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Consolidated Standalone

BHEL

₹283.3 8.9 | 3.2%

Market Cap ₹98647 Cr.

Stock P/E -823.5

P/B 3.8

Current Price ₹283.3

Book Value ₹ 74.4

Face Value 2

52W High ₹318.2

Dividend Yield 0.14%

52W Low ₹ 77.3

Edit Ratio

BHEL Research see more...

Overview Inc. Year: 1964Industry: Engineering - Industrial Equipments

Bharat Heavy Electricals Ltd is an engineering and manufacturing organization. It is an integrated energy plant system manufacturer. Its segments include Power and Industry. The Power section contains of thermal, gasoline, hydro, and nuclear power plant businesses. The Industry segment caters to system supplies for various industries, consisting of transportation, transmission, defense and aerospace, renewables, downstream oil and fuel, electricity garage, and electric mobility, amongst others, and petrochemicals. It is engaged in layout, engineering, manufacture, erection, renewable energy, testing, commissioning, and servicing of a range of services and products for various sectors, such as power, transmission, enterprise, transportation, water, oil and gas, and deference and aerospace. It manufactures turbines, steam generator units, inclusive of auxiliary plants for use with steam mills. It also manufactures electric cars, transformers and electricity distribution and manage apparatus.

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BHEL Share Price

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Peer Comparison

BHEL Quarterly Results

#(Fig in Cr.) Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
Net Sales 5112 5136 8062 4672 5203 5263 8227 5003 5125 5504
Other Income 85 84 120 70 216 91 112 114 180 96
Total Income 5197 5220 8182 4742 5419 5354 8339 5117 5305 5600
Total Expenditure 5142 5047 6910 4842 5446 5119 7241 5368 5513 5567
Operating Profit 55 173 1272 -100 -28 235 1098 -250 -208 33
Interest 90 86 96 98 123 139 161 168 180 190
Depreciation 43 74 86 67 59 62 73 60 60 61
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax -78 13 1090 -264 -210 33 864 -478 -448 -217
Provision for Tax -21 6 189 -63 -212 10 266 -118 -198 -46
Profit After Tax -58 7 901 -201 2 23 598 -360 -250 -171
Adjustments 12 20 11 13 10 20 13 16 12 22
Profit After Adjustments -46 27 912 -188 12 42 611 -344 -238 -149
Adjusted Earnings Per Share -0.1 0.1 2.6 -0.5 0 0.1 1.8 -1 -0.7 -0.4

BHEL Profit & Loss

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Net Sales 48609 39284 30622 25520 28477 28827 30441 21463 17309 21211 23365 23859
Other Income 2637 2899 2926 3466 4629 3475 3000 4052 2818 3561 3314 502
Total Income 51246 42183 33548 28986 33106 32303 33441 25515 20127 24772 26679 24361
Total Expenditure 40635 35987 30186 28835 31234 29580 30562 25084 22827 23590 25383 23689
Operating Profit 10611 6197 3362 151 1872 2723 2879 431 -2700 1182 1296 673
Interest 128 133 92 360 413 330 378 613 467 448 612 699
Depreciation 957 985 1082 937 850 787 476 503 473 314 260 254
Exceptional Income / Expenses 4 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 9531 5078 2187 -1161 586 1215 1840 -659 -3596 470 479 -279
Provision for Tax 2838 1575 737 -456 130 777 837 809 -896 26 2 -96
Profit After Tax 6693 3502 1450 -706 455 438 1002 -1468 -2700 445 477 -183
Adjustments 0 1 2 1 2 3 3 2 3 1 0 63
Profit After Adjustments 6693 3503 1452 -704 457 441 1005 -1466 -2697 446 477 -120
Adjusted Earnings Per Share 18.2 9.5 4 -1.9 1.2 1.2 2.9 -4.2 -7.7 1.3 1.4 -0.3

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 10% 3% -4% -7%
Operating Profit CAGR 10% 44% -14% -19%
PAT CAGR 7% 0% 2% -23%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 252% 61% 36% 7%
ROE Average 2% -2% -2% 3%
ROCE Average 3% -1% 1% 6%

BHEL Balance Sheet

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 30548 33170 34207 32314 32389 32335 30904 28661 25984 26507 26828
Minority's Interest 5 4 2 1 -1 -4 -7 -9 -12 0 0
Borrowings 1233 1961 1734 126 90 57 95 0 0 0 0
Other Non-Current Liabilities 10214 12135 9947 8476 4881 5585 6381 5723 5240 4836 5768
Total Current Liabilities 28197 25998 22727 26993 23635 24197 25943 24908 21016 21433 23411
Total Liabilities 70197 73269 68617 67910 60993 62170 63317 59282 52228 52775 56007
Fixed Assets 4667 4729 4230 3969 3601 3073 2970 2817 2491 2398 2476
Other Non-Current Assets 14123 16147 15348 12549 10996 14625 19077 21454 20734 22453 23389
Total Current Assets 51411 52395 49041 51392 46396 44472 41269 35010 29002 27923 30142
Total Assets 70197 73269 68617 67910 60993 62170 63317 59282 52228 52775 56007

BHEL Cash Flow

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 6734 7853 12020 9812 1959 1486 2769 789 1397 1520 733
Cash Flow from Operating Activities 1759 4512 821 374 560 989 -3860 -2892 560 660 -742
Cash Flow from Investing Activities -1113 -868 650 23 -565 961 1919 1877 -43 -1125 1480
Cash Flow from Financing Activities 472 523 -3543 -122 -468 -667 -32 1622 -394 -329 89
Net Cash Inflow / Outflow 1118 4167 -2071 275 -473 1283 -1973 608 123 -795 828
Closing Cash & Cash Equivalent 7853 12020 9949 10087 1486 2769 796 1397 1520 733 1561

BHEL Ratios

# Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 18.23 9.54 3.96 -1.92 1.25 1.2 2.89 -4.21 -7.75 1.28 1.37
CEPS(Rs) 20.84 12.22 6.9 0.63 3.55 3.34 4.25 -2.77 -6.39 2.18 2.12
DPS(Rs) 5.41 2.83 1.16 0.4 1.58 1.82 2 0 0 0.4 0.4
Book NAV/Share(Rs) 83.16 90.31 93.17 88.02 88.22 88.07 88.75 82.31 74.62 76.12 77.05
Core EBITDA Margin(%) 15.68 8.06 1.37 -12.42 -9.27 -2.29 -0.35 -14.9 -28.01 -9.84 -7.49
EBIT Margin(%) 19 12.74 7.18 -3 3.36 4.71 6.35 -0.19 -15.88 3.8 4.05
Pre Tax Margin(%) 18.74 12.41 6.88 -4.35 1.97 3.7 5.27 -2.71 -18.25 1.95 1.78
PAT Margin (%) 13.16 8.56 4.57 -2.64 1.53 1.34 2.87 -6.04 -13.7 1.84 1.77
Cash Profit Margin (%) 15.05 10.97 7.97 0.87 4.39 3.74 4.23 -3.97 -11.3 3.14 2.74
ROA(%) 9.84 4.88 2.04 -1.03 0.71 0.71 1.6 -2.4 -4.84 0.85 0.88
ROE(%) 23.94 11 4.31 -2.12 1.41 1.35 3.17 -4.93 -9.88 1.69 1.79
ROCE(%) 32.71 14.66 6.16 -2.34 3.07 4.75 6.73 -0.14 -9.71 2.96 3.44
Receivable days 200.72 256.79 314.33 334.91 273.25 201.15 135.45 142.48 103.23 53.28 41.7
Inventory Days 91.54 96.69 114.46 134.94 104.28 75.93 73.47 125.48 149.17 103.81 90.24
Payable days 155.62 181.71 234.41 243.73 224.52 275.54 284.95 341.87 323.25 266.23 303.08
PER(x) 6.47 13.75 39.59 0 87.3 67.71 25.95 0 0 38.53 51.15
Price/Book(x) 1.42 1.45 1.68 0.86 1.23 0.92 0.84 0.25 0.65 0.65 0.91
Dividend Yield(%) 3.06 1.44 0.49 0.35 0.97 2.24 2.67 0 0 0.81 0.57
EV/Net Sales(x) 0.78 1.04 1.61 0.7 1.04 0.65 0.7 0.27 0.87 0.7 0.99
EV/Core EBITDA(x) 3.6 6.59 14.71 118.77 15.8 6.91 7.35 13.39 -5.6 12.5 17.87
Net Sales Growth(%) 1.04 -19.18 -22.05 -16.66 11.59 1.23 5.6 -29.49 -19.36 22.55 10.15
EBIT Growth(%) -7.31 -46.05 -56.25 -135.15 224.6 54.75 43.56 -102.09 -6644.33 129.35 18.84
PAT Growth(%) -5.56 -47.67 -58.59 -148.65 164.51 -3.73 128.76 -246.48 -83.86 116.47 7.35
EPS Growth(%) -5.56 -47.67 -58.54 -148.48 164.94 -3.48 140.12 -245.86 -83.98 116.54 7.03
Debt/Equity(x) 0.09 0.14 0.06 0.01 0 0 0.08 0.17 0.19 0.18 0.2
Current Ratio(x) 1.82 2.02 2.16 1.9 1.96 1.84 1.59 1.41 1.38 1.3 1.29
Quick Ratio(x) 1.4 1.64 1.71 1.55 1.65 1.58 1.29 1.05 1.04 1 1
Interest Cover(x) 75.69 39.05 24.66 -2.23 2.42 4.68 5.86 -0.08 -6.71 2.05 1.78
Total Debt/Mcap(x) 0.06 0.1 0.03 0.01 0 0 0.1 0.68 0.29 0.28 0.22

BHEL Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 63.17 63.17 63.17 63.17 63.17 63.17 63.17 63.17 63.17 63.17
FII 3.86 4 4.22 4.8 8.48 8.58 7.76 7.23 7.04 8.75
DII 13.8 12.66 12.59 14.46 14.72 15.49 16.35 15.99 17.57 15.94
Public 19.17 20.17 20.02 17.57 13.64 12.76 12.71 13.61 12.22 12.13
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company is almost debt free.

Cons

  • Company has a low return on equity of -2% over the last 3 years.
  • Debtor days have increased from 266.23 to 303.08days.
  • Stock is trading at 3.8 times its book value.
  • The company has delivered a poor profit growth of 1% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

BHEL News

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