Fortune India 500 2025 edition
Rank#95- Total income
- ₹30,406 Cr
- Profit
- ₹534 Cr
Last year #98
Bharat Heavy Electricals Limited - energy and power in New Delhi, Delhi, India. FY 2026 financials & compliance.
Active Listed - NSE: BHEL · BSE: 500103 Public Limited Union Government Company energy and power Fortune India 500 · #95 Nifty 500
Market Cap
₹1,37,385 Cr
BHEL · NSE
Share Price
₹396.55
+0.51% today
Revenue
₹33,782 Cr
FY 2025-26 · +19.2% YoY
EBITDA
₹2,572 Cr
Margin 7.6%
Net Profit
₹1,584 Cr
FY 2025-26 · +211.0% YoY
P/E (TTM)
46.9x
P/B 5.0x
ROE
5.2%
ROCE 5.6%
Debt / Equity
0.34
Interest cover 43.7x
About Bharat Heavy Electricals Limited
Data last updated:
Bharat Heavy Electricals Limited is a public limited union government company based in New Delhi, Delhi, India. It operates in the power equipment manufacturers segment of the energy and power sector. It was incorporated on 13 November 1964 and has been in existence for over 62 years.
Bharat Heavy Electricals is ranked #95 on the Fortune India 500 (2025). It is part of the Nifty 500 and BSE 500 indices.
The company is registered with the Registrar of Companies (ROC), Delhi, under CIN L74899DL1964GOI004281. Its GSTIN is 07AAACB4146P1ZH (Delhi). The company holds 179 GST registrations, of which 120 are active. It is a listed company as per MCA records. Its shares are listed on BSE: 500103 and NSE: BHEL.
The company has an authorised share capital of ₹2,000 Cr and a paid-up capital of ₹696.41 Cr. It is led by directors including Serugulathur Mahadevan Ramanathan (Whole-Time Director) and Rajesh Kumar Dwivedi (Whole-Time Director).
Its last annual general meeting (AGM) was held on 19 August 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Bhel House Siri Fort, New Delhi, Delhi, India – 110049.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹33,782 Cr, a growth of 19.2% compared to the previous year. For the same year it recorded a net profit of ₹1,583.87 Cr (net margin 4.7%) and EBITDA of ₹2,571.79 Cr (EBITDA margin 7.6%). The net worth stands at ₹26,147 Cr (up 5.8% YoY). Total assets are valued at ₹51,902 Cr (up 6.6% YoY).
The company has about 19,632 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Bharat Heavy Electricals. As per MCA filings, the company has open charges of ₹80,000 Cr and satisfied charges of ₹1,619.87 Cr on record. Court records list 4,384 cases involving the company, including 1,651 filed by the company and 2,742 filed against it; 759 cases are pending. The company has 39 deals on record (37 market trades, 1 buyback, 1 secondary share transfer); the latest was in March 2026. Its 3 peer companies in the Power industry (Power Equipment Manufacturers), with the same principal business activity (electrical equipment, general purpose and special purpose machinery & equipment, transport equipment) are compared by revenue, 3 smaller; the largest is Bosch Limited with revenue of ₹18,901 Cr.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website bhel.com.
Company details
CIN L74899DL1964GOI004281
Registration Number 004281
Incorporation Date 13 November 1964
ROC Delhi
Listing Status Listed - Listed on NSE (BHEL); Listed on BSE (500103)
Company Status Active
Date of Last AGM 19 August 2025
Date of Balance Sheet 31 March 2026
Compliance Status Active Compliant
Key People
Serugulathur Mahadevan Ramanathan Whole-Time Director Rajesh Kumar Dwivedi Whole-Time Director Koppu Sadashiv Murthy Whole-Time Director Recognitions & Rankings of Bharat Heavy Electricals
Stock market indices
Nifty 500 BSE 500
Contact details
Bharat Heavy Electricals Limited's registered office is in New Delhi, Delhi. Its website is bhel.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressBhel House Siri Fort, New Delhi, Delhi, India – 110049
- IndustryEnergy and Power, Power Equipment Manufacturers
To see the full contact details of Bharat Heavy Electricals Limited, buy the company report.
Comprehensive company report
Bharat Heavy Electricals Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
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Secure checkout · GST invoice included
Brands
Bharat Heavy Electricals operates one associated brand: Bharat Heavy Electricals. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Manufacturer of electrical component | bhel.com |
Business activity
The main business activity of Bharat Heavy Electricals is manufacturing. In detail, this covers electrical equipment, general purpose and special purpose machinery & equipment, transport equipment.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C10 | Electrical equipment, General Purpose and Special purpose Machinery & equipment, Transport equipment |
To see the full business activity and turnover split of Bharat Heavy Electricals Limited, buy the company report.
Financials of Bharat Heavy Electricals Limited
FY 2025-26 filings availableBharat Heavy Electricals Limited reported revenue of ₹33,782 Cr (up 19.2% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue
₹33,782 Cr
+19.2% YoY
EBITDA
₹2,572 Cr
+83.8% YoY
Profit After Tax
₹1,584 Cr
+211.0% YoY
Net Worth
₹26,147 Cr
+5.8% YoY
Total Assets
₹51,902 Cr
+6.6% YoY
Total Debt
₹8,187 Cr
-9.2% YoY
Revenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 33,782 | 28,339 | 23,893 | 23,365 | 21,211 | 17,309 | 21,463 |
| Revenue growth | +19.2% | +18.6% | +2.3% | +10.2% | +22.6% | -19.4% | - |
| EBITDA | 2,572 | 1,399 | 709 | 1,043 | 828 | (3,049) | (133) |
| EBITDA margin | +7.6% | +4.9% | +3.0% | +4.5% | +3.9% | -17.6% | -0.6% |
| Profit before tax | 2,139 | 746 | 243 | 716 | 470 | (3,596) | (659) |
| Net profit | 1,584 | 509 | 277 | 629 | 441 | (2,700) | (1,482) |
| Net profit margin | +4.7% | +1.8% | +1.2% | +2.7% | +2.1% | -15.6% | -6.9% |
| EPS (₹) | 4.60 | 1.53 | 0.81 | 1.88 | 1.28 | (7.75) | (4.21) |
| Balance sheet | |||||||
| Total assets | 51,902 | 48,710 | 42,588 | 38,860 | 39,667 | 39,780 | 42,145 |
| Net worth | 26,147 | 24,722 | 24,439 | 24,378 | 26,507 | 25,984 | 28,661 |
| Total debt | 8,187 | 9,015 | 8,856 | 5,454 | 4,830 | 4,951 | 5,080 |
| Cash & bank | 11,867 | 7,612 | 6,157 | 6,698 | 7,154 | 6,701 | 6,419 |
| Net working capital | 27,172 | 23,386 | 18,128 | 11,035 | 11,286 | 12,884 | 15,107 |
| Cash flow | |||||||
| Cash from operations | 5,837 | 2,192 | (3,713) | (741) | 660 | 560 | (2,892) |
| Cash from investing | (3,035) | (2,731) | 1,331 | 1,480 | (1,118) | (42.50) | 1,877 |
| Cash from financing | (1,806) | (857) | 2,656 | 88.96 | (329) | (394) | 1,622 |
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9,300 | 7,698 | 12,310 | 8,473 | 7,512 | 5,487 | 8,993 | 7,277 |
| Revenue growth (YoY) | +23.8% | +40.3% | +36.9% | +16.4% | +14.1% | +0.0% | - | - |
| Other income | 271 | 226 | 260 | 235 | 189 | 185 | 159 | 126 |
| EBITDA | 1,026 | 504 | 1,753 | 545 | 581 | (537) | 832 | 304 |
| EBITDA margin | +11.0% | +6.5% | +14.2% | +6.4% | +7.7% | -9.8% | +9.2% | +4.2% |
| Depreciation | 83.08 | 81.88 | 87.90 | 77.99 | 75.46 | 74.52 | 85.02 | 67.88 |
| Interest | 125 | 140 | 198 | 182 | 195 | 181 | 201 | 184 |
| Profit before tax | 1,089 | 508 | 1,728 | 520 | 499 | (608) | 704 | 179 |
| Tax | 268 | 131 | 437 | 129 | 124 | (153) | 200 | 44.05 |
| Net profit | 821 | 377 | 1,290 | 390 | 375 | (456) | 504 | 135 |
| EPS (₹) | 2.36 | 1.08 | 3.71 | 1.12 | 1.08 | (1.31) | 1.45 | 0.39 |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 33,782 | 28,339 | 23,893 | 23,365 | 21,211 | 17,308 | 21,459 |
| Revenue growth | +19.2% | +18.6% | +2.3% | +10.2% | +22.6% | -19.3% | - |
| EBITDA | 2,572 | 1,399 | 709 | 1,043 | 830 | (3,043) | (129) |
| EBITDA margin | +7.6% | +4.9% | +3.0% | +4.5% | +3.9% | -17.6% | -0.6% |
| Profit before tax | 2,116 | 725 | 220 | 686 | 437 | (3,612) | (662) |
| Net profit | 1,562 | 488 | 255 | 600 | 405 | (2,720) | (1,489) |
| Net profit margin | +4.6% | +1.7% | +1.1% | +2.6% | +1.9% | -15.7% | -6.9% |
| EPS (₹) | 4.53 | 1.47 | 0.75 | 1.79 | 1.18 | (7.80) | (4.23) |
| Balance sheet | |||||||
| Total assets | 52,272 | 49,101 | 43,000 | 39,294 | 40,132 | 40,264 | 42,647 |
| Net worth | 26,516 | 25,113 | 24,851 | 24,812 | 26,971 | 26,484 | 29,181 |
| Total debt | 8,187 | 9,015 | 8,856 | 5,454 | 4,830 | 4,935 | 5,065 |
| Cash & bank | 11,867 | 7,612 | 6,157 | 6,698 | 7,154 | 6,701 | 6,419 |
| Net working capital | 27,167 | 23,381 | 18,128 | 11,035 | 11,286 | 12,897 | 15,115 |
| Cash flow | |||||||
| Cash from operations | 5,837 | 2,192 | (3,713) | (741) | 660 | 560 | (2,892) |
| Cash from investing | (3,035) | (2,731) | 1,331 | 1,480 | (1,125) | (42.55) | 1,877 |
| Cash from financing | (1,806) | (857) | 2,656 | 88.96 | (330) | (393) | 1,622 |
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9,300 | 7,698 | 12,310 | 8,473 | 7,512 | 5,487 | 8,993 | 7,277 |
| Revenue growth (YoY) | +23.8% | +40.3% | +36.9% | +16.4% | +14.1% | +0.0% | - | - |
| Other income | 260 | 231 | 252 | 227 | 182 | 185 | 159 | 116 |
| Total expenses | 8,275 | 7,194 | 10,557 | 7,928 | 6,931 | 6,024 | 8,162 | 6,973 |
| EBITDA | 1,026 | 504 | 1,753 | 545 | 581 | (537) | 832 | 304 |
| EBITDA margin | +11.0% | +6.5% | +14.2% | +6.4% | +7.7% | -9.8% | +9.2% | +4.2% |
| Depreciation | 83.08 | 81.88 | 87.90 | 77.99 | 75.46 | 74.52 | 85.02 | 67.88 |
| Interest | 125 | 140 | 198 | 182 | 195 | 181 | 201 | 184 |
| Profit before tax | 1,078 | 513 | 1,720 | 512 | 492 | (607) | 704 | 169 |
| Tax | 268 | 131 | 437 | 129 | 124 | (153) | 200 | 44.05 |
Financial Statements
Figures in ₹ Cr; negatives in brackets. Updated 27 Oct 2026
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9,300 | 7,698 | 12,310 | 8,473 | 7,512 | 5,487 | 8,993 | 7,277 |
| Revenue growth (YoY) | +23.8% | +40.3% | +36.9% | +16.4% | +14.1% | +0.0% | - | - |
| Other income | 271 | 226 | 260 | 235 | 189 | 185 | 159 | 126 |
| EBITDA | 1,026 | 504 | 1,753 | 545 | 581 | (537) | 832 | 304 |
| EBITDA margin | +11.0% | +6.5% | +14.2% | +6.4% | +7.7% | -9.8% | +9.2% | +4.2% |
| Depreciation | 83.08 | 81.88 | 87.90 | 77.99 | 75.46 | 74.52 | 85.02 | 67.88 |
| Interest | 125 | 140 | 198 | 182 | 195 | 181 | 201 | 184 |
| Profit before tax | 1,089 | 508 | 1,728 | 520 | 499 | (608) | 704 | 179 |
| Tax | 268 | 131 | 437 | 129 | 124 | (153) | 200 | 44.05 |
| Net profit | 821 | 377 | 1,290 | 390 | 375 | (456) | 504 | 135 |
| EPS (₹) | 2.36 | 1.08 | 3.71 | 1.12 | 1.08 | (1.31) | 1.45 | 0.39 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 33,782 | 28,339 | 23,893 | 23,365 | 21,211 | 17,309 | 21,463 |
| Revenue growth | +19.2% | +18.6% | +2.3% | +10.2% | +22.6% | -19.4% | - |
| Other income | 869 | 524 | 610 | 545 | 405 | 393 | 590 |
| Total expenses | 31,210 | 26,940 | 23,184 | 22,321 | 20,383 | 20,357 | 21,596 |
| Employee cost | 6,468 | 5,923 | 5,629 | 5,701 | 5,519 | 5,378 | 5,432 |
| EBITDA | 2,572 | 1,399 | 709 | 1,043 | 828 | (3,049) | (133) |
| EBITDA margin | +7.6% | +4.9% | +3.0% | +4.5% | +3.9% | -17.6% | -0.6% |
| Depreciation | 316 | 272 | 249 | 260 | 314 | 473 | 503 |
| Interest | 986 | 906 | 828 | 612 | 448 | 467 | 613 |
| Profit before tax | 2,139 | 746 | 243 | 716 | 470 | (3,596) | (659) |
| Tax | 538 | 212 | (39.56) | 61.49 | 25.75 | (896) | 809 |
| Net profit | 1,584 | 509 | 277 | 629 | 441 | (2,700) | (1,482) |
| Net profit margin | +4.7% | +1.8% | +1.2% | +2.7% | +2.1% | -15.6% | -6.9% |
| EPS (₹) | 4.60 | 1.53 | 0.81 | 1.88 | 1.28 | (7.75) | (4.21) |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 696 | 696 | 696 | 696 | 696 | 696 | 696 |
| Reserves & surplus | 25,450 | 24,026 | 23,742 | 23,682 | 25,810 | 25,287 | 27,964 |
| Shareholders' funds (net worth) | 26,147 | 24,722 | 24,439 | 24,378 | 26,507 | 25,984 | 28,661 |
| Minority interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (11.66) | (9.07) |
| Secured loans | 7,450 | 8,795 | 8,808 | 5,385 | 4,745 | 553 | 1,507 |
| Unsecured loans | 737 | 220 | 48.46 | 68.51 | 84.93 | 4,398 | 3,573 |
| Total debt | 8,187 | 9,015 | 8,856 | 5,454 | 4,830 | 4,951 | 5,080 |
| Total liabilities | 51,902 | 48,710 | 42,588 | 38,860 | 39,667 | 39,780 | 42,145 |
| Assets | |||||||
| Gross block | 8,006 | 7,749 | 7,236 | 6,949 | 6,640 | 6,470 | 6,338 |
| Net block | 2,999 | 2,947 | 2,574 | 2,476 | 2,398 | 2,491 | 2,817 |
| Capital work in progress | 495 | 195 | 308 | 354 | 431 | 420 | 314 |
| Investments | 302 | 276 | 256 | 235 | 205 | 185 | 162 |
| Inventories | 14,037 | 10,635 | 8,003 | 7,500 | 7,307 | 7,914 | 9,451 |
| Sundry debtors | 6,796 | 5,884 | 4,785 | 3,128 | 3,025 | 4,035 | 7,109 |
| Cash & bank balances | 11,867 | 7,612 | 6,157 | 6,698 | 7,154 | 6,701 | 6,419 |
| Loans & advances | 19,458 | 19,394 | 16,379 | 12,512 | 11,123 | 10,412 | 10,276 |
| Total current assets | 52,158 | 43,526 | 35,324 | 29,838 | 28,609 | 29,063 | 33,254 |
| Total current liabilities | 24,986 | 20,139 | 17,196 | 18,804 | 17,323 | 16,179 | 18,146 |
| Net working capital | 27,172 | 23,386 | 18,128 | 11,035 | 11,286 | 12,884 | 15,107 |
| Total assets | 51,902 | 48,710 | 42,588 | 38,860 | 39,667 | 39,780 | 42,145 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 439 | 1,835 | 1,561 | 733 | 1,520 | 1,397 | 789 |
| Net cash from operating activities | 5,837 | 2,192 | (3,713) | (741) | 660 | 560 | (2,892) |
| Net cash from investing activities | (3,035) | (2,731) | 1,331 | 1,480 | (1,118) | (42.50) | 1,877 |
| Net cash from financing activities | (1,806) | (857) | 2,656 | 88.96 | (329) | (394) | 1,622 |
| Net change in cash | 996 | (1,396) | 274 | 829 | (787) | 123 | 608 |
| Closing cash | 11,867 | 7,612 | 6,157 | 6,698 | 7,154 | 6,701 | 6,419 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +19.2% | +18.6% | +2.3% | +10.2% | +22.6% | -19.4% | - |
| EBITDA growth | +83.8% | +97.4% | -32.1% | +26.1% | +127.2% | -2189.7% | - |
| PBT growth | +186.8% | +207.3% | -66.1% | +52.1% | +9998.0% | -445.6% | - |
| Net income growth | +211.0% | +84.0% | -56.0% | +42.7% | +116.3% | -82.3% | - |
| Revenue CAGR (3Y) | +13.1% | +10.1% | +11.3% | +2.9% | -11.4% | -15.6% | -9.0% |
| EBITDA CAGR (3Y) | +35.1% | +19.1% | - | - | -25.9% | - | - |
| Profitability & leverage | |||||||
| Net income margin | +4.7% | +1.9% | +1.2% | +2.8% | +2.1% | -15.6% | -6.8% |
| Return on capital employed | +5.6% | +3.2% | +2.3% | +3.0% | +2.2% | 0.0% | 0.0% |
| Return on net worth | +5.2% | +1.7% | +0.9% | +2.1% | +1.6% | 0.0% | 0.0% |
| Debt / equity | 0.34 | 0.36 | 0.29 | 0.20 | 0.19 | 0.18 | 0.13 |
| Long-term debt / equity | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest cover | 43.71 | 80.37 | 179.90 | 78.17 | 87.25 | -13.25 | -96.27 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 4.29 | 3.78 | 3.37 | 3.44 | 3.24 | 2.70 | 3.48 |
| Inventory turnover | 2.74 | 3.04 | 3.08 | 3.16 | 2.79 | 1.99 | 2.41 |
| Debtors turnover | 5.33 | 5.31 | 6.04 | 7.59 | 6.01 | 3.11 | 2.26 |
| EPS (₹) | 4.60 | 1.53 | 0.81 | 1.88 | 1.28 | (7.75) | (4.21) |
| Dividend per share (₹) | 1.40 | 0.50 | 0.25 | 0.40 | 0.40 | 0.00 | 0.00 |
| Book value per share (₹) | 75.09 | 71.00 | 70.18 | 70.01 | 76.12 | 74.62 | 82.31 |
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9,300 | 7,698 | 12,310 | 8,473 | 7,512 | 5,487 | 8,993 | 7,277 |
| Revenue growth (YoY) | +23.8% | +40.3% | +36.9% | +16.4% | +14.1% | +0.0% | - | - |
| Other income | 260 | 231 | 252 | 227 | 182 | 185 | 159 | 116 |
| Total expenses | 8,275 | 7,194 | 10,557 | 7,928 | 6,931 | 6,024 | 8,162 | 6,973 |
| EBITDA | 1,026 | 504 | 1,753 | 545 | 581 | (537) | 832 | 304 |
| EBITDA margin | +11.0% | +6.5% | +14.2% | +6.4% | +7.7% | -9.8% | +9.2% | +4.2% |
| Depreciation | 83.08 | 81.88 | 87.90 | 77.99 | 75.46 | 74.52 | 85.02 | 67.88 |
| Interest | 125 | 140 | 198 | 182 | 195 | 181 | 201 | 184 |
| Profit before tax | 1,078 | 513 | 1,720 | 512 | 492 | (607) | 704 | 169 |
| Tax | 268 | 131 | 437 | 129 | 124 | (153) | 200 | 44.05 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 33,782 | 28,339 | 23,893 | 23,365 | 21,211 | 17,308 | 21,459 |
| Revenue growth | +19.2% | +18.6% | +2.3% | +10.2% | +22.6% | -19.3% | - |
| Other income | 846 | 503 | 588 | 515 | 368 | 370 | 581 |
| Total expenses | 31,210 | 26,940 | 23,184 | 22,321 | 20,381 | 20,351 | 21,588 |
| Employee cost | 6,468 | 5,923 | 5,629 | 5,701 | 5,517 | 5,372 | 5,427 |
| EBITDA | 2,572 | 1,399 | 709 | 1,043 | 830 | (3,043) | (129) |
| EBITDA margin | +7.6% | +4.9% | +3.0% | +4.5% | +3.9% | -17.6% | -0.6% |
| Depreciation | 316 | 272 | 249 | 260 | 314 | 473 | 503 |
| Interest | 986 | 906 | 828 | 612 | 447 | 466 | 611 |
| Profit before tax | 2,116 | 725 | 220 | 686 | 437 | (3,612) | (662) |
| Tax | 538 | 212 | (39.56) | 61.49 | 26.71 | (894) | 811 |
| Net profit | 1,562 | 488 | 255 | 600 | 405 | (2,720) | (1,489) |
| Net profit margin | +4.6% | +1.7% | +1.1% | +2.6% | +1.9% | -15.7% | -6.9% |
| EPS (₹) | 4.53 | 1.47 | 0.75 | 1.79 | 1.18 | (7.80) | (4.23) |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 696 | 696 | 696 | 696 | 696 | 696 | 696 |
| Reserves & surplus | 25,820 | 24,417 | 24,154 | 24,116 | 26,275 | 25,788 | 28,485 |
| Shareholders' funds (net worth) | 26,516 | 25,113 | 24,851 | 24,812 | 26,971 | 26,484 | 29,181 |
| Secured loans | 7,450 | 8,795 | 8,808 | 5,385 | 4,745 | 546 | 1,501 |
| Unsecured loans | 737 | 220 | 48.46 | 68.51 | 84.93 | 4,389 | 3,565 |
| Total debt | 8,187 | 9,015 | 8,856 | 5,454 | 4,830 | 4,935 | 5,065 |
| Total liabilities | 52,272 | 49,101 | 43,000 | 39,294 | 40,132 | 40,264 | 42,647 |
| Assets | |||||||
| Gross block | 8,006 | 7,749 | 7,236 | 6,949 | 6,640 | 6,463 | 6,331 |
| Net block | 2,999 | 2,947 | 2,574 | 2,476 | 2,398 | 2,488 | 2,814 |
| Capital work in progress | 495 | 195 | 308 | 354 | 431 | 420 | 314 |
| Investments | 677 | 672 | 668 | 670 | 670 | 670 | 670 |
| Inventories | 14,037 | 10,635 | 8,003 | 7,500 | 7,307 | 7,911 | 9,448 |
| Sundry debtors | 6,796 | 5,884 | 4,785 | 3,128 | 3,025 | 4,034 | 7,108 |
| Cash & bank balances | 11,867 | 7,612 | 6,157 | 6,698 | 7,154 | 6,701 | 6,419 |
| Loans & advances | 19,458 | 19,394 | 16,379 | 12,512 | 11,123 | 10,408 | 10,272 |
| Total current assets | 52,158 | 43,526 | 35,324 | 29,838 | 28,609 | 29,053 | 33,246 |
| Total current liabilities | 24,990 | 20,144 | 17,196 | 18,804 | 17,323 | 16,156 | 18,131 |
| Net working capital | 27,167 | 23,381 | 18,128 | 11,035 | 11,286 | 12,897 | 15,115 |
| Total assets | 52,272 | 49,101 | 43,000 | 39,294 | 40,132 | 40,264 | 42,647 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 439 | 1,835 | 1,561 | 733 | 1,527 | 1,403 | 796 |
| Net cash from operating activities | 5,837 | 2,192 | (3,713) | (741) | 660 | 560 | (2,892) |
| Net cash from investing activities | (3,035) | (2,731) | 1,331 | 1,480 | (1,125) | (42.55) | 1,877 |
| Net cash from financing activities | (1,806) | (857) | 2,656 | 88.96 | (330) | (393) | 1,622 |
| Net change in cash | 996 | (1,396) | 274 | 829 | (795) | 124 | 607 |
| Closing cash | 11,867 | 7,612 | 6,157 | 6,698 | 7,154 | 6,701 | 6,419 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +19.2% | +18.6% | +2.3% | +10.2% | +22.6% | -19.3% | - |
| EBITDA growth | +83.8% | +97.4% | -32.1% | +25.7% | +127.3% | -2265.0% | - |
| PBT growth | +192.0% | +228.9% | -67.9% | +56.9% | +9998.0% | -445.5% | - |
| Net income growth | +219.9% | +91.7% | -57.5% | +48.0% | +114.9% | -82.7% | - |
| Revenue CAGR (3Y) | +13.1% | +10.1% | +11.3% | +2.9% | -11.3% | -15.6% | -8.7% |
| EBITDA CAGR (3Y) | +35.1% | +19.0% | - | - | -27.2% | - | - |
| Profitability & leverage | |||||||
| Net income margin | +4.7% | +1.8% | +1.1% | +2.7% | +1.9% | -15.7% | -6.9% |
| Return on capital employed | +5.6% | +3.2% | +2.2% | +2.9% | +2.1% | 0.0% | 0.0% |
| Return on net worth | +5.2% | +1.7% | +0.8% | +2.0% | +1.4% | 0.0% | 0.0% |
| Debt / equity | 0.33 | 0.36 | 0.29 | 0.20 | 0.18 | 0.18 | 0.13 |
| Long-term debt / equity | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest cover | 43.71 | 80.37 | 179.90 | 78.17 | 86.60 | -13.24 | -96.78 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 4.29 | 3.78 | 3.37 | 3.44 | 3.24 | 2.71 | 3.48 |
| Inventory turnover | 2.74 | 3.04 | 3.08 | 3.16 | 2.79 | 1.99 | 2.41 |
| Debtors turnover | 5.33 | 5.31 | 6.04 | 7.59 | 6.01 | 3.11 | 2.26 |
| EPS (₹) | 4.53 | 1.47 | 0.75 | 1.79 | 1.18 | (7.80) | (4.23) |
| Dividend per share (₹) | 1.40 | 0.50 | 0.25 | 0.40 | 0.40 | 0.00 | 0.00 |
| Book value per share (₹) | 76.15 | 72.12 | 71.37 | 71.26 | 77.46 | 76.06 | 83.80 |
To see the full year-wise statements and ratios of Bharat Heavy Electricals Limited, buy the company report.
Board of directors of Bharat Heavy Electricals Limited
Bharat Heavy Electricals has 7 current directors and 87 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Vijay Mittal | Nominee Director | 25 Mar 2022 | 4 Years 7 Months | Current |
| Serugulathur Mahadevan Ramanathan | Whole-Time Director | 30 Apr 2025 | 1 Years 5 Months | Current |
| Rajesh Kumar Dwivedi | Whole-Time Director | 19 Jun 2024 | 2 Years 4 Months | Current |
| Koppu Sadashiv Murthy | Whole-Time Director | 01 Nov 2023 | 2 Years 11 Months | Current |
| Tajinder Gupta Also directs: Raichur Power Corporation Limited | Whole-Time Director | 20 Sep 2023 | 3 Years 1 Months | Current |
| Bani Varma | Whole-Time Director | 09 Oct 2023 | 3 Years 0 Months | Current |
Showing 6 of 7 current directors. View all directors
Peer comparison
Bharat Heavy Electricals Limited is compared with the 3 companies closest to it by revenue in the Power industry (Power Equipment Manufacturers), with the same principal business activity (electrical equipment, general purpose and special purpose machinery & equipment, transport equipment), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Bharat Heavy Electricals Limitedthis company | ₹33,782 Cr (FY 2026) | ₹1,583.87 Cr | 4.7% | 19.2% | 19,632 | New Delhi, Delhi, India |
| Bosch Limited | ₹18,901 Cr (FY 2025) | 8.0% | Bangalore, Karnataka, India | |||
| Tata Power Solar Systems Limited | ₹11,748 Cr (FY 2024) | 70.0% | Mumbai, Maharashtra, India | |||
| Cummins India Limited | ₹10,838 Cr (FY 2025) | 16.0% | Pune, Maharashtra, India |
To see the full peer comparison of Bharat Heavy Electricals Limited, buy the company report.
Auditor
Bharat Heavy Electricals Limited is audited by ABP & Associates for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| ABP & Associates | FY 2023 | 315104E |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 58.20%, foreign institutional investors hold 9.50%, domestic institutional investors hold 22.40% and retail and other public shareholders hold 9.90%.
Sep 2026
QUARTER
58.20% Promoters
22.40% DII (Domestic Institutional)
9.50% FII (Foreign Institutional)
9.90% Retail & Others
Promoter holding - history
Now 58.20% · Sep 2026High 63.20% · Dec 2025Low 58.20% · Jun 2026
Shareholding trend - last 6 quarters
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 58.20% | 58.20% | 63.20% | 63.20% |
| Public | 41.80% | 41.80% | 36.80% | 36.80% |
Charges & borrowings
Open charges
₹80,000 Cr
Satisfied charges
₹1,619.87 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 08 Jun 1993 | 80025169 | State Bank of India | ₹70,500 Cr | Open | |
| 08 Jun 1993 | 90041091 | State Bank of India | ₹9,500 Cr | Open | |
| 19 Nov 2003 | 90128472 | Canara Bank | ₹15 Cr | Satisfied | |
| 15 Nov 2001 | 90062381 | Canara Bank | ₹500 Cr | Satisfied | |
| 20 May 2000 | 90129821 | Idbi Bank Limited | ₹3 Cr | Satisfied |
To see the full charge records of Bharat Heavy Electricals Limited, buy the company report.
Total charge records: 27 View all charges
Deals & funding
Bharat Heavy Electricals Limited has 39 deals on record (37 market trades, 1 buyback, 1 secondary share transfer); the latest was in March 2026.
Total deals
39
Market trades
37
Buyback
1
Secondary share transfer
1
Deals on record (5 of 39)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Oct 2021 | Market trade | ₹345.4 Cr | Buyer: Jump Trading Financial India Private Limited , Hrti Private Limited Seller: Jump Trading Financial India Private Limited , Hrti Private Limited |
| Jun 2021 | Market trade | ₹128.04 Cr | Buyer: Jump Trading Financial India Private Limited Seller: Jump Trading Financial India Private Limited |
| Jun 2021 | Market trade | ₹160.2 Cr | Buyer: Jump Trading Financial India Private Limited Seller: Jump Trading Financial India Private Limited |
| Jun 2021 | Market trade | ₹161.85 Cr | Buyer: Jump Trading Financial India Private Limited Seller: Jump Trading Financial India Private Limited |
| May 2021 | Market trade | ₹136.49 Cr | Buyer: Jump Trading Financial India Private Limited Seller: Jump Trading Financial India Private Limited |
To see the full deal history of Bharat Heavy Electricals Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Bharat Heavy Electricals Limited has 4,384 court cases on record: 1,651 filed by Bharat Heavy Electricals, 2,742 filed against it. 759 cases are pending and 3,625 are disposed.
Total cases
4,384
Filed by the company
1,651
Filed against the company
2,742
Pending
759
Disposed
3,625
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 2,947 | 1,897 | 490 |
| District courts | 965 | 614 | 204 |
| Supreme Court | 422 | 220 | 47 |
| NCLAT | 41 | 9 | 18 |
| NCLT | 9 | 2 | 0 |
Cases on record (5 of 4,384)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Supreme Court | Court case (4805-Others : Matters not falling under any other category.) | Filed by the company against B.H.E.L Ancillary Habibganj Industries Association and 3 others | Disposed |
| Supreme Court | Court case (1301-Consumer Disputes and RERA : Appeals under Section 23 of Consumer Protection Act, 1986 and/or under Section 67 of Consumer Protection Act, 2019) | Filed against the company by an individual | Pending |
| District court, BENGALURU, Karnataka | Court case (Com.A.A.) | Filed against the company by M/S Aad Corporation Private Limited | Pending |
| District court, Hyderabad CCC, Telangana | Court case (COS) | Filed against the company by Ms Saniksha Services Pvt Ltd | Pending |
| Supreme Court | Court case (Special Leave Petition (Civil)) | Filed against the company by Optimal Power Synergy India Pvt Ltd Director | Pending |
To see the full case history of Bharat Heavy Electricals Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
Bharat Heavy Electricals Limited was last rated by Indiarating on 30 Jun 2022.
| Rating agency | Rated on | Rating |
|---|---|---|
| Indiarating | 30 Jun 2022 |
To see the full credit ratings and regulatory alerts of Bharat Heavy Electricals Limited, buy the company report.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Bharat Heavy Electricals Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
Group structure & subsidiaries
Bharat Heavy Electricals has 3 associated companies. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
3
Associated companies
Employees & EPFO
Bharat Heavy Electricals Limited has a workforce of 19,632 employees on its EPFO records as of Mar 31, 2024, across 10 active EPFO establishments.
Employee count
19,632
Active EPFO establishments
10
Employee growth
-2.54%
GST
Bharat Heavy Electricals has 179 GST registrations: 120 active and 59 cancelled or inactive. The first 4 active GSTINs are listed below.
Total GSTINs
179
Active
120
Cancelled / inactive
59
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 07AAACB4146P1ZH | Delhi | Active | 01 Jul 2017 |
| 07AAACB4146P3ZF | Delhi | Active | 06 Jul 2017 |
| 07AAACB4146P4ZE | Delhi | Active | 06 Jul 2017 |
| 07AAACB4146P5ZD | Delhi | Active | 06 Jul 2017 |
To see the full GST registrations and return filing status of Bharat Heavy Electricals Limited, buy the company report.
Recent activity
Bharat Heavy Electricals Limited has 175 board changes on record since 2000: 93 appointments and 82 cessations. The latest: Nigar Fatima Husain was appointed as Additional Director on 27 Apr 2026.
Charges
A charge with State Bank Of India of Rs. 70,500.00 Cr registered on 08 Jun 1993 with Charge ID 80025169 was modified on 23 Jun 2026.
Charges
A charge with State Bank Of India of Rs. 9,500.00 Cr registered on 08 Jun 1993 with Charge ID 90041091 was modified on 23 Jun 2026.
Appointed
Nigar Fatima Husain was appointed as Additional Director.
Filing
Bharat Heavy Electricals Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Delhi I.
Ceased
Arti Bhatnagar ceased to be Nominee Director.
AGM
Bharat Heavy Electricals Limited last Annual general meeting of members was held on 19 Aug 2025 as per latest MCA records.
Appointed
Serugulathur Mahadevan Ramanathan was appointed as Whole-Time Director.
Appointed
Aashish Chaturvedi was appointed as Director.
Appointed
Ashok Kumar Aseri was appointed as Director.
Ceased
Jai Prakash Srivastava ceased to be Whole-Time Director.
Ceased
Sivaprasad Kodungallur ceased to be Director.
Ceased
Rajeev Kalra ceased to be Company Secretary.
229 earlier events are in the company report.
News
BHEL: UBS on BHEL Maintains Neutral, raises Target Price to ₹500; Q2 revenue/EBITDA grew 24%/77% YoY, beating consensus by 12%/59%, while EBITDA margin expanded 330bps to 11% and gross margin rose 600bps to 36.5%; Power and Industry revenue grew 17%/45%, but order inflows fell 82% YoY to ₹40bn amid the absence of large thermal orders.
BHEL: Jefferies on BHEL Downgrades to Underperform, Target Price ₹335; Q2 EBITDA beat estimates by 12% as margins rose 330bps to 11%, led by a 420bps improvement in Industry margins; raises FY27–30 EBITDA estimates by over 17%, but prefers T&D equipment makers such as Hitachi Energy and Siemens Energy to play the power upcycle.
BHEL: CLSA on BHEL Maintains Underperform, raises Target Price to ₹351; Q2 revenue grew 24% YoY and EBITDA margin expanded 330bps to 11%, prompting a 10–11% increase in FY27–29 PAT estimates; however, rising competition from Chinese suppliers, JSW Toshiba, L&T and Thermax threatens thermal-equipment dominance, while the backlog appears to have peaked and the stock looks expensive at 39x FY28CL earnings.
BHEL: Q2 SL NET PROFIT 8.1B RUPEES VS 3.68B (YOY); EST 6.54B
BHEL: Q2 EBITDA 10B RUPEES VS 5.8B (YOY), EST 8.81B; Q2 EBITDA MARGIN 11.03% VS 7.73% (YOY), EST 9.5%
BHEL: Q2 REVENUE 93B RUPEES VS 75.12B (YOY); EST 92.36B
Frequently asked questions
Bharat Heavy Electricals is an active public limited union government company based in New Delhi, Delhi, India. The company works in power equipment manufacturers, within the energy and power industry. It was incorporated on 13 November 1964 (62+ years old) and is registered under CIN L74899DL1964GOI004281. Listed on BSE: 500103 and NSE: BHEL.
Bharat Heavy Electricals reported revenue of ₹33,782 Cr for FY 2025-26 (up 19.2% YoY) based on consolidated financials.
Bharat Heavy Electricals has 7 current directors:
- Serugulathur Mahadevan Ramanathan - Whole-Time Director
- Rajesh Kumar Dwivedi - Whole-Time Director
- Koppu Sadashiv Murthy - Whole-Time Director
- Tajinder Gupta - Whole-Time Director
- Bani Varma - Whole-Time Director
- Vijay Mittal - Nominee Director
- Nigar Fatima Husain - Additional Director
The latest financial statements of Bharat Heavy Electricals on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 19 August 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Bharat Heavy Electricals is 07AAACB4146P1ZH, registered in Delhi. The company has 179 GST registrations in all, of which 120 are active and 59 are cancelled or inactive. Other active GSTINs include 07AAACB4146P3ZF (Delhi), 07AAACB4146P4ZE (Delhi), 07AAACB4146P5ZD (Delhi).
The CIN (Corporate Identification Number) of Bharat Heavy Electricals is L74899DL1964GOI004281. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Bharat Heavy Electricals is a listed company as per MCA records. Its shares are listed on both BSE (code: 500103) and NSE (symbol: BHEL).
Bharat Heavy Electricals has 4,384 court cases on record: 1,651 filed by the company and 2,742 filed against it. 759 are pending. Most are in the high courts.
Bharat Heavy Electricals was incorporated on 13 November 1964, making it 62+ years old. It is registered with the Registrar of Companies, Delhi.
Bharat Heavy Electricals has 39 deals on record (37 market trades, 1 buyback, 1 secondary share transfer); the latest was in March 2026.
The peers of Bharat Heavy Electricals by revenue are Bosch Limited, Tata Power Solar Systems Limited, Cummins India Limited, all in the Power industry (Power Equipment Manufacturers), with the same principal business activity (electrical equipment, general purpose and special purpose machinery & equipment, transport equipment).