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Last Updated: April 2, 2026, 2:42 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 500103 | NSE: BHEL

Bharat Heavy Electricals Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹128.66Overvalued by 48.94%vs CMP ₹252.00

P/E (108.0) × ROE (2.1%) × BV (₹70.10) × DY (0.20%)

₹70.04Overvalued by 72.21%vs CMP ₹252.00
MoS: -259.8% (Negative)Confidence: 63/100 (Moderate)Models: All 7: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹145.1628%Over (-42.4%)
Graham NumberEarnings₹60.7520%Over (-75.9%)
DCFCash Flow₹11.9817%Over (-95.2%)
Net Asset ValueAssets₹70.129%Over (-72.2%)
EV/EBITDAEnterprise₹16.5011%Over (-93.5%)
Earnings YieldEarnings₹23.409%Over (-90.7%)
Revenue MultipleRevenue₹81.447%Over (-67.7%)
Consensus (7 models)₹70.04100%Overvalued
Key Drivers: P/E of 108 makes PE-ROE unreliable — asset/earnings models are better benchmarks. | ROE 2.1% is below cost of equity.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 12.8%

*Investments are subject to market risks

Investment Snapshot

54
Bharat Heavy Electricals Ltd scores 54/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health54/100 · Moderate
ROCE 4.9% WeakROE 2.1% WeakD/E 0.18 Low debtInterest Coverage 0.0x RiskyProfitable 4/5 years Consistent
Smart Money65/100 · Strong
FII holding stable No changeDII holding up 3.36% MF buyingPromoter holding at 63.2% Stable
Earnings Quality50/100 · Moderate
OPM stable around 4% Steady
Quarterly Momentum80/100 · Strong
Revenue (4Q): +10% YoY GrowingProfit (4Q): +56% YoY Strong
Industry Rank20/100 · Weak
P/E 108.0 vs industry 37.1 Premium to peersROCE 4.9% vs industry 15.8% Below peersROE 2.1% vs industry 13.1% Below peers3Y sales CAGR: 10% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:42 am

Market Cap 87,692 Cr.
Current Price 252
Intrinsic Value₹70.04
High / Low 306/193
Stock P/E108
Book Value 70.1
Dividend Yield0.20 %
ROCE4.87 %
ROE2.12 %
Face Value 2.00
PEG Ratio8.42

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Bharat Heavy Electricals Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Bharat Heavy Electricals Ltd 87,692 Cr. 252 306/193108 70.10.20 %4.87 %2.12 % 2.00
Suzlon Energy Ltd 55,941 Cr. 41.1 74.3/38.217.3 5.780.00 %32.5 %41.4 % 2.00
Triveni Turbine Ltd 14,434 Cr. 454 675/42840.9 40.90.88 %41.4 %30.6 % 1.00
Inox Wind Ltd 13,918 Cr. 80.5 198/74.927.7 38.60.00 %11.5 %11.7 % 10.0
TD Power Systems Ltd (TDPS) 13,475 Cr. 863 933/31161.4 61.50.14 %30.4 %22.3 % 2.00
Industry Average9,009.11 Cr1,209.8537.05295.050.38%15.76%13.09%8.88

All Competitor Stocks of Bharat Heavy Electricals Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 5,2638,2275,0035,1255,5048,2605,4856,5847,2778,9935,4877,5128,473
Expenses 5,1197,1785,1825,2795,2877,5325,6546,3096,9738,1626,0246,9317,928
Operating Profit 1441,049-178-154217728-169275304832-537581545
OPM % 3%13%-4%-3%4%9%-3%4%4%9%-10%8%6%
Other Income 110125130192118170111128126159185189235
Interest 139161168180190193162201184201181195182
Depreciation 62736060616859606885757578
Profit before tax 53940-276-20284636-279141179704-608499520
Tax % 20%30%-26%-69%29%23%-24%25%25%28%-25%25%25%
Net Profit 42658-205-6360490-211106135504-456375390
EPS in Rs 0.121.89-0.59-0.180.171.41-0.610.300.391.45-1.311.081.12

Last Updated: February 6, 2026, 12:16 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: March 24, 2026, 1:30 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 39,56131,32325,50528,46528,82730,44121,46317,30921,21123,36523,89328,33930,465
Expenses 34,98229,18326,86227,37027,17428,40921,59620,35720,38322,32123,18226,94029,044
Operating Profit 4,5792,141-1,3571,0951,6532,032-133-3,0498281,0447111,3991,421
OPM % 12%7%-5%4%6%7%-1%-18%4%4%3%5%5%
Other Income 1,6171,2211,492753679662590393405544608524768
Interest 13392360413330378613467448612828906760
Depreciation 9851,082937850787476503473314260249272313
Profit before tax 5,0782,187-1,1615861,2151,840-659-3,5964707162437461,115
Tax % 31%34%-39%22%64%46%123%-25%5%9%-16%28%
Net Profit 3,5021,450-7064554381,002-1,468-2,700445654282534814
EPS in Rs 9.543.96-1.921.251.202.89-4.21-7.751.281.880.811.532.34
Dividend Payout % 20%20%-14%85%151%69%-0%-0%31%21%31%33%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-58.60%-148.69%164.45%-3.74%128.77%-246.51%-83.92%116.48%46.97%-56.88%89.36%
Change in YoY Net Profit Growth (%)0.00%-90.09%313.14%-168.18%132.50%-375.27%162.58%200.41%-69.52%-103.85%146.24%

Bharat Heavy Electricals Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:-1%
5 Years:6%
3 Years:10%
TTM:16%
Compounded Profit Growth
10 Years:-10%
5 Years:19%
3 Years:6%
TTM:5%
Stock Price CAGR
10 Years:5%
5 Years:40%
3 Years:52%
1 Year:-24%
Return on Equity
10 Years:0%
5 Years:-1%
3 Years:2%
Last Year:2%

Last Updated: September 5, 2025, 12:55 am

Balance Sheet

Last Updated: December 10, 2025, 2:28 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 490490490490734696696696696696696696696
Reserves 32,68133,71731,82531,89931,60130,20827,96425,28725,81023,68223,74224,02623,704
Borrowings 4,6931,8892111561102,5985,0804,9514,8305,4548,8569,01510,969
Other Liabilities 37,46834,88733,05129,15331,49530,98726,55025,02525,65427,83226,48935,11236,603
Total Liabilities 75,33170,98365,57761,69863,94064,49060,29155,96056,99157,66459,78468,84971,972
Fixed Assets 4,7294,2303,9693,6013,0732,9702,8172,4912,3982,4762,5742,9472,958
CWIP 2,9312,614318168203235314420431354308195275
Investments 66796757429152162185205235256276282
Other Assets 67,66564,13460,49457,17160,23561,13256,99852,86453,95654,59956,64665,43168,457
Total Assets 75,33170,98365,57761,69863,94064,49060,29155,96056,99157,66459,78468,84971,972

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 4,512821374560989-3,860-2,892560660-741-3,7132,192
Cash from Investing Activity + -86865023-5659611,9191,877-42-1,1181,4801,331-2,731
Cash from Financing Activity + 523-3,543-122-468-667-321,622-394-329892,656-857
Net Cash Flow 4,167-2,071275-4731,283-1,973608123-787829274-1,396
Free Cash Flow 3,141544-178227719-4,284-3,276311498-921-3,9361,924
CFO/OP 146%87%-50%105%57%-169%1,930%-25%30%-82%-554%151%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow0.001.00-212.00-155.00-109.000.00-138.00-7.00824.00-4.00703.00-8.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 2603093212831781421218552497376
Inventory Days 195270272200191218321333274261253289
Days Payable 174239240225301297300281291345270259
Cash Conversion Cycle 281340353258686314213735-3556106
Working Capital Days 13319220816212110072421-56099
ROCE %15%6%-2%3%5%7%-0%-10%3%4%3%5%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 63.17%63.17%63.17%63.17%63.17%63.17%63.17%63.17%63.17%63.17%63.17%63.17%
FIIs 8.58%7.77%7.23%7.04%8.76%9.10%9.48%7.98%7.19%6.36%6.23%6.28%
DIIs 15.50%16.36%15.99%17.58%15.95%15.03%14.69%15.49%16.34%18.45%18.62%19.70%
Public 12.76%12.71%13.62%12.23%12.14%12.71%12.66%13.36%13.29%12.02%11.98%10.85%
No. of Shareholders 10,16,93610,12,61712,27,65812,65,43614,99,20218,80,85119,95,26620,83,02621,20,56719,83,21519,61,66417,91,831

Shareholding Pattern Chart

No. of Shareholders

Bharat Heavy Electricals Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
SBI Midcap Fund 30,000,000 3.51 788.123,832,2552025-12-15 02:51:1425.88%
Nippon India Small Cap Fund 29,507,422 1.18 775.1628,538,2322025-12-15 02:51:143.4%
Nippon India Growth Mid Cap Fund 18,380,010 1.16 482.8418,184,8462026-02-23 00:57:411.07%
Axis Midcap Fund 14,531,981 1.24 381.7616,544,2002026-02-23 00:57:41-12.16%
Mirae Asset Large & Midcap Fund 11,889,522 0.74 312.3410,389,5222026-02-23 00:57:4114.44%
Mirae Asset Midcap Fund 10,404,156 1.55 273.328,904,1562026-02-23 00:57:4116.85%
Nippon India Focused Fund 9,406,187 2.92 247.18,651,0382026-02-23 00:57:418.73%
Nippon India Value Fund 8,108,367 2.38 213.015,080,3382025-12-08 01:35:3959.6%
Aditya Birla Sun Life PSU Equity Fund 7,796,301 3.58 204.816,541,8862025-12-08 01:35:3919.18%
ICICI Prudential Energy Opportunities Fund 6,968,881 1.85 183.07N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) 1.530.811.371.28-7.75
Diluted EPS (Rs.) 1.530.811.371.28-7.75
Cash EPS (Rs.) 2.141.341.962.03-6.52
Book Value[Excl.RevalReserv]/Share (Rs.) 71.0070.1877.0576.1274.59
Book Value[Incl.RevalReserv]/Share (Rs.) 71.0070.1877.0576.1274.59
Revenue From Operations / Share (Rs.) 81.3968.6267.1060.9249.71
PBDIT / Share (Rs.) 4.903.333.463.13-8.02
PBIT / Share (Rs.) 4.122.612.712.23-9.38
PBT / Share (Rs.) 1.970.511.221.21-10.45
Net Profit / Share (Rs.) 1.360.621.211.13-7.88
NP After MI And SOA / Share (Rs.) 1.530.811.371.28-7.75
PBDIT Margin (%) 6.024.855.155.13-16.13
PBIT Margin (%) 5.063.804.043.65-18.86
PBT Margin (%) 2.420.741.811.98-21.03
Net Profit Margin (%) 1.670.911.801.85-15.85
NP After MI And SOA Margin (%) 1.881.182.042.10-15.58
Return on Networth / Equity (%) 2.151.151.771.68-10.38
Return on Capital Employeed (%) 3.602.702.622.22-9.36
Return On Assets (%) 0.780.470.800.79-4.88
Total Debt / Equity (X) 0.350.360.200.170.18
Asset Turnover Ratio (%) 0.440.400.400.370.29
Current Ratio (X) 1.511.361.291.301.39
Quick Ratio (X) 1.171.080.990.991.04
Inventory Turnover Ratio (X) 3.323.420.940.771.05
Dividend Payout Ratio (NP) (%) 16.3049.3529.170.000.00
Dividend Payout Ratio (CP) (%) 10.8026.2218.870.000.00
Earning Retention Ratio (%) 83.7050.6570.830.000.00
Cash Earning Retention Ratio (%) 89.2073.7881.130.000.00
Interest Coverage Ratio (X) 2.281.582.313.06-7.47
Interest Coverage Ratio (Post Tax) (X) 1.631.301.812.11-6.34
Enterprise Value (Cr.) 76412.2888726.8123162.0414775.2315111.16
EV / Net Operating Revenue (X) 2.703.710.990.690.87
EV / EBITDA (X) 44.7776.5619.2213.55-5.41
MarketCap / Net Operating Revenue (X) 2.653.601.050.810.98
Retention Ratios (%) 83.6950.6470.820.000.00
Price / BV (X) 3.043.520.910.640.65
Price / Net Operating Revenue (X) 2.653.601.050.810.98
EarningsYield 0.010.000.010.02-0.15

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Bharat Heavy Electricals Ltd. is a Public Limited Listed company incorporated on 13/11/1964 and has its registered office in the State of Delhi, India. Company's Corporate Identification Number(CIN) is L74899DL1964GOI004281 and registration number is 004281. Currently Company is involved in the business activities of Manufacture of steam or other vapour generating boilers and hot water boilers other than central heating boilers. Company's Total Operating Revenue is Rs. 28339.48 Cr. and Equity Capital is Rs. 696.41 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Engineering - HeavyBHEL House, New Delhi Delhi 110049Contact not found
Management
NamePosition Held
Mr. K Sadashiv MurthyChairman & Managing Director
Mr. Ramesh Patlya MawaskarIndependent Director
Mr. Ashok AseriIndependent Director
Mr. Aashish ChaturvediIndependent Director
Mr. Krishna Kumar ThakurDirector - Human Resources
Mr. Rajesh Kumar DwivediDirector - Finance
Mr. S M RamanathanDirector - Engineering & R&D
Mr. Tajinder GuptaDirector
Ms. Bani VarmaDirector
Mr. Vijay MittalPart Time Official Director
Ms. Arti BhatnagarPart Time Official Director

FAQ

What is the intrinsic value of Bharat Heavy Electricals Ltd and is it undervalued?

As of 10 April 2026, Bharat Heavy Electricals Ltd's intrinsic value is ₹70.04, which is 72.21% lower than the current market price of ₹252.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (2.12 %), book value (₹70.1), dividend yield (0.20 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Bharat Heavy Electricals Ltd?

Bharat Heavy Electricals Ltd is trading at ₹252.00 as of 10 April 2026, with a FY2026-2027 high of ₹306 and low of ₹193. The stock is currently in the middle of its 52-week range. Market cap stands at ₹87,692 Cr..

How does Bharat Heavy Electricals Ltd's P/E ratio compare to its industry?

Bharat Heavy Electricals Ltd has a P/E ratio of 108, which is above the industry average of 37.05. This significantly elevated P/E suggests the market expects strong future growth, or the stock may be overpriced relative to current earnings.

Is Bharat Heavy Electricals Ltd financially healthy?

Key indicators for Bharat Heavy Electricals Ltd: ROCE of 4.87 % is on the lower side compared to the industry average of 15.76%; ROE of 2.12 % is below ideal levels (industry average: 13.09%). Dividend yield is 0.20 %.

Is Bharat Heavy Electricals Ltd profitable and how is the profit trend?

Bharat Heavy Electricals Ltd reported a net profit of ₹534 Cr in Mar 2025 on revenue of ₹28,339 Cr. Compared to ₹445 Cr in Mar 2022, the net profit shows an improving trend.

Does Bharat Heavy Electricals Ltd pay dividends?

Bharat Heavy Electricals Ltd has a dividend yield of 0.20 % at the current price of ₹252.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Bharat Heavy Electricals Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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