NSE/BHEL

BHELBharat Heavy Electricals Ltd

Capital Goods · NSE

₹316.79+2.43%

52-wk low52-WEEK RANGE52-wk high

₹208.01+52.3% from low ·0.0% from high₹316.79

Price chart · 1M–10Y · daily-close

NSE bhavcopy + 10Y historical

BHEL+49.56% · 1Y

Range high ₹317.8Range low ₹205.12Latest ₹316.79252 bars · daily-close · NSE bhavcopy + 10Y history

Capital GoodsSpecialty Industrial MachineryLargecapLow Risk

Stock scorecard

Auto-computed from latest ratios + sector context · not a buy/sell signal

Composite50/100

Performance

High

Amongst the strong performers in the market.

· 52w return +39.4% — strong momentum
· Trades 29.0% above 200-DMA — uptrend intact

Valuation

Medium

Valuation close to the sector median.

· P/E 140.9 — 177% above sector median 50.8
· P/B 4.69 below sector median 6.90

Growth

Medium

Steady but not standout growth.

· Revenue YoY +18.6%
· Profit YoY +105.4% — strong earnings growth

Profitability

Low

Profitability is a concern.

· ROE 3.3% — weak returns on equity
· Net margin 1.9% — thin margins

DVM composite · Durability · Valuation · Momentum

Trendlyne-style 3-axis composite · all drivers shown below · not a buy/sell signal

CompositeC(55/100)

Durability

49/100

Mixed quality signals; requires deeper due diligence.

Show 4 drivers

Piotroski F-score6/9 (67pt)
Altman Z" score0.75 (20pt)
Debt/Equity0.45 (89pt)
ROE3.3% (13pt)

Valuation

27/100

Richly valued on most axes; limited margin of safety.

Show 4 drivers

P/E vs sector (140.9 / 50.8)277% (5pt)
P/B4.69 (100pt)
Dividend yield0.16% (4pt)
EV/EBITDA95.4 (0pt)

Momentum

A+

89/100

Strong, confirmed momentum across price + technicals.

Show 5 drivers

52w change+39.4% (89pt)
DMA-trend alignmentstrong up (100pt)
RSI (14)75.4 (65pt)
Price vs 200-DMA+23.6% (100pt)
MACD regimebullish (75pt)

Valuation positioning

Current ratio vs sector peer distribution

P/E (TTM)140.85

OVERVALUED

CheapestP/E 140.9 at 91th %ile — pricier than 91% of peers.Most expensive

P/B4.69

FAIR

CheapestP/B 4.69 at 32th %ile of sector.Most expensive

EV/EBITDA95.38

OVERVALUED

Monthly seasonality

Avg monthly return over 10 years · historical — not a forecast

Best: Apr +8.81% · Worst: Feb -2.69%

Jan

+0.6%

40% win

Feb

-2.7%

30% win

Mar

-0.6%

60% win

Apr

+8.8%

80% win

May

+6.3%

50% win

Jun

+1.2%

Monthly return distribution

Distribution of 120 monthly returns

Mean

+1.95%

Median

+0.39%

Std dev

13.15%

Best

+47.1%

Worst

-32.0%

% positive

53%

SWOT analysis

Auto-derived from ratios + sector context + forensics · research only, not a recommendation

STRENGTHS · 0

No standout strengths in the current snapshot

WEAKNESSES · 3

Low return on equity (3.3%)
Below 10% ROE suggests inefficient use of shareholder capital
Premium to sector on P/E (+177%)
P/E 140.9 vs Capital Goods median 50.8
Distress-zone Altman Z″ (0.75)
Historically associated with elevated bankruptcy probability

OPPORTUNITIES · 1

Strong uptrend — DMA stack bullish
Price > 20-DMA > 50-DMA > 200-DMA: momentum tailwind intact

THREATS · 2

RSI overbought at 75
Above 75 often precedes consolidation or short-term pullbacks
Valuation compression risk
P/E 140.9 is 177% above sector — any growth miss gets punished

RETURNS · DAILY-CLOSE BASED

3Y+ shown as CAGR

+2.4%

+11.3%

+22.5%

+16.6%

+31.9%

+50.2%

+59.2%

+41.0%

10Y

+13.5%

Fundamentals

VALUATION

Market cap

₹1,14,769 Cr

P/E (TTM)

140.9

P/E (fwd)

36.2

next 12m

P/B

4.69

EV/EBITDA

95.4

Book value

₹70.29

per share

PROFITABILITY · QUALITY

ROE

3.3%

ROCE

—

Net margin

1.9%

Op margin

5.5%

Gross margin

30.6%

D/E

0.45

GROWTH · MARKET

Rev YoY

+18.6%

Profit YoY

+105.4%

Div yield

0.16%

Payout

21.4%

52w change

+39.4%

Beta

0.58

defensive

Pros and cons

Auto-derived from ratios · not a buy/sell recommendation

PROS · 2

+Forward P/E materially below trailing (36.2x vs 140.9x)Street expects earnings growth that compresses the multiple — positive surprise cushion
+Profit growing fast (+105.4% YoY)Operating leverage kicking in — bottom line out-growing top line

CONS · 4

−Trades at a premium to sector on P/EP/E 140.9 vs Capital Goods median 50.8 — priced for more growth than peers
−Very high absolute P/E (141x)At this multiple the market prices in several years of strong growth upfront — risk of correction if growth disappoints
−Low ROE of 3.3%Below the 10%+ threshold most quality-focused investors require
−Trading above analyst consensus target18 analysts average target ₹261 is -21% below current

Sector-relative context

Capital Goods · 22 peers

P/E (TTM)

This stock

140.85

Sector median

50.82

Rank 20/22 (14th %ile)

ROE

This stock

3.3%

Sector median

15.5%

Rank 9/22 (64th %ile)

P/B

This stock

4.69

Sector median

6.90

Rank 7/22 (73th %ile)

Quality score · Piotroski F-score

6 / 9

Decent quality — clears Piotroski bar

✓Profitable (positive net income)· Most basic check — company makes money
✓Positive return on assets· Assets generate returns
✓Positive operating cash flow· Profits are backed by real cash, not accruals
✓Operating CF exceeds net profit· Healthy cash conversion — no aggressive revenue recognition
✓Long-term debt decreased YoY· Deleveraging — lower refinancing risk
✗ROA improved YoY· Getting more productive with the asset base
✓Operating margin expanded YoY· Pricing power or cost discipline
✗

Forensic score · Altman Z″ (emerging markets)

Bankruptcy-risk predictor · 1995 Altman emerging-market revision

DISTRESS0.75

Z″ = 0.75 — DISTRESS zone. Historical Altman-Z models have associated this range with elevated 2-year bankruptcy probability. Treat as a flag for deeper diligence, not a verdict.

Component	Ratio	Weight	Contribution
Working Capital / Total Assets (A)	0.152	×6.56	0.998
Retained Earnings / Total Assets (B)	-0.074	×3.26	-0.241
EBIT / Total Assets (C)	0.008	×6.72	0.053
Book Equity / Total Liabilities (D)	-0.057	×1.05	-0.060

Zones: Z″ ≥ 2.60 safe · 1.10–2.60 grey · < 1.10 distress. All four inputs derived from latest annual filing.

Analyst consensus

18 analysts · HOLD

Target mean

₹260.50

Target high

₹375.00

Target low

₹120.00

Upside vs today

-21.0%

Street consensus target is -21.0% vs current price. Consensus is a lagging sentiment read, not a forecast.

Company + balance sheet snapshot

Industry

Specialty Industrial Machinery

Employees

41,132

Shares out

348.2

Revenue (TTM)

₹30,465 Cr

EBITDA

₹1,187 Cr

Total debt

₹10,969 Cr

Cash

₹8,154 Cr

Net debt

₹2,815 Cr

Quarterly results

Last 5 quarters · ₹ Cr (Screener.in-grade depth)

Metric	2024-Q3	2024-Q4	2025-Q1	2025-Q2	2025-Q4
Revenue	6,584	7,277	8,009	5,487	8,473
Operating profit	215	236	585	-612	467
OPM %	3.3%	3.3%	7.3%	-11.2%	5.5%
Interest	201	184

Annual P&L

Last 4 years · ₹ Cr · all line items

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Revenue	20,153	22,136	22,921	27,355
Operating profit	421	97	180	808
OPM %	2.1%	0.4%	0.8%	3.0%
Interest	356	521	731	748
Depreciation

Peer	Last close	1Y change	Mcap ₹Cr	P/E	P/B	ROE	D/E	Rev YoY
BHELTHIS Bharat Heavy Electricals Limited	₹316.79	+39.4%	1,14,769	140.9	4.69	3.3%	0.45	+18.6%
ABB ABB India Limited	₹7,029.5	+24.9%	1,51,693	90.9	19.36	22.4%	0.01	+5.7%
CUMMINSIND Cummins India Limited	₹5,140.9	+76.4%	1,42,614	63.7	18.06	28.3%	0.00	+16.0%
SIEMENS Siemens Limited	₹3,707.9	+31.2%	1,32,085	78.2	9.98	11.8%	—	+14.0%
CGPOWER CG Power and Industrial Solutions Limited	₹774.8	+19.1%	1,25,316	110.4	16.80	15.2%	0.01	+26.2%
POLYCAB Polycab India Limited	₹8,182.5	+51.2%	1,23,852	47.2	11.03	26.0%	0.02	+24.2%
HAVELLS Havells India Limited	₹1,306.4	-20.7%	81,675	55.1	9.41	17.1%	0.03	+14.3%
DIXON Dixon Technologies (India) Limited	₹11,371.5	-28.1%	68,387	41.1	15.02	36.5%	0.30	+119.7%
APARINDS Apar Industries Limited	₹11,482	+130.7%	46,696	48.0	9.62	20.1%	0.14	+15.0%

ASK AXEL

Dig deeper into BHEL

Axel can fetch latest news, peer valuation, consensus estimates, insider activity, and concall commentary for BHEL — all in one sourced reply.

Ask free in chat

Run these tools on BHEL

Historical return →

"If I had bought BHEL in year X"

Rolling returns →

Worst/best 1/3/5/7/10-yr windows

Buy-the-dip backtester →

Dip-buying vs SIP on BHEL

Brokerage + charges →

All-in cost for trading BHEL

Research tool · not investment advice.

Axel Markets is an information + analytics product. We are not a SEBI-registered Research Analyst (RA) or Investment Adviser (IA). Nothing on this page is a buy, sell, or hold recommendation. Past performance is not indicative of future returns. Verify all data against the authoritative source (NSE, BSE, AMFI, SEBI, company RHP / factsheet) before acting. Daily OHLCV sourced primarily from our NSE bhavcopy ingest (public sec_bhavdata_full CSV), with Stooq as a fallback for historical gaps. Split + bonus adjusted. Excludes dividends. Not a recommendation. Past performance does not predict future returns. For authoritative live quotes see NSE / BSE directly.

Quarter	EPS estimate	EPS actual	Surprise %
-1q	1.04	1.10	+5.4%
-2q	0.80	1.06	+32.5%
-3q	0.59	-1.31	-323.1%
-4q	2.32	1.45	-37.6%

Date	Amount
2025-08-01	₹0.50
2024-08-09	₹0.25
2023-08-11	₹0.40
2022-09-15	₹0.40
2019-09-11	₹1.20
2019-02-12	₹0.80
2018-09-11	₹1.02
2018-02-15	₹0.80
2017-08-23	₹0.52
2017-02-14	₹0.53
2016-09-14	₹0.27

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Equity capital	696	696	696	696
Reserves	-3,957	-6,533	-6,390	-5,943
Borrowings	4,830	5,454	8,856	9,015
Other liabilities	2,213	0	0	-0
Total liabilities	53,617	56,920	59,002	68,083
Fixed assets	2,759	2,771	2,795	3,029
CWIP	422	362	285	166
Investments	90	3	1	—
Other assets	15,834	19,300	-0	0
Total assets	53,617	56,920	59,002	68,083

Metric	2022-FY	2023-FY	2024-FY	2025-FY
CF Operating	660	-741	-3,713	2,192
CF Investing	-1,125	1,480	1,331	-2,731
CF Financing	-329	89	2,656	-857
Net cash flow	-787	829	274	-1,396
Free cash flow	491	-929	-3,945	1,910

Metric	2025-FY	2024-FY	2023-FY	2022-FY
OPM %	3.0%	0.8%	0.4%	2.1%
Net margin %	2.0%	1.2%	2.9%	2.2%
ROE %	-9.8%	-4.9%	-14.0%	-13.7%
ROCE %	43.1%	70.1%	208.4%	52.7%
Debt / Equity	-1.72	-1.56	-0.93	-1.48
Interest coverage	2.0×	1.3×	2.4×	2.3×
Revenue growth YoY	+19.3%	+3.5%	+9.8%	—
Profit growth YoY	+89.2%	-55.7%	+42.9%	—

BHELBharat Heavy Electricals Ltd

Price chart · 1M–10Y · daily-close

Stock scorecard

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

SWOT analysis

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Peer comparison · Capital Goods

Ask Axel about BHEL

Recent news

Dig deeper into BHEL

Run these tools on BHEL

Technical snapshot

Earnings history + surprises

Dividends + splits history

Stock scorecard

SWOT analysis

Recent news

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Balance sheet

Cash flow statement

Ratios

Peer comparison · Capital Goods