Bharat Heavy Electricals enterprise value

Share price at each year-end

Tap a line for its trend	Currentlast 12M	FY26Mar 2026	FY25Mar 2025	FY24Mar 2024	FY23Mar 2023	FY22 and earlierAlpha Plus


1,39,961	—	—	—	—	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
1,47,909	—	—	—	—
7,948	6,752	8,575	7,021	3,893
₹424.77	—	—	—	—

34,939	34,334	33,737	33,295	32,282
23.4%	23.8%	26.7%	26.6%	16.9%
0.06×	—	—	—	—

3.91×	—	—	—	—
38.64×	—	—	—	—
42.29×	—	—	—	—
28.18×	—	—	—	—
37,782	33,782	28,339	23,893	23,365
3,828	2,342	1,242	613	717
3,497	2,026	970	364	456
—	5,837	2,192	−3,713	−742
5,248	5,248	1,910	−3,945	−930
—	5,065	1,694	−3,945	−932
—	589	282	233	188

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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

HighlightsEnterprise Value Multiples Per 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	—	—	—	—	1,39,961.0
- 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	—	—	—	—	1,47,908.6
Net Debt (memo)	3,893.0	7,021.4	8,575.4	6,751.5	7,947.6
EV per Share	—	—	—	—	424.77

Total Capital	32,281.5	33,295.1	33,736.8	34,333.6	34,939.4
Total Debt/Total Capital	16.89	26.60	26.72	23.85	23.43
Total Debt/EV	—	—	—	—	0.06

EV/Sales	—	—	—	—	3.91
EV/EBITDA	—	—	—	—	38.64
EV/EBIT	—	—	—	—	42.29
EV/Free Cash Flow	—	—	—	—	28.18
Reference Items — Trailing FY Values
Sales	23,364.9	23,892.8	28,339.5	33,782.2	37,781.5
EBITDA	716.6	612.6	1,241.6	2,342.2	3,828.1
EBIT	456.2	363.7	969.6	2,026.3	3,497.2
Operating Cash Flow	-741.5	-3,712.9	2,191.9	5,837.4	—
Free Cash Flow	-929.9	-3,945.4	1,910.4	5,248.3	5,248.3
FCFF (free cash flow to the firm)	-931.6	-3,945.4	1,694.2	5,064.6	—
Capital Expenditure	188.4	232.5	281.5	589.0	—

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.

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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%.