Bharat Heavy Electricals Limited (NSE: BHEL | BSE: 500103)
Source: Bharat Heavy Electricals Limited Annual Report FY 2025-26 (Fiscal Year Ended March 31, 2026)
📋 Quick Facts: Company Snapshot
| Attribute | Disclosed Detail |
|---|---|
| Official Company Name | Bharat Heavy Electricals Limited |
| Corporate Identity Number (CIN) | L74899DL1964GOI004281 |
| ISIN | INE257A01026 |
| NSE Symbol & BSE Scrip Code | NSE: BHEL | BSE: 500103 |
| Date of Incorporation / Founding Year | November 13, 1964 |
| Registered Office & Corporate Headquarters | BHEL House, Siri Fort, New Delhi – 110049 |
| Telephone & Investor Relations Contact | Phone: 011-66337598, 011-66337474 | Email: shareholderquery@bhel.in |
| Chairman / Managing Director & CEO | Shri K. Sadashiv Murthy (Chairman & Managing Director) |
| Chief Financial Officer (CFO) & Company Secretary (CS) | Shri Rajesh Kumar Dwivedi (Director Finance & CFO) | Dr. Yogesh R Chhabra (Company Secretary) |
| Promoter & Holding Group | President of India, represented by Ministry of Heavy Industries, Government of India |
| Industry / Sector Classification | Capital Goods / Power and Industry Engineering & Manufacturing |
| Total Employees / Permanent & Contractual Workforce (BRSR) | Permanent Employees: 27,284 | Permanent Workers: 12,500 | Total Workforce (incl. other than permanent): 50,024 employees |
| Manufacturing Plants / Branches / Offices Count | 16 Manufacturing Units, 2 Repair Units, 4 Regional Offices, 8 Service Centres, 15 Regional Marketing Centres |
| Countries / States Served | 28 States and 8 Union Territories in India; 94 countries globally across 6 inhabited continents |
| Statutory Auditors | M/s K. Venkatachalam Aiyer & Co. and M/s K. S. Dua & Co. (Joint Statutory Auditors) |
| Registrar and Share Transfer Agent (RTA) | M/s Bigshare Services Private Limited |
🏢 The Corporate Identity: Who They Are & Where They Came From
The Big Picture
Bharat Heavy Electricals Limited (BHEL) stands as India’s leading engineering and manufacturing enterprise, driving growth across the nation’s power and industrial sectors. Established over six decades ago, the company has grown into a cornerstone of India’s heavy engineering landscape, supporting national priorities of energy security, infrastructure development, technological self-reliance, and the clean energy transition. With a diversified business portfolio spanning thermal, hydro, nuclear, and renewable energy, power transmission, rail transportation, defence and aerospace, industrial products, oil and gas, and the emerging coal-to-chemicals segment, BHEL plays a pivotal role in powering India’s economic trajectory.
The Founders, Promoters & Their Legacy
BHEL operates under the administrative control of the Ministry of Heavy Industries, Government of India. As a premier Central Public Sector Enterprise (CPSE), the company’s promoter is the President of India. Over its 62-year journey, BHEL has built an enduring legacy of engineering excellence, indigenisation, and nation-building, supplying equipment that accounts for 54% of India’s total installed thermal utility capacity, 60% of nuclear power installed capacity (secondary side), and 43% of hydro power installed capacity. Overall, BHEL-supplied sets constitute 53% of India’s total installed conventional utility capacity.
The Journey: History & Evolution
Incorporated on November 13, 1964, BHEL began as a manufacturer of heavy electrical equipment to support the nascent industrialisation of independent India. Over the decades, the enterprise expanded its manufacturing footprint across multiple states, establishing state-of-the-art plants equipped to build supercritical boilers, heavy-duty turbines, generators, transformers, switchgear, and advanced industrial machinery. BHEL evolved from a conventional equipment supplier into an end-to-end Engineering, Procurement, and Construction (EPC) contractor and turnkey solution provider, executing complex domestic and international projects while continuously upgrading its technology through in-house R&D and strategic collaborations.
The Corporate Umbrella
BHEL’s corporate umbrella encompasses a robust manufacturing ecosystem of 16 major manufacturing units, 2 repair plants, regional offices, service centres, and regional marketing centres across India. The company also operates through strategic joint ventures, including BHEL-GE Gas Turbine Services Private Limited (BGGTS), Raichur Power Corporation Limited (RPCL), NTPC BHEL Power Projects Private Limited (NBPPL), and Bharat Coal Gasification and Chemicals Limited (BCGCL). This collaborative network enables BHEL to deliver comprehensive lifecycle solutions, after-sales support, and specialized engineering services to customers globally.
⚙️ The Business Engine: What They Do & Where They Operate
The Core Divisions
BHEL’s operations are organised into two primary business segments—Power and Industry—driven by three major business groups: Power Sector, Industry Sector, and International Operations. The Power Segment encompasses equipment supplies and EPC works for coal, lignite, gas, hydro, nuclear power plant businesses, spares and services, and the newly established coal-to-chemicals business. The Industry Segment delivers custom equipment and EPC solutions for rail transportation, defence and aerospace, power transmission, downstream oil and gas, captive power plants, industrial products, and new/renewable energy areas including solar, green hydrogen, battery energy storage systems (BESS), and e-mobility.
| Segment | Revenue from Operations (₹ in Crore) (FY 2025-26) | % Share of Total Revenue | Segment Results / PBIT (₹ in Crore) (FY 2025-26) | Segment Assets (₹ in Crore) (As at March 31, 2026) | Segment Liabilities (₹ in Crore) (As at March 31, 2026) |
|---|---|---|---|---|---|
| Power Segment | 25,406.71 | 75.21% | 2,451.24 | 49,208.93 | 32,517.97 |
| Industry Segment | 8,375.47 | 24.79% | 1,684.07 | 10,542.49 | 7,735.31 |
| Total | 33,782.18 | 100.00% | 4,135.31 | 59,751.42 | 40,253.28 |
The Product & Service Catalog
BHEL offers an extensive product and service catalog designed to meet the rigorous demands of modern industry and energy infrastructure. In the thermal sector, the company manufactures supercritical and subcritical steam generators, turbines, and generators ranging up to 800 MW, alongside advanced Air Quality Control Systems (AQCS) including Flue Gas Desulphurization (FGD) and De-NOx systems. Its hydro portfolio includes Kaplan, Francis, Pelton turbines, reversible pump-turbines up to 350 MW for pumped storage plants, and bulb turbines. In the nuclear domain, BHEL supplies primary-side components such as inner vessels, thermal baffles, and steam generator evaporators, as well as secondary-side 500 MWe turbine generator packages for fast breeder reactors. The transmission portfolio covers UHVAC/HVDC converter stations up to ±800 kV, GIS and AIS substations up to 765 kV, and transformers. The transportation sector benefits from electric locomotives, traction motors, propulsion systems for Vande Bharat trainsets, and the newly developed indigenous KAVACH automatic train protection system. In defence, BHEL is the sole indigenous manufacturer of Super Rapid Gun Mounts (SRGM) for the Indian Navy, alongside integrated platform management systems and compact heat exchangers for aerospace applications.
The Names You Know
BHEL’s esteemed clientele and project references include major central and state public sector undertakings, Maharatna and Navratna CPSEs, and leading private sector enterprises. Key customers include NTPC Limited, Coal India Limited, NHPC, Nuclear Power Corporation of India Limited (NPCIL), Indian Railways, Steel Authority of India Limited (SAIL), Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL), ONGC, Adani Group, JSW Group, Hindalco Industries, Vedanta, Tata Steel, and diverse State Transmission Utilities (STUs) and power generation corporations across India.
Mapping the Domestic & Global Reach
BHEL’s geographic footprint extends across all 28 states and 8 union territories of India, supported by an international presence spanning 94 countries across six inhabited continents, with over 14 GW of power generation equipment installed outside India. Domestic revenues constitute the vast majority of business operations, while export orders and international services contribute to global footprint expansion.
| Geography | Revenue from Operations (₹ in Crore) (FY 2025-26) | % Share of Total Revenue | Non-Current Assets (PPE & Intangibles) (₹ in Crore) |
|---|---|---|---|
| Within India (Domestic) | 33,326.20 | 98.65% | 3,492.61 |
| Outside India (Exports / International) | 455.98 | 1.35% | 0.45 |
| Total | 33,782.18 | 100.00% | 3,493.06 |
The Brick & Mortar Footprint
BHEL operates 16 major manufacturing units located in Haridwar, Bhopal, Tiruchirappalli, Hyderabad, Bengaluru, Ranipet, Jhansi, Hardwar (HEEP & CFFP), Visakhapatnam, Jagdishpur, Rudrapur, Tirumayam, Goindwal, and Varanasi (HERP and EMRP). These manufacturing hubs are complemented by 4 regional offices, 8 service centres, and 15 regional marketing centres strategically positioned across India to ensure rapid project execution, responsive after-sales service, and efficient client engagement.
📊 The Financial Health: The Numbers Simplified
Multi-Year Financial Highlights (₹ in Crores)
| Financial Parameter | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | Latest YoY (%) |
|---|---|---|---|---|---|---|
| Revenue from Operations | 33,782.18 | 28,339.48 | 23,893.00 | 23,365.00 | 21,211.00 | +19.21% |
| Total Income | 34,589.83 | 28,804.79 | 24,481.00 | 23,880.00 | 21,579.00 | +20.08% |
| EBITDA | 3,189.00 | 1,745.00 | 1,201.00 | 1,468.00 | 1,106.00 | +82.75% |
| Profit Before Tax (PBT) | 2,138.61 | 745.60 | 220.00 | 686.00 | 437.00 | +186.83% |
| Profit After Tax (PAT) | 1,600.26 | 533.90 | 260.00 | 624.00 | 410.00 | +199.73% |
| Total Equity / Net Worth | 26,146.60 | 24,722.16 | 24,851.00 | 24,812.00 | 26,971.00 | +5.76% |
| Operating Cash Flow | 5,837.38 | 2,192.47 | (3,713.00) | (741.00) | 660.00 | +166.25% |
Earnings, Expenses, & Take-Home Profits
During FY 2025-26, BHEL demonstrated robust financial recovery and operational expansion, achieving a 19% growth in Revenue from Operations to reach ₹33,782.18 Crore, propelled by a 25% enhancement in shop capacity utilisation and a strong order book. EBITDA surged by 83% to ₹3,189 Crore, while Profit After Tax (PAT) more than tripled to ₹1,600.26 Crore, reflecting improved operating leverage, rigorous cost optimisation, and superior project execution momentum.
| Particulars | For the year ended March 31, 2026 (₹ in Crore) | For the year ended March 31, 2025 (₹ in Crore) | Latest YoY (%) |
|---|---|---|---|
| INCOME | |||
| Revenue from operations | 33,782.18 | 28,339.48 | +19.21% |
| Other income | 807.65 | 465.31 | +73.57% |
| TOTAL INCOME | 34,589.83 | 28,804.79 | +20.08% |
| EXPENSES | |||
| Cost of raw materials consumed | 10,493.09 | 8,207.65 | +27.85% |
| Purchases of Bought out items | 7,402.09 | 6,757.99 | +9.53% |
| Civil, erection and engineering expenses | 5,872.55 | 4,989.22 | +17.70% |
| Consumption of stores & spares | 506.55 | 432.61 | +17.09% |
| Changes in inventories of finished goods, work in progress and Scrap | (1,291.19) | (1,542.32) | -16.28% |
| Employee benefits expense | 6,467.62 | 5,923.42 | +9.19% |
| Other Expenses | 1,989.28 | 2,329.34 | -14.60% |
| Finance costs | 756.41 | 748.33 | +1.08% |
| Depreciation & amortisation expense | 315.87 | 271.96 | +16.15% |
| TOTAL EXPENSES | 32,512.27 | 28,118.20 | +15.63% |
| Profit / (loss) before share of net profits / loss of investments accounted for using equity method and tax | 2,077.56 | 686.59 | +202.59% |
| Share of net profit / (loss) of joint venture accounted for using equity method | 61.05 | 59.01 | +3.46% |
| PROFIT BEFORE TAX | 2,138.61 | 745.60 | +186.83% |
| Tax expenses (Current tax & Deferred tax) | 538.35 | 211.70 | +154.30% |
| PROFIT FOR THE YEAR (A) | 1,600.26 | 533.90 | +199.73% |
| Other Comprehensive Income (OCI) (net of tax) | (0.61) | (163.34) | -99.63% |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR (A+B) | 1,599.65 | 370.56 | +331.68% |
| Basic & Diluted Earnings Per Share (Face Value of ₹2 each) (in ₹) | 4.60 | 1.53 | +200.65% |
Assets, Borrowings, & Net Worth
BHEL maintained a robust balance sheet with total assets of ₹76,185.61 Crore as of March 31, 2026. Trade receivables improved significantly, dropping to 100 days of Revenue from Operations, supported by a 43% customer collection rate relative to revenue. Total equity stood at ₹26,146.60 Crore. While short-term working capital borrowings were maintained at ₹7,950.00 Crore, the company generated strong liquidity through customer collections amounting to 143% of revenue.
| Particulars | As at March 31, 2026 (₹ in Crore) | As at March 31, 2025 (₹ in Crore) | Latest YoY (%) |
|---|---|---|---|
| A. ASSETS | |||
| 1. Non-current assets | |||
| Property, plant and equipment, Capital work-in-progress, Investment Property, Intangible assets | 3,492.73 | 3,141.88 | +11.17% |
| Investment accounted for using equity method & Non-Current Investments | 302.06 | 275.57 | +9.61% |
| Trade receivables (Non-Current) | 2,426.93 | 3,046.58 | -20.34% |
| Other financial assets (Non-Current) | 258.78 | 715.95 | -63.86% |
| Deferred tax assets (net of liabilities) | 3,532.80 | 4,067.72 | -13.15% |
| Other non-current assets | 14,716.11 | 14,074.98 | +4.56% |
| Total non-current assets | 24,730.26 | 25,323.41 | -2.34% |
| 2. Current assets | |||
| Inventories | 13,334.58 | 9,869.49 | +35.11% |
| Trade receivables (Current) | 6,796.27 | 5,884.35 | +15.50% |
| Cash and cash equivalents | 1,435.45 | 439.21 | +226.83% |
| Bank balances other than cash and cash equivalents | 10,431.17 | 7,173.20 | +45.42% |
| Other financial assets (Current) | 332.13 | 300.76 | +10.43% |
| Current tax assets (net) | 202.72 | 137.37 | +47.57% |
| Other current assets | 18,923.03 | 18,955.39 | -0.17% |
| Total current assets | 51,455.35 | 42,759.77 | +20.34% |
| TOTAL ASSETS | 76,185.61 | 68,083.18 | +11.90% |
| B. EQUITY AND LIABILITIES | |||
| 3. Equity | |||
| Equity share capital | 696.41 | 696.41 | 0.00% |
| Other equity | 25,450.19 | 24,025.75 | +5.93% |
| Total Equity | 26,146.60 | 24,722.16 | +5.76% |
| 4. Liabilities | |||
| 4.1 Non-current liabilities | |||
| Lease Liabilities (Non-Current) | 168.18 | 162.39 | +3.57% |
| Trade payables (Non-Current) | 1,343.44 | 2,170.79 | -38.11% |
| Other financial liabilities (Non-Current) | 410.96 | 422.79 | -2.80% |
| Provisions (Non-Current) | 2,354.62 | 2,585.56 | -8.93% |
| Other non-current liabilities | 13,459.63 | 9,793.90 | +37.43% |
| Total non-current liabilities | 17,736.83 | 15,135.43 | +17.19% |
| 4.2 Current liabilities | |||
| Non-Current Borrowings | Nil | Nil | – |
| Current Borrowings | 7,950.00 | 8,795.00 | -9.61% |
| Lease Liabilities (Current) | 68.77 | 57.21 | +20.21% |
| Trade payables (Current – MSME & Others) | 10,491.60 | 9,540.92 | +9.96% |
| Other financial liabilities (Current) | 1,313.30 | 1,240.52 | +5.87% |
| Provisions (Current) | 1,918.91 | 1,815.31 | +5.71% |
| Other current liabilities | 10,559.60 | 6,776.63 | +55.82% |
| Total current liabilities | 32,302.18 | 28,225.59 | +14.44% |
| Total liabilities | 50,039.01 | 43,361.02 | +15.40% |
| TOTAL EQUITY AND LIABILITIES | 76,185.61 | 68,083.18 | +11.90% |
Cash Flow: Tracking the Money Movement
Operating cash flows experienced a dramatic expansion during FY 2025-26, soaring 176% to ₹5,837.38 Crore, driven by rigorous working capital discipline, accelerated customer collections, and milestone achievements across major execution contracts. Investing outflows of ₹3,035.41 Crore reflected continued deployment in bank deposits and capital expenditures, while financing outflows of ₹1,805.73 Crore included debt repayments and dividend distributions.
| Cash Flow Particulars | For the year ended March 31, 2026 (₹ in Crore) | For the year ended March 31, 2025 (₹ in Crore) | Latest YoY (%) |
|---|---|---|---|
| Cash generated from / (used in) operating activities | 5,837.38 | 2,192.47 | +166.25% |
| Net cash used in investing activities | (3,035.41) | (2,731.49) | +11.13% |
| Purchase of Property, Plant and Equipment (CapEx) / CWIP / Intangibles | (589.04) | (304.37) | +93.53% |
| Net cash used in financing activities | (1,805.73) | (856.81) | +110.75% |
| Net increase / (decrease) in cash and cash equivalents | 996.24 | (1,395.83) | N/M |
| Opening cash and cash equivalents | 439.21 | 1,835.04 | -76.07% |
| Closing balance of cash and cash equivalents | 1,435.45 | 439.21 | +226.83% |
Funding the Future: CapEx, CWIP & R&D Spending
During FY 2025-26, BHEL incurred capital expenditure of ₹671 Crore towards the modernisation, rationalisation, and debottlenecking of existing manufacturing facilities, primarily funded through internal accruals. Capital Work-in-Progress (CWIP) stood at ₹399.20 Crore as of March 31, 2026. Furthermore, the company invested approximately ₹822 Crore in R&D activities (representing ~2.4% of RFO), filing 428 IPR applications during the year and bringing its cumulative intellectual property portfolio to 6,068 patents and copyrights.
🗺️ The Corporate Family Tree: Structure & Investments
Subsidiaries, Associates, & Joint Ventures (Form AOC-1)
BHEL has no active direct subsidiaries. Its strategic joint ventures and associate entities are consolidated using the equity method under Ind AS 28.
| Name of Joint Venture Entity | Relationship | Country | % Shareholding | Turnover (₹ in Crore) | Profit / (Loss) After Tax (₹ in Crore) |
|---|---|---|---|---|---|
| BHEL-GE Gas Turbine Services Private Limited (BGGTS) | Joint Venture | India | 50% minus 1 share | 1,239.60 | 126.82 |
| NTPC BHEL Power Projects Private Limited (NBPPL) | Joint Venture | India | 50.00% | 1.04 | (26.74) |
| Raichur Power Corporation Limited (RPCL) | Joint Venture | India | 22.14% | 3,799.70 | (1,814.47) |
| Bharat Coal Gasification and Chemicals Limited (BCGCL) | Joint Venture | India | 49.00% | Nil | (4.81) |
Strategic Investments & Treasury Holdings
BHEL holds minor unquoted equity investments in AP Gas Power Corporation Ltd. and cooperative societies, along with substantial short-term bank deposits and liquid financial assets deployed as part of prudent treasury and liquidity management.
👥 Power & Control: Who Pulls the Strings?
The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)
| Name of Director / KMP | Designation / Role | DIN | Category |
|---|---|---|---|
| Shri K. Sadashiv Murthy | Chairman & Managing Director | 09184201 | Executive Director (Functional) |
| Shri Tajinder Gupta | Director (Power) & Additional Charge (HR) | 10287042 | Executive Director (Functional) |
| Ms. Bani Varma | Director (Industrial Systems & Products) | 10329971 | Executive Director (Functional) |
| Shri Rajesh Kumar Dwivedi | Director (Finance) & CFO | 10048893 | Executive Director (Functional) |
| Shri S M Ramanathan | Director (Engineering, R&D) | 11084884 | Executive Director (Functional) |
| Shri Vijay Mittal | Part-Time Official Director | 08298701 | Government Nominee (MHI) |
| Ms. Nigar Fatima Husain | Part-Time Official Director | 11688785 | Government Nominee (MHI) |
| Shri Ramesh Patlya Mawaskar | Independent Director | 10156942 | Part-Time Non-Official (Independent) |
| Dr. Yogesh R Chhabra | Company Secretary | M. No. F 7463 | Key Managerial Personnel |
Who Owns the Stock? Shareholding Pattern
| Category of Shareholder | Number of Shares (As at March 31, 2026) | Voting Strength / % of Total Shares |
|---|---|---|
| President of India (Promoter) | 2,02,54,40,587 | 58.17% |
| Mutual Funds and UTI | 44,84,28,234 | 12.87% |
| Banks, Financial Institutions, Insurance Cos., QIBs, AIFs, Sovereign Wealth Funds | 38,66,55,324 | 11.10% |
| Individuals, HUF, Employees (Retail) | 33,43,08,254 | 9.60% |
| Foreign Institutional Investors (FIIs / QFIs) | 25,15,90,244 | 7.23% |
| Bodies Corporate, NRIs, Trusts, Clearing Members, IEPF | 31,64,196 | 1.03% |
| Total | 3,48,20,63,355 | 100.00% |
🎯 The Strategic Outlook: Future Plans & Potential Pitfalls
Competitive Advantages & Economic Moats
BHEL enjoys a formidable economic moat anchored by its unparalleled market share across India’s installed thermal (54%), nuclear (60%), and hydro (43%) power utility capacity. The company possesses indigenous manufacturing infrastructure, decades of proprietary engineering know-how, an extensive R&D ecosystem with over 6,068 active IPRs, and enduring relationships with central and state utilities. Its technological self-reliance—exemplified by pioneering contributions to the National Coal Gasification Mission, indigenous Pressurised Fluidized Bed Gasification (PFBG) technology, and the KAVACH railway safety system—provides unmatched competitive differentiation.
What Could Go Wrong? Key Challenges & Business Risks
The company remains exposed to certain strategic and operational risks, including project delivery delays leading to liquidated damages, customer disputes, and rising trade receivables across stressed utility sectors. Geopolitical disruptions and global supply chain volatility can create cost pressures on direct materials. Furthermore, cyber security risks, technological obsolescence in rapidly evolving clean energy markets, and the transition away from fossil fuels pose ongoing challenges that require proactive risk mitigation through digital infrastructure upgrades, ISMS compliance, and aggressive portfolio diversification.
The Next Chapter: Growth & CapEx Initiatives
BHEL is aggressively executing its strategic diversification roadmap to capture emerging opportunities in non-thermal sectors. Key growth vectors include the coal-to-chemicals sector (exemplified by the ₹8,288 Crore order from BCGCL for India’s first commercial-scale coal gasification plant), nuclear power capacity expansion targeting 100 GW by 2047, pumped storage hydroelectric projects targeting 100 GW by 2035-36, HVDC power transmission corridors, high-horsepower locomotives, Vande Bharat trainsets, rail signalling (Kavach), defence manufacturing (upgraded SRGMs), and green hydrogen ecosystems.
The Verdict: Strategic Outlook & Conclusion
Backed by an all-time high outstanding order book of ₹2,39,057 Crore, a debt-free balance sheet, strong liquidity generation, and a diversified business portfolio, BHEL is exceptionally well-positioned to capitalize on India’s projected economic expansion and infrastructure capital expenditure. The company’s disciplined working capital management, improving operational profitability, and commitment to technological self-reliance under Atmanirbhar Bharat reinforce its long-term investment appeal as a premier capital goods bellwether.
Note: Financial ratios, margins, YoY growth percentages, and % revenue shares are calculated by IndianCompanies.in based on disclosed Ind AS financial statements.
Official Site: https://www.bhel.com