NSE: BHEL | BSE: 500103

Mid-range Performer

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220.03 5.51 (2.57%)

25.02% Gain from 52W Low

8.7M NSE+BSE Volume

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

76,615.8

Market Cap

High in industry

1.7

Beta 1Year

Very High Volatility

Signs MoU

BHEL signs an MoU with Horizon Fuel Cell to develop a hydrogen fuel cell-powered railway locomotive 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.

Bharat Heavy Electricals Ltd.

11 Feb 2020, 12:00AM

220.03

2.57%

Q3FY20 Result Update

Buy: Bharat Heavy Electricals Ltd.

Recommendation Target

Prabhudas Lilladhar

Net cash position as on date stands at Rs12bn. BHEL's 3QFY20 results were lower than our and consensus estimates. Execution continues to be subdued with ~23% YoY decline in revenues, led by de-growth in both Power and Industry segment. Order inflow de-grew by...

Bharat Heavy Electricals Ltd. is trading below all available SMAs

Bharat Heavy Electricals Ltd.

16 Dec 2019

220.03

2.57%

BHEL

Hold: Bharat Heavy Electricals Ltd.

Target

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 256.00 from 3 brokers.

Bharat Heavy Electricals Ltd.

13 Nov 2019

220.03

2.57%

Disappoints on execution; working capital deteriorates further

Neutral: Bharat Heavy Electricals Ltd.

Recommendation Target

Motilal Oswal

PAT level Power sales (70% of sales) declined 18% YoY to INR42b, while Industrial sales (30% to sales) grew strongly by 24% YoY to INR18b. PBIT margin expanded 200bp YoY to 10.3% in Power but shrank 180bp YoY to 3.0% in Industrial segment. BHEL continues struggling on account of (a) the weak ordering environment in the power sector, (b) high receivables of INR380b and (c) high employee cost at ~21% of sales. We maintain rating on the stock with a TP of INR52 (15x FY21E EPS, in line with the 10-year average P/E). PBIT margin expanded by 200bp YoY to 10.3% in Power but shrank by 180bp YoY BHEL continues struggling on account of (a) the weak ordering environment in the power sector, (b) high receivables of INR380b and (c) high employee cost at ~21% of sales. We maintain our earnings estimates and a TP of INR52 (15x FY21E EPS, in line with the 10-year average P/E).

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

Bharat Heavy Electricals Ltd.

12 Aug 2019

220.03

2.57%

Bharat Heavy Electricals Limited

Hold: Bharat Heavy Electricals Ltd.

Target

ICICI Securities Limited

Reasonable order inflows across power, industrial business During Q1FY20, order inflow came in at | 3892 crore, down 11% YoY, of which power segment contributed | 1913 crore, industrial segment contributed | 1926 crore. Bhel's order backlog as on Q1FY20 was at | 107806 crore. The company has strengthened its position in emission control equipment (FGD) by wining further orders during the quarter and is favourably placed in orders worth ~| 14000 crore. It sees ~ 8-10 GW (~| 50000 crore) power sector opportunities to be finalised by year end. On...

Bharat Heavy Electricals Ltd. is trading below all available SMAs

Bharat Heavy Electricals Ltd.

25 Jun 2019

220.03

2.57%

BHEL

Hold: Bharat Heavy Electricals Ltd.

Target

Geojit BNP Paribas

Q4FY19 revenue growth was flat at 2% YoY to Rs103bn and 40% sequentially. Power segment revenue was down 3% YoY at Rs81bn. Industry revenue was up 14% YoY at Rs17bn. EBITDA margin improved by 140bps YoY to 13.5% on account...

Geojit BNP Paribas decreased Hold price target of Bharat Heavy Electricals Ltd. to 229.0 on 29 Aug, 2025.

Bharat Heavy Electricals Ltd.

28 May 2019

220.03

2.57%

Bharat Heavy Electricals Limited

Hold: Bharat Heavy Electricals Ltd.

Target

ICICI Securities Limited

Decent order inflows across power, industrial business During Q4FY19, order inflow was at | 6630 crore, down 73% YoY on a high base. For FY19, order inflows came in at | 23860 crore, of which power segment contributed | 15500 crore, industrial segment contributed | 7000 crore and exports contributed | 1400 crore. Bhel's order backlog as on FY19 was at | 110000 crore. Bhel has strengthened its position in emission control equipment (FGD) by wining further orders during the quarter. For FY19, FGD...

Geojit BNP Paribas decreased Hold price target of Bharat Heavy Electricals Ltd. to 229.0 on 29 Aug, 2025.

Bharat Heavy Electricals Ltd.

07 Feb 2019

220.03

2.57%

Bharat Heavy Electricals Limited

Hold: Bharat Heavy Electricals Ltd.

Target

ICICI Securities Limited

Revenues came in at | 7336.4 crore, which grew 10.7% YoY, above our estimate of | 7030.7 crore. On the segmental front, power segment revenues grew 2.9% to | 5355.8 crore YoY whereas...

Geojit BNP Paribas decreased Hold price target of Bharat Heavy Electricals Ltd. to 229.0 on 29 Aug, 2025.

Bharat Heavy Electricals Ltd.

05 Feb 2019

220.03

2.57%

BHEL reported 9.4% yoy growth in revenues yoy to Rs 73 bn, above our and consensus estima...

Accumulate: Bharat Heavy Electricals Ltd.

Recommendation Target

Emkay

Subdued performance: BHEL reported revenue of Rs73bn (+9% yoy), above our expectation of Rs69bn. Revenue growth in the power segment was muted at just 3% yoy, while industrial segment jumped 41% yoy. EBITM in power and industrial segments declined by 373bps and 8bps to 10.7% and 3.5%, respectively. EBIDTA declined 28% yoy to Rs2.2bn on weak gross margins (down 437 bps yoy) and a forex loss of Rs2.07bn reported under other expenses. PAT increased to Rs1.9bn, driven by higher other income, on account of interest income on an income tax refund of Rs870mn. Receivables inched up to ~Rs397bn from Rs389.9bn qoq state utilities accounted for 51%, while central...

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

Bharat Heavy Electricals Ltd.

26 Oct 2018

220.03

2.57%

Bharat Heavy Electricals Limited

Hold: Bharat Heavy Electricals Ltd.

Target

ICICI Securities Limited

Revenue came in at | 6779.9 crore which grew by 6.2% on YoY basis which were below our estimate of | 6929.7 crore. On the segmental front, power segment revenues grew by mere 1.7% to | 5153.2 crore on YoY basis whereas industrial segment have shown an improvement with revenues growing by 31.7% to | 1453.8 crore. EBITDA came in at | 240.8 crore (against our estimates of | 342.8 crore) vs. a loss of | 95.3 crore in Q2FY18, owing to weaker...

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

Bharat Heavy Electricals Ltd.

01 Oct 2018

220.03

2.57%

BHEL

Hold: Bharat Heavy Electricals Ltd.

Target

Geojit BNP Paribas

Order inflow grew by 143% yoy to Rs43bn and the company is favourably placed (L1) in additional orders worth Rs170bn. Order backlog too increased by 15% yoy to Rs1.17tn. BHEL is focusing on ramping up its executable order book (~Rs980bn) to achieve better operating leverage as Rs190bn worth of orders are slowmoving. We value the stock at a P/E of 15x on FY20E EPS and ascribe a target...

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

Is Bharat Heavy Electricals Ltd. worth buying?

2584 Votes:

Buy 76.12%

Sell 12.31%

Hold 11.57%

RESEARCH REPORTS

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