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Consolidated Standalone

BHEL

₹226 -1.5 | 0.7%

Market Cap ₹78695 Cr.

Stock P/E 278.8

P/B 3.2

Current Price ₹226

Book Value ₹ 69.8

Face Value 2

52W High ₹335.4

Dividend Yield 0.11%

52W Low ₹ 176

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 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024
Net Sales 5203 5263 8227 5003 5125 5504 8260 5485 6584 7277
Other Income 216 91 112 114 180 96 157 97 111 108
Total Income 5419 5354 8339 5117 5305 5600 8417 5582 6695 7385
Total Expenditure 5446 5119 7178 5182 5279 5287 7532 5654 6309 6973
Operating Profit -28 235 1161 -64 26 312 884 -72 386 412
Interest 123 139 161 168 180 190 193 162 201 184
Depreciation 59 62 73 60 60 61 68 59 60 68
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax -210 33 927 -292 -214 62 623 -293 125 160
Provision for Tax -212 10 282 -71 -139 24 147 -68 35 44
Profit After Tax 2 23 645 -221 -75 38 476 -226 90 116
Adjustments 10 20 13 16 12 22 14 14 17 18
Profit After Adjustments 12 42 658 -205 -63 60 490 -211 106 135
Adjusted Earnings Per Share 0 0.1 1.9 -0.6 -0.2 0.2 1.4 -0.6 0.3 0.4

BHEL Profit & Loss

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
Net Sales 39284 30622 25520 28477 28827 30441 21463 17309 21211 23365 23893 27606
Other Income 2899 2926 3466 4629 3475 3000 4052 2818 3561 3551 5457 473
Total Income 42183 33548 28986 33106 32303 33441 25515 20127 24772 26915 29349 28079
Total Expenditure 35987 30186 28835 31234 29580 30562 25084 22827 23590 25383 28094 26468
Operating Profit 6197 3362 151 1872 2723 2879 431 -2700 1182 1532 1255 1610
Interest 133 92 360 413 330 378 613 467 448 612 828 740
Depreciation 985 1082 937 850 787 476 503 473 314 260 249 255
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 5078 2187 -1161 586 1215 1840 -659 -3596 470 716 243 615
Provision for Tax 1575 737 -456 130 777 837 809 -896 26 61 -40 158
Profit After Tax 3502 1450 -706 455 438 1002 -1468 -2700 445 654 282 456
Adjustments 1 2 1 2 3 3 2 3 1 0 0 63
Profit After Adjustments 3503 1452 -704 457 441 1005 -1466 -2697 446 654 282 520
Adjusted Earnings Per Share 9.5 4 -1.9 1.2 1.2 2.9 -4.2 -7.7 1.3 1.9 0.8 1.5

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 2% 11% -5% -5%
Operating Profit CAGR -18% 0% -15% -15%
PAT CAGR -57% 0% -22% -22%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -13% 60% 60% 4%
ROE Average 1% 2% -2% 1%
ROCE Average 3% 4% 0% 3%

BHEL Balance Sheet

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Shareholder's Funds 33170 34207 32314 32389 32335 30904 28661 25984 26507 24378 24439
Minority's Interest 4 2 1 -1 -4 -7 -9 -12 0 0 0
Borrowings 1961 1734 126 90 57 95 0 0 0 0 0
Other Non-Current Liabilities 12135 9947 8476 4881 5585 6381 5723 5240 4836 4816 5033
Total Current Liabilities 25998 22727 26993 23635 24197 25943 24908 21016 21433 23539 25358
Total Liabilities 73269 68617 67910 60993 62170 63317 59282 52228 52775 52733 54829
Fixed Assets 4729 4230 3969 3601 3073 2970 2817 2491 2398 2476 2574
Other Non-Current Assets 16147 15348 12549 10996 14625 19077 21454 20734 22453 21103 17685
Total Current Assets 52395 49041 51392 46396 44472 41269 35010 29002 27923 29154 34571
Total Assets 73269 68617 67910 60993 62170 63317 59282 52228 52775 52733 54829

BHEL Cash Flow

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Opening Cash & Cash Equivalents 7853 12020 9812 1959 1486 2769 789 1397 1520 733 1561
Cash Flow from Operating Activities 4512 821 374 560 989 -3860 -2892 560 660 -741 -3713
Cash Flow from Investing Activities -868 650 23 -565 961 1919 1877 -43 -1125 1480 1331
Cash Flow from Financing Activities 523 -3543 -122 -468 -667 -32 1622 -394 -329 89 2656
Net Cash Inflow / Outflow 4167 -2071 275 -473 1283 -1973 608 123 -795 829 274
Closing Cash & Cash Equivalent 12020 9949 10087 1486 2769 796 1397 1520 733 1561 1835

BHEL Ratios

# Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Earnings Per Share (Rs) 9.54 3.96 -1.92 1.25 1.2 2.89 -4.21 -7.75 1.28 1.88 0.81
CEPS(Rs) 12.22 6.9 0.63 3.55 3.34 4.25 -2.77 -6.39 2.18 2.63 1.53
DPS(Rs) 2.83 1.16 0.4 1.58 1.82 2 0 0 0.4 0.4 0.25
Book NAV/Share(Rs) 90.31 93.17 88.02 88.22 88.07 88.75 82.31 74.62 76.12 70.01 70.18
Core EBITDA Margin(%) 8.06 1.37 -12.42 -9.27 -2.29 -0.35 -14.9 -28.01 -9.84 -7.49 -15.18
EBIT Margin(%) 12.74 7.18 -3 3.36 4.71 6.35 -0.19 -15.88 3.8 4.93 3.87
Pre Tax Margin(%) 12.41 6.88 -4.35 1.97 3.7 5.27 -2.71 -18.25 1.95 2.66 0.88
PAT Margin (%) 8.56 4.57 -2.64 1.53 1.34 2.87 -6.04 -13.7 1.84 2.43 1.02
Cash Profit Margin (%) 10.97 7.97 0.87 4.39 3.74 4.23 -3.97 -11.3 3.14 3.4 1.92
ROA(%) 4.88 2.04 -1.03 0.71 0.71 1.6 -2.4 -4.84 0.85 1.24 0.52
ROE(%) 11 4.31 -2.12 1.41 1.35 3.17 -4.93 -9.88 1.69 2.57 1.16
ROCE(%) 14.66 6.16 -2.34 3.07 4.75 6.73 -0.14 -9.71 2.96 4.35 3.4
Receivable days 256.79 314.33 334.91 273.25 201.15 135.45 142.48 103.23 53.28 41.7 52.18
Inventory Days 96.69 114.46 134.94 104.28 75.93 73.47 125.48 149.17 103.81 90.24 92.15
Payable days 181.71 234.41 243.73 224.52 275.54 284.95 341.87 323.25 266.23 303.08 291.25
PER(x) 13.75 39.59 0 87.3 67.71 25.95 0 0 38.53 37.33 305
Price/Book(x) 1.45 1.68 0.86 1.23 0.92 0.84 0.25 0.65 0.65 1 3.52
Dividend Yield(%) 1.44 0.49 0.35 0.97 2.24 2.67 0 0 0.81 0.57 0.1
EV/Net Sales(x) 1.04 1.61 0.7 1.04 0.65 0.7 0.27 0.87 0.7 0.99 3.71
EV/Core EBITDA(x) 6.59 14.71 118.77 15.8 6.91 7.35 13.39 -5.6 12.5 15.08 70.69
Net Sales Growth(%) -19.18 -22.05 -16.66 11.59 1.23 5.6 -29.49 -19.36 22.55 10.15 2.26
EBIT Growth(%) -46.05 -56.25 -135.15 224.6 54.75 43.56 -102.09 -6644.33 129.35 44.55 -19.39
PAT Growth(%) -47.67 -58.59 -148.65 164.51 -3.73 128.76 -246.48 -83.86 116.47 47.09 -56.86
EPS Growth(%) -47.67 -58.54 -148.48 164.94 -3.48 140.12 -245.86 -83.98 116.54 46.65 -56.85
Debt/Equity(x) 0.14 0.06 0.01 0 0 0.08 0.17 0.19 0.18 0.22 0.36
Current Ratio(x) 2.02 2.16 1.9 1.96 1.84 1.59 1.41 1.38 1.3 1.24 1.36
Quick Ratio(x) 1.64 1.71 1.55 1.65 1.58 1.29 1.05 1.04 1 0.95 1.08
Interest Cover(x) 39.05 24.66 -2.23 2.42 4.68 5.86 -0.08 -6.71 2.05 2.17 1.29
Total Debt/Mcap(x) 0.1 0.03 0.01 0 0 0.1 0.68 0.29 0.28 0.22 0.1

BHEL Shareholding Pattern

# Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025
Promoter 63.17 63.17 63.17 63.17 63.17 63.17 63.17 63.17 63.17 63.17
FII 8.48 8.58 7.76 7.23 7.04 8.75 9.1 9.49 7.98 7.19
DII 14.72 15.49 16.35 15.99 17.57 15.94 15.02 14.68 15.49 16.35
Public 13.64 12.76 12.71 13.61 12.22 12.13 12.71 12.66 13.36 13.29
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Debtor days have improved from 303.08 to 291.25days.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 2% over the last 3 years.
  • Stock is trading at 3.2 times its book value.
  • The company has delivered a poor profit growth of -22% 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.

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