	756	748	731	521
	—	−740	−403	−494	−421
	—	0.7	0.0	0.0	0.0
	—	−433	−17.0	56.0	−402
	—	−9.7	−9.0	−15.6	−8.9
	—	−13.1	−18.0	−7.8	−33.0
	—	−3,402	−2,633	−503	−192
	—	−471	−1,335	−2,056	18.7
	—	−67.7	332	−413	73.3
	—	31.4	60.9	53.4	66.7
	—	−457	510	63.4	−2.8
	—	1,249	−4,084	−4,353	−2,012
	—	−333	104	3,482	−685
	—	1,010	969	−1,189	2,042
	—	−827	−122	227	62.1
	—	72.1	−248	13.4	153
	—	−11.8	14.9	70.2	40.6
	—	3,783	2,713	105	−674
	—	3,508	5,447	1,057	312
	—	104	−503	−478	−270
	—	−315	−376	−710	−125
Cash from operating activities
	3,781	2,078	687	179	423
	—	3,749	1,424	−4,114	−1,275
	—	5,827	2,111	−3,935	−852
	—	−10.4	−81.3	−222	−110
	—	5,837	2,192	−3,713	−742
Cash from investing activities
	—	589	282	233	188
	—	13.0	13.5	8.9	7.8
	—	0.0	5.8	0.8	25.4
	—	4.9	0.0	0.0	0.0
	—	6.1	0.0	0.0	0.0
	—	38.1	38.1	41.7	26.2
	—	649	372	399	251
	—	−3,148	−2,878	1,113	1,359
	—	−3,035	−2,731	1,331	1,480
Cash from financing activities
	—	−845	−13.0	3,423	640
	—	0.0	0.0	39.1	0.0
	—	77.0	55.4	0.0	0.0
	—	—	—	0.0	57.0
	—	709	701	589	355
	—	175	87.4	139	139
	—	−1,806	−857	2,656	89.0
	—	996	−1,396	274	828
	—	996	−1,396	274	828
	—	—	—	1,835	828
Reference items
	3,828	2,342	1,242	613	717
	10.1%	6.9%	4.4%	2.6%	3.1%
	5,248	5,248	1,910	−3,945	−930
	—	3,712	1,367	−1,131	—
	₹15.07	₹15.07	₹5.49	−₹11.33	−₹2.67
	26.67×	—	—	—	—
	—	3.65×	4.11×	−13.16×	−1.55×
	—	−10.4	−81.3	−222	−110
	—	709	701	589	355

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

alphave

BHEL₹401.95

Bharat Heavy Electricals Ltd.

· Capital Goods & Defence

₹ CrorePeersLT THERMAX SUZLON ASHOKLEY APLAPOLLO POLYCAB GVT&D POWERINDIAMcap ₹1.40L Cr

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In ₹ Crore except Per Share 12 Months Ending	FY23 31/03/2023	FY24 31/03/2024	FY25 31/03/2025	FY26 31/03/2026	Last 12M 30/09/2026
Adjustments to Reconcile Profit — Non-cash Items
+ Depreciation & Amortisation	260.3	248.9	272.0	315.9	—
+ Finance Costs	521.4	731.3	748.3	756.4	—
+ Interest Income	-421.1	-493.8	-402.6	-739.9	—
+ Dividend Income	0.0	0.0	0.0	0.7	—
+ Unrealised FX (Gain) / Loss	-401.9	56.0	-17.0	-433.5	—
+ Other Non-cash Items	-8.9	-15.6	-9.0	-9.7	—
+ Other — Cash Effects are Investing / Financing	-33.0	-7.8	-18.0	-13.1	—
Changes in Working Capital
+ Inventories	-192.4	-503.0	-2,632.5	-3,401.5	—
+ Trade Receivables — Current	18.7	-2,055.8	-1,335.2	-470.9	—
+ Trade Receivables — Non-current	73.3	-413.5	332.3	-67.7	—
+ Other Financial Assets — Current	66.7	53.4	60.9	31.4	—
+ Other Financial Assets — Non-current	-2.8	63.4	509.9	-457.2	—
+ Other Current Assets	-2,011.6	-4,352.9	-4,084.1	1,249.2	—
+ Other Non-current Assets	-685.2	3,481.6	104.0	-333.1	—
+ Trade Payables — Current	2,041.6	-1,189.4	968.9	1,009.6	—
+ Trade Payables — Non-current	62.1	226.8	-122.0	-827.4	—
+ Other Financial Liabilities — Current	152.8	13.4	-247.5	72.1	—
+ Other Financial Liabilities — Non-current	40.6	70.2	14.9	-11.8	—
+ Other Current Liabilities	-673.7	104.7	2,713.3	3,783.0	—
+ Other Non-current Liabilities	312.4	1,056.5	5,446.6	3,507.9	—
+ Provisions — Current	-270.1	-478.4	-503.0	103.6	—
+ Provisions — Non-current	-124.7	-709.8	-376.2	-314.6	—
Cash from Operating Activities
Profit Before Tax (per I/S)	423.4	178.7	686.6	2,077.6	3,781.3
+ Total Adjustments (incl. Working Capital)	-1,275.4	-4,113.8	1,424.0	3,749.4	—
Cash from Operations (pre-tax)	-851.9	-3,935.1	2,110.6	5,827.0	—
+ Income Taxes Paid	-110.4	-222.2	-81.3	-10.4	—
Cash from Operating Activities	-741.5	-3,712.9	2,191.9	5,837.4	—
Cash from Investing Activities
+ Acq of Fixed Assets (Capex)	188.4	232.5	281.5	589.0	—
+ Disp of Fixed Assets	7.8	8.9	13.5	13.0	—
+ Disp of Investment Property	25.4	0.8	5.8	0.0	—
+ Acq of Interests in Joint Ventures	0.0	0.0	0.0	4.9	—
+ Government Grants Received	0.0	0.0	0.0	6.1	—
+ Dividends Received — Investing	26.2	41.7	38.1	38.1	—
+ Interest Received — Investing	250.7	399.3	371.7	649.4	—
+ Other Inflows / (Outflows) — Investing	1,358.8	1,112.7	-2,878.4	-3,148.1	—
Cash from Investing Activities	1,480.5	1,330.9	-2,730.9	-3,035.4	—
Cash from Financing Activities
+ Proceeds from Borrowings	640.0	3,423.0	-13.0	-845.0	—
+ Repayment of Borrowings	0.0	39.1	0.0	0.0	—
+ Payment of Lease Liabilities	0.0	0.0	55.4	77.0	—
+ Payment of Finance Lease Liabilities	57.0	0.0	—	—	—
+ Interest Paid	354.8	588.8	701.0	709.1	—
+ Dividends Paid	139.2	139.5	87.4	174.6	—
Cash from Financing Activities	89.0	2,655.7	-856.8	-1,805.7	—
Net Changes in Cash (pre-FX)	827.9	273.7	-1,395.8	996.2	—
Net Changes in Cash	827.9	273.7	-1,395.8	996.2	—
Closing Cash	827.9	1,835.0	—	—	—
Reference Items
EBITDA	716.6	612.6	1,241.6	2,342.2	3,828.1
EBITDA Margin %	3.07	2.56	4.38	6.93	10.13
Free Cash Flow (CFO − Capex)	-929.9	-3,945.4	1,910.4	5,248.3	5,248.3
Free Cash Flow to Equity	—	-1,131.2	1,367.5	3,711.6	—
Free Cash Flow per Basic Share	-2.67	-11.33	5.49	15.07	15.07
Price to Free Cash Flow	—	—	—	—	26.67
Cash Flow to Net Income	-1.55	-13.16	4.11	3.65	—
Cash Paid for Taxes	-110.4	-222.2	-81.3	-10.4	—
Cash Paid for Interest	354.8	588.8	701.0	709.1	—

As filed, sign as filed: a payment tagged as a positive magnitude in the filing stays positive here, so read the label, not the sign. A line appears only when the company tagged that concept in at least one period shown — depth follows the filer, so a thin statement means a thin filing. Total Adjustments is the filer's own grand total of the reconciliation and spans BOTH the non-cash items and the working-capital block; Profit Before Tax plus it equals Cash from Operations (pre-tax). It can be reported when its components are not, so it is never a sum of the rows above it. 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%.