B

Bharat Heavy Electricals Limited

BHELNSE
Market snapshot · 2026-08-11 07:11 UTC

402.50

₹-6.50 (-1.59%)

MARKET CAP

₹1.40L Cr

STOCK P/E

56.9x

52W HIGH

₹446.50

52W LOW

₹205.12

BOOK VALUE

₹75.09

EPS

₹7.08

ROE

SECTOR

Industrials

DEBT/EQUITY

31.31

VOLUME

35.10L

P/B RATIO

5.36x

PEG RATIO

Sector

Industrials

Themes

Heavy Electrical EquipmentsMonopolyPsuCapital Goods
D
Dividend
E
Earnings
₹422.00₹368.34₹314.67₹261.01₹207.34VolumeEEEDAug '25Sep '25Nov '25Jan '26Mar '26Apr '26Jun '26Aug '26

AI Summary

✦ Clartha

Forecast

Analyst targets, estimate history, and probabilistic forward ranges for BHEL.

20.00 analysts

Price Forecast

Current
₹402.50
High Target
₹575.00
▲ +42.9%
Median Target
₹452.00
▲ +12.3%
Low Target
₹140.00
▼ -65.2%
Now₹402.50High ₹575.00Median ₹452.00Low ₹140.00Aug '25Now12M Target
Price history (1Y)
Analyst target range
20 analysts

Probabilistic Range

Probabilistic lognormal cone using 1Y realized volatility and analyst-target drift when available.

Time horizonRange ()Probability
3M₹331.53 - ₹522.2880%
6M₹311.96 - ₹593.2380%
12M₹291.86 - ₹724.3280%
Realized vol: +35.5% · Drift: +19.6%

Revenue Forecast

₹ Cr
Jun '26Current₹7,698.0
Sep 2026 ETrend estimate range
High₹10,644.6Base₹9,856.1Low₹9,067.6
Sep '25: ₹7,512.0 · Dec '25: ₹8,473.0 · Mar '26: ₹12,310.0 · Jun '26: ₹7,698.0 · Sep '26: ₹9,856.1 · Dec '26: ₹11,117.0
Sep '25Dec '25Mar '26Jun '26Sep '26 EDec '26 E7,512.08,473.012,310.07,698.09,856.111,117.0
PastCurrentTrend estimate: Low / Base / High

EPS Forecast

₹ / share
Jun '26Current₹1.10
Sep 2026 ETrend estimate range
High₹1.78Base₹1.59Low₹1.40
Sep '25: ₹1.06 · Dec '25: ₹1.10 · Mar '26: ₹3.68 · Jun '26: ₹1.10 · Sep '26: ₹1.59 · Dec '26: ₹1.65
Sep '25Dec '25Mar '26Jun '26Sep '26 EDec '26 E1.061.103.681.101.591.65
PastCurrentTrend estimate: Low / Base / High
Market Intelligence

Multi-factor synthesis of 5 key dimensions

Overall Outlook
Neutral
69%
Analyst Consensus
Unavailable

From 20 analysts

Mean upside-2.4%

Fundamentals

Strong

Fundamentals institutional score is 100 using growth durability 100.0.

Valuation

Premium valuation

Valuation institutional score is 30 using relative multiple z-scores where peer dispersion is available.

Analyst Consensus

Weakening

Analyst View institutional score is 15 using mean target upside -2.4%; dispersion penalty 30; recommendation breadth from available consensus.

Technical Structure

Strong Trend

Technicals institutional score is 99 using EMA-20 continuation within 5% tolerance; VCP range/volume contraction proxy.

Market Sentiment

Positive catalysts emerging

Recent news flow is skewing constructive on impact and recency. Based on 8 recent ticker-linked news items.

Signal Summary

Market intelligence remains Neutral. fundamentals and technical structure provide support, while valuation and analyst consensus remain considerations.

Composite weights: Fundamentals 25%, Valuation 20%, Analyst Consensus 20%, Technical Structure 20%, Market Sentiment 15%.

Fundamentals StrongValuation Premium valuationAnalyst Consensus WeakeningTechnical Structure Strong TrendMarket Sentiment Positive catalysts emerging

Key Data Points

Mean Target Price392.9 target
Mean Upside-2.4%
Technical Score99%
Fundamental Score100%
Data CoverageHigh

Important Note: This is market intelligence, not investment advice. Always conduct your own research and consider your financial goals and risk tolerance.

Valuation Metrics

Trading 62.6% above historical median. Valuation is rising — currently in the strongly overvalued zone (z-score: +2.25). Confidence: 72%.

Live forward EPS implies next-12-month EPS of ₹13.76. Applying the stock's normalized valuation corridor produces a fair range of ₹422.84 to ₹552.74, with base value near ₹489.03 (+19.6% vs current price).

Forward Valuation Outlook

Live forward estimate anchored to the company's historical valuation corridor.

Below normalized range

Forward EPS

₹13.76

Forward P/E

29.7x

Base Fair Value

₹489.03

Fair Range

₹422.84 - ₹552.74

Upside To Base

+19.6%

Estimate Source

Live forward EPS

P/E
Strongly Overvalued

5Y Average

26.29

Current

57.80

Overvalued

40.17

Undervalued

30.73

EV/EBITDA
Strongly Overvalued

5Y Average

21.95

Current

48.70

Overvalued

31.46

Undervalued

8.61

P/B
Strongly Overvalued

5Y Average

4.09

Current

5.45

Overvalued

4.70

Undervalued

3.47

Peers & Comparison

Sector: Industrials · Theme: Heavy Electrical Equipments

Heavy Electrical Equipments Peers8 peers
Avg P/E: 90.2x
CompanyRev. GrowthMarginP/Evs Avg52W Perf.
ABB INDIA LIMITED
ABBHeavy Electrical Equipments
+12.1%21.3%
102.0x
Fair
+13% vs avg
+50.8%
GE VERNOVA T&D INDIA LTD
GVT&DHeavy Electrical Equipments
+38.0%19.4%
83.4x
Fair
-8% vs avg
+54.7%
HITACHI ENERGY INDIA LTD
POWERINDIAHeavy Electrical Equipments
+68.6%12.6%
136.6x
Premium
+51% vs avg
+74.2%
CG POWER AND IND SOL LTD
CGPOWERHeavy Electrical Equipments
+14.0%9.8%
111.1x
Premium
+23% vs avg
+32.2%
SIEMENS LTD
SIEMENSConglomerates
+14.6%9.5%
83.3x
Fair
-8% vs avg
+24.9%
COCHIN SHIPYARD LIMITED
COCHINSHIPShipbuilding
-15.6%14.3%
55.8x
Undervalued
-38% vs avg
-9.5%
MAZAGON DOCK SHIPBUIL LTD
MAZDOCKShipbuilding
+12.1%20.1%
37.6x
Undervalued
-58% vs avg
-4.3%
BHARAT DYNAMICS LIMITED
BDLAerospace & Defense Equipments
-73.0%17.2%
112.0x
Premium
+24% vs avg
-13.5%
WHY THESE PEERS

BHEL trades at a discount (58.3x vs peer avg 90.2x), suggesting potential undervaluation relative to the Heavy Electrical Equipments cohort. Peers include ABB INDIA LIMITED, GE VERNOVA T&D INDIA LTD, HITACHI ENERGY INDIA LTD — selected based on business model, industry classification, market cap similarity, and business theme alignment.

Financials

Real statement data for revenue, earnings quality, conversion, and balance-sheet coverage. Monetary values are shown in Rs crore.

Latest revenue

₹7.70K CrJun 2026

Latest net profit

₹382 CrJun 2026

Latest EPS

₹1.10Jun 2026

Net margin

7.0%Jun 2026

Performance

Bars show revenue and net profit. The line shows net margin.

Rs crore + margin %
Q1 '26Q2 '26Q3 '26Q4 '26Q1 '27-14.0%-7.0%0.0%7.0%14.0%-4.50K Cr0.00 Cr4.50K Cr9.00K Cr13.50K Cr
  • Revenue
  • Net income
  • Net margin %

Earnings

Revenue is shown in crores. EPS is rupees per share.

Rs crore + Rs/share
Q1 '26Q2 '26Q3 '26Q4 '26Q1 '270.00 Cr3.50K Cr7.00K Cr10.50K Cr14.00K Cr₹-2₹0₹2₹4₹6
  • Revenue
  • EPS

Revenue to profit conversion

Bridge from operating numbers to profit for the latest reported period.

Rs crore
RevenueExpensesDepreciationOtheradjustmentsOperatingprofitOther incomeInterestOtheradjustmentsProfitbefore taxTax & otherNet Profit0.00 Cr2.00K Cr4.00K Cr6.00K Cr8.00K Cr

Latest reported period: Jun 2026

Debt level and coverage

Debt, cash and free cash flow compared on the same crore scale.

Rs crore
Annual view
Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026-30.00K Cr0.00 Cr30.00K Cr60.00K Cr90.00K Cr
  • Debt
  • Free cash flow
  • Cash & equivalents

Results

MetricJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales +5,0035,1255,5048,2605,4856,5847,2778,9935,4877,5128,47312,3107,698
Expenses +5,1825,2795,2877,5325,6546,3096,9738,1626,0246,9317,92810,5577,194
Operating Profit-178-154217728-169275304832-5375815451,753504
OPM %-3.6%-3.0%3.9%9%-3.1%4.2%4.2%9%-10%8%6%14%7%
Other Income +122197104165110118116159185182227252231
Interest168180190193162201184201181195182198140
Depreciation60606168596068857575788882
Profit before tax-284-19770631-280132169704-6074925121,720513
Tax %-25%-70%34%23%-24%27%26%28%-25%25%25%25%26%
Net Profit +-212-5846484-21397125504-4553683821,283382
EPS in Rs-0.61-0.170.131.39-0.610.280.361.45-1.311.061.103.681.10
Raw PDF

All values in ₹ Crores unless otherwise stated. Source: Screener Master (Standalone).

Shareholding Pattern

HolderJun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters +63.17%63.17%63.17%58.17%58.17%
FIIs +6.36%6.23%6.28%7.23%9.52%
DIIs +18.45%18.62%19.70%23.93%22.35%
Government +0.06%0.07%
Public +12.02%11.98%10.85%10.63%9.88%
Others0.01%
Jun 2026
Promoters +
FIIs +
DIIs +
Government +
Public +
Others

Events Timeline

Annual Report FY26

FY2026PDFCompany Reports Open

Shareholder Meeting / Postal Ballot-Outcome of AGM

Aug 05, 2026PDFCompany Reports Open

Announcement under Regulation 30 (LODR)-Newspaper Publication

Aug 04, 2026PDFCompany Reports Open

Disclosure Under Regulation 30 Read With Para A Of Part A Of Schedule III Of SEBI (LODR) Regulations, 2015

Jul 31, 2026PDFCompany Reports Open

General Announcement

Jul 29, 2026PDFCompany Reports Open