We revise our FY26/27E EPS estimate by -30.8%/-9.5% factoring in weaker pace of execution and higher other expenses. BHEL reported a dismal quarter with a flattish revenue of Rs54.9bn and an EBITDA level loss of Rs5.4bn due to sharp increase in other expenses. Continued execution challenges in the Power continue to drive robust order inflows, including ~14.6 GW of thermal orders won in FY25 and a Rs65bn equipment order won from Adani Power during the quarter. BHEL's active diversification into transmission, transportation, defense, and Oil & Gas is yielding results with award of the prestigious 6 GW...