NSE: BHEL | BSE: 500103

Strong Performer, Getting Expensive

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432.00 -2.60 (-0.60%)

New 52W High in past week

7.8M NSE+BSE Volume

NSE 19 Oct, 2026 2:36 PM (IST)

150,425.1

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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.

16 Oct 2026

432.00

-0.60%

Bharat Heavy Electricals Limited Result update

Buy: Bharat Heavy Electricals Ltd.

Joindre Capital Services

Record order book provides multi-year revenue visibility: The order book stood at Rs 2,575,710 Mn as on 30 September 2026, up 17.3% YoY from Rs 2,196,410 Mn. Order inflows in H1FY27 totalled ~Rs 300,000 Mn, including ~Rs 40,000 Mn in Q2FY27, with key Q2 wins including the Heo and Tato-I hydro packages, 265 main traction transformers, an FR6B gas turbine, and green-ammonia and recycle-gas compressors. The backlog is increasingly diversified, with sizeable non-thermal orders in transportation (~Rs 164,000 Mn), transmission (~Rs 136,000 Mn), nuclear (~Rs 128,000 Mn), coal...

Bharat Heavy Electricals has gained 85.71% in the last 1 Year

Bharat Heavy Electricals Ltd.

15 Oct 2026

432.00

-0.60%

Bharat Heavy Electricals Ltd.

Buy: Bharat Heavy Electricals Ltd.

Target

ICICI Direct

Strong order book and diversification to drive growth : BHEL is one of the largest engineering and manufacturing company of its kind in India engaged in design, engineering, construction, testing, commissioning and servicing of a wide range of products and services with over 180 product offerings to meet the ever-growing needs of the core sectors of...

Bharat Heavy Electricals has gained 36.37% in the last 6 Months

Bharat Heavy Electricals Ltd.

20 Jul 2026

432.00

-0.60%

Bharat Heavy Electricals Ltd.

Buy: Bharat Heavy Electricals Ltd.

Target

ICICI Direct

Number of FII/FPI investors increased from 669 to 756 in Sep 2026 qtr.

Bharat Heavy Electricals Ltd.

17 Jul 2026

432.00

-0.60%

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%.

Bharat Heavy Electricals has gained 36.37% in the last 6 Months

Bharat Heavy Electricals Ltd.

05 May 2026

432.00

-0.60%

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 85.71% in the last 1 Year

Bharat Heavy Electricals Ltd.

05 May 2026

432.00

-0.60%

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 Ltd. is trading above all available SMAs

Bharat Heavy Electricals Ltd.

05 May 2026

432.00

-0.60%

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).

Joindre Capital Services released a Buy report for Bharat Heavy Electricals Ltd. with a price target of 520.0 on 16 Oct, 2026.

Bharat Heavy Electricals Ltd.

01 May 2026

432.00

-0.60%

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...

Number of FII/FPI investors increased from 669 to 756 in Sep 2026 qtr.

Bharat Heavy Electricals Ltd.

20 Jan 2026

432.00

-0.60%

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),...

Joindre Capital Services released a Buy report for Bharat Heavy Electricals Ltd. with a price target of 520.0 on 16 Oct, 2026.

Bharat Heavy Electricals Ltd.

08 Dec 2025

432.00

-0.60%

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 85.71% in the last 1 Year

Is Bharat Heavy Electricals Ltd. worth buying?

2626 Votes:

Buy 76.16%

Sell 12.34%

Hold 11.5%

RESEARCH REPORTS

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