āagman

Not investment advice. Data and computed figures, for information only.

Bharat Heavy Electricals Ltd

NSE: BHELF&O
₹434.25
−₹29.75 (−6.41%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹1,50,982 Cr
CMP
₹434.25
52-wk High / Low
₹464 / 230
P/E
62.1
P/B
5.8
Book Value
₹75.1
Div Yield
0.32%
ROCE
9.0%
ROE
6.2%
Face Value
₹2
D/E
0.31

Price+81.2% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 15 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
8
/ 9
8 of 9 F-score tests passed
Graham Number
₹88
√(22.5 × EPS × book value per share)
ROIC
4.9%
vs 12.3% sector median
Cash flow to profit
3.65
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
+1,633
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
5.0%
ROE × earnings retention ratio
ROE stability
1.8
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.00FII +2.29DII −1.58
Latest quarter vs the previous one
Cash-accrual divergence
−5.8%
of assets
Low = accruals track cash flow
Strengths
+Price trades above its 200-day moving average (1.2x)
+Price is within 10% of its 52-week high (-6.4%)
+FII holding rose by 0.9pp over the last year
+Piotroski F-Score of 8/9 is in the strong band (≥7)
Watch-outs
−Latest ROCE of 9% trails the sector median of 19%
−Borrowings are up 3780.1% since FY2016 (211 to 8187)
−Promoter holding fell by 5pp over the last year

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales5,0035,1255,5048,2605,4856,5847,2778,9935,4877,5128,47312,3107,698
Expenses5,1825,2795,2877,5325,6546,3096,9738,1626,0246,9317,92810,5577,194
Operating Profit−178−154217728−169275304832−5375815451,753504
OPM %−3.6%−3.0%3.9%8.8%−3.1%4.2%4.2%9.3%−9.8%7.7%6.4%14.2%6.5%
Other Income130192118170111128126159185189235260226
Interest168180190193162201184201181195182198140
Depreciation60606168596068857575788882
Profit before tax−276−20284636−279141179704−6084995201,728508
Net Profit−205−6360490−211106135504−4563753901,290377
EPS (₹)−0.59−0.180.171.41−0.610.300.391.45−1.311.081.123.711.08

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales31,32325,50528,46528,82730,44121,46317,30921,21123,36523,89328,33933,78235,993
Expenses29,18326,86227,37027,17428,40921,59620,35720,38322,32123,18226,94031,21032,610
Operating Profit2,141−1,3571,0951,6532,032−133−3,0498281,0447111,3992,5723,383
OPM %6.8%−5.3%3.8%5.7%6.7%−0.6%−17.6%3.9%4.5%3.0%4.9%7.6%9.4%
Other Income1,2211,492753679662590393405544608524869909
Interest92360413330378613467448612828906986715
Depreciation1,082937850787476503473314260249272316323
Profit before tax2,187−1,1615861,2151,840−659−3,5964707162437462,1393,254
Net Profit1,450−7064554381,002−1,468−2,7004456542825341,6002,432
EPS (₹)3.96−1.921.251.202.89−4.21−7.751.281.880.811.534.606.99

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital490490490734696696696696696696696696—
Reserves33,71731,82531,89931,60130,20827,96425,28725,81023,68223,74224,02625,450—
Borrowings1,8892111561102,5985,0804,9514,8305,4548,8569,0158,187—
Other Liabilities34,88733,05129,15331,49530,98726,55025,02525,65427,83226,48935,11242,554—
Total Liabilities70,98365,57761,69863,94064,49060,29155,96056,99157,66459,78468,84976,888—
Fixed Assets4,2303,9693,6013,0732,9702,8172,4912,3982,4762,5742,9472,999—
CWIP2,614318168203235314420431354308195495—
Investments6796757429152162185205235256276302—
Other Assets64,13460,49457,17160,23561,13256,99852,86453,95654,59956,64665,43173,092—
Total Assets70,98365,57761,69863,94064,49060,29155,96056,99157,66459,78468,84976,888—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity4,512821374560989−3,860−2,892560660−741−3,7132,1925,837
Cash from Investing Activity−86865023−5659611,9191,877−42−1,1181,4801,331−2,731−3,035
Cash from Financing Activity523−3,543−122−468−667−321,622−394−329892,656−857−1,806
Net Cash Flow4,167−2,071275−4731,283−1,973608123−787829274−1,396996

Ratios

As of 31 Mar 2026
13 periods
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %15.06.0−2.03.05.07.00.0−10.03.04.03.05.09.0
ROE %————————————6.2
EPS (₹)9.543.96−1.921.251.202.89−4.21−7.751.281.880.811.534.60
Book Value (₹)————————————75.1
Face Value (₹)————————————2
P/E————————————62.1
Div Yield %————————————0.32
NPM %8.94.5−2.61.61.53.2−6.7−15.32.12.71.21.94.6
OPM %12.07.0−5.03.96.07.0−0.6−18.03.94.53.04.98.0
D/E0.140.060.010.000.000.080.180.190.180.220.360.360.31
P/B————————————5.8

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+3.0%
5 years+14.0%
3 years+13.0%
TTM+27.0%
Compounded profit growth
10 years+16.0%
5 years+21.0%
3 years+36.0%
TTM+739.0%
Stock price CAGR
10 years+17.0%
5 years+44.0%
3 years+49.0%
Last year+81.0%
Return on equity
10 years0.0%
5 years3.0%
3 years3.0%
Last year6.0%

Shareholding pattern

As of 31 Mar 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters63.06%63.06%63.06%63.17%63.17%63.17%63.17%63.17%63.17%63.17%58.17%58.17%
FIIs15.89%15.89%13.04%11.68%9.36%4.47%4.00%8.58%8.76%7.19%7.23%9.52%
DIIs16.43%16.43%18.50%18.54%17.81%12.49%12.66%15.50%15.95%16.34%23.93%22.35%
Government0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.06%0.07%
Public4.62%4.62%5.40%6.61%9.66%19.87%20.17%12.76%12.14%13.29%10.63%9.88%
No. of shareholders3,83,3713,83,3714,71,0484,92,1655,84,2369,86,75212,81,74310,16,93614,99,20221,20,56717,55,26216,28,020
Change since Jun 2023 (pp)
Promoters −4.89FIIs −6.37DIIs +5.92Public +5.26

Documents

As of 11 Oct 2026
Announcements
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018Announcement under Regulation 30 (LODR)-Newspaper PublicationClosure of Trading WindowBoard Meeting Intimation for Unaudited Financial Results For & Upto The Quarter Ended 30Th September, 2026 And Closure Of Trading Window ThereofAnnouncement under Regulation 30 (LODR)-Change in Management
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
May 2026PPTOct 2025PPTMay 2025PPTJan 2025PPTOct 2024PPT

Corporate actions

As of 17 Jul 2026
17 Jul 2026DIVIDENDDividend - Rs 1.40 Per Share—
1 Aug 2025DIVIDENDDividend - Re 0.50 Per Share—
9 Aug 2024DIVIDENDDividend - Rs 0.25 Per Share—
11 Aug 2023DIVIDENDDividend - Re 0.40 Per Share—
15 Sep 2022DIVIDENDDividend - Re 0.40 Per Share—
11 Sep 2019DIVIDEND Annual General Meeting/Dividend - Rs 1.20 Per Share—
12 Feb 2019DIVIDEND Interim Dividend - Re 0.80 Per Share—
11 Sep 2018DIVIDEND Annual General Meeting/Dividend- Rs 1.02 Per Share—
15 Feb 2018DIVIDEND Interim Dividend Re 0.80 Per Share (Purpose Revised)—
28 Sep 2017BONUS Bonus 1:2 —
23 Aug 2017DIVIDEND Annual General Meeting/Dividend - Re 0.78/- Per Share (Book Closure Dates Revised)—
14 Feb 2017DIVIDEND Interim Dividend Re 0.80 Per Share (Purpose Revised)—
14 Sep 2016DIVIDEND Annual General Meeting/Dividend - Re 0.40/- Per Share—
14 Sep 2015DIVIDENDAnnual General Meeting/Dividend Re 0.62 Per Share—
16 Feb 2015DIVIDENDInterim Dividend - Re 0.54/- Per Share (Purpose Revised)—
8 Sep 2014DIVIDENDAnnual General Meeting / Final Dividend - Rs 1.52/- Per Share—
7 Feb 2014DIVIDENDInterim Dividend - Rs 1.31/- Per Share (Purpose Revised)—
6 Sep 2013DIVIDENDAnnual General Meeting And Final Dividend Rs.3.29 Per Share—
5 Feb 2013DIVIDENDInterim Dividend Rs 2.12 Per Share (Purpose Revised)—
6 Sep 2012DIVIDENDAnnual General Meeting/Dividend Rs 3.68 Per Share—
6 Mar 2012DIVIDENDInterim Dividend Rs.2.72 Per Share (Purpose Revised)—
3 Oct 2011SPLITFace Value Split From Rs.10/- To Rs.2/-10 : 2
10 Aug 2011DIVIDENDAnnual General Meeting And Dividend Rs.17.90 Per Share (Bc Dates Revised)—
18 Mar 2011DIVIDENDInterim Dividend Rs.13.25 Per Share (Purpose Revised)—
1 Sep 2010DIVIDENDAnnual General Meeting And Final Dividend Rs.12.30 Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman