Doubtless, BHEL results were a beat. Hopefully, the browbeaten narratives will be a thing of past. Consider the magnitude of shock: for the street expectation of Rs2.5 bn operating loss, even the paltry operating profit of Rs710 mn, or 1.3% operating margins, attracted attention from all quarters. Further, the once deemed slow-moving projects are closer to their policy dnouement, we learn. While keeping the 12GW prospect intact, the order inflow might be 7GW for FY17, company opines. True, for near term, this is puzzling. However, to understand the steady-state, using DCF, we believe the best is priced in. And, thereby, we upgrade BHEL to HOLD from SELL....