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Bharat Heavy Electricals (BHEL) had a P/E of 50.6× on 6 Nov 2026, above the industry P/E of 33.8×. Sales and net profit grew 13% and 36% a year over 3 years; its ROCE of 6.6% is the lowest among the 7 largest Specialty Industrial Machinery peers. Debt is 0.22× equity, and its dividend yield is 0.3%. It is a large-cap company with a market cap of ₹1.5 lakh crore, the largest of 138 Specialty Industrial Machinery companies by market cap; the shares rose 56% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Sep 2026.How we calculate this

past year
Open
₹415.90
Day high
₹418.80
Day low
₹399.60
Prev. close
₹418.10
Volume
1.4 Cr

Health check

1 good · 2 fair · 3 to check
  • ReturnsAhead

    +56.4% over a year, better than 7 of 7 peers.

  • Price tagPricier

    P/E 50.6 vs industry 33.8.

  • GrowthSteady

    Sales +13.5%, profit +35.9% a year over 3 years.

  • ProfitabilityWeak

    ROCE 6.6% vs peer median 24.8%.

  • Balance sheetFair

    Debt 0.22× equity, interest covered 3.8×, Piotroski 8 of 9.

  • Red flags2 to check

    Interest coverage of only 2.5×.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Specialty Industrial Machinery

137 listed peers. Screen the industry

Large cap

₹1.5L Cr, the largest of 138 in its industry.

Moves with the market

Beta 0.90 vs the NIFTY 50: tracks the market closely.

Key metrics

Last 12 months to Sep 2026: sales ₹37,782 Cr · profit ₹2,879 Cr
Market cap
₹1.5L Cr
Large cap
P/E
50.6
Industry 33.8
Price to book
5.45
Peers 10.85
Dividend yield
0.33%
ROE
11.3%
Peers 19.1%
ROCE
6.6%
Peers 24.8%
Debt to equity
0.22
Debt ₹6,018 Cr
EPS (TTM)
₹8.27
Face value ₹2
OPM (TTM)
10.1%
Net margin 7.6%
Sales growth
+23.8%
Latest quarter vs a year ago
Profit growth
+118.5%
Latest quarter vs a year ago
Price to sales
3.86
EV/EBITDA 42.7

Strengths and risks

Strengths

  • Quarterly profit up 118.5% on a year ago.
  • Quarterly sales up 23.8% on a year ago.

Risks to check

  • Interest coverage of only 2.5×.
  • Promoter stake down from 63.2% to 58.2%.

Derived automatically from reported figures. Not a recommendation.

About Bharat Heavy Electricals

Bharat Heavy Electricals Limited operates as power plant equipment manufacturer in India and internationally. The company operates in two segments, Power and Industry. It offers equipment supplies; spares and services; and undertakes engineering, procurement, and construction works for coal and lignite, gas, hydro and nuclear power plant, transportation, transmission, defence, aerospace, captive power plants, process, renewables, upstream and downstream…

Headquarters
New Delhi
Employees
39,784
Sector
Industrials
ISIN
INE257A01026
Website
bhel.com

Price range

52 weeks

₹239.17₹464.00

Today

₹399.60₹418.80
Avg volume (3M)
97.1 L
1-year return
plus 56.4%
From 52-week high
minus 9.7%

Analyst consensus

19 analysts
HoldMean target ₹436.79 plus 4.3%

Target range, with today’s price

Low ₹140.00High ₹633.00

Consensus from Yahoo Finance. Not a recommendation.

Peers · Specialty Industrial Machinery

Capital-heavy industry columns

Compare with peersScreen the whole industry
Company
BHELBharat Heavy Electricals418.80plus 0.17%1,45,82950.674.66.6%10.1%0.2213.5%plus 56.4%
ABBABB India6,774.00plus 2.20%1,43,54792.368.228.5%13.8%0.0215.4%plus 26.4%
SIEMENSSiemens3,560.00plus 3.73%1,26,77986.159.316.5%10.4%0.023.0%plus 10.0%
CUMMINSINDCummins India4,048.80minus 0.25%1,12,23349.841.735.0%19.1%0.0016.1%minus 6.0%
GVT&DGE Vernova T&D India4,018.00minus 3.06%1,02,87971.356.658.5%26.5%0.0131.1%plus 31.7%
SUZLONSuzlon Energy38.80plus 0.54%53,33723.717.324.8%16.7%0.0741.4%minus 35.7%
AIAENGAIA Engineering3,113.60minus 2.77%29,05623.519.619.9%27.4%0.00−3.4%minus 3.9%
JYOTICNCJyoti CNC Automation1,019.90minus 0.23%23,19575.245.621.8%24.4%0.4431.2%plus 8.7%
Median of 7 peers–−0.23%1,02,87971.345.624.8%19.1%0.0216.1%8.7%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrJun 25Dec 25Mar 26Jun 26Sep 26
5,4878,47312,3107,6989,300
6,0247,92810,5577,1948,275
−5375451,7535041,026
−9.8%6.4%14.2%6.5%11.0%
185235260226271
181182198140125
74.57887.981.983.1
−6085201,7285081,089
25.1%24.9%25.3%25.8%24.6%
−4563901,290377821
-1.311.123.711.082.36

Sep 25 not reported by the data source.

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+13.5%
Profit CAGR 3Y
+35.9%
EPS CAGR 3Y
+34.7%
ROE
11.3%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
22,13622,92127,35532,360
–+3.5%+19.3%+18.3%
21,77922,49226,27530,441
3574291,0801,919
1.6%1.9%3.9%5.9%
8715944741,056
521731748756
260249272316
269200212236
7162437462,139
8.6%−16.3%28.4%25.2%
6372825341,600
–minus 55.7%+89.2%+199.7%
1.880.811.534.60

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
696696696696
23,68223,74224,02625,450
5,4548,8569,0158,187
27,08825,70734,34641,852
56,92059,00268,08376,186
2,7712,7953,0293,337
362285166404
3.11.2––
6,3015,4597,00810,849
47,48350,46257,88061,595
56,92059,00268,08376,186

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
−741−3,7132,1925,837
1,4801,331−2,731−3,035
892,656−857−1,806
829274−1,396996
−188−233−304−589
−929−3,9451,8885,248
−139−139−87.4−175

Shareholding pattern

Source: NSE filings
58.2%
promoters
  • Promoters58.17%
  • Public41.83%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 202658.17%41.83%0.00
30 Jun 202658.17%41.83%0.00
31 Mar 202658.17%41.83%minus 5.00
31 Dec 202563.17%36.83%0.00
30 Sep 202563.17%36.83%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you