Bhel

NSE: BHEL · Heavy Electrical Equipment · sector

₹394.55NSE close 2026-10-26

Key numbers

Market cap₹1,37,384 cr

Price₹394.55

52w high / low₹464 / ₹230

P/E47.7xSector median 27.8x

P/B5.1xSector median 5.4x

Book value₹76.8

Dividend yield0.12%Sector median 0.19%

ROE11.2%Sector median 18.8%

ROCE13.5%Sector median 21.4%

OPM10.1%Sector median 15.1%

Debt / equity0.22xSector median 0.09x

EV/EBITDA34.7xSector median 21.4x

Interest cover6.9x

Current ratio1.67x

Sales growth 3y+13.1%Sector median +22.1%

Profit growth 3y+49.7%Sector median +27.5%

PEG0.96x

Last 12 months to Sep 2026, Consolidated. "Sector median" = middle value of 43 companies in Heavy Electrical Equipment (P/E median leaves out loss-making companies). Tap ? for what a number means.

Things to know

Cash ₹11,867 cr vs borrowings ₹8,187 cr (FY26): cash is higher (net cash).
Operating profit covered interest 6.9x in the last 12 months.
No promoter shares are pledged.
Promoter holding fell by 5.00 percentage points in a year, to 58.17% (2026-09-30).
Operating cash flow was below net profit in 2 of the last 5 years (FY24, FY23).
Net loss in 1 of the last 8 quarters.
Revenue was higher than a year earlier in 4 of the last 4 quarters.
Other income was 32% of net profit in the last 12 months.
Dividend paid in 4 of the last 5 financial years.
Price ₹394.55 on 2026-10-26: -15.0% from the 52-week high, +71.9% from the 52-week low.

Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.

Charts

Weekly close · high ₹434.60 · low ₹185.47

Quarterly results

₹ cr	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	7,277	8,993	5,487	7,512	8,473	12,310	7,698	9,300
EBITDA	304	832	-537	581	545	1,753	504	1,026
OPM %	4.2%	9.2%	-9.8%	7.7%	6.4%	14.2%	6.5%	11.0%
Other income	108	149	171	175	219	243	214	253
Net profit	135	504	-456	375	390	1,290	377	821
EPS (₹)	0.39	1.45	-1.31	1.08	1.12	3.71	1.08	2.36
Revenue YoY					+16.4%	+36.9%	+40.3%	+23.8%
Profit YoY					+189.8%	+155.8%	–	+119.0%

Consolidated figures where filed. Latest quarter Sep 2026.

Profit & loss (yearly)

₹ cr	FY22	FY23	FY24	FY25	FY26	TTM
Revenue	21,211	23,365	23,893	28,339	33,782	37,782
EBITDA	736	717	613	1,242	2,342	3,828
Net profit	446	477	282	534	1,600	2,879
EPS (₹)	1.28	1.37	0.81	1.53	4.60	8.27
Revenue growth		+10.2%	+2.3%	+18.6%	+19.2%	+29.1%
Profit growth		+7.0%	-40.9%	+89.2%	+199.7%	+415.4%
Dividend / share (₹)	–	0.40	0.40	0.25	0.50

Compounded growth	3 years	5 years	Last 12 months
Sales	+13.1%	+14.3%	+29.1%
Net profit	+49.7%	–	+415.4%
EPS	+49.7%	–	–
Share price	–	+28.7% (2y)	+74.9%

Balance sheet

₹ cr	FY22	FY23	FY24	FY25	FY26
Shareholders' equity	–	26,828	24,439	24,722	26,147
Borrowings	–	5,454	8,856	9,015	8,187
Cash & equivalents	–	6,643	6,157	7,612	11,867
Total assets	–	59,370	59,006	68,083	76,186
Fixed assets	–	2,409	2,511	2,862	2,933
Capital work in progress	–	345	282	162	399
Investments	–	3	1	0	0
Receivables	–	3,128	4,785	5,884	6,796
Inventory	–	6,756	7,221	9,869	13,335
Payables	–	9,896	8,696	9,541	10,492

Year-end figures from the March annual filing.

Cash flow

₹ cr	FY22	FY23	FY24	FY25	FY26
Cash from operations	660	-742	-3,713	2,192	5,837
Cash from investing	-1,125	1,480	1,331	-2,731	-3,035
Cash from financing	-322	89	2,656	-857	-1,806
Capex	169	188	232	282	589
Free cash flow	491	-930	-3,945	1,910	5,248

Free cash flow = cash from operations − capex.

Ratios by year

₹ cr	FY22	FY23	FY24	FY25	FY26
ROE %	–	1.8%	1.2%	2.2%	6.1%
ROCE %	–	2.9%	2.7%	4.3%	8.3%
Debtor days	–	49	73	76	73
Inventory days	–	155	157	191	212
Payable days	–	227	189	185	167
Cash conversion cycle (days)	–	-23	41	82	118
Working capital days	–	105	141	187	207

Shareholding

Holder	% (2026-09-30)
Promoters	58.17%
FIIs	9.94%
DIIs	21.88%
of which Mutual funds	11.21%
of which Insurance	8.13%
Government	0.00%
Public (non-institutions)	10.02%

Quarter	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Promoters %	63.17%	63.17%	63.17%	63.17%	63.17%	58.17%	58.17%	58.17%

Promoter group	%
President of India	58.17%

Public holders above 1%	%
Life Insurance Corporation of India	5.21%
Nippon Life India Trustee Ltd	2.42%
NPS Trust	1.86%
Quant Mutual Fund	1.09%
Axis Mutual Fund Trustee Ltd	1.08%
SBI Mutual Fund	1.01%

16,04,120 shareholders. Pledged: 0.00% of promoter shares.

Peers in Heavy Electrical Equipment

Company	Market cap	P/E	P/B	ROE	ROCE	OPM	Sales 3y	Div yield
BHEL	₹1,37,384 cr	47.7x	5.1x	11.2%	13.5%	10.1%	+13.1%	0.12%
ABB	₹1,34,715 cr	45.1x	14.4x	36.1%	22.4%	14.0%	–	–
CGPOWER	₹1,31,237 cr	104.9x	16.5x	16.5%	21.3%	12.5%	+30.7%	0.16%
POWERINDIA	₹1,19,751 cr	104.0x	23.1x	24.5%	29.9%	14.9%	+22.2%	0.02%
SIEMENS	₹1,16,725 cr	35.6x	8.4x	25.0%	14.2%	10.0%	+41.0%	0.37%
ENRIN	₹98,074 cr	65.9x	20.4x	34.3%	42.0%	20.9%	–	0.14%
GVT&D	₹97,043 cr	74.3x	36.1x	58.5%	65.5%	25.2%	+30.8%	0.13%
SUZLON	₹51,051 cr	16.3x	5.4x	40.4%	29.2%	17.7%	+41.0%	–
THERMAX	₹35,902 cr	60.5x	6.5x	11.3%	12.5%	8.6%	+9.8%	0.44%
SCHNEIDER	₹27,190 cr	147.9x	35.1x	27.5%	25.3%	11.0%	+17.6%	–

All 43 companies in Heavy Electrical Equipment →

Business segments (FY26)

Segment	Revenue	Share	EBIT	Margin
Power	₹25,407 cr	75.2%	₹2,451 cr	9.6%
Industry	₹8,376 cr	24.8%	₹1,684 cr	20.1%

Dividends & corporate actions

Ex-date	Action	Detail
2026-07-17	Dividend	Dividend - Rs 1.40 Per Share
2025-08-01	Dividend	Dividend - Re 0.50 Per Share
2024-08-09	Dividend	Dividend - Rs 0.25 Per Share
2023-08-11	Dividend	Dividend - Re 0.40 Per Share
2022-09-15	Dividend	Dividend - Re 0.40 Per Share
2021-09-15	Other	Annual General Meeting
2020-09-18	Other	Annual General Meeting
2019-09-11	Dividend	Annual General Meeting/Dividend - Rs 1.20 Per Share
2019-02-12	Dividend	Interim Dividend - Re 0.80 Per Share
2018-11-05	Buyback	Buyback
2018-09-11	Dividend	Annual General Meeting/Dividend- Rs 1.02 Per Share
2018-02-15	Dividend	Interim Dividend Re 0.80 Per Share (Purpose Revised)
2017-09-28	Bonus	Bonus 1:2
2017-08-23	Dividend	Annual General Meeting/Dividend - Re 0.78/- Per Share (Book Closure Dates Revised)
2017-02-14	Dividend	Interim Dividend Re 0.80 Per Share (Purpose Revised)
2016-09-14	Dividend	Annual General Meeting/Dividend - Re 0.40/- Per Share
2015-09-14	Dividend	Annual General Meeting/Dividend Re 0.62 Per Share
2015-02-16	Dividend	Interim Dividend - Re 0.54/- Per Share (Purpose Revised)
2014-09-08	Dividend	Annual General Meeting / Final Dividend - Rs 1.52/- Per Share
2014-02-07	Dividend	Interim Dividend - Rs 1.31/- Per Share (Purpose Revised)

Documents

Links go to the original files on the exchange website.

About the company

Manufacturing: Manufacture of machinery and equipment n.e.c.
Manufacturing: Manufacture of electrical equipment
Construction: Specialised construction activities


Sector	Industrials
Industry	Heavy Electrical Equipment
Sub-industry	Heavy Electrical Equipment
Symbol	BHEL
BSE code	500103
ISIN	INE257A01026
Face value	₹2.0
Incorporated	1964-11-13
Website	www.bhel.com
Plants (India / abroad)	16 / 0

From the company's filings (BRSR FY26).

Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.