Bharat Heavy Electricals Ltd (BHEL) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: Not available

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↑

+2.14%

Short-term demand accumulation with positive intraday momentum.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 9.5%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 6.2%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹416.88

200-Day DMA ● Overlay

₹386.64

14-Day RSI ● Overlay

59.5 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹1.49 Lakh Cr

Large cap

Stock P/E (TTM) Valuation

61.4x

Price / EPS

Book Value (₹) Assets

₹75.1

P/B: 5.7x

ROE (%) Quality

6.2%

Net Profit / Equity

ROCE (%) Efficiency

9.1%

EBIT / Capital

Dividend Yield Yield

0.33%

Face Value: ₹10

Debt / Equity Solvency

0.31x

Manageable

EPS (TTM) Per Share

₹6.99

Trailing 12M

OPM (%) Spread

9.0%

EBITDA Margin

Free Cash Flow Cash

₹5,261 Cr

CFO - Capex

About Bharat Heavy Electricals Ltd

Bharat Heavy Electricals Ltd (BHEL) is an Indian publicly listed company operating in the Utilities & Power sector.

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 6.5% × Turnover: 0.85x × Leverage: 1.31x = ROE: 6.23%

✓ Company Strengths (Pros)

• TickerPulse fundamental algorithm rates overall quality at 80/100.

⚠ Key Considerations & Risks (Cons)

• Company has generated a modest return on equity (ROE of 6.2%).
• Stock is trading at a premium of 5.7x its book value.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹35,993 Cr

Latest PAT

₹2,432 Cr

EPS (TTM)

₹6.99

OPM %

9.0%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales / Revenue	₹5,003 Cr	₹5,125 Cr	₹5,504 Cr	₹8,260 Cr	₹5,485 Cr	₹6,584 Cr	₹7,277 Cr	₹8,993 Cr	₹5,487 Cr	₹7,512 Cr	₹8,473 Cr	₹12,310 Cr	₹7,698 Cr
Operating Profit (EBITDA)	-₹178.00 Cr	-₹154.00 Cr	₹217.00 Cr	₹728.00 Cr	-₹169.00 Cr	₹275.00 Cr	₹304.00 Cr	₹832.00 Cr	-₹537.00 Cr	₹581.00 Cr	₹545.00 Cr	₹1,753 Cr	₹504.00 Cr
OPM %	-3.6%	-3.0%	3.9%	9.0%	-3.1%	4.2%	4.2%	9.0%	-10.0%	8.0%	6.0%	14.0%	7.0%
Interest Expense	₹168.00 Cr	₹180.00 Cr	₹190.00 Cr	₹193.00 Cr	₹162.00 Cr	₹201.00 Cr	₹184.00 Cr	₹201.00 Cr	₹181.00 Cr	₹195.00 Cr	₹182.00 Cr	₹198.00 Cr	₹140.00 Cr
Depreciation	₹60.00 Cr	₹60.00 Cr	₹61.00 Cr	₹68.00 Cr	₹59.00 Cr	₹60.00 Cr	₹68.00 Cr	₹85.00 Cr	₹75.00 Cr	₹75.00 Cr	₹78.00 Cr	₹88.00 Cr	₹82.00 Cr
Profit before Tax (PBT)	-₹276.00 Cr	-₹202.00 Cr	₹84.00 Cr	₹636.00 Cr	-₹279.00 Cr	₹141.00 Cr	₹179.00 Cr	₹704.00 Cr	-₹608.00 Cr	₹499.00 Cr	₹520.00 Cr	₹1,728 Cr	₹508.00 Cr
Net Profit (PAT)	-₹205.00 Cr	-₹63.00 Cr	₹60.00 Cr	₹490.00 Cr	-₹211.00 Cr	₹106.00 Cr	₹135.00 Cr	₹504.00 Cr	-₹456.00 Cr	₹375.00 Cr	₹390.00 Cr	₹1,290 Cr	₹377.00 Cr
EPS in ₹	₹-0.59	₹-0.18	₹0.17	₹1.41	₹-0.61	₹0.30	₹0.39	₹1.45	₹-1.31	₹1.08	₹1.12	₹3.71	₹1.08

Annual P&L (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	₹31,323 Cr	₹25,505 Cr	₹28,465 Cr	₹28,827 Cr	₹30,441 Cr	₹21,463 Cr	₹17,309 Cr	₹21,211 Cr	₹23,365 Cr	₹23,893 Cr	₹28,339 Cr	₹33,782 Cr	₹35,993 Cr
Expenses	₹29,183 Cr	₹26,862 Cr	₹27,370 Cr	₹27,174 Cr	₹28,409 Cr	₹21,596 Cr	₹20,357 Cr	₹20,383 Cr	₹22,321 Cr	₹23,182 Cr	₹26,940 Cr	₹31,210 Cr	₹32,610 Cr
Operating Profit	₹2,141 Cr	-₹1,357 Cr	₹1,095 Cr	₹1,653 Cr	₹2,032 Cr	-₹133.00 Cr	-₹3,049 Cr	₹828.00 Cr	₹1,044 Cr	₹711.00 Cr	₹1,399 Cr	₹2,572 Cr	₹3,383 Cr
OPM %	7%	-5%	3.9%	6%	7%	-0.6%	-18%	3.9%	4.5%	3%	4.9%	8%	9%
Interest	₹92.00 Cr	₹360.00 Cr	₹413.00 Cr	₹330.00 Cr	₹378.00 Cr	₹613.00 Cr	₹467.00 Cr	₹448.00 Cr	₹612.00 Cr	₹828.00 Cr	₹906.00 Cr	₹986.00 Cr	₹715.00 Cr
Depreciation	₹1,082 Cr	₹937.00 Cr	₹850.00 Cr	₹787.00 Cr	₹476.00 Cr	₹503.00 Cr	₹473.00 Cr	₹314.00 Cr	₹260.00 Cr	₹249.00 Cr	₹272.00 Cr	₹316.00 Cr	₹323.00 Cr
Profit before Tax	₹2,187 Cr	-₹1,161 Cr	₹586.00 Cr	₹1,215 Cr	₹1,840 Cr	-₹659.00 Cr	-₹3,596 Cr	₹470.00 Cr	₹716.00 Cr	₹243.00 Cr	₹746.00 Cr	₹2,139 Cr	₹3,254 Cr
Net Profit	₹1,450 Cr	-₹706.00 Cr	₹455.00 Cr	₹438.00 Cr	₹1,002 Cr	-₹1,468 Cr	-₹2,700 Cr	₹445.00 Cr	₹654.00 Cr	₹282.00 Cr	₹534.00 Cr	₹1,600 Cr	₹2,432 Cr
EPS in Rs	3.96	-1.92	1.25	1.20	2.89	-4.21	-7.75	1.28	1.88	0.81	1.53	4.60	6.99

Balance Sheet (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	₹490.00 Cr	₹490.00 Cr	₹490.00 Cr	₹734.00 Cr	₹696.00 Cr	₹696.00 Cr	₹696.00 Cr	₹696.00 Cr	₹696.00 Cr	₹696.00 Cr	₹696.00 Cr	₹696.00 Cr
Reserves & Surplus	₹33,717 Cr	₹31,825 Cr	₹31,899 Cr	₹31,601 Cr	₹30,208 Cr	₹27,964 Cr	₹25,287 Cr	₹25,810 Cr	₹23,682 Cr	₹23,742 Cr	₹24,026 Cr	₹25,450 Cr
Borrowings (Debt)	₹1,889 Cr	₹211.00 Cr	₹156.00 Cr	₹110.00 Cr	₹2,598 Cr	₹5,080 Cr	₹4,951 Cr	₹4,830 Cr	₹5,454 Cr	₹8,856 Cr	₹9,015 Cr	₹8,187 Cr
Total Liabilities	₹70,983 Cr	₹65,577 Cr	₹61,698 Cr	₹63,940 Cr	₹64,490 Cr	₹60,291 Cr	₹55,960 Cr	₹56,991 Cr	₹57,664 Cr	₹59,784 Cr	₹68,849 Cr	₹76,888 Cr
Fixed Assets	₹4,230 Cr	₹3,969 Cr	₹3,601 Cr	₹3,073 Cr	₹2,970 Cr	₹2,817 Cr	₹2,491 Cr	₹2,398 Cr	₹2,476 Cr	₹2,574 Cr	₹2,947 Cr	₹2,999 Cr
Total Assets	₹70,983 Cr	₹65,577 Cr	₹61,698 Cr	₹63,940 Cr	₹64,490 Cr	₹60,291 Cr	₹55,960 Cr	₹56,991 Cr	₹57,664 Cr	₹59,784 Cr	₹68,849 Cr	₹76,888 Cr

Cash Flows (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operations (CFO)	₹821.00 Cr	₹374.00 Cr	₹560.00 Cr	₹989.00 Cr	-₹3,860 Cr	-₹2,892 Cr	₹560.00 Cr	₹660.00 Cr	-₹741.00 Cr	-₹3,713 Cr	₹2,192 Cr	₹5,837 Cr
Cash from Investing (CFI)	₹650.00 Cr	₹23.00 Cr	-₹565.00 Cr	₹961.00 Cr	₹1,919 Cr	₹1,877 Cr	-₹42.00 Cr	-₹1,118 Cr	₹1,480 Cr	₹1,331 Cr	-₹2,731 Cr	-₹3,035 Cr
Cash from Financing (CFF)	-₹3,543 Cr	-₹122.00 Cr	-₹468.00 Cr	-₹667.00 Cr	-₹32.00 Cr	₹1,622 Cr	-₹394.00 Cr	-₹329.00 Cr	₹89.00 Cr	₹2,656 Cr	-₹857.00 Cr	-₹1,806 Cr
Free Cash Flow (FCF)	₹544.00 Cr	-₹178.00 Cr	₹227.00 Cr	₹719.00 Cr	-₹4,284 Cr	-₹3,276 Cr	₹311.00 Cr	₹498.00 Cr	-₹921.00 Cr	-₹3,936 Cr	₹1,902 Cr	₹5,261 Cr

Efficiency Ratios	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days (DSO)	309	321	283	178	142	121	85	52	49	73	76	73
Inventory Days	270	272	200	191	218	321	333	274	261	253	289	309
Cash Conversion Cycle (Days)	340	353	258	68	63	142	137	35	-35	56	106	151
ROCE %	6%	-2%	3%	5%	7%	0%	-10%	3%	4%	3%	5%	9%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹106.76 • Premium / Overvalued

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹432.00

DCF Fair Value

₹106.76

Graham Number

₹108.68

Margin of Safety

-75.1%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹106.76

Premium / Overvalued (Margin: -75.1%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹104	₹103	₹102	₹101
10%	₹106	₹105	₹104	₹103
12%	₹108	₹107	₹106	₹105
14%	₹110	₹109	₹108	₹107

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹107	Fairly Valued
Benjamin Graham Number	₹109	Market Priced
Historical Sector P/E	₹154	Premium
EV / EBITDA Multiplier	₹454	In-Line
Free Cash Flow Yield Model	₹423	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 5/9 (Stable Financials)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

5 / 9 Pass

Altman Z-Score

3.75 (Safe Zone (Low Distress))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Debt/Equity: 0.31x (Safe)

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Positive Operating & Free Cash Flow

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 9.0%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

58.17%

FIIs (Foreign)

9.52%

DIIs (Domestic)

22.35%

Government

0.15%

Public / Retail

9.88%

Swipe → to view historical quarters

Category	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
+ Promoters	63.17%	63.17%	63.17%	63.17%	63.17%	63.17%	63.17%	63.17%	63.17%	63.17%	58.17%	58.17%
+ FIIs (Foreign Portfolio)	7.23%	7.04%	8.76%	9.10%	9.48%	7.98%	7.19%	6.36%	6.23%	6.28%	7.23%	9.52%
+ DIIs (Mutual Funds / Insurance)	15.99%	17.58%	15.95%	15.03%	14.69%	15.49%	16.34%	18.45%	18.62%	19.70%	23.93%	22.35%
+ Public (Retail & HNIs)	13.62%	12.23%	12.14%	12.71%	12.66%	13.36%	13.29%	12.02%	11.98%	10.85%	10.63%	9.88%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Utilities & Power.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

BHEL Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

BHEL Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

BHEL Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹552.96

Accelerated market share capture in Utilities & Power, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹483.84

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 61x P/E.

🐻 Bear Case (15%) -12.0%

₹380.16

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Utilities & Power)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 18:38 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	D/E	Market Cap
★ Bharat Heavy Electricals Ltd (BHEL)	Target Stock	₹432.00	+2.14%	61.4x	6.2%	9.1%	0.31	₹1.49 Lakh Cr
Adani Power Ltd (ADANIPOWER)	Sector Peer	₹208.00	+0.97%	26.5x	21.1%	17.2%	0.84	₹3.78 Lakh Cr
NTPC Ltd (NTPC)	Thermal & Renewable Power Generation	₹327.00	-0.53%	11.2x	15.1%	8.9%	1.33	₹3.10 Lakh Cr
Power Grid Corporation of India (POWERGRID)	Interstate Electricity Transmission	₹263.75	+2.25%	14.9x	15.3%	9.1%	1.47	₹2.37 Lakh Cr
Adani Green Energy Ltd (ADANIGREEN)	Sector Peer	₹1,401.70	-3.26%	109.0x	11.4%	7.4%	5.19	₹2.11 Lakh Cr
Suzlon Energy Ltd (SUZLON)	Wind Turbines & Green Energy	₹38.88	-0.08%	16.9x	39.7%	34.2%	0.06	₹53,071 Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	18:38:13 IST	✓ Live Sync
Financial Statements (10Y)	Bharat Heavy Electricals Ltd Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

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Bharat Heavy Electricals Ltd

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About Bharat Heavy Electricals Ltd

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Utilities & Power)

Metric Explainer

Stock DNA Methodology

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