NSE: BHEL | BSE: 500103 | INDUSTRY : HEAVY ELECTRICAL EQUIPMENT | SECTOR : GENERAL INDUSTRIALS

Bharat Heavy Electricals Ltd.

Momentum Trap

29.65 0.20 (0.68%)

51.47% Fall from 52W High

Volume: 40.6M

NSEOct 27, 2020 03:31 PM

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Durability score
35/100
Low Financial Strength
Valuation score
23.5/100
Expensive Valuation
Momentum score
49.0/100
Technically Neutral
3S
12W
5O
2T


Bharat Heavy Electricals Ltd.    
14 Sep 2020
29.65
0.68%
buy
by ICICI Securities Limited
Target: 35 | Target met
ICICI Securities Limited
Deferral of key projects impacts order inflows During Q1FY21, order inflow was at | 1485 crore, down 62% YoY, (| 982 crore from power segment, | 442 crore from industrial segment, | 61 crore from exports segment). Bhel's order backlog as on Q1FY21 was at | 108126 crore (| 86603 crore in power, | 13447 crore in industrial, | 8073 crore in exports). Of total order backlog, executable orders were at 87967 crore. It is favourably placed in orders like Talcher power plant. However, few power projects including Lara, Singrauli and Pench power plants are getting...
Bharat Heavy Electricals Ltd. is trading below all available SMAs
Bharat Heavy Electricals Ltd.    
12 Sep 2020
29.65
0.68%
buy
by Prabhudas Lilladhar
Target: 34 | Target met
Prabhudas Lilladhar
BHEL secured orders worth Rs14.9bn in 1QFY21 translating into an order backlog of Rs1.1trn (5.7x trailing revenues). BHEL reported weak performance for the quarter wherein both segments Power/Industry revenue de-grew by 68%15% YoY. During the quarter order inflows de-grew by 62% YoY led by delay in ordering activity, deferment due to Covid-19 pandemic and overall stress in power sector. Order backlog stands at Rs1.08trn, flat YoY (executable OB ~Rs880bn) providing revenue...
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Number of FIIs/FPIs holding stock fell by 15 to 173 in Sep 2020 qtr.
Bharat Heavy Electricals Ltd.    
12 Sep 2020
29.65
0.68%
buy
by Nirmal Bang Institutional
Target: 30 | Target met
Nirmal Bang Institutional
Weak execution & higher than expected loss amid lockdown SELL Bharat Heavy Electricals (BHEL) posted 56% YoY decline in 1QFY21 revenue at Rs19.9bn, 5% above our estimate, but 21% below consensus estimate. Power segment revenue declined 68% YoY to Rs11.2bn (59% of total sales) while Industry segment revenue fell 15% YoY to Rs7.8bn (41% of total sales). Gross margin fell to 34.1% (vs. 42.5% YoY). Lower revenue led to negative EBITDA of Rs10.6bn (vs. negative Rs2.7bn YoY). The loss was higher than our/consensus estimate loss of Rs7.2bn/Rs6.8bn. PBT was negative Rs11.9bn. With deferred tax write-back of Rs3bn, net loss stood at Rs8.9bn (vs. loss of Rs2.2bn YoY). Net loss was...
Bharat Heavy Electricals Ltd. has gained 43.58% in the last 6 Months
Bharat Heavy Electricals Ltd.    
11 Sep 2020
29.65
0.68%
buy
by Motilal Oswal
Target: 22 | Upside : 25.8%
Motilal Oswal
We now expect BHEL to report loss in FY21E and have also reduced our FY22E earnings estimate by 21% to factor poor execution and a weak ordering environment. EBIT loss stood at INR2.5b (v/s profit of INR349m Order book (OB) was flat YoY at INR1081b, with OB/rev at 5.7x. Total receivables remain elevated at ~INR360b, of which 12% are from the private sector, 48% from state entities, 33% from the center, and 7% pertain cost at ~25% of sales. In FY20, working capital deteriorated to 99% of sales from 65% in FY19 due to higher inventory, slow movement in receivables, and poor We now expect BHEL to report loss in FY21E and have also reduced our FY22E earnings estimate by 21% to factor poor execution and a weak ordering environment. While the company has received EoIs from three major OEMs regarding its ongoing diversification drive, we believe any material financial impact is still some time away.
Bharat Heavy Electricals Ltd. has lost -41.81% in the last 1 Year
Bharat Heavy Electricals Ltd.    
17 Jun 2020
29.65
0.68%
buy
by Geojit BNP Paribas
Target: 30 | Target met
Geojit BNP Paribas
BHEL, a government owned entity, is India's largest engineering company and dominates the supply of equipment for power plants in India. Key products include gas turbines, generators, thermal sets, diesel shunters,...
Bharat Heavy Electri.. has an average target of 34.50 from 6 brokers.
Bharat Heavy Electricals Ltd.    
15 Jun 2020
29.65
0.68%
buy
by ICICI Securities Limited
Target: 33 | Target met
ICICI Securities Limited
Order inflows impacted by deferral of key projects During Q4FY20, order inflow came in at | 6405 crore, down 3.4% YoY, (| 3031 crore from power segment, | 3301 crore from industrial segment, | 73 crore from exports segment). For FY20, order inflows were at | 23547 crore, down 1%, YoY. Bhel's order backlog as on Q4FY20 was at | 108443 crore. It is favourably placed in orders like Talcher power plant. However, few projects in the power sector including Lara, Singrauli, Pench power plants are getting deferred for awarding/ tendering and likely to get awarded...
Bharat Heavy Electricals Ltd. has lost -41.81% in the last 1 Year
Bharat Heavy Electricals Ltd.    
15 Jun 2020
29.65
0.68%
buy
by Nirmal Bang Institutional
Target: 25 | Upside : 15.7%
Nirmal Bang Institutional
NBIE Values your patronage- Vote for The Team in the Asia Money poll 2020. Click Here COVID-19 impacts execution; Outlook remains hazy Bharat Heavy Electricals (BHEL) posted 51% YoY decline in 4QFY20 revenue at Rs50.5bn, much below our/consensus estimate of Rs82bn/Rs87bn, owing to loss of sales worth Rs40bn due to COVID-19 lockdown. Gross margin fell to 28.8% (vs. 42.9% YoY). Power segment revenue declined 61% YoY to Rs31.7bn (69% of total sales), while Industry segment revenue fell 18% YoY to Rs14.2bn (31% of total sales). Lower revenue led to negative EBITDA of...
Bharat Heavy Electricals Ltd. has lost -41.81% in the last 1 Year
Bharat Heavy Electricals Ltd.    
14 Jun 2020
29.65
0.68%
buy
by Motilal Oswal
Target: 22 | Upside : 25.8%
Motilal Oswal
EBITDA loss stood at INR5.6b (v/s profit of INR14b last year) due to lower absorption of fixed cost. EBIT loss stood at INR3.7b (v/s revenue was down 7% YoY to INR55b. Total receivables remain elevated at INR365b, of which 12% is from the private sector, 47% is from state entities, 34% is from the Center and 7% is BHEL continues to struggle on account of cost at ~25% of sales. In FY20, working capital deteriorated to 99% of sales from 65% in FY19 on account of higher inventories, slow movement in receivables We have cut our FY21E/FY22E earnings estimates by 46%/17% to account for the poor execution and weak ordering environment. EBIT loss stood at revenue was down 36% YoY to INR150b. EBIT loss stood at INR3.7b (v/s profit of INR349m YoY). BHEL continues to struggle on account of (a) the weak ordering environment in the power sector, (b) high receivables of INR365b, and (c) high employee cost at ~25% of sales in FY20.
Bharat Heavy Electricals Ltd. is trading below all available SMAs
Bharat Heavy Electricals Ltd.    
13 Jun 2020
29.65
0.68%
buy
by Prabhudas Lilladhar
Target: 34 | Target met
Prabhudas Lilladhar
BHEL reported weak performance for the quarter where both segments Power/Industry revenue de-grew by 61%18% YoY. During the quarter, order inflows de-grew by 5% YoY led by muted ordering activity, deferment due to Covid-19 Pandemic and overall stress in power sector. Current order backlog stands at Rs1.08trn that provides revenue visibility for the future. Despite...
Bharat Heavy Electricals Ltd. is trading below all available SMAs
Bharat Heavy Electricals Ltd.    
18 Feb 2020
29.65
0.68%
buy
by Geojit BNP Paribas
Target: 38 | Target met
Geojit BNP Paribas
BHEL, a government owned entity, is India's largest engineering company and dominates the supply of equipment for power plants in India. Key products include gas turbines, generators, thermal sets, diesel shunters,...
Bharat Heavy Electricals Ltd. has gained 43.58% in the last 6 Months