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India
As of 18 Sept 2026, 03:30 pm
On September 15, 2026, BHEL and TRSL signed a Joint Venture Agreement to form a 50:50 equity-owned Private Limited company. This new entity, planned with an initial paid-up capital of ₹50 lakh and a registered office in Delhi, will focus on the comprehensive maintenance of Vande Bharat Sleeper Trainsets for a 35-year period. The agreement follows a prior approval granted on March 19, 2026.
Between March 2019 and March 2020, BHEL's total assets decreased from ₹64,490 crore to ₹60,291 crore, and total liabilities decreased from ₹64,490 crore to ₹60,291 crore. Notably, borrowings increased from ₹2,598 crore to ₹5,080 crore, while equity capital remained constant at ₹696 crore. Reserves decreased from ₹30,208 crore to ₹27,964 crore.
BHEL has shown significant growth in both sales and profit. Over the last 5 years, compounded sales growth was 14%, and compounded profit growth was 21%. On a trailing twelve months (TTM) basis, compounded sales growth accelerated to 27%, and compounded profit growth surged to 739%.
As of September 18, 2026, technical indicators suggest a bullish trend for BHEL shares across daily, weekly, and monthly timeframes. The Supertrend indicator is 'bullish' on the daily chart, and the Exponential Moving Average (EMA) and Simple Moving Average (SMA) values indicate upward momentum on daily and weekly charts.
As of 18 Sept 2026, 03:30 pm
Recent drawdown or price variability is high enough to warrant closer monitoring.
Primary driver: Price swings are higher than typical
The session opened materially below the previous close, indicating a sharp repricing at the open.
The price gap may increase short-term downside uncertainty and warrants review of the underlying context.
Trading activity was substantially higher than usual and the price closed higher.
This may reflect stronger-than-usual market participation; follow-through and relevant company or market news merit review.
Latest complete financial results for Q1 FY2027 and comparative quarterly trends.
| Metric | As of 2026-06-30(Latest) | As of 2026-03-31 | As of 2025-12-31 | As of 2025-09-30 | As of 2025-06-30 |
|---|---|---|---|---|---|
| Revenue From Operations | ₹7,697.72 crore | PEAK₹12,310.37 crore | ₹8,473.10 crore | ₹7,511.80 crore | ₹5,486.91 crore |
| Profit Before Tax | ₹496.24 crore | PEAK₹1,710.81 crore | ₹503.59 crore | ₹484.87 crore | -₹621.71 crore |
| Profit Loss For Period | ₹376.71 crore | PEAK₹1,290.47 crore | ₹390.40 crore | ₹374.89 crore | -₹455.50 crore |
| Finance Costs | ₹139.88 crore | PEAK₹197.52 crore | ₹182.47 crore | ₹195.21 crore | ₹181.21 crore |
| Other Expenses | ₹390.79 crore | ₹542.15 crore | ₹534.69 crore | ₹237.39 crore | PEAK₹675.05 crore |
| Net Segment Assets | PEAK₹76,266.04 crore | ₹76,185.61 crore | ₹73,982.74 crore | ₹71,972.29 crore | ₹68,983.79 crore |
Other Comprehensive Income (OCI) for Q1 FY2026-27 was -₹52.09 crore. This reverses the positive OCI of ₹100.61 crore recorded in Q4 FY2025-26 but is consistent with the negative OCI figures of approximately -₹33 crore to -₹34 crore observed in the first three quarters of FY2025-26.
Exchange disclosures and regulatory announcements for Bharat Heavy Electricals.
On 18 September 2026, Bharat Heavy Electricals Limited entered into a Tripartite Agreement with M/s Bigshare Services Private Limited (new Registrar and Share Transfer Agent) and M/s Alankit Assignments Limited (old RTA), following a prior intimation of the RTA change on 1 January 2026.
On September 15, 2026, Bharat Heavy Electricals Limited (BHEL) and Titagarh Rail Systems Limited (TRSL) announced the formation of a 50:50 domestic Joint Venture Company to provide comprehensive maintenance for supplied Vande Bharat Sleeper Trainsets over a 35-year period. The JVC is planned as a Private Limited entity with an initial paid-up capital of INR 50 lakh and a registered office in Delhi, featuring a board of four directors nominated equally by both parties. This disclosure confirms the execution of the agreement following prior approval granted on March 19, 2026.
Bharat Heavy Electricals Limited (BHEL) set record dates of 28-Sep-2026 and 24-Sep-2026 for the redemption/maturity of two commercial papers with ISINs INE257A14AI4 (maturity 29-Sep-2026) and INE257A14AJ2 (maturity 25-Sep-2026), respectively.
Record Date Updates |SUBJECT: Record Date Updates
On September 15, 2026, Bharat Heavy Electricals Limited (BHEL) signed a Joint Venture Agreement with Titagarh Rail Systems Limited (TRSL) to establish a 50:50 equity-owned Private Limited company in Delhi. The new entity will be capitalized with an initial paid-up share of INR 50 lakh and is tasked with the comprehensive maintenance of supplied Vande Bharat Sleeper Trainsets for a period of 35 years. Each party will nominate two directors to the JVC's board, which has not yet been incorporated as of the filing date.
BHEL's Board approved further equity investment of Rs. 65 Crore (in one or more tranches) in its 50:50 joint venture NTPC BHEL Power Projects Private Limited (NBPPL) on 14 September 2026. The cash investment at face value, intended for settlement of urgent liabilities and to maintain NBPPL as a going concern, will be made in FY 2026-27 and maintains BHEL's 50% shareholding. NBPPL reported provisional turnover of INR 1.04 Crore for 2025-26, down from INR 3.48 Crore in 2024-25 and INR 18.19 Crore in 2023-24.
On September 14, 2026, BHEL's board approved a cash acquisition of additional equity in NTPC-BHEL Power Projects Private Limited (NBPPL), a 50:50 joint venture with NTPC Limited, for INR 650 million in one or more tranches within six months. The equity infusion is intended to settle urgent liabilities of NBPPL, which had a net worth of INR -2,661.9 million and a PAT of INR -260.4 million for FY 2025-2026. BHEL currently holds 0.5% of NBPPL.
The Comptroller and Auditor General of India issued communication No. CA. V/COY/CENTRAL GOVERNMENT, BHEL (8) / 219 dated September 8, 2026, appointing auditors for Bharat Heavy Electricals Limited for the financial year 2026-27 under Section 139(5) of the Companies Act, 2013. M/s K Venkatachalam Aiyer & Co and M/s K S Dua & Co were designated as Joint Statutory Auditors, while five firms including the newly appointed M/s S Venkatram & Co LLP were assigned as Branch Auditors for specific plants and regions. The supplementary test audit is entrusted to the Director General of Audit, Power, with remuneration to be regulated per Section 142 of the Companies Act, 2013.
Recent market and company developments associated with Bharat Heavy Electricals.
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Shares of Inox Wind, Kaynes Technology India, Bandhan Bank and SAIL are banned from F&O trading on 16 September 2026.
The ₹1,055.7-crore initial public offering (IPO) of Kanohar Electricals was subscribed 90.59 times on the final day of bidding. The issue received bids for 1,05,92,88,437 shares against 1,16,93,326 shares on offer.
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Bharat Heavy Electricals Limited is pursuing coal gasification and coal-to-chemicals opportunities. The company expects progress in hydro power and pumped-storage projects this fiscal year. This strategic shift follows a recent assessment regarding its Maharatna company status. BHEL holds a substantial executable order book, with thermal business as its main anchor. The firm aims to build growth in non-thermal sectors as the power industry evolves.
BHEL and Titagarh Rail Systems sign a 50:50 venture to maintain Vande Bharat Sleeper trainsets for 35 years, backed by Rs 50 lakh in initial paid-up capital.
BHEL and Titagarh Rail will each own 50% of a new joint venture to maintain Vande Bharat sleeper trainsets for 35 years, with the company to be based in Delhi.
Comprehensive Section Breakdown for Bharat Heavy Electricals
Strategic Vision: Designs, engineers, and manufactures energy and infrastructure equipment.
• Extensive experience in design, engineering, manufacturing, testing, commissioning, and servicing.
• Broad product portfolio serving energy, infrastructure, industrial, transportation, defence, and oil & gas sectors.
• Focus on developing and absorbing new technologies through research and development.
Rigorous Audit of BHEL's Q1 FY2026-27 Analysis
This review meticulously scrutinizes the draft analysis of Bharat Heavy Electricals Limited's (BHEL) Q1 FY2026-27 performance. My role as a skeptical senior reviewer is to ensure that every factual claim, numerical calculation, and analytical conclusion is directly supported by the provided financial metrics. I will correct any inaccuracies, unsupported inferences, or weak arguments, preserving only what is demonstrably true and useful for the reader.
Revenue Jumps 40% as Company Returns to Profit, but Key Expense Lines Exceed Revenue
In Q1 FY2026-27, Bharat Heavy Electricals reported a significant 40.3% increase in revenue from operations, reaching ₹7,697.72 crore and marking a return to net profit after a loss in the prior year's quarter. The sequential revenue decline of 37.5% from Q4 FY2025-26 aligns with the pattern of peak fourth-quarter revenue observed in the prior fiscal year. While the sum of the four disclosed expense lines—cost of materials, employee benefits, depreciation, and other expenses—exceeded revenue by ₹120.57 crore, the company achieved a pre-tax profit of ₹496.24 crore. This result was supported by other income of ₹214.14 crore and additional net credits not detailed in the available data. Segment profit before tax was ₹507.70 crore, indicating positive operational performance at the segment level.
Revenue from operations increased by 40.29% year-on-year, rising from ₹5,486.91 crore in Q1 FY2025-26 to ₹7,697.72 crore in Q1 FY2026-27. Sequentially, revenue decreased by 37.47% from ₹12,310.37 crore in Q4 FY2025-26. This quarterly decline follows the pattern observed in the prior fiscal year, where Q4 revenue was the highest in the available five-quarter series, a common characteristic in project-based businesses. The current Q1 revenue of ₹7,697.72 crore is the highest Q1 revenue recorded in the available five-quarter period.
Profit Before Tax (PBT) swung from a loss of ₹621.71 crore in Q1 FY2025-26 to a profit of ₹496.24 crore in Q1 FY2026-27. Net profit followed suit, moving from a loss of ₹455.50 crore to a profit of ₹376.71 crore. The tax expense for the quarter was ₹130.99 crore, resulting in an effective tax rate of 26.4%.
The sequential decrease in PBT from ₹1,710.81 crore in Q4 FY2025-26 to ₹496.24 crore in Q1 FY2026-27 was 71.0%. This decline is consistent with the seasonal revenue pattern. The net profit margin decreased from 10.5% in Q4 FY2025-26 to 4.9% in Q1 FY2026-27.
The sum of the four disclosed expense lines for Q1 FY2026-27—Cost of Materials Consumed (₹5,839.29 crore), Employee Benefit Expense (₹1,506.33 crore), Depreciation (₹81.88 crore), and Other Expenses (₹390.79 crore)—totaled ₹7,818.29 crore. This aggregate exceeded the quarter's revenue from operations (₹7,697.72 crore) by ₹120.57 crore.
Despite this, the company reported a pre-tax profit of ₹496.24 crore. This was supported by ₹214.14 crore in Other Income. Segment Profit Before Tax was ₹507.70 crore, indicating that the company's operational segments were profitable before tax. Finance costs decreased by 22.8% year-on-year to ₹139.88 crore and by 29.2% sequentially from Q4 FY2025-26. Other Expenses also saw a significant year-on-year reduction of 42.1%, falling from ₹675.05 crore in Q1 FY2025-26 to ₹390.79 crore.
Net segment assets increased by 10.56% year-on-year to ₹76,266.04 crore as of June 30, 2027. Net segment liabilities grew by 11.27% year-on-year to ₹49,794.82 crore. Between the end of Q4 FY2025-26 and Q1 FY2026-27, net segment assets increased by ₹80.43 crore, while net segment liabilities decreased by ₹244.19 crore. This movement implies a net increase in equity for the quarter, consistent with the reported comprehensive income. Paid-up equity share capital remained unchanged at ₹696.41 crore.
Bharat Heavy Electricals' Q1 FY2026-27 performance shows a substantial 40.3% year-on-year revenue increase and a return to net profitability. The sequential revenue decline from Q4 aligns with the prior fiscal year's pattern of peak fourth-quarter revenue. While the sum of the company's four disclosed expense lines exceeded revenue, a pre-tax profit was achieved, supported by other income and positive segment-level operational performance. Finance costs and other expenses saw year-on-year reductions. The balance sheet expanded modestly, reflecting the quarter's comprehensive income.
Category: Manufacturing
Manufactures equipment for power generation including thermal, hydro, gas, nuclear, and solar PV systems, as well as transmission solutions.
Category: Manufacturing
Provides industrial products such as pumps, compressors, castings, forgings, heat exchangers, valves, piping systems, and automation and control systems.
Category: Manufacturing
Extends capabilities to transportation, defence & aerospace, oil & gas, and new areas like energy storage and e-mobility solutions.
Core Thesis: Leverages integrated design, engineering, manufacturing, and servicing capabilities across diverse sectors to provide comprehensive solutions.
• Product and System Design: Designs and engineers a wide range of products and systems for power generation, transmission, and industrial applications. • Manufacturing Excellence: Operates world-class manufacturing assets to produce equipment for core industrial and strategic sectors. • Research and Development: Invests in R&D and innovation, committing over 2.5% of turnover to develop and absorb new technologies. • Servicing and Commissioning: Provides testing, commissioning, and servicing for its range of products and systems.