# BHEL (BHEL) — Stock analysis

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

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹439.9
- Change: +2.49%
- As of: 2026-09-18
- 1D return: +2.49%
- 5D return: +2.42%
- 1M return: +6.38%
- Latest complete quarter: fy27_q1

## Faxioms Analysis

_As of 2026-09-18_

### Technical Outlook

As of September 18, 2026, BHEL is trading at ₹439.9, with its daily, weekly, and monthly timeframes all indicating a bullish technical stance. The stock is positioned above key moving averages and the Supertrend indicator across all observed periods, suggesting sustained upward momentum. Recent market activity shows a mix of positive and downside events over the last 30 days, with one positive attention event and one downside event.

The nearest resistance level is observed at ₹441.89, approximately 0.45% above the current price. Support is identified at ₹436.37, about 0.8% below the current price. The stock is trading near the upper end of its recent trading range, with its position in the 20-day, 50-day, and 252-day ranges at 92%, 89%, and 97% respectively. The annualized volatility stands at 37%, with a current drawdown of -1% and a maximum drawdown of -23% observed historically.

Key patterns noted on the monthly timeframe include a Hammer, Doji, and Inside Bar, while a weekly Outside Bar is also active. These patterns, occurring in conjunction with the broader bullish trend, warrant close observation for potential continuation or reversal signals.

- Current price on September 18, 2026: ₹439.9.
- Nearest resistance level: ₹441.89 (approx. 0.45% higher).
- Nearest support level: ₹436.37 (approx. 0.8% lower).
- Bullish trend confirmed across daily, weekly, and monthly timeframes.
- Annualized volatility is 37%; current drawdown is -1%.

- Hammer
- Doji
- Inside Bar
- Outside Bar
- Morning Star
- Bearish Engulfing Reversal

### News Context

Bharat Heavy Electricals Ltd (BHEL) was mentioned in news reports on September 16, 2026, in relation to the Vande Bharat sleeper trainsets, alongside Titagarh Rail Systems. Separately, on September 18, 2026, the Central Bureau of Investigation (CBI) filed a First Information Report (FIR) against BHEL employees concerning the alleged embezzlement of 31.65 kg of silver, valued at ₹71 lakh, from its Gurugram solar cell plant. This silver was part of MNRE-funded assets.

- On September 16, 2026, BHEL shares were in focus alongside Titagarh Rail Systems, with reports linking them to Vande Bharat sleeper trainsets.
- On September 18, 2026, the CBI filed an FIR against BHEL employees regarding the disappearance of 31.65 kg of silver, worth ₹71 lakh, from the Gurugram solar cell plant.
- The missing silver was noted as being part of MNRE-funded assets at the Amorphous Silicon Solar Cell Plant in Gurugram.

- 31.65 kg silver goes missing from BHEL plant, CBI files FIR against employees
- Stock Alert: GMR Airports, Saatvik Green Energy, NBCC, GMM Pfaudler
- Kanohar Electricals IPO debut today: Shares command 30% GMP ahead of listing
- BHEL, Titagarh Rail Systems shares in focus today; here's why
- Top stocks in news: Groww, Kanohar, BHEL, Glass Wall, Auro Pharma, GMR Airports, Prasol, NBCC

### What Changed

Bharat Heavy Electricals Limited (BHEL) has recently undergone a change in its Registrar and Share Transfer Agent (RTA). On 18 September 2026, the company formally entered into a Tripartite Agreement with M/s Bigshare Services Private Limited, the new RTA, and M/s Alankit Assignments Limited, the former RTA. This follows an earlier intimation of this change on 1 January 2026. In separate news, a Central Bureau of Investigation (CBI) First Information Report (FIR) has been filed against BHEL employees concerning the alleged disappearance of 31.65 kg of silver, valued at ₹71 lakh, from the company's Gurugram plant. The missing silver was reportedly part of assets funded by the Ministry of New and Renewable Energy (MNRE). The company's share price saw an increase, closing at ₹439.9 on 18 September 2026, up from ₹429.2 on the previous trading day.

- On 18 September 2026, BHEL finalized a Tripartite Agreement for a change in its Registrar and Share Transfer Agent.
- The company had previously intimated the change of RTA on 1 January 2026.
- A CBI FIR was filed on or before 18 September 2026 against BHEL employees regarding missing silver worth ₹71 lakh from its Gurugram plant.
- BHEL's share price closed at ₹439.9 on 18 September 2026, an increase from the previous day's close of ₹429.2.

- 31.65 kg silver goes missing from BHEL plant, CBI files FIR against employees
- Bharat Heavy Electricals Limited has informed the Exchange regarding 'Signing of Tripartite Agreement'. |SUBJECT: Updates

### Official Filings

Bharat Heavy Electricals Limited (BHEL) has disclosed several significant developments. On September 15, 2026, the company announced the formation of a 50:50 joint venture (JV) with Titagarh Rail Systems Limited (TRSL) to maintain Vande Bharat Sleeper Trainsets for 35 years. This JV, planned as a Private Limited entity with an initial paid-up capital of INR 50 lakh, confirms a prior approval granted on March 19, 2026. Additionally, on September 14, 2026, BHEL's board approved an equity investment of INR 650 million (in one or more tranches) into its existing 50:50 joint venture, NTPC BHEL Power Projects Private Limited (NBPPL). This infusion is intended to settle urgent liabilities of NBPPL, which reported a net worth of INR -2,661.9 million and a loss after tax (PAT) of INR -260.4 million for FY 2025-2026. The company also announced the appointment of new joint statutory auditors, M/s K Venkatachalam Aiyer & Co and M/s K S Dua & Co, for the financial year 2026-27, effective September 8, 2026. BHEL also updated its Registrar and Share Transfer Agent (RTA) on September 18, 2026, with M/s Bigshare Services Private Limited taking over from M/s Alankit Assignments Limited.

- On September 15, 2026, BHEL and Titagarh Rail Systems Limited signed an agreement to form a 50:50 joint venture for the 35-year maintenance of Vande Bharat Sleeper Trainsets, with an initial capital of INR 50 lakh.
- On September 14, 2026, BHEL's board approved an equity investment of INR 650 million in its joint venture NBPPL to address urgent liabilities, with NBPPL reporting a net worth of INR -2,661.9 million for FY 2025-2026.
- On September 8, 2026, BHEL announced the appointment of M/s K Venkatachalam Aiyer & Co and M/s K S Dua & Co as Joint Statutory Auditors for FY 2026-27.
- On September 18, 2026, BHEL informed the exchange about the change of its Registrar and Share Transfer Agent to M/s Bigshare Services Private Limited.
- On September 15, 2026, BHEL set record dates of September 28, 2026, and September 24, 2026, for the redemption of two commercial papers maturing on September 29, 2026, and September 25, 2026, respectively.

- Bharat Heavy Electricals Limited has informed the Exchange regarding 'Signing of Tripartite Agreement'. |SUBJECT: Updates
- BHARAT HEAVY ELECTRICALS LIMITED has informed the Exchange about Arrangements (Sub-para 2-Para B) |SUBJECT: Arrangements (Sub-para 2-Para B)
- Record Date Updates |SUBJECT: Record Date Updates
- Signing of Joint Venture Agreement with Titagarh Rail Systems Limited |SUBJECT: Arrangements for strategic, technical, manufacturing, or marketing tie up
- Bharat Heavy Electricals Limited has informed the Exchange about Outcome of Board Meeting Equity investment in Joint Venture |SUBJECT: Acquisition
- BHARAT HEAVY ELECTRICALS LIMITED has informed the Exchange regarding Acquisition (including agreement to acquire) |SUBJECT: Acquisition (including agreement to acquire)-XBRL
- Bharat Heavy Electricals Limited has informed the Exchange regarding Change in Auditors of the company. |SUBJECT: Change in Auditors
- BHARAT HEAVY ELECTRICALS LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA
- Bharat Heavy Electricals Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates

### Fundamentals

Bharat Heavy Electricals (BHEL) reported a notable increase in revenue for the quarter ending June 2026 (Q1 FY27), reaching ₹7,697.72 crore, up from ₹5,487.00 crore in the previous quarter (Q4 FY26). This top-line growth was accompanied by a significant improvement in profitability. Profit Before Tax (PBT) rose to ₹496.24 crore in Q1 FY27 from ₹1,710.81 crore in Q4 FY26, indicating a sequential decline but a substantial increase compared to prior periods not detailed here. The company's Net Profit for the period also saw a corresponding increase, reaching ₹376.71 crore in Q1 FY27.

Financially, BHEL's balance sheet shows a substantial increase in borrowings, rising from ₹5,454 crore in March 2023 to ₹8,856 crore by March 2024, and projected to reach ₹9,015 crore by March 2025. This increase in debt is a key factor to monitor, especially in conjunction with the company's cash flow generation. While Free Cash Flow (FCF) was negative in recent historical periods (e.g., -₹3,936 crore in March 2024), projections indicate a positive FCF of ₹1,902 crore for March 2025 and ₹5,261 crore for March 2026. The company's Return on Equity (ROE) has shown improvement, standing at 6% in the last year, with projections suggesting an increase to 9% by March 2026 (ROCE). Shareholding patterns show a steady increase in Domestic Institutional Investors (DIIs) holdings, reaching 23.93% by March 2026, while promoter holding is projected to decrease slightly from 63.17% to 58.17% over the same period.

- Revenue increased sequentially to ₹7,697.72 crore in Q1 FY27 from ₹5,487.00 crore in Q4 FY26.
- Profit Before Tax (PBT) was ₹496.24 crore in Q1 FY27, compared to ₹1,710.81 crore in Q4 FY26.
- Net Profit for Q1 FY27 was ₹376.71 crore.
- Borrowings increased to ₹8,856 crore in March 2024, with projections of ₹9,015 crore by March 2025.
- Projected Free Cash Flow (FCF) is ₹1,902 crore for March 2025 and ₹5,261 crore for March 2026.
- Domestic Institutional Investors' (DIIs) shareholding is projected to increase to 23.93% by March 2026.

### Bull Case

Bharat Heavy Electricals (BHEL) on the NSE has demonstrated significant year-to-date sales growth, alongside a substantial improvement in its profit growth over the trailing twelve months (TTM). The company's financial performance shows a positive shift in cash flow from operations, moving from a negative to a positive figure between the fiscal years ending March 2019 and March 2020. This operational improvement is further supported by technical indicators, with daily, weekly, and monthly trends all showing a bullish supertrend direction as of September 18, 2026, suggesting sustained upward momentum across multiple timeframes.

- Compounded sales growth was 27% on a TTM basis, compared to 14% over 5 years.
- Compounded profit growth was 739% on a TTM basis, compared to 21% over 5 years.
- Cash flow from operations improved from -₹169.0 in March 2019 to ₹1930.0 in March 2020.
- Technical indicators show a bullish supertrend direction on daily, weekly, and monthly timeframes as of September 18, 2026.

- 31.65 kg silver goes missing from BHEL plant, CBI files FIR against employees
- Stock Alert: GMR Airports, Saatvik Green Energy, NBCC, GMM Pfaudler
- Kanohar Electricals IPO debut today: Shares command 30% GMP ahead of listing
- BHEL, Titagarh Rail Systems shares in focus today; here's why
- Top stocks in news: Groww, Kanohar, BHEL, Glass Wall, Auro Pharma, GMR Airports, Prasol, NBCC

### Bear Case

Bharat Heavy Electricals Limited (BHEL) faces several financial and operational constraints. The company's borrowings have significantly increased from ₹2,598 crore in March 2019 to ₹5,080 crore in March 2020. Concurrently, reserves have decreased from ₹30,208 crore to ₹27,964 crore over the same period, indicating a potential strain on its equity base relative to its debt. Furthermore, the company has experienced negative cash flow from operations for both the fiscal years ending March 2019 and March 2020, with figures of -₹3,860 crore and -₹2,892 crore, respectively. This trend extends to free cash flow, which was -₹4,284 crore in March 2019 and -₹3,276 crore in March 2020. A recent news report also highlights a security lapse at a BHEL plant, with 31.65 kg of silver reported missing, leading to a Central Bureau of Investigation (CBI) filing an FIR against employees.

- Borrowings increased from ₹2,598 crore in March 2019 to ₹5,080 crore in March 2020.
- Reserves decreased from ₹30,208 crore in March 2019 to ₹27,964 crore in March 2020.
- Cash flow from operations was negative for the fiscal years ending March 2019 (-₹3,860 crore) and March 2020 (-₹2,892 crore).
- Free cash flow was negative for the fiscal years ending March 2019 (-₹4,284 crore) and March 2020 (-₹3,276 crore).
- A CBI FIR was filed against employees following the reported disappearance of 31.65 kg of silver from a BHEL plant.

- 31.65 kg silver goes missing from BHEL plant, CBI files FIR against employees
- Stock Alert: GMR Airports, Saatvik Green Energy, NBCC, GMM Pfaudler
- Kanohar Electricals IPO debut today: Shares command 30% GMP ahead of listing
- BHEL, Titagarh Rail Systems shares in focus today; here's why
- Top stocks in news: Groww, Kanohar, BHEL, Glass Wall, Auro Pharma, GMR Airports, Prasol, NBCC

### FAQs

**What is the recent strategic development involving Bharat Heavy Electricals Limited (BHEL) and Titagarh Rail Systems Limited (TRSL)?**

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.

**How has BHEL's financial position changed between March 2019 and March 2020?**

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.

**What are the recent trends in BHEL's sales and profit growth?**

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%.

**What is the current technical trend for BHEL shares?**

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.

- 31.65 kg silver goes missing from BHEL plant, CBI files FIR against employees
- Stock Alert: GMR Airports, Saatvik Green Energy, NBCC, GMM Pfaudler
- Kanohar Electricals IPO debut today: Shares command 30% GMP ahead of listing
- BHEL, Titagarh Rail Systems shares in focus today; here's why
- Top stocks in news: Groww, Kanohar, BHEL, Glass Wall, Auro Pharma, GMR Airports, Prasol, NBCC
- Bharat Heavy Electricals Limited has informed the Exchange regarding 'Signing of Tripartite Agreement'. |SUBJECT: Updates
- BHARAT HEAVY ELECTRICALS LIMITED has informed the Exchange about Arrangements (Sub-para 2-Para B) |SUBJECT: Arrangements (Sub-para 2-Para B)
- Record Date Updates |SUBJECT: Record Date Updates
- Signing of Joint Venture Agreement with Titagarh Rail Systems Limited |SUBJECT: Arrangements for strategic, technical, manufacturing, or marketing tie up
## Technical analytics

- As of: 2026-09-18
- Daily trend: Strong Uptrend
- Weekly trend: Moderate Uptrend
- Pivot point: ₹423.58
- Risk regime: Price Risk Requires Attention

### Support levels
- 397.4375
- 386.1
- 369.70000000000005

### Resistance levels
- 441.8875
- 443.5333333333333
- 456.3166666666666

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +2.49% |
| return_10 | +1.88% |
| return_1m | +3.51% |
| return_1y | +87.60% |
| return_20 | +6.38% |
| return_3m | +8.38% |
| return_5 | +2.42% |
| return_6m | +69.09% |
| return_since_start | +88.61% |
| return_ytd | +50.93% |

### 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 | +36.98% |

## Quarterly financials

- Latest complete quarter: fy27_q1

**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: 40% Year-on-Year Growth, Sequential Fall Consistent with Prior Year Pattern

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.

## Profitability Swings from Loss to Profit, but Declines from Q4 Peak

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.

## Key Expense Items Exceed Revenue; Other Income and Segment Profitability Support Profit

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.

## Balance Sheet Expands, Reflecting Profit Retention

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.

## Other Comprehensive Income Remains Mostly Negative

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.

## Key Takeaway

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.

### Ratios

## Official filings

- 2026-09-18 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHEL_18092026151822_SEIntimation.pdf)
- 2026-09-15 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_1252_WebXMLFile_20260915_160344114.xml)
- 2026-09-15 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/BHELCORPFIN_15092026160044_BHEL_CP_Record_Date_Sept_2026_1.pdf)
- 2026-09-15 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/BHELCORPFIN_15092026160044_BHEL_CP_Record_Date_Sept_2026_1.pdf)
- 2026-09-15 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHEL_15092026160755_SE-TRSLJVA.pdf)
- 2026-09-14 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHEL_14092026185510_BMoutcomeNBPPL.pdf)
- 2026-09-14 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_1252_WebXMLFile_20260914_193732298.xml)
- 2026-09-08 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHEL_08092026154443_letter_to_SE_for_auditor.pdf)
- 2026-09-08 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1252_WebXMLFile_20260908_154645056.xml)
- 2026-09-05 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHEL_05092026173418_letter_to_SE_for_investor_meet.pdf)
- 2026-09-05 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1252_WebXMLFile_20260905_173842555.xml)
- 2026-08-26 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHEL_26082026163129_SEinformationonFineQ12627.pdf)
- 2026-08-25 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHELCC_25082026093703_Info_for_SE_25_08_2026.pdf)
- 2026-08-25 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1252_WebXMLFile_20260825_093328484.xml)
- 2026-08-18 — Regulatory Filing: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHEL_08182026180532_52744.zip)
- 2026-08-13 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_1252_WebXMLFile_20260813_140009386.xml)
- 2026-08-13 — Generic Announcement: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHELCC_13082026140328_Info_for_SE_13_08_2026.pdf)
- 2026-08-12 — Credit Rating Update: Bharat Heavy Electricals Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHELCC_12082026111843_Info_for_SE_12_08_2026.pdf)
- 2026-08-05 — Generic Announcement: The 62nd Annual General Meeting of Bharat Heavy Electricals Limited (BHEL) was held on August 5, 2026, via video conference. All seven resolutions presented, including the adoption of financial statements for the year ended March 31, 2026, approval of dividend for FY 2025-26, re-appointments of directors, and authorization for auditor remuneration, were passed with the required majority. The meeting also saw the appointment of Ms. Nigar Fatima Husain as a Director. — [Official attachment](https://nsearchives.nseindia.com/corporate/BHEL_05082026172308_62agmproceedingvotingresults.pdf)
- 2026-08-04 — Generic Announcement: Bharat Heavy Electricals Limited (BHEL) published a newspaper advertisement on August 4, 2026, in the Financial Express (English) and Jansatta (Hindi) regarding the opening of a Special Window for the transfer and dematerialisation of physical securities. This action is in compliance with SEBI Circular dated January 30, 2026, and Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. — [Official attachment](https://nsearchives.nseindia.com/corporate/BHEL_04082026132425_SEINTIMATION.pdf)
- 2026-07-31 — Generic Announcement: Bharat Heavy Electricals Limited (BHEL) received an order from the Office of the Principal Commissioner of Customs (Air-Cargo), Chennai, imposing a fiscal penalty of Rs. 3,85,729. The order, dated July 24, 2026, also demands differential duty of Rs. 3,55,728.18 and interest of Rs. 1,87,415.15, totaling Rs. 9,28,872, for wrong availment of Basic Customs duty. BHEL is assessing its right to appeal this order. — [Official attachment](https://nsearchives.nseindia.com/corporate/BHELCC_31072026143012_Info_for_SE_31_07_2026.pdf)
- 2026-07-29 — Generic Announcement: Bharat Heavy Electricals Limited (BHEL) clarified that news circulating online about its successful development of a 1200 kV Transformer is over a decade old. BHEL successfully tested a 333 MVA 1150/400/33 kV single-phase auto transformer in May 2011 and commissioned it in January 2012. Additionally, an 180 MVA/1200 kV in-house testing transformer and a 500 MVA/765 kV transformer were developed in 2011 and 2014, respectively. BHEL has been a regular supplier of 765 kV transformers and reactors since 2014 and has been prepared for 1200 kV requirements since 2011. — [Official attachment](https://nsearchives.nseindia.com/corporate/BHELCC_29072026170333_Info_for_SE_29_07_2026.pdf)
- 2026-07-21 — Official Filing: Bharat Heavy Electricals Ltd (BHEL) will hold institutional investor meetings on July 24, 2026, in Mumbai. These meetings, hosted by Nuvama Institutional Equities, will cover company performance updates. BHEL will refer to publicly available documents and will not make any new presentations during these one-on-one and group sessions.
- 2026-07-21 — Generic Announcement: Bharat Heavy Electricals Limited (BHEL) will participate in an investor meeting on July 24, 2026, in Mumbai. The meeting will be a one-to-one or group session with investors, and BHEL will refer to publicly available information without making a new presentation. — [Official attachment](https://nsearchives.nseindia.com/corporate/BHELCC_21072026145059_Info_for_SE_21_07_2026.pdf)
- 2026-07-17 — Generic Announcement: Bharat Heavy Electricals Limited published its unaudited financial results for the quarter ended June 30, 2026, on July 17, 2026. These results were published in the Business Standard newspaper in both Hindi and English. — [Official attachment](https://nsearchives.nseindia.com/corporate/BHEL_17072026160528_newspaperQ1FY27UFR.pdf)

## News and market events

- 2026-09-18 — MONEYCONTROL: **31.65 kg silver goes missing from BHEL plant, CBI files FIR against employees** — CBI BHEL investigation, BHEL silver embezzlement, BHEL Gurugram plant, missing silver BHEL, BHEL solar cell plant, Bharat Heavy Electricals Ltd, CBI FIR BHEL, Amorphous Silicon Solar Cell Plant, BHEL employees booked, silver worth Rs 71 lakh, MNRE-funded assets, Gurugram news — [Source](https://www.moneycontrol.com/news/business/31-65-kg-silver-goes-missing-from-bhel-plant-cbi-files-fir-against-employees-14032613.html)
- 2026-09-16 — BUSINESS: **Stock Alert: GMR Airports, Saatvik Green Energy, NBCC, GMM Pfaudler** — Shares of Inox Wind, Kaynes Technology India, Bandhan Bank and SAIL are banned from F&O trading on 16 September 2026. — [Source](https://www.business-standard.com/markets/capital-market-news/stock-alert-gmr-airports-saatvik-green-energy-nbcc-gmm-pfaudler-126091600135_1.html)
- 2026-09-16 — CNBC-TV18: **Kanohar Electricals IPO debut today: Shares command 30% GMP ahead of listing** — 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. — [Source](https://www.cnbctv18.com/market/kanohar-electricals-ipo-listing-share-price-debuts-premium-discount-gmp-today-nse-bse-19991485.htm)
- 2026-09-16 — BUSINESSTODAY: **BHEL, Titagarh Rail Systems shares in focus today; here's why** — BHEL shares, Titagarh Rail Systems shares, BHEL stock, BHEL share price today, Vande Bharat sleeper trainsets — [Source](https://www.businesstoday.in/markets/stocks/story/bhel-titagarh-rail-systems-shares-in-focus-today-heres-why-555758-2026-09-16)
- 2026-09-16 — BUSINESSTODAY: **Top stocks in news: Groww, Kanohar, BHEL, Glass Wall, Auro Pharma, GMR Airports, Prasol, NBCC** — Stocks in news, Stocks in buzz, Stocks to buy, Stocks to watch, Groww, Kanohar Electricals, Bharat Heavy Electricals, BHEL, Glass Wall Systems (India), Aurobindo Pharma, GMR Airports, Prasol Chemicals, NBCC (India), Tata Communications, Blue Star, Billionbrains Garage Ventures, Saatvik Green Energy, Sunshine Pictures, India Pesticides, Sonata Software, VIP Industries — [Source](https://www.businesstoday.in/markets/stocks/story/top-stocks-in-news-groww-kanohar-bhel-glass-wall-auro-pharma-gmr-airports-prasol-nbcc-555749-2026-09-16)
- 2026-09-15 — Economic Times: **Centre rap pushes BHEL to diversify beyond thermal** — 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. — [Source](https://economictimes.indiatimes.com/industry/indl-goods/svs/metals-mining/centre-rap-pushes-bhel-to-diversify-beyond-thermal/articleshow/134272029.cms)
- 2026-09-15 — FREEPRESSJOURNAL.IN: **BHEL, Titagarh Sign 50:50 JV, ₹50 Lakh Venture To Maintain Vande Bharat Sleeper Trains For 35 Years** — 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. — [Source](https://www.freepressjournal.in/business/bhel-titagarh-sign-5050-jv-50-lakh-venture-to-maintain-vande-bharat-sleeper-trains-for-35-years)
- 2026-09-15 — CNBC-TV18: **BHEL, Titagarh Rail join hands to maintain Vande Bharat sleeper trains for 35 years** — 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. — [Source](https://www.cnbctv18.com/business/companies/bhel-titagarh-rail-join-hands-to-maintain-vande-bharat-sleeper-trains-for-35-years-19991071.htm)
- 2026-09-15 — MONEYCONTROL: **BHEL board okays Rs 65 crore investment in JV NTPC BHEL Power Projects** — BHEL, bhel board, bhel joint venture, ntpc bhel jv — [Source](https://www.moneycontrol.com/news/business/companies/bhel-board-okays-rs-65-crore-investment-in-jv-ntpc-bhel-power-projects-14030353.html)
- 2026-09-15 — The Hindu: **Stocks to watch, Sept 15: HDFC Bank, BSE, broking firms, HCL Tech, Deccan Gold Mines, CESC,  Glenmark, BHEL, Patel Airtemp, Lenskart, Heidelberg, AU Small Fiance Bank, Gland Pharma** — Key developments this week include HDFC Bank’s leadership transition, regulatory changes for brokerages, BHEL’s significant investments, strategic partnerships in technology and mining, and major acquisitions and production milestones from Lenskart, Gland Pharma, and Elin Electronics. — [Source](https://www.thehindubusinessline.com/markets/stocks-to-watch-sept-15-hdfc-bank-bse-broking-firms-hcl-tech-deccan-gold-mines-cesc-glenmark-bhel-patel-airtemp-lenskart-heidelberg-au-small-fiance-bank-gland-pharma/article71466536.ece)
- 2026-09-14 — Mint: **BHEL approves  ₹65 crore further investment in NTPC joint venture NBPPL** — BHEL approved a  ₹65 crore investment in its joint venture NBPPL with NTPC Ltd to settle urgent liabilities and maintain operations. The investment aims to be completed in FY2026-27, and no regulatory approvals are needed. BHEL will retain a 50% shareholding in NBPPL. — [Source](https://www.livemint.com/market/stock-market-news/bhel-approves-rs-65-crore-further-investment-in-ntpc-joint-venture-nbppl-11789408978841.html)
- 2026-09-14 — Economic Times: **BHEL Board okays Rs 65 crore investment in joint venture NTPC BHEL Power Projects** — Bharat Heavy Electricals Limited has approved an equity investment of sixty-five crore rupees. This investment will be made in its joint venture with NTPC Limited. The joint venture company is named NTPC BHEL Power Projects Private Limited. This entity focuses on power plant contracts and equipment manufacturing. — [Source](https://economictimes.indiatimes.com/industry/energy/power/bhel-board-okays-rs-65-crore-investment-in-joint-venture-ntpc-bhel-power-projects/articleshow/134244010.cms)
- 2026-09-14 — The Hindu: **BHEL Board okays ₹65 crore investment in JV NTPC BHEL Power Projects** — BHEL approves ₹65 crore investment in NTPC BHEL Power Projects to enhance EPC contracts and equipment manufacturing for power plants. — [Source](https://www.thehindubusinessline.com/companies/bhel-board-okays-65-crore-investment-in-jv-ntpc-bhel-power-projects/article71466270.ece)
- 2026-09-14 — Economic Times: **Oversold Nifty could see a short-term rebound: Analysts** — Indian stock indices, Sensex and Nifty, have extended their losing streak for a fifth week. Analysts suggest the indices have entered oversold territory, indicating a potential short-term rebound. Traders are advised to consider specific strategies like a Bull Put Spread for the September 29, 2026 expiry. Several top stocks, including Kotak Mahindra Bank and BHEL, are recommended for buying with defined targets. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/market-outlook-analysts-pick-key-levels-and-stocks-to-watch/articleshow/134230304.cms)
- 2026-09-13 — Mint: **Top stocks to buy: BHEL, Hindustan Petroleum, Shriram Finance - Check stop-loss, target by Ganesh Dongre of Anand Rathi** — Indian stock market: Amid ongoing Middle East Tension, Ganesh Dongre of Anand Rathi recommends three stocks to buy on Monday. Check top stock picks by the market expert. — [Source](https://www.livemint.com/market/stock-market-news/top-stocks-to-buy-bhel-hindustan-petroleum-shriram-finance-check-stop-loss-target-by-ganesh-dongre-of-anand-rathi-11789279012533.html)
- 2026-09-10 — MONEYCONTROL: **BHEL outpaces NTPC by 80 points in six months; Kotak questions thermal capacity outlook** — BHEL, BHEL shares, BHEL stocks, NTPC, NTPC stocks — [Source](https://www.moneycontrol.com/news/business/markets/bhel-outpaces-ntpc-by-80-points-in-six-months-kotak-questions-thermal-capacity-outlook-14026943.html)
- 2026-09-10 — FREEPRESSJOURNAL.IN: **1,100 Acres Of Vacant, Encroached BHEL Land To Be Monetised In Phases, City Forest Also Planned In Bhopal** — Around 1,100 acres of vacant and encroached BHEL land will be monetised in phases under a framework worked out with the Madhya Pradesh government. A portion is proposed for a city forest, while BHEL and the state could each utilise 50% of the monetisation proceeds. An SPV may oversee development projects. — [Source](https://www.freepressjournal.in/bhopal/1100-acres-of-vacant-encroached-bhel-land-to-be-monetised-in-phases-city-forest-also-planned-in-bhopal)
- 2026-09-10 — Mint: **Stock recommendations for 10 September from MarketSmith India** — MarketSmith India reveals its top stock recommendations for today, 10 September. Get expert insights into the best-performing stocks to guide your investment decisions. — [Source](https://www.livemint.com/market/stock-market-news/stock-recommendations-for-10-september-from-marketsmith-india-11788955421468.html)
- 2026-09-09 — Mint: **Stocks to buy: Apollo Micro Systems, BHEL among 5 shares Bajaj Broking's expert recommends for 1 to 6 months** — Stocks to buy: As the Nifty faces headwinds, Bajaj Broking’s technical analyst Pabitro Mukherjee offers strategic stock recommendations for the next one to six months. Discover the five stocks poised for growth, with their target prices. — [Source](https://www.livemint.com/market/stock-market-news/stocks-to-buy-apollo-micro-systems-bhel-among-5-shares-bajaj-brokings-expert-recommends-for-1-to-6-months-11788869891710.html)
- 2026-09-08 — CNBC-TV18: **BHEL Vs NTPC: Kotak explains what the divergence is share price performance indicating** — Kotak also said the recent correction in NTPC Green Energy is unlikely to be a major reason for NTPC's underperformance, given the relatively low contribution of the subsidiary to its sum-of-the-parts valuation. — [Source](https://www.cnbctv18.com/market/bhel-ntpc-share-price-performance-divergence-what-the-street-is-pricing-in-explained-19986320.htm)
- 2026-09-02 — Times of India: **First Vande Bharat in 2019, sleeper version came in 2026; now 260 trains in works** — img border="0" hspace="10" align="left" style="margin-top:3px;margin-right:5px;" src="https://timesofindia.indiatimes.com/photo/133702275.cms" /The first pair of Vande Bharat sleeper trains was launched earlier this year between Guwahati and Howrah. The second pair is undergoing trials and is expected to enter service soon. Reports suggest it may run between Bengaluru and Mumbai, though an official confirmation is awaited. — [Source](https://timesofindia.indiatimes.com/business/india-business/in-2019-india-launched-its-first-vande-bharat-express-seven-years-later-came-the-sleeper-version-and-railways-now-plans-260-vande-sleeper-rakes-with-world-class-features/articleshow/133702275.cms)
- 2026-09-02 — REDIFF.COM: **Rs 1 Trillion Club Swells** — Newly listed companies Vedanta Aluminium Metal, SBI Funds Management and Manipal Health Enterprises have entered the Rs 1 trillion mcap list since March 2026. — [Source](https://www.rediff.com/business/report/rs-1-trillion-club-swells/20260902.htm)
- 2026-08-28 — Mint: **Shares to buy or sell: Chandan Taparia of Motilal Oswal recommends three stocks to buy today - 28 August 2026** — The Indian stock market is set to open flat, following weak global trends. Major indices Nifty 50 and Sensex ended lower, with Nifty closing below 24,100. Analyst Chandan Taparia suggests cautious trading within defined ranges and recommends buying Sona BLW, Laurus Labs, and BHEL shares. — [Source](https://www.livemint.com/market/stock-market-news/shares-to-buy-or-sell-chandan-taparia-of-motilal-oswal-recommends-three-stocks-to-buy-today-28-august-2026-11787845870509.html)
- 2026-08-28 — Times of India: **India & UK set to jointly develop full electric propulsion tech for 4 landing platform docks - The Times of India** — News News: NEW DELHI: To strengthen their defence ties, India and the United Kingdom plan to sign an inter-governmental agreement for the development of integrat. — [Source](https://timesofindia.indiatimes.com/defence/news/india-uk-set-to-jointly-develop-full-electric-propulsion-tech-for-4-landing-platform-docks/articleshow/133580820.cms)
- 2026-08-28 — Mint: **Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today —28 August 2026** — Breakout stocks to buy or sell: Sumeet Bagadia recommends five breakout stocks to buy today —Wonderla Holidays, Orkla India, Bharat Heavy Electricals, Adani Power, and Global Health. — [Source](https://www.livemint.com/market/stock-market-news/breakout-stocks-to-buy-or-sell-sumeet-bagadia-recommends-five-shares-to-buy-today-28-august-2026-11787878851830.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 (Energy)](https://faxioms.com/stocks/abb) — +1.96%
- [ADANIENSOL (Energy)](https://faxioms.com/stocks/adaniensol) — +3.55%
- [ADANIGREEN (Energy)](https://faxioms.com/stocks/adanigreen) — +4.73%
- [ADANIPOWER (Energy)](https://faxioms.com/stocks/adanipower) — +0.33%
- [AEGISLOG (Energy)](https://faxioms.com/stocks/aegislog) — +4.55%

## Freshness and sources

- Data as of: 2026-09-18
- Source: Faxioms public stock analysis API

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