NSE: BHEL | BSE: 500103

Strong Performer, Getting Expensive

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386.95 -2.25 (-0.58%)

88.65% Gain from 52W Low

18.9M NSE+BSE Volume

NSE 05 Jun, 2026 3:31 PM (IST)

134,738.4

Market Cap

High in industry

Beta 1Year

Very High Volatility

Order Win

BHEL secures a Rs 21,000 crore order from MUNPL to set up 3*800 MW Meja thermal project stage-II 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.

05 May 2026

386.95

-0.58%

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 39.32% in the last 6 Months

Bharat Heavy Electricals Ltd.

05 May 2026

386.95

-0.58%

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 Electricals has gained 39.32% in the last 6 Months

Bharat Heavy Electricals Ltd.

05 May 2026

386.95

-0.58%

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 Ltd. is trading below its 30 day SMA of 390.9

Bharat Heavy Electricals Ltd.

01 May 2026

386.95

-0.58%

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 Ltd. is trading below its 30 day SMA of 390.9

Bharat Heavy Electricals Ltd.

20 Jan 2026

386.95

-0.58%

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),...

Bharat Heavy Electricals has gained 51.33% in the last 1 Year

Bharat Heavy Electricals Ltd.

08 Dec 2025

386.95

-0.58%

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 39.32% in the last 6 Months

Bharat Heavy Electricals Ltd.

18 Nov 2025

386.95

-0.58%

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%...

Bharat Heavy Electricals Ltd. is trading above its 200 day SMA of 278.4

Bharat Heavy Electricals Ltd.

30 Oct 2025

386.95

-0.58%

BHEL (BHEL IN) Q2FY26 Result Update Healthy Q2...

Hold: Bharat Heavy Electricals Ltd.

Target

Prabhudas Lilladhar

Institutional Investors have increased holdings from 25.98% to 31.22% in Mar 2026 qtr.

Bharat Heavy Electricals Ltd.

30 Oct 2025

386.95

-0.58%

Bharat Heavy Electricals Ltd.

Buy: Bharat Heavy Electricals Ltd.

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. Q2FY26 performance: BHEL reported strong Q2FY26 results, turning profitable. Revenues grew 14% YoY to 7511 crore. With a drop in Employee benefits and other expenses by 260 and 310 bps YoY, EBITDA more than doubled to 580 crore vs 275 crore last year. With operational performance and rise in other income, PAT grew 3.5x YoY to 368 crore vs 106 crore last year. On a segmental basis Power (76% revenue mix) and Industry (24%) business revenues grew +13% and +18% YoY to...

Bharat Heavy Electricals has gained 51.33% in the last 1 Year

Bharat Heavy Electricals Ltd.

29 Aug 2025

386.95

-0.58%

BHEL

Hold: Bharat Heavy Electricals Ltd.

Target

Geojit BNP Paribas

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. The company also builds compressors, valves, rectifiers, pumps, capacitors, oil rigs, etc., and undertakes castings and forgings....

Bharat Heavy Electricals Ltd. is trading above its 200 day SMA of 278.4

Is Bharat Heavy Electricals Ltd. worth buying?

2614 Votes:

Buy 76.21%

Sell 12.32%

Hold 11.48%

RESEARCH REPORTS

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