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India's state-owned heavy engineering company, manufacturing power-plant equipment (turbines, boilers) and some defense/rail products.
India's state-owned heavy engineering company, manufacturing power-plant equipment (turbines, boilers) and some defense/rail products.
Wins large contracts from state-run power producers, often tied to one plant and delivered over several years, so earnings follow the pipeline of new thermal power plants and the pace of site work. The Government of India owns the majority.
In one line: India's state-owned equivalent of a heavy power-equipment maker like GE Power.
Moat: narrow (installed base, regulatory licence, scale). Legacy scale and government-linked orders in Indian power-equipment manufacturing, though facing private/foreign competition.
Headquarters: New Delhi, India · Founded: 1964 · Employees: 85,105
Size Bharat Heavy Electricals (BHEL.NS) is an India Industrials company (Electrical Products) with a market value of $15.4B, the 68th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹418.80 on 6 Nov 2026.
Performance Over six months the shares gained 3.0%, against -26.0% for the median peer and 0.0% for the India market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 29.1% over the last twelve months (peer median +21.6%); the operating margin is 9.3% (peer median 11.6%).
Valuation It trades at 41.2× forward earnings against a peer median of 18.1× (6th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 44% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +30 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 8.3 points below its cost of capital (20.0% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹378B | ₹332B | ₹281B | ₹237B | ₹229B |
| Revenue growth | — | +18% | +19% | +4% | — |
| Gross profit | ₹56.9B | ₹24.5B | ₹21.9B | ₹2.15B | -₹1.68B |
| EBITDA | ₹38.3B | ₹15.5B | ₹10.5B | ₹4.05B | ₹1.10B |
| Net income | ₹28.8B | ₹16.0B | ₹5.34B | ₹2.82B | ₹6.54B |
| Free cash flow | n/a | ₹52.3B | ₹16.0B | -₹40.9B | -₹10.1B |
| Capital expenditure | n/a | ₹5.89B | ₹3.04B | ₹2.33B | ₹1.88B |
| Total debt | ₹60.2B | ₹81.9B | ₹90.1B | ₹88.6B | ₹54.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Bharat Heavy Electricals BHEL.NS | $15.4B | +3% | +29% | 9% | 41.2× | 44.1% |
| Larsen & Toubro LT.NS | $59.8B | +2% | +11% | 8% | 27.6× | 29.7% |
| Siemens Energy India ENRIN.NS | $10.6B | -11% | n/a | 20% | 60.1× | 27.3% |
| GE Vernova GEV | $205B | -26% | +17% | 7% | 32.2× | 24.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BHEL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.6% | -6.5% | 11th highest of 21 |
| 6-month return | +3.0% | -26.0% | highest of 21 |
| Distance from 52-week high | -9.7% | -41.0% | highest of 21 |
| Revenue growth (TTM) | +29.1% | +21.6% | 9th highest of 21 |
| Operating margin | 9.3% | 11.6% | 9th lowest of 20 |
| Forward P/E | 41.2× | 18.1× | 6th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 44.1% | 13.7% | 3rd most demanding of 13 |
| Growth delivered (Del g) | +14.6% | +12.9% | 6th highest of 13 |
| Hurdle (Req g minus delivered) | +29.5 pp | -0.9 pp | 2nd most demanding of 13 |
| ROIC minus cost of capital | -8.3 pp | +3.9 pp | 2nd lowest of 19 |
| EV / EBITDA | 37.0× | 38.9× | 5th cheapest of 9 |
| Net debt / EBITDA | -1.1× | -0.9× | 5th least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bharat Heavy Electricals BHEL.NS | India | $15.4B | +3% | +29% | 9% | 41.2× | 44.1% | +14.6% |
| Zangge Mining 000408.SZ | China | $15.5B | -26% | +35% | 51% | 12.5× | 22.0% | +13.4% |
| Ningbo Deye Technology 605117.SS | China | $15.3B | -26% | +71% | 27% | 17.3× | 7.9% | +32.1% |
| ABB India ABB.NS | India | $15.2B | -6% | +8% | 13% | 85.7× | 47.3% | +17.8% |
| Hengtong Optic-Electric 600487.SS | China | $14.9B | -38% | +21% | 9% | 11.8× | n/a | n/a |
| TBEA 600089.SS | China | $14.2B | -29% | +12% | 6% | 15.2× | n/a | n/a |
| EVE Energy 300014.SZ | China | $17.0B | -28% | +51% | 6% | 15.5× | n/a | n/a |
| Siemens SIEMENS.NS | India | $13.4B | -8% | -12% | 9% | 72.7× | n/a | n/a |
| Dongfang Electric 1072.HK | Hong Kong | $13.1B | -56% | +7% | 5% | 10.4× | n/a | n/a |
| CG Power & Industrial Solutions CGPOWER.NS | India | $12.9B | -10% | +24% | 12% | 72.3× | n/a | n/a |
| Ls Electric 010120.KS | South Korea | $12.8B | -58% | +32% | 10% | 31.6× | 21.9% | +15.6% |
| Polycab India POLYCAB.NS | India | $12.5B | -13% | +41% | 13% | 33.8× | n/a | n/a |
| Shanghai Electric 601727.SS | China | $12.3B | -24% | +16% | n/a | 64.2× | -5.7% | -1.6% |
| Kingboard Laminates 1888.HK | Hong Kong | $12.2B | -26% | +32% | 21% | 10.8× | n/a | n/a |
| Yangtze Optical Fibre & Cable Joint Stock 601869.SS | China | $19.8B | -32% | +68% | 34% | 23.8× | 15.7% | +11.6% |
| Nidec 6594.T | Japan | $11.7B | -33% | +4% | -22% | 11.5× | 8.4% | +10.9% |
| Jiangsu Zhongtian Technology 600522.SS | China | $11.7B | -30% | +22% | 8% | 11.6× | 4.1% | +4.5% |
| Nordex NDX1.DE | Germany | $11.4B | -7% | +12% | 8% | 19.6× | 3.7% | +10.2% |
| Regal Rexnord RRX | United States | $11.3B | -21% | +5% | 12% | 14.0× | 14.0% | +15.3% |
| GE Vernova T&D India GVT&D.NS | India | $10.9B | -16% | +41% | 26% | 62.7× | 45.7% | +12.4% |
| Hyosung Heavy 298040.KS | South Korea | $10.8B | -60% | +13% | 13% | 18.9× | 13.5% | +14.9% |