NSE: BHEL | BSE: 500103

Strong Performer, Getting Expensive

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239.64 0.60 (0.25%)

36.16% Gain from 52W Low

7.3M NSE+BSE Volume

NSE 10 Oct, 2025 3:31 PM (IST)

83,444.2

Market Cap

High in industry

1.7

Beta 1Year

Very High Volatility

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.

Bharat Heavy Electricals Ltd.

22 May 2024

239.64

0.25%

The year of thermal revival

Buy: Bharat Heavy Electricals Ltd.

Target

ICICI Securities Limited

Bharat Heavy Electricals Ltd. (BHEL) reported an order inflow (OI) of INR 780bn, 3x YoY. OI for the quarter was INR 420bn. FY24 saw strong order inflows worth INR520bn in power owing to 9.6GW thermal order wins and Industry orders worth INR 220bn.

Bharat Heavy Electri.. has an average target of 256.00 from 3 brokers.

Bharat Heavy Electricals Ltd.

14 Feb 2024

239.64

0.25%

BHARAT HEAVY ELECTRI

Sell: Bharat Heavy Electricals Ltd.

Target

Prabhudas Lilladhar

Bharat Heavy Electricals Ltd. is trading above its 200 day SMA of 227.2

Bharat Heavy Electricals Ltd.

09 Nov 2023

239.64

0.25%

Strong uptick in order prospects

Buy: Bharat Heavy Electricals Ltd.

ICICI Securities Limited

BHEL has posted strong order inflow of INR 335bn in H1FY24 (>2x YoY) on the back of large order wins. However, we believe, this is the beginning of pickup in order inflow as India is likely to order more than 55GW of coal based thermal capacity in the medium term (Link), and given the duopoly nature of the market, BHEL is its natural beneficiary.

Number of FII/FPI investors decreased from 514 to 502 in Sep 2025 qtr

Bharat Heavy Electricals Ltd.

20 Sep 2023

239.64

0.25%

Making the right noises

Buy: Bharat Heavy Electricals Ltd.

Target

ICICI Securities Limited

Ridiculed. Opposed. Self-evident – the three stages of all incontrovertible ideas. We have arrived at the third stage of the idea that adding thermal capacity is receiving almost universal acceptance. India needs additional thermal capacity – we were of the firm belief that India needed to increase additional supply to ensure a smooth energy transition while the street has been –ve on coal capacity addition.

Bharat Heavy Electricals Ltd. is trading below its 100 day SMA of 242.0

Bharat Heavy Electricals Ltd.

12 Sep 2023

239.64

0.25%

BHEL

Buy: Bharat Heavy Electricals Ltd.

Recommendation Target

Geojit BNP Paribas

Bharat Heavy Electri.. has an average target of 256.00 from 3 brokers.

Bharat Heavy Electricals Ltd.

07 Aug 2023

239.64

0.25%

It only gets better hereon; order inflow remains key metric

Buy: Bharat Heavy Electricals Ltd.

Target

ICICI Securities Limited

BHEL reported its highest quarterly order inflow of INR 145bn in Q1FY24 and is L1 in ~INR 80bn worth of orders. We expect order inflow for FY24E and FY25E to be >INR 400bn aided by improving order prospects for thermal coal. We believe India needs to add 5GW per year for next 15 years.

Bharat Heavy Electricals Ltd. is trading below its 100 day SMA of 242.0

Bharat Heavy Electricals Ltd.

15 Jun 2023

239.64

0.25%

‘Keep it simple, stupid’!

Buy: Bharat Heavy Electricals Ltd.

Target

ICICI Securities Limited

The headline embodies a design principle (introduced by US Navy in 1960), which means that design for any system should be simple and elegant. Likewise, India’s power grid needs a simple solution like thermal power to ensure its reliability, which is currently challenged by the increasingly varying availability of renewable electricity.

Bharat Heavy Electricals Ltd. is trading below its 100 day SMA of 242.0

Bharat Heavy Electricals Ltd.

28 May 2023

239.64

0.25%

Aligning stars

Buy: Bharat Heavy Electricals Ltd.

ICICI Securities Limited

Bharat Heavy Electricals’ (BHEL) Q4FY23 revenue grew 2% YoY to Rs82bn, wherein power revenue was up 4% YoY to Rs62bn while industry revenue remained flat YoY at Rs16.5bn.

Bharat Heavy Electricals Ltd. is trading below its 100 day SMA of 242.0

Bharat Heavy Electricals Ltd.

28 May 2023

239.64

0.25%

BHARAT HEAVY ELECTRI

Sell: Bharat Heavy Electricals Ltd.

Target

Prabhudas Lilladhar

Bharat Heavy Electri.. has an average target of 256.00 from 3 brokers.

Bharat Heavy Electricals Ltd.

13 Feb 2023

239.64

0.25%

Business revival and diversification on cards

Buy: Bharat Heavy Electricals Ltd.

ICICI Securities Limited

Bharat Heavy Electricals’ (BHEL) Q3FY23 revenue grew 2.5% YoY to Rs52.6bn, led by 7% YoY growth in power segment, which was offset by 21% YoY decline in industrial segment revenue.

Bharat Heavy Electricals Ltd. is trading above its 200 day SMA of 227.2

Is Bharat Heavy Electricals Ltd. worth buying?

2585 Votes:

Buy 76.13%

Sell 12.3%

Hold 11.57%

RESEARCH REPORTS

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Hold SEE REPORTS >

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