NSE: BHEL | BSE: 500103

Strong Performer, Getting Expensive

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439.90 10.70 (2.49%)

Near 52W High of ₹446.50

8.1M NSE+BSE Volume

NSE 18 Sep, 2026 3:31 PM (IST)

153,176

Market Cap

Market Runner Up

Beta 1Year

High Volatility

Forms JV

BHEL forms a 50:50 JV with Titagarh Rail Systems for maintenance of Vande Bharat trains See details

Bharat Heavy Electricals Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for BHEL, BSE:500103 Bharat Heavy Electricals Ltd.

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Bharat Heavy Electricals Ltd.

20 Jul 2026

439.90

2.49%

Bharat Heavy Electricals Ltd.

Buy: Bharat Heavy Electricals Ltd.

Target

ICICI Direct

Number of FII/FPI investors increased from 533 to 669 in Jun 2026 qtr.

Bharat Heavy Electricals Ltd.

17 Jul 2026

439.90

2.49%

Firing on all cylinders

Buy: Bharat Heavy Electricals Ltd.

Target

ICICI Securities Limited

BHEL has started FY27 on a strong note, with revenue growing 40% YoY. Further, it reported EBITDA of INR 5bn (vs. loss of INR 5.3bn YoY) and margins at 6.5%.

Number of FII/FPI investors increased from 533 to 669 in Jun 2026 qtr.

Bharat Heavy Electricals Ltd.

05 May 2026

439.90

2.49%

BHEL (BHEL IN) Q4FY26 Result Update Healthy Q4; execution momentum remains monitorable Downgrade to REDUCE'

Sell: Bharat Heavy Electricals Ltd.

Recommendation Target

Prabhudas Lilladhar

We revise our FY28E EPS estimate by +7.8% accounting for improvement in execution and normalization in provision. BHEL delivered a strong Q4FY26 performance with revenue growth of 36.9% YoY, driven by robust execution of its order backlog, while EBITDA margin expanded 499bps YoY to 14.2% supported by lower other expenses. The Power segment remained the key growth driver, with ~54% YoY revenue growth backed by execution of a healthy order book of ~INR1.7trn, while order book further strengthen by recent key order win of INR135bn EPC package (3800MW) from NTPC in Q4. BHEL has successfully commissioned 8.9GW of power capacity in FY26...

Bharat Heavy Electricals has gained 69.09% in the last 6 Months

Bharat Heavy Electricals Ltd.

05 May 2026

439.90

2.49%

Bharat Heavy Electricals Ltd.

Buy: Bharat Heavy Electricals Ltd.

Target

ICICI Direct

The stock is well placed to gain from the need for building base load thermal coupled with strong revenue visibility in the medium term. Q4FY26 performance: Bharat Heavy Electricals Limited reported a strong Q4 FY26 performance with revenue rising 37% YoY to 12,310 crore, driven by robust execution, while EBITDA more than doubled to 1,753 crore with margin expanding ~498 bps YoY to 14.2% (vs 9.3% in Q4FY25). PAT surged ~154% YoY to 1,282.7 crore, reflecting operating leverage and improved project mix. Segment-wise, Power segment revenue stood at ~9,510 crore with EBIT of 1,869.9 crore (EBIT margin ~19.7% vs 5% YoY),...

Bharat Heavy Electri.. has an average target of 431.00 from 5 brokers.

Bharat Heavy Electricals Ltd.

05 May 2026

439.90

2.49%

Ticked all the boxes

Buy: Bharat Heavy Electricals Ltd.

Target

ICICI Securities Limited

BHEL reported a strong beat to consensus earnings. It reported revenue growth of >35% YoY with a gross margin of 35% (+400bps YoY).

Bharat Heavy Electricals has gained 87.60% in the last 1 Year

Bharat Heavy Electricals Ltd.

01 May 2026

439.90

2.49%

Bharat Heavy Electricals Ltd Tgt 410

Buy: Bharat Heavy Electricals Ltd.

BP Wealth

two repair units, four regional offices, and project sites spread across India and overseas. It has a diversified business portfolio spanning power generation (thermal, hydro, nuclear, and solar), trans- mission, transportation, defense & aerospace, oil & gas, and emerging segments such as battery energy storage systems (BESS) and EV charging infrastructure. The company's product portfolio...

Bharat Heavy Electricals has gained 69.09% in the last 6 Months

Bharat Heavy Electricals Ltd.

20 Jan 2026

439.90

2.49%

Bharat Heavy Electricals Ltd.

Buy: Bharat Heavy Electricals Ltd.

Target

ICICI Direct

The stock is well placed to gain from the need for building base load thermal coupled with strong revenue visibility in the medium term. Q3FY26 performance: BHEL reported a healthy Q3 FY26 performance, with revenue rising 16.4% YoY to 8,473 crore, driven by growth across both segments. EBITDA increased 79% YoY to 545 crore, with margins expanding by 225 bps YoY to 6.4%, supported by a favorable industrial mix and operating leverage. PAT surged 207% YoY to 382.5 crore, leading to a 280 bps YoY improvement in net profit margin to 4.5%. Segment-wise, Power segment revenue stood at 6,322 crore (+13% YoY),...

Number of FII/FPI investors increased from 533 to 669 in Jun 2026 qtr.

Bharat Heavy Electricals Ltd.

08 Dec 2025

439.90

2.49%

The fundamentals are improving…

Buy: Bharat Heavy Electricals Ltd.

Target

ICICI Securities Limited

BHEL has accumulated a strong orderbook in last three years but execution has been slow. Order inflow (OI) in FY24/25 was INR 780bn/ INR 920bn (vs. average OI of INR 210bn between FY19-23), respectively.

Bharat Heavy Electricals has gained 87.60% in the last 1 Year

Bharat Heavy Electricals Ltd.

18 Nov 2025, 12:00AM

439.90

2.49%

BHEL

Buy: Bharat Heavy Electricals Ltd.

Recommendation Target

Geojit BNP Paribas

*over or under performance to benchmark index Bharat Heavy Electricals Ltd (BHEL), a public sector entity, is India's largest engineering company. It supplies power plant equipment such as gas turbines, generators, thermal sets, diesel shunters, turbo sets, hydro sets, power transformers, switchgears, circuit breakers and boilers. It also manufactures compressors, valves, rectifiers, pumps, capacitors and oil rigs, and undertakes castings and forgings. BHEL's Q2FY26 revenue increased 14.1% YoY to Rs. 7,512cr, driven by an 18.0%...