# Bharat Heavy Electricals (BHEL) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/bhel

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹418.8
- Change: +0.17%
- As of: 2026-11-06
- 1D return: +0.17%
- 5D return: +8.05%
- 1M return: -2.51%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

BHEL (₹418.10) exhibits a multi-timeframe divergence as of November 5, 2026. The monthly and weekly trends remain bullish, supported by established momentum (ADX > 29) and price positioning above key moving averages and the Supertrend. However, the daily chart shows a weakening setup: the Supertrend has flipped bearish, and the ADX is weak at 16.96, indicating low conviction despite the price still trading above the 20-period EMA and SMA.

Price action is consolidating near resistance levels at ₹418.35 (pivot) and ₹420.16 (high), with immediate support at ₹410.75. The stock is positioned in the upper quartile of its 252-day range (+79.8%) but near the middle of its 20-day range (+46.8%). Recent volatility includes a high-severity wide intraday range on October 23, 2026, and a recent 9.9% drawdown from available highs. While long-term returns are strong (+56.4% over 1 year), short-term momentum is mixed, with a -6.8% return over the last 20 days contrasting with a +4.8% gain over the last 10 days.

The current technical thesis hinges on whether the daily weakness resolves into a breakout above ₹420 or if the bearish daily structure leads to a retest of deeper supports like ₹397.65.

- Trend Divergence: Monthly and weekly trends are bullish (ADX  29, price above Supertrend), while the daily trend is weakening (ADX 16.96, Supertrend bearish).
- Key Levels: Immediate resistance at ₹418.35 (pivot) and ₹420.16; immediate support at ₹410.75, with secondary support at ₹397.65.
- Volatility & Risk: Annualized volatility is +37.4%, with a recent high-severity wide intraday range anomaly noted on October 23, 2026.
- Range Position: Trading near the top of its yearly range (+79.8% from 252-day low) but mid-range for the past month (+46.8% from 20-day low).

- Harami
- Outside Bar
- Doji
- Inside Bar
- Evening Star

### News Context

On November 4, 2026, Bharat Heavy Electricals Limited (BHEL) disclosed in a regulatory filing that it secured four major contracts from Adani Power Limited. The combined estimated value of these orders ranges between ₹20,000 crore and ₹28,000 crore, excluding GST. Each contract covers the supply of critical thermal power equipment—including boilers, turbines, and generators—and associated services for four projects, each with a capacity of 2x800 MW, adding a total of 6,400 MW to the grid. BHEL confirmed no related-party interests exist in these transactions. Following the announcement, BHEL shares rose nearly 6% on the exchange. This development builds on a strong second-quarter performance where profit after tax surged 120% to ₹810 crore, supporting a robust order book of ₹2.58 lakh crore. Geojit Financial Services upgraded the stock to Buy with a target of ₹453, citing expected earnings growth and margin expansion, while IIFL Institutional Equities raised its earnings estimates by 20% to 25%. Investors are advised to monitor execution risks as the company scales operations.

- BHEL secured four orders from Adani Power worth up to ₹28,000 crore (excluding GST) for 6,400 MW of thermal capacity, disclosed on November 4, 2026.
- Shares rose nearly 6% following the announcement, reflecting market reaction to the new business contracts.
- Q2 net profit surged 120% to ₹810 crore, contributing to a current order book of ₹2.58 lakh crore.
- Geojit Financial Services upgraded the stock to Buy with a ₹453 target, projecting revenue and EPS CAGRs of 27% and 79% respectively between FY26 and FY28.

- [BHEL bags projects worth up to ₹28,000 cr from Adani Power](https://www.thehindubusinessline.com/companies/bhel-bags-projects-worth-up-to-28000-cr-from-adani-power/article71664671.ece)
- [BHEL shares rise 6% after getting four orders from Adani Power](https://www.moneycontrol.com/news/business/markets/bhel-shares-rise-6-after-getting-four-orders-from-adani-power-14069053.html)
- [BHEL Bags Adani Power Orders Worth Up To ₹28,000 Crore, Four Mega Projects To Add 6,400 MW Capacity](https://www.freepressjournal.in/business/bhel-bags-adani-power-orders-worth-up-to-28000-crore-four-mega-projects-to-add-6400-mw-capacity)
- [BHEL shares jump nearly 6% on bagging multiple orders worth nearly ₹28,000 crore from Adani Power](https://www.cnbctv18.com/market/bhel-share-price-jump-adani-power-order-win-multiple-projects-up-to-28000-crore-fy27-outlook-20026684.htm)
- [BHEL share price target: Already up 50% in 1 year, should you still buy the Maharatna PSU stock? Expert views](https://www.livemint.com/market/bhel-share-price-target-already-up-50-in-1-year-should-you-still-buy-the-maharatna-psu-stock-expert-views-11793692830871.html)

### Official Filings

BHEL disclosed significant order inflows and financial results for the period ending September 30, 2026. On November 4, 2026, the company received orders from Adani Power Limited for four projects, each valued between ₹5,000 Cr and ₹7,000 Cr (excluding GST), covering boilers, turbines, generators, and auxiliaries. For the half-year ended September 30, 2026, standalone revenue from operations was ₹16,998.07 Cr with a Profit Before Tax of ₹1,590.65 Cr, while consolidated net profit attributable to the company stood at ₹768.74 Cr. The Board approved these results on October 14, 2026, noting compliance due to the absence of an Independent Director. Concurrently, BHEL maintained its credit ratings (CRISIL A+ and India Ratings IND A1+) and repaid commercial papers as they fell due. Management changes included the appointment of Manepalli Sridhar as Director (Human Resources) effective October 22, 2026, and other senior management adjustments effective October 25, 2026.

- Order Inflow: Received contracts from Adani Power Limited for four 2x800 MW projects, with individual contract values between ₹5,000 Cr and ₹7,000 Cr (excluding GST), filed on November 4, 2026.
- Financial Performance (H1 FY27): Standalone revenue of ₹16,998.07 Cr and PBT of ₹1,590.65 Cr; Consolidated net profit of ₹768.74 Cr for the six months ended September 30, 2026.
- Credit & Liquidity: Maintained CRISIL CAR E+ A+ and India Ratings IND A1+ ratings; commercial papers were repaid as they matured during the reporting period.
- Governance: Appointed Manepalli Sridhar as Director (HR) effective October 22, 2026, and updated senior management roles effective October 25, 2026.

- [Bharat Heavy Electricals Limited has informed the Exchange about Bagging/Receiving of orders/contracts |SUBJECT: Bagging/Receiving of orders/contracts](https://nsearchives.nseindia.com/corporate/BHEL_04112026085754_APLorder04112026.pdf)
- [BHARAT HEAVY ELECTRICALS LIMITED has informed the Exchange about Bagging/Receiving of orders/contracts (Sub-para 4-Para B) |SUBJECT: Bagging/Receiving of orders/contracts (Sub-para 4-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_1252_WebXMLFile_20261104_093324582.xml)
- [Bharat Heavy Electricals Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/BHEL_29102026144219_investormeet04112026.pdf)
- [Bharat Heavy Electricals Ltd has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1252_WebXMLFile_20261029_151235822.xml)
- [Bharat Heavy Electricals Limited has informed the Exchange about change in Management |SUBJECT: Change in Management](https://nsearchives.nseindia.com/corporate/BHEL_25102026094545_srmgt25102026.pdf)
- [BHARAT HEAVY ELECTRICALS LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1252_WebXMLFile_20261025_094753829.xml)
- [Bharat Heavy Electricals Limited has informed the Exchange regarding Appointment of Mr Manepalli Sridhar as Executive Director of the company w.e.f. October 22, 2026. |SUBJECT: Appointment](https://nsearchives.nseindia.com/corporate/BHEL_22102026180212_SE_intimation_for_Appointment_of_D_HR_2210__002_.pdf)
- [BHARAT HEAVY ELECTRICALS LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1252_WebXMLFile_20261022_180637136.xml)
- [Bharat Heavy Electricals Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/BHEL_15102026160434_newspaperQ2FY27.pdf)
- [Bharat Heavy Electricals Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/BHEL_14102026133809_BHELRESULTS.pdf)

### Fundamentals

BHEL’s operating trajectory has strengthened significantly, with Q2 FY2026-27 revenue rising 24% year-on-year to ₹9,300.35 crore and net profit more than doubling to ₹820.94 crore. Earnings quality is evident in the sharp improvement in cash conversion; CFO/EBITDA rose to 227% for Mar 2026, and Cash from Operating Activity surged to ₹5,837 crore. The balance sheet shows deleveraging, with borrowings falling to ₹6,018 crore by Sep 2026, while ROCE improved to 9%. However, working capital efficiency remains a concern, as the Cash Conversion Cycle extended to 151 days due to rising inventory days (309). Ownership structure shifted slightly in Sep 2026, with promoter holding decreasing to 58.17% and DIIs increasing to 21.8%, suggesting changing institutional sentiment.

- Earnings Momentum: Q2 FY2026-27 revenue grew 24% YoY to ₹9,300.35 crore, with net profit jumping to ₹820.94 crore and EPS reaching ₹2.36.
- Cash Flow Strength: Cash from Operating Activity reached ₹5,837 crore in Mar 2026, with CFO/EBITDA at 227%, indicating strong profit-to-cash conversion.
- Balance Sheet Health: Borrowings declined to ₹6,018 crore by Sep 2026, and ROCE improved to 9%, though the Cash Conversion Cycle widened to 151 days.
- Institutional Shift: Promoter holding fell to 58.17% in Sep 2026, while DII ownership rose to 21.8%, marking a notable change in shareholding pattern.

### Bull Case

BHEL’s constructive case rests on a significant order inflow and improving profitability metrics, which provide a conditional upside scenario despite near-term technical weakness. On November 4, 2026, the company secured contracts worth up to ₹28,000 crore from Adani Power for four 2x800 MW projects, adding 6,400 MW of capacity to its pipeline. This follows a strong second-quarter performance where profit after tax surged 120% to ₹810 crore, prompting brokerages like IIFL Institutional Equities to raise earnings estimates by 20% to 25%. The stock has gained 51% over the past year, supported by a robust order book of ₹2.58 lakh crore. While daily technical indicators show a bearish trend with the price at ₹418.10 and a current drawdown of -9.9%, the monthly and weekly trends remain bullish, suggesting longer-term momentum may still be intact.

- Order Book Strength: Secured up to ₹28,000 crore in new contracts from Adani Power (Nov 4, 2026) for 6,400 MW capacity, bolstering the existing ₹2.58 lakh crore order book.
- Profitability Surge: Q2 profit after tax jumped 120% to ₹810 crore, leading to upward revisions in earnings estimates by institutional analysts.
- Technical Divergence: Daily trend is bearish (Supertrend: bearish, ADX 14: 16.96) with a -9.9% current drawdown, but monthly and weekly trends remain bullish, indicating potential medium-term support.
- Market Reaction: Shares rose nearly 6% immediately following the order announcement, reflecting positive investor sentiment toward the contract wins.

- [BHEL bags projects worth up to ₹28,000 cr from Adani Power](https://www.thehindubusinessline.com/companies/bhel-bags-projects-worth-up-to-28000-cr-from-adani-power/article71664671.ece)
- [BHEL shares rise 6% after getting four orders from Adani Power](https://www.moneycontrol.com/news/business/markets/bhel-shares-rise-6-after-getting-four-orders-from-adani-power-14069053.html)
- [BHEL Bags Adani Power Orders Worth Up To ₹28,000 Crore, Four Mega Projects To Add 6,400 MW Capacity](https://www.freepressjournal.in/business/bhel-bags-adani-power-orders-worth-up-to-28000-crore-four-mega-projects-to-add-6400-mw-capacity)
- [BHEL shares jump nearly 6% on bagging multiple orders worth nearly ₹28,000 crore from Adani Power](https://www.cnbctv18.com/market/bhel-share-price-jump-adani-power-order-win-multiple-projects-up-to-28000-crore-fy27-outlook-20026684.htm)
- [BHEL share price target: Already up 50% in 1 year, should you still buy the Maharatna PSU stock? Expert views](https://www.livemint.com/market/bhel-share-price-target-already-up-50-in-1-year-should-you-still-buy-the-maharatna-psu-stock-expert-views-11793692830871.html)
- [Bharat Heavy Electricals Limited has informed the Exchange about Bagging/Receiving of orders/contracts |SUBJECT: Bagging/Receiving of orders/contracts](https://nsearchives.nseindia.com/corporate/BHEL_04112026085754_APLorder04112026.pdf)
- [BHARAT HEAVY ELECTRICALS LIMITED has informed the Exchange about Bagging/Receiving of orders/contracts (Sub-para 4-Para B) |SUBJECT: Bagging/Receiving of orders/contracts (Sub-para 4-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_1252_WebXMLFile_20261104_093324582.xml)
- [Bharat Heavy Electricals Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/BHEL_29102026144219_investormeet04112026.pdf)
- [Bharat Heavy Electricals Ltd has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1252_WebXMLFile_20261029_151235822.xml)
- [Bharat Heavy Electricals Limited has informed the Exchange about change in Management |SUBJECT: Change in Management](https://nsearchives.nseindia.com/corporate/BHEL_25102026094545_srmgt25102026.pdf)

### Bear Case

BHEL faces near-term technical headwinds despite strong order inflows. Daily trend indicators are bearish, with the Supertrend signaling downside and short-term moving averages (20-day SMA and EMA) showing negative slopes of -7.07 and -3.81 respectively over the last five days. The stock has pulled back 9.9% from its recent peak, currently trading at ₹418.10, below the immediate resistance pivot at ₹418.35. While the monthly trend remains bullish, the daily momentum suggests consolidation or correction after a 56.4% one-year gain. Investors should monitor whether the price holds above the ₹410.75 support level; a break below could expose further downside toward ₹397.65.

- Daily technicals are bearish: Supertrend is down, with 20-day SMA and EMA slopes at -7.07 and -3.81 respectively.
- Stock is in a -9.9% drawdown from highs, closing at ₹418.10 on November 5, 2026.
- Immediate resistance sits at ₹418.35 (pivot), requiring a clear break to resume upward momentum.
- Key support level is ₹410.75; failure to hold this may lead to testing lower supports at ₹397.65.

- [BHEL bags projects worth up to ₹28,000 cr from Adani Power](https://www.thehindubusinessline.com/companies/bhel-bags-projects-worth-up-to-28000-cr-from-adani-power/article71664671.ece)
- [BHEL shares rise 6% after getting four orders from Adani Power](https://www.moneycontrol.com/news/business/markets/bhel-shares-rise-6-after-getting-four-orders-from-adani-power-14069053.html)
- [BHEL Bags Adani Power Orders Worth Up To ₹28,000 Crore, Four Mega Projects To Add 6,400 MW Capacity](https://www.freepressjournal.in/business/bhel-bags-adani-power-orders-worth-up-to-28000-crore-four-mega-projects-to-add-6400-mw-capacity)
- [BHEL shares jump nearly 6% on bagging multiple orders worth nearly ₹28,000 crore from Adani Power](https://www.cnbctv18.com/market/bhel-share-price-jump-adani-power-order-win-multiple-projects-up-to-28000-crore-fy27-outlook-20026684.htm)
- [BHEL share price target: Already up 50% in 1 year, should you still buy the Maharatna PSU stock? Expert views](https://www.livemint.com/market/bhel-share-price-target-already-up-50-in-1-year-should-you-still-buy-the-maharatna-psu-stock-expert-views-11793692830871.html)
- [Bharat Heavy Electricals Limited has informed the Exchange about Bagging/Receiving of orders/contracts |SUBJECT: Bagging/Receiving of orders/contracts](https://nsearchives.nseindia.com/corporate/BHEL_04112026085754_APLorder04112026.pdf)
- [BHARAT HEAVY ELECTRICALS LIMITED has informed the Exchange about Bagging/Receiving of orders/contracts (Sub-para 4-Para B) |SUBJECT: Bagging/Receiving of orders/contracts (Sub-para 4-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_1252_WebXMLFile_20261104_093324582.xml)
- [Bharat Heavy Electricals Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/BHEL_29102026144219_investormeet04112026.pdf)
- [Bharat Heavy Electricals Ltd has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1252_WebXMLFile_20261029_151235822.xml)
- [Bharat Heavy Electricals Limited has informed the Exchange about change in Management |SUBJECT: Change in Management](https://nsearchives.nseindia.com/corporate/BHEL_25102026094545_srmgt25102026.pdf)

### FAQs

**What is the scale and nature of BHEL's recent order win from Adani Power?**

On November 4, 2026, BHEL disclosed orders for four 2x800 MW thermal power projects from Adani Power. The combined contract value is estimated between ₹20,000 crore and ₹28,000 crore (excluding GST), with each individual contract valued between ₹5,000 crore and ₹7,000 crore. The scope includes supply of boilers, turbines, generators, and auxiliaries.

**How has the market reacted to these new contracts?**

Following the disclosure on November 4, 2026, BHEL shares rose nearly 6%. As of the latest close on November 5, 2026, the stock traded at ₹418.10. This price movement reflects investor response to the significant addition to the company's order book.

**What are the key financial metrics and growth projections cited by analysts?**

BHEL reported a Q2 profit after tax of ₹810 crore, a 120% increase. The current order book stands at ₹2.58 lakh crore. Geojit Financial Services projects revenue and EPS CAGRs of 27% and 79% respectively between FY26 and FY28, citing expected margin expansion from execution-led performance.

**What management changes have occurred recently?**

Effective October 24, 2026, Executive Director (IS & IO) Shri Jitendra Das superannuated. Concurrently, effective October 25, 2026, Shri Rajeeva Srivastava was appointed General Manager & Head (International Operations) and Shri Amit Gupta as General Manager & Head (DABG), Industry Sector.

- [BHEL bags projects worth up to ₹28,000 cr from Adani Power](https://www.thehindubusinessline.com/companies/bhel-bags-projects-worth-up-to-28000-cr-from-adani-power/article71664671.ece)
- [BHEL shares rise 6% after getting four orders from Adani Power](https://www.moneycontrol.com/news/business/markets/bhel-shares-rise-6-after-getting-four-orders-from-adani-power-14069053.html)
- [BHEL Bags Adani Power Orders Worth Up To ₹28,000 Crore, Four Mega Projects To Add 6,400 MW Capacity](https://www.freepressjournal.in/business/bhel-bags-adani-power-orders-worth-up-to-28000-crore-four-mega-projects-to-add-6400-mw-capacity)
- [BHEL shares jump nearly 6% on bagging multiple orders worth nearly ₹28,000 crore from Adani Power](https://www.cnbctv18.com/market/bhel-share-price-jump-adani-power-order-win-multiple-projects-up-to-28000-crore-fy27-outlook-20026684.htm)
- [BHEL share price target: Already up 50% in 1 year, should you still buy the Maharatna PSU stock? Expert views](https://www.livemint.com/market/bhel-share-price-target-already-up-50-in-1-year-should-you-still-buy-the-maharatna-psu-stock-expert-views-11793692830871.html)
- [Bharat Heavy Electricals Limited has informed the Exchange about Bagging/Receiving of orders/contracts |SUBJECT: Bagging/Receiving of orders/contracts](https://nsearchives.nseindia.com/corporate/BHEL_04112026085754_APLorder04112026.pdf)
- [BHARAT HEAVY ELECTRICALS LIMITED has informed the Exchange about Bagging/Receiving of orders/contracts (Sub-para 4-Para B) |SUBJECT: Bagging/Receiving of orders/contracts (Sub-para 4-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_1252_WebXMLFile_20261104_093324582.xml)
- [Bharat Heavy Electricals Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/BHEL_29102026144219_investormeet04112026.pdf)
- [Bharat Heavy Electricals Ltd has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1252_WebXMLFile_20261029_151235822.xml)
- [Bharat Heavy Electricals Limited has informed the Exchange about change in Management |SUBJECT: Change in Management](https://nsearchives.nseindia.com/corporate/BHEL_25102026094545_srmgt25102026.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Moderate Uptrend
- Pivot point: ₹421.03
- Risk regime: Price Risk Requires Attention

### Support levels
- 397.4375
- 386.07500000000005
- 377.7

### Resistance levels
- 420.1625
- 424.9
- 435.95

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +0.17% |
| return_10 | +8.08% |
| return_1m | -7.35% |
| return_1y | +61.05% |
| return_20 | -2.51% |
| return_3m | +2.61% |
| return_5 | +8.05% |
| return_6m | +8.51% |
| return_since_start | +79.57% |
| return_ytd | +43.70% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -23.18% |
| annualized_volatility | +37.39% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# BHEL Q2 FY2026-27 Results

Bharat Heavy Electricals Limited (BHEL) reported consolidated revenue from operations of ₹9,300.35 crore for the quarter ended 30 September 2026, up 9.8% year on year and 20.8% sequentially. Profit before tax more than doubled against both comparison quarters to ₹1,070.61 crore, while profit for the period rose to ₹820.94 crore from ₹390.40 crore a year earlier. The quarter’s stronger earnings coincided with faster revenue growth than expense growth, although other expenses increased sharply.

## Revenue and expenses

Revenue increased by ₹827.25 crore year on year and ₹1,602.63 crore quarter on quarter. Total income, including ₹252.66 crore of other income, was ₹9,553.01 crore, up 9.9% year on year and 20.7% sequentially.

Total expenses were ₹8,482.40 crore, 3.6% higher year on year and 14.4% higher sequentially—below revenue growth on both comparisons. Other expenses rose to ₹721 crore from ₹534.69 crore in the December 2025 quarter and ₹390.79 crore in the June 2026 quarter. Finance costs declined to ₹124.77 crore, from ₹182.47 crore and ₹139.88 crore, respectively. Employee benefit expense was ₹1,652.14 crore.

## Earnings and per-share performance

Profit before tax was ₹1,070.61 crore, compared with ₹503.59 crore in the December 2025 quarter and ₹496.24 crore in the June 2026 quarter. Profit for the period was ₹820.94 crore, versus ₹390.40 crore and ₹376.71 crore, respectively. Basic and diluted earnings per share were both ₹2.36, up from ₹1.12 in the December quarter and ₹1.08 in the June quarter.

Segment profit before tax was ₹1,089.07 crore. Segment finance costs were ₹124.77 crore, matching consolidated finance costs.

## Balance sheet and liquidity

At 30 September 2026, cash and cash equivalents stood at ₹239.39 crore, down from ₹1,435.45 crore at 30 June. Other bank balances were ₹10,181.76 crore, compared with ₹10,431.17 crore at the end of June. Current borrowings declined 26.8% over the quarter to ₹5,871.85 crore; finance costs also fell, though the figures alone do not establish a direct relationship.

Inventories increased 16.9% to ₹15,587.78 crore, while current trade receivables rose 6.5% to ₹7,239.12 crore. Current trade payables fell 11.0% to ₹9,341.89 crore. Current assets were ₹50,569.95 crore and current liabilities ₹30,221.66 crore at quarter-end. Other current liabilities increased to ₹11,489.66 crore from ₹8,569.27 crore at 30 June.

Equity attributable to owners of the parent was ₹26,752.47 crore at 30 September, up 2.3% from ₹26,146.60 crore three months earlier.

## Key Takeaway

BHEL delivered substantial year-on-year and sequential earnings growth alongside higher revenue, with expenses growing more slowly than revenue overall. The increase in other expenses is a counterpoint to that broad cost trend. On the balance sheet, lower cash and higher inventories, alongside a decline in current borrowings and current liabilities, are notable quarter-on-quarter movements for investors to monitor.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +58.17%
- FII holding: +9.52%
- DII holding: +22.35%
- Mutual fund holding: +11.40%
- Retail holding: +7.93%
- Promoter pledged: +0.00%

### Major reported shareholders

- PRESIDENT OF INDIA — +58.17%
- LIFE INSURANCE CORPORATION OF INDIA — +6.01%
- NIPPON LIFE INDIA TRUSTEE LTD. — +2.49%
- NPS TRUST — +1.62%
- SBI MUTUAL FUND — +1.32%
- AXIS MUTUAL FUND TRUSTEE LTD. — +1.07%

## Official filings

- 2026-11-07 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHEL_07112026125946_orderpgil07112026.pdf)
- 2026-11-07 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_1252_WebXMLFile_20261107_130308103.xml)
- 2026-11-04 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHEL_04112026085754_APLorder04112026.pdf)
- 2026-11-04 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_1252_WebXMLFile_20261104_093324582.xml)
- 2026-10-29 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHEL_29102026144219_investormeet04112026.pdf)
- 2026-10-29 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1252_WebXMLFile_20261029_151235822.xml)
- 2026-10-25 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHEL_25102026094545_srmgt25102026.pdf)
- 2026-10-25 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1252_WebXMLFile_20261025_094753829.xml)
- 2026-10-22 — Management Change: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHEL_22102026180212_SE_intimation_for_Appointment_of_D_HR_2210__002_.pdf)
- 2026-10-22 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1252_WebXMLFile_20261022_180637136.xml)
- 2026-10-15 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHEL_15102026160434_newspaperQ2FY27.pdf)
- 2026-10-14 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHEL_14102026133809_BHELRESULTS.pdf)
- 2026-10-14 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHEL_14102026134818_capexmergerSE26.pdf)
- 2026-10-14 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHEL_14102026151739_Q227suppl.pdf)
- 2026-10-14 — Financial Results Filing: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1737662_14102026032021_WEB.xml)
- 2026-10-14 — Financial Results Filing: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1737664_14102026032120_WEB.xml)
- 2026-10-08 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHEL_08102026121937_certificate.pdf)
- 2026-10-05 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHEL_05102026165729_SEINTIMATION.pdf)
- 2026-10-01 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/BHELCORPFIN_01102026115356_Quarterly_Letter_to_stock_exchange_30092026_1.pdf)
- 2026-09-29 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHEL_29092026144435_SEletterUFR30092026TWclosure.pdf)
- 2026-09-29 — Board Meeting Notice: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHEL_29092026144318_SEletterUFR30092026TWclosure.pdf)
- 2026-09-29 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_1252_WebXMLFile_20260929_145329128.xml)
- 2026-09-29 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_1252_WebXMLFile_20260929_145037766.xml)
- 2026-09-29 — Board Meeting Notice: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_1252_WebXMLFile_20260929_145037766.xml)
- 2026-09-29 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/BHELCORPFIN_29092026151501_BHEL_CP_Redemption_Intimation_SE_29092026_-_signed.pdf)

## News and market events

- 2026-11-07 — CNBC-TV18: **BHEL bags ₹600-900 crore order from Power Grid for Barmer project** — Bharat Heavy Electricals (BHEL) has secured a domestic order worth ₹600 crore to ₹900 crore from Power Grid Corporation of India Limited to design, manufacture, and commission two synchronous condenser units at the Barmer-II HVDC Terminal Station in Rajasthan. The contract, classified as non-related-party, requires BHEL to complete the project within 44 months, with the equipment intended to support power system stability and voltage regulation for high-voltage direct current transmission infrastructure. — [Source](https://www.cnbctv18.com/market/bhel-bags-rs-600-900-crore-order-from-power-grid-for-barmer-project-20029526.htm)
- 2026-11-04 — The Hindu: **BHEL bags projects worth up to ₹28,000 cr from Adani Power** — State-owned BHEL has received orders for four 2x800 MW projects from Adani Power, with each project valued between ₹5,000 crore and ₹7,000 crore excluding GST. The agreements involve the supply of equipment such as boilers, turbines, and generators, along with agreed services. This development is significant given Adani Power's status as India's largest private thermal power producer. — [Source](https://www.thehindubusinessline.com/companies/bhel-bags-projects-worth-up-to-28000-cr-from-adani-power/article71664671.ece)
- 2026-11-04 — MONEYCONTROL: **BHEL shares rise 6% after getting four orders from Adani Power** — BHEL shares rose 6% after the company secured four orders from Adani Power. The price movement reflects market reaction to the new business contracts awarded to the engineering firm. — [Source](https://www.moneycontrol.com/news/business/markets/bhel-shares-rise-6-after-getting-four-orders-from-adani-power-14069053.html)
- 2026-11-04 — FREEPRESSJOURNAL.IN: **BHEL Bags Adani Power Orders Worth Up To ₹28,000 Crore, Four Mega Projects To Add 6,400 MW Capacity** — Bharat Heavy Electricals Limited (BHEL) has secured four major contracts from Adani Power Limited, with a combined estimated value between ₹20,000 crore and ₹28,000 crore excluding GST. These agreements cover the supply of critical thermal power equipment and services for four projects that will add a total of 6,400 MW of generation capacity. BHEL disclosed the development in a regulatory filing on November 4, 2026, noting that the orders strengthen its order book while confirming no related-party interests exist. — [Source](https://www.freepressjournal.in/business/bhel-bags-adani-power-orders-worth-up-to-28000-crore-four-mega-projects-to-add-6400-mw-capacity)
- 2026-11-04 — CNBC-TV18: **BHEL shares jump nearly 6% on bagging multiple orders worth nearly ₹28,000 crore from Adani Power** — Bharat Heavy Electricals Ltd shares rose nearly 6% after the company secured orders worth up to ₹28,000 crore from Adani Power for four 2x800 MW projects. This development follows BHEL's strong second-quarter performance, which saw profit after tax surge 120% and prompted IIFL Institutional Equities to raise its earnings estimates by 20% to 25%. — [Source](https://www.cnbctv18.com/market/bhel-share-price-jump-adani-power-order-win-multiple-projects-up-to-28000-crore-fy27-outlook-20026684.htm)
- 2026-11-03 — Mint: **BHEL share price target: Already up 50% in 1 year, should you still buy the Maharatna PSU stock? Expert views** — BHEL shares have surged 51% over the past year, supported by a more than doubling of Q2 net profit to ₹810 crore and a robust order book of ₹2.58 lakh crore, despite recent price weakness. Geojit Financial Services has upgraded the stock to Buy with a target of ₹453, citing expected earnings growth and margin expansion driven by execution-led performance and a ₹500 crore manufacturing investment. The brokerage projects revenue and EPS CAGRs of 27% and 79% respectively between FY26 and FY28, though investors are advised to consider execution risks. — [Source](https://www.livemint.com/market/bhel-share-price-target-already-up-50-in-1-year-should-you-still-buy-the-maharatna-psu-stock-expert-views-11793692830871.html)
- 2026-10-27 — BUSINESSTODAY: **BHEL, Bharati Airtel, Bank of India: Top stocks to trade — Check key levels, targets & stop loss** — Indian equity benchmark indices managed to post decent gains on Monday led by value buying in select pockets despite elevated crude oil prices and geopolitical concerns amid busy Q2 earning season. — [Source](https://www.businesstoday.in/markets/trending-stocks/story/bhel-bharati-airtel-bank-of-india-top-stocks-to-trade-check-key-levels-targets-stop-loss-563829-2026-10-27)
- 2026-10-26 — FREEPRESSJOURNAL.IN: **NGT Takes Suo Motu Cognisance Of BHEL Sewage Treatment Plant's Reported Six-Month Shutdown In Bhopal, Orders Probe Into Pollution Concerns** — The National Green Tribunal has taken suo motu cognisance of reports that BHEL — [Source](https://www.freepressjournal.in/bhopal/ngt-takes-suo-motu-cognisance-of-bhel-sewage-treatment-plants-reported-six-month-shutdown-in-bhopal-orders-probe-into-pollution-concerns)
- 2026-10-26 — CNBC-TV18: **IIFL raises CG Power, BHEL earnings estimates; sees stronger demand for power equipment** — IIFL’s Renu Baid Pugalia expects ABB India’s order inflows to grow 35% year on year, supported by improving regional demand, with the potential for an upside surprise. — [Source](https://www.cnbctv18.com/market/cg-power-larsen-toubro-abb-india-bhel-capital-goods-q2-results-iifl-institutional-20019078.htm)
- 2026-10-22 — MONEYCONTROL: **Coal India-BHEL's Rs 25,000-crore coal gasification project enters construction phase** — Coal India-BHEL's Rs 25,000-crore coal gasification project enters construction phase Follow Us On: Stocks: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Others Trending Topics more Sensex Today Jio IPO Annamalai DeepSeek Indian Rupee Priyanka Gandhi Marco Rubio Abhijeet Dipke 8th CPC Fitment Factor Kiren Rijiju News more Business Markets Stocks India News City News Economy Mutual Funds Personal Finance IPO News Startups Markets more Home Currencies Commodities Pre-Market IPO Global Market US Markets Bonds Silver MCX Price Gold MCX Price Personal Finance more Home Loans up to 50 Lakhs Cr — [Source](https://www.moneycontrol.com/news/business/coal-india-bhel-s-rs-25-000-crore-coal-gasification-project-enters-construction-phase-14057855.html)
- 2026-10-22 — Economic Times: **BCGCL starts construction work on Rs 25,000 cr gasification project, Rs 15k cr work awarded** — Bharat Coal Gasification and Chemicals Ltd has begun construction for a significant coal gasification project in Odisha. The project involves an investment of Rs 25,000 crore, aimed at producing technical grade ammonium nitrate. Most tenders have been awarded, with Rs 15,000 crore worth of contracts already distributed. Major work is divided between BHEL and Larsen & Toubro for specific project packages. — [Source](https://economictimes.indiatimes.com/industry/energy/oil-gas/bcgcl-starts-construction-work-on-rs-25000-cr-gasification-project-rs-15k-cr-work-awarded/articleshow/135114274.cms)
- 2026-10-15 — The Hindu: **CM ready for probe into imported coal deal, leaves choice of inquiry to KTR** — CM ready for probe into imported coal deal, leaves choice of inquiry to KTR — [Source](https://www.thehindu.com/news/national/telangana/cm-ready-for-probe-into-imported-coal-deal-leaves-choice-of-inquiry-to-ktr/article71589550.ece)
- 2026-10-15 — BUSINESSTODAY: **BHEL target price: Stock falls 6% even as brokerage ups estimates; should you buy, sell or hold?** — BHEL target price, BHEL share price, BHEL Q2 results FY27, BHEL share price target 2026, BHEL target price by brokerages, BHEL stock analysis, BHEL Q2 earnings, BHEL share price fall, BHEL order book, BHEL buy or sell, BHEL stock forecast, BHEL share price today, Bharat Heavy Electricals share price, BHEL CLSA target price, BHEL ICICI Securities target price, BHEL JM Financial target price — [Source](https://www.businesstoday.in/markets/stocks/story/bhel-target-price-stock-falls-6-even-as-brokerage-ups-estimates-should-you-buy-sell-or-hold-561824-2026-10-15)
- 2026-10-15 — Economic Times: **BHEL shares fall 4% despite Q2 profit jumping 119% YoY. Should you buy, sell or hold?** — BHEL shares fell 4.3% after rallying on strong Q2FY27 results, even as Nuvama and JM Financial retained their Buy ratings and raised target prices. Brokerages cited margin expansion, improved execution, a healthy order book and favourable thermal power prospects. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/bhel-shares-fall-4-despite-q2-profit-jumping-119-yoy-should-you-buy-sell-or-hold/articleshow/134957918.cms)
- 2026-10-15 — FEEDS: **'BHEL Has A 43% Downside': Top Brokerages See Frothy Valuation Hit Defence PSU Stock. Shares Fall 5%** — CLSA believes the entry of Chinese suppliers, JSW Toshiba, L&T and Thermax into its core thermal equipment segment question its market dominance and its backlog looks to have peaked, while the stock is pricing in a lot more. — [Source](https://www.ndtvprofit.com/markets/bhel-share-price-falls-5-after-weak-order-inflows-brokerages-see-up-to-43-downside-12187836)
- 2026-10-15 — Mint: **BHEL share price crashes 5% on profit booking after Q2 results: Buy or sell? Brokerages suggest this** — BHEL shares fell nearly 5% despite second-quarter net profit more than doubling to ₹821 crore and revenue rising 24% year-on-year. Higher expenses and a sharp decline in fresh order inflows tempered the strong results. — [Source](https://www.livemint.com/market/stock-market-news/bhel-share-price-crashes-5-on-profit-booking-after-q2-results-buy-or-sell-brokerages-suggest-this-11792038530228.html)
- 2026-10-15 — MONEYCONTROL: **Reducde BHEL; target of Rs 426: Prabhudas Lilladher** — Prabhudas Lilladher, reduce, BHEL, Recommendations — [Source](https://www.moneycontrol.com/news/business/stocks/reducde-bhel-target-of-rs-426-prabhudas-lilladher-14052670.html)
- 2026-10-15 — MONEYCONTROL: **BHEL shares fall over 4% despite stellar Q2; CLSA flags rich valuations, JM Financial raises target** — BHEL, BHEL stocks, BHEL shares, BHEL share price, BHEL Q2 numbers — [Source](https://www.moneycontrol.com/news/business/stocks/bhel-shares-fall-over-3-despite-stellar-q2-clsa-flags-rich-valuations-jm-financial-raises-target-14052651.html)
- 2026-10-15 — CNBC-TV18: **BHEL Buy Or Sell? Analysts raise targets but remain divided between bulls and bears after Q2** — BHEL surpassed analyst expectations by a wide margin in the second quarter and were also significantly higher on a year-on-year basis. Analysts say the second quarter margins for BHEL were the highest in 13 years in Q2. — [Source](https://www.cnbctv18.com/market/bhel-share-price-buy-or-sell-after-q2-target-valuations-order-backlog-downside-returns-20012249.htm)
- 2026-10-15 — Mint: **Raja Venkatraman recommends three stocks for 15 October** — Market expert Raja Venkatraman shares his top stock picks for 15 October. Here’s his technical outlook and trade strategy. — [Source](https://www.livemint.com/market/stock-market-news/raja-venkatraman-recommends-three-stocks-for-15-october-11792024961360.html)
- 2026-10-14 — The Hindu: **State government reclaims 281 hectares of unused land from BHEL, plans industrial park** — Tamil Nadu government reclaims 281.85 hectares of unused BHEL land to create an industrial park in Tiruchi. — [Source](https://www.thehindu.com/news/cities/Tiruchirapalli/state-government-reclaims-281-hectares-of-unused-land-from-bhel-plans-industrial-park/article71580046.ece)
- 2026-10-14 — The Hindu: **BHEL Tiruchi holds Pink October cancer screening camp** — BHEL Tiruchi hosts Pink October cancer screening camp for women to boost awareness, early detection, and broader cancer prevention efforts. — [Source](https://www.thehindu.com/news/cities/Tiruchirapalli/bhel-tiruchi-holds-pink-october-cancer-screening-camp/article71583613.ece)
- 2026-10-14 — Mint: **BHEL Q2 results: Defence PSU stock jumps 5% to record high as net profit soars 120%; check key highlights, share trend** — BHEL shares hit a record high of ₹463.60 after the company reported a 120.1% year-on-year rise in Q2 FY27 net profit to ₹810 crore. Revenue grew 23.8%, while EBITDA rose 76.6% and margins expanded to 11%. The board also approved a ₹500 crore manufacturing investment. — [Source](https://www.livemint.com/market/stock-market-news/bhel-q2-results-defence-psu-stock-jumps-5-to-record-high-as-net-profit-soars-120-check-key-highlights-share-trend-11791971434067.html)
- 2026-10-14 — The Hindu: **BHEL Q2 net profit jumps over two-fold to ₹821 crore** — The company had clocked a net profit of ₹374.89 crore in the second quarter of the preceding financial year, BHEL said in an exchange filing. — [Source](https://www.thehindubusinessline.com/companies/bhel-q2-net-profit-jumps-over-two-fold-to-821-crore/article71582952.ece)
- 2026-10-14 — BUSINESS: **BHEL gains 5%, hits new high post Q2 results; stock up 100% in one year** — Thus far in the calendar year 2026, BHEL stock outperformed the market by soaring 61% compared to a 14.6% decline in the BSE Sensex. — [Source](https://www.business-standard.com/markets/news/bhel-gains-5-hits-new-high-post-q2-results-stock-up-100-in-one-year-126101400694_1.html)

## Business profile

**Strategic vision:** Designs, engineers, and manufactures energy and infrastructure equipment.

### Business segments
- **Power Generation and Transmission:** Manufactures equipment for power generation including thermal, hydro, gas, nuclear, and solar PV systems, as well as transmission solutions.
- **Industrial Products and Systems:** Provides industrial products such as pumps, compressors, castings, forgings, heat exchangers, valves, piping systems, and automation and control systems.
- **Other Strategic Sectors:** Extends capabilities to transportation, defence & aerospace, oil & gas, and new areas like energy storage and e-mobility solutions.

### Competitive strengths
- 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.

## Related stocks

- [ABB India Limited (Energy)](https://faxioms.com/stocks/abb) — +2.20%
- [Adani Energy Solutions Limited (Energy)](https://faxioms.com/stocks/adaniensol) — +0.74%
- [Adani Green Energy Limited (Energy)](https://faxioms.com/stocks/adanigreen) — +0.65%
- [Bharat Petroleum Corporation Limited (Energy)](https://faxioms.com/stocks/bpcl) — +0.88%
- [CG Power and Industrial Solutions Limited (Energy)](https://faxioms.com/stocks/cgpower) — -4.43%

## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/bhel
Markdown representation: https://faxioms.com/stocks/bhel?render=md