Bharat Heavy Electricals Limited

Capital Goods · Electrical Equipment

NSE: BHEL BSE: 500103

₹415.50

Sept. 30, 2026 · NSE · nse_bhavcopy

Peers in Electrical Equipment

The largest companies in the same industry by market cap. This company ranks #1 of 95. PE, ROE, 1Y return and scores come from the daily/weekly precomputed snapshot.

Company	Market cap (₹ Cr)	PE (TTM)	ROE	1Y return	Div. yield	Quality	Valuation	Momentum
Bharat Heavy Electricals Limited (this stock)	144,680	59.9	6.1%	73.0%	—	54	36	32
ABB India Limited	143,589	92.3	13.6%	30.3%	1.76%	73	0	28
Hitachi Energy India Limited	136,525	118.7	19.1%	68.9%	0.03%	81	33	31
CG Power and Industrial Solutions Limited	134,535	96.5	14.5%	15.5%	0.15%	81	0	30
Siemens Limited	132,676	107.1	11.2%	19.4%	0.48%	72	0	29
Siemens Energy India Limited	113,959	76.6	—	-5.9%	0.13%	94	0	66
GE Vernova T&D India Limited	107,565	82.4	45.8%	36.7%	0.24%	94	31	31
Apar Industries Limited	72,791	59.7	18.1%	111.6%	0.35%	62	25	50

Valuation multiples

Current only. Market cap is the whole company's; sales/EBITDA are trailing-twelve-month standalone; debt and cash come from the latest filed standalone balance sheet (March 31, 2026). EBITDA = PBT + interest + depreciation.

Enterprise value

₹151,431 Cr

EV / EBITDA

35.4x

EV / Sales

4.21x

Market cap / Sales

4.02x

Earnings yield

1.67%

Quarterly Financials

Download CSV

Standalone Consolidated

↑ Positive

Quarterly Revenue

Jun 2026 quarterly revenue is Rs 7,929 Cr, up 39.8% YoY.

Period end	Revenue (₹ Cr)	PBT (₹ Cr)	Net profit (₹ Cr)	Basic EPS
June 30, 2026	7,698	513	382	₹1.1000
March 31, 2026	12,310	1,720	1,283	₹3.6800
Dec. 31, 2025	8,473	512	382	₹1.1000
Sept. 30, 2025	7,512	492	368	₹1.0600
June 30, 2025	5,487	-607	-455	₹-1.3100
March 31, 2025	8,993	704	504	₹1.4500
Dec. 31, 2024	7,277	169	125	₹0.3600
Sept. 30, 2024	6,584	132	97	₹0.2800
June 30, 2024	5,485	-280	-213	₹-0.6100
March 31, 2024	8,260	631	484	₹1.3900
Dec. 31, 2023	5,504	-209	-163	₹-0.4700
Sept. 30, 2023	5,125	-431	-233	₹-0.6700
June 30, 2023	5,003	-470	-352	₹-1.0100

Quarterly income statement (standalone, ₹ Cr)

Indicator	Jun 26	Mar 26	Dec 25	Sep 25	Jun 25	Mar 25	Dec 24	Sep 24	Jun 24	Mar 24	Dec 23	Sep 23	Jun 23
Total income (before exceptional items)	7,929	12,562	8,700	7,694	5,672	9,152	7,393	6,703	5,595	8,425	5,608	5,322	5,126
Operating revenue	7,698	12,310	8,473	7,512	5,487	8,993	7,277	6,584	5,485	8,260	5,504	5,125	5,003
Other income	231	252	227	182	185	159	116	118	110	165	104	197	122
Operating expenses	7,194	10,557	7,928	6,931	6,024	8,162	6,973	6,309	5,654	7,532	5,567	5,513	5,368
Operating profit	504	1,753	545	581	-537	832	304	275	-169	728	-63	-388	-364
Operating profit margin	6.5%	14.2%	6.4%	7.7%	-9.8%	9.2%	4.2%	4.2%	-3.1%	8.8%	-1.1%	-7.6%	-7.3%
Depreciation	82	88	78	75	75	85	68	60	59	68	61	60	60
Interest	140	198	182	195	181	201	184	201	162	193	190	180	168
Exceptional items, gain / (loss)	—	—	—	—	—	—	—	—	—	—	—	—	—
Profit before tax	513	1,720	512	492	-607	704	169	132	-280	631	-209	-431	-470
Tax	131	437	129	124	-153	200	44	35	-68	147	-46	-198	-118
Net profit	382	1,283	382	368	—	504	125	97	-213	484	-163	-233	-352
EPS	1.10	3.68	1.10	1.06	-1.31	1.45	0.36	0.28	-0.61	1.39	-0.47	-0.67	-1.01
Net profit (TTM)	2,415	—	—	—	—	513	493	206	-124	-263	-150	44	288
EPS (TTM)	6.94	4.53	2.30	1.56	0.78	1.48	1.42	0.59	-0.36	-0.76	-0.43	0.13	0.83

Total income excludes exceptional items, which are shown on their own row. Trendlyne and Screener fold exceptional items into revenue or other income, so their totals differ from this table by exactly that row.

Annual Financials

Year ended	Revenue (₹ Cr)	PBT (₹ Cr)	Net profit (₹ Cr)
March 31, 2026	33,782	2,116	1,578
March 31, 2025	28,339	725	513
March 31, 2024	23,893	220	260
March 31, 2023	23,365	450	448

Annual income statement (standalone, ₹ Cr; CAGR to the latest year)

Indicator	CAGR 3Y	CAGR 5Y	Mar 26	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20	Mar 19	Mar 18	Mar 17
Total income (before exceptional items)	13.2%	14.4%	34,629^†	28,843^†	24,481^†	23,880^†	21,579^†	17,678^†	22,067^†	31,027^†	30,082^†	29,496^†
Operating revenue	13.1%	14.3%	33,782	28,339	23,893	23,365	21,211^†	17,308^†	21,486^†	30,349^†	28,799^†	28,770^†
Other income	—	—	846^†	503^†	588^†	515^†	368^†	370^†	581^†	678^†	1,283^†	726^†
Operating expenses	—	—	31,440^†	27,098^†	23,980^†	22,648^†	20,473^†	20,444^†	21,719^†	28,207^†	—	27,632^†
Operating profit	48.4%	—	2,342^†	1,242^†	-87^†	717^†	738^†	-3,135^†	-233^†	2,142^†	—	1,138^†
Operating profit margin	—	—	6.9%^†	4.4%^†	-0.4%^†	3.1%^†	3.5%^†	-18.1%^†	-1.1%^†	7.1%^†	—	4.0%^†
Depreciation	—	—	316^†	272^†	249^†	260^†	314^†	473^†	503^†	475^†	—	849^†
Interest	—	—	756^†	748^†	731^†	521^†	355^†	373^†	507^†	287^†	255^†	351^†
Exceptional items, gain / (loss)	—	—	0^†	0^†	0^†	0^†	0^†	0^†	0^†	0^†	0^†	0^†
Profit before tax	67.6%	—	2,116	725	220	450	437^†	-3,612^†	-662^†	2,058^†	1,585^†	628^†
Tax	—	—	538^†	212^†	-216^†	2^†	27^†	-894^†	811^†	842^†	778^†	132^†
Net profit	52.2%	—	1,578	513	260	448	410^†	-2,717^†	-1,473^†	1,215^†	807^†	496^†
EPS	52.0%	—	4.53^†	1.48^†	-0.76^†	1.29^†	1.18^†	-7.81^†	-4.23^†	—	—	—

^† Derived: the sum of that fiscal year's four quarterly filings (a real annual filing is used wherever one exists). Checked against filed annual figures, the sum lands within 0.5% for about 94% of company-years.

Annual ratios (standalone)

Ratio	Mar 26	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20	Mar 19	Mar 18	Mar 17
Operating margin	6.9%^†	4.4%^†	-0.4%^†	3.1%^†	3.5%^†	-18.1%^†	-1.1%^†	7.1%^†	—	4.0%^†
EBIT margin	8.5%^†	5.2%^†	4.0%^†	4.2%^†	3.7%^†	-18.7%^†	-0.7%^†	7.7%^†	6.4%^†	3.4%^†
PBT margin	6.3%	2.6%	0.9%	1.9%	2.1%^†	-20.9%^†	-3.1%^†	6.8%^†	5.5%^†	2.2%^†
Net margin	4.7%	1.8%	1.1%	1.9%	1.9%^†	-15.7%^†	-6.9%^†	4.0%^†	2.8%^†	1.7%^†
Interest coverage	3.80x^†	1.97x^†	1.30x^†	1.86x^†	2.23x^†	-8.68x^†	-0.31x^†	8.17x^†	7.23x^†	2.79x^†
Dividend payout	—	—	—	—	—	—	—	—	—	—
Earnings retention	—	—	—	—	—	—	—	—	—	—
Current ratio	1.59x	1.51x	—	—	—	—	—	—	—	—
Quick ratio	1.18x	1.17x	—	—	—	—	—	—	—	—
Debt to equity	0.31x	0.36x	—	—	—	—	—	—	—	—
Return on equity	6.0%	2.0%	—	—	—	—	—	—	—	—
Return on assets	2.1%	0.7%	—	—	—	—	—	—	—	—
Return on capital employed	6.5%^†	3.7%^†	—	—	—	—	—	—	—	—
Asset turnover	0.44x	0.41x	—	—	—	—	—	—	—	—

Margins and asset turnover use operating revenue (interest earned for banks, excluding other income), not total income. Liquidity, leverage and return ratios need a filed standalone balance sheet, which exists only for recent years; returns use year-end equity/assets. Dividend payout is shown only for companies with a dividend record. † = built from a summed fiscal year.

Revenue Mix

Data unavailable.

Cash Flow

Year ended	Operating (₹ Cr)	Investing (₹ Cr)	Financing (₹ Cr)	Capex (₹ Cr)	Free Cash Flow (₹ Cr)
March 31, 2026	5,837	-3,035	-1,806	589	5,248
March 31, 2025	2,192	-2,731	-857	282	1,910
March 31, 2024	-3,713	1,331	2,656	232	-3,945
March 31, 2023	-742	1,480	89	188	-930
March 31, 2022	660	-1,125	-330	169	491

Balance Sheet (standalone)

Year ended	Total Assets (₹ Cr)	Total Equity (₹ Cr)	Reserves (₹ Cr)	Borrowings, Current (₹ Cr)	Borrowings, Non-current (₹ Cr)	Current Assets (₹ Cr)	Current Liabilities (₹ Cr)	Cash & Equivalents (₹ Cr)	Net Block (₹ Cr)	Inventory (₹ Cr)
March 31, 2026	76,560	26,516	25,820	8,019	168	51,455	32,307	1,435	2,933	13,335
March 31, 2025	68,479	25,113	24,417	8,852	162	42,760	28,231	439	2,862	9,869
March 31, 2024	—	—	—	—	—	—	—	—	—	—
March 31, 2023	—	—	—	—	—	—	—	—	—	—
March 31, 2022	—	—	—	—	—	—	—	—	—	—

Financial charts

Trend charts drawn from the standalone income-statement and ratio tables above (oldest year on the left); a gap means that period has no figure. Annual years marked † in the tables are derived from four quarters.