Bharat Heavy Electricals Ltd: Intrinsic Value & Share Price Analysis

Share Price and Basic Stock Data

Last Updated: May 10, 2025, 6:34 am

Market Cap	75,432 Cr.
Current Price	217
High / Low	335/176
Stock P/E	145
Book Value	69.5
Dividend Yield	0.12 %
ROCE	3.37 %
ROE	1.13 %
Face Value	2.00
PEG Ratio	2.45

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

Stock P/E Current Price Intrinsic Value

View Share Price Target for Bharat Heavy Electricals Ltd

Competitors of Bharat Heavy Electricals Ltd

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Lakshmi Engineering & Warehousing Ltd	131 Cr.	1,958	3,576/1,805	121	324	0.61 %	13.1 %	9.73 %	100
HLE Glascoat Ltd	1,797 Cr.	263	524/218	52.1	63.2	0.42 %	13.1 %	8.62 %	2.00
Harish Textile Engineers Ltd	21.7 Cr.	65.0	103/44.2		23.3	0.00 %	10.8 %	2.98 %	10.0
Disa India Ltd	2,003 Cr.	13,772	20,900/13,251	38.7	1,780	1.45 %	25.9 %	19.2 %	10.0
Cranex Ltd	53.3 Cr.	81.2	190/77.0	28.5	19.5	0.00 %	10.1 %	14.9 %	10.0
Industry Average	9,862.54 Cr	1,549.21		45.66	276.51	0.35%	17.58%	14.28%	8.81

All Competitor Stocks of Bharat Heavy Electricals Ltd

Quarterly Result

Metric	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Sales	5,136	8,062	4,672	5,203	5,263	8,227	5,003	5,125	5,504	8,260	5,485	6,584	7,277
Expenses	5,047	6,910	4,842	5,446	5,119	7,178	5,182	5,279	5,287	7,532	5,654	6,309	6,973
Operating Profit	89	1,152	-170	-244	144	1,049	-178	-154	217	728	-169	275	304
OPM %	2%	14%	-4%	-5%	3%	13%	-4%	-3%	4%	9%	-3%	4%	4%
Other Income	104	131	84	226	110	125	130	192	118	170	111	128	126
Interest	86	96	98	123	139	161	168	180	190	193	162	201	184
Depreciation	74	86	67	59	62	73	60	60	61	68	59	60	68
Profit before tax	33	1,102	-251	-199	53	940	-276	-202	84	636	-279	141	179
Tax %	18%	17%	-25%	-106%	20%	30%	-26%	-69%	29%	23%	-24%	25%	25%
Net Profit	27	912	-188	12	42	658	-205	-63	60	490	-211	106	135
EPS in Rs	0.08	2.62	-0.54	0.03	0.12	1.89	-0.59	-0.18	0.17	1.41	-0.61	0.30	0.39

Last Updated: March 3, 2025, 5:15 pm

Below is a detailed analysis of the quarterly data for Bharat Heavy Electricals Ltd based on the most recent figures (Dec 2024) and their trends compared to the previous period:

For Sales, as of Dec 2024, the value is 7,277.00 Cr.. The value appears strong and on an upward trend. It has increased from 6,584.00 Cr. (Sep 2024) to 7,277.00 Cr., marking an increase of 693.00 Cr..
For Expenses, as of Dec 2024, the value is 6,973.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 6,309.00 Cr. (Sep 2024) to 6,973.00 Cr., marking an increase of 664.00 Cr..
For Operating Profit, as of Dec 2024, the value is 304.00 Cr.. The value appears strong and on an upward trend. It has increased from 275.00 Cr. (Sep 2024) to 304.00 Cr., marking an increase of 29.00 Cr..
For OPM %, as of Dec 2024, the value is 4.00%. The value remains steady. There is no change compared to the previous period (Sep 2024) which recorded 4.00%.
For Other Income, as of Dec 2024, the value is 126.00 Cr.. The value appears to be declining and may need further review. It has decreased from 128.00 Cr. (Sep 2024) to 126.00 Cr., marking a decrease of 2.00 Cr..
For Interest, as of Dec 2024, the value is 184.00 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 201.00 Cr. (Sep 2024) to 184.00 Cr., marking a decrease of 17.00 Cr..
For Depreciation, as of Dec 2024, the value is 68.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 60.00 Cr. (Sep 2024) to 68.00 Cr., marking an increase of 8.00 Cr..
For Profit before tax, as of Dec 2024, the value is 179.00 Cr.. The value appears strong and on an upward trend. It has increased from 141.00 Cr. (Sep 2024) to 179.00 Cr., marking an increase of 38.00 Cr..
For Tax %, as of Dec 2024, the value is 25.00%. The value remains steady. There is no change compared to the previous period (Sep 2024) which recorded 25.00%.
For Net Profit, as of Dec 2024, the value is 135.00 Cr.. The value appears strong and on an upward trend. It has increased from 106.00 Cr. (Sep 2024) to 135.00 Cr., marking an increase of 29.00 Cr..
For EPS in Rs, as of Dec 2024, the value is 0.39. The value appears strong and on an upward trend. It has increased from 0.30 (Sep 2024) to 0.39, marking an increase of 0.09.

Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: May 3, 2025, 3:03 pm

Metric	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	48,903	39,561	31,323	25,505	28,465	28,827	30,441	21,463	17,309	21,211	23,365	23,893	27,606
Expenses	39,420	34,982	29,183	26,862	27,370	27,174	28,409	21,596	20,357	20,383	22,321	23,182	26,469
Operating Profit	9,483	4,579	2,141	-1,357	1,095	1,653	2,032	-133	-3,049	828	1,044	711	1,138
OPM %	19%	12%	7%	-5%	4%	6%	7%	-1%	-18%	4%	4%	3%	4%
Other Income	1,132	1,617	1,221	1,492	753	679	662	590	393	405	544	608	535
Interest	128	133	92	360	413	330	378	613	467	448	612	828	740
Depreciation	957	985	1,082	937	850	787	476	503	473	314	260	249	255
Profit before tax	9,531	5,078	2,187	-1,161	586	1,215	1,840	-659	-3,596	470	716	243	678
Tax %	30%	31%	34%	-39%	22%	64%	46%	123%	-25%	5%	9%	-16%
Net Profit	6,693	3,502	1,450	-706	455	438	1,002	-1,468	-2,700	445	654	282	519
EPS in Rs	18.23	9.54	3.96	-1.92	1.25	1.20	2.89	-4.21	-7.75	1.28	1.88	0.81	1.49
Dividend Payout %	20%	20%	20%	-14%	85%	151%	69%	0%	0%	31%	21%	31%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2013-2014	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024
YoY Net Profit Growth (%)	-47.68%	-58.60%	-148.69%	164.45%	-3.74%	128.77%	-246.51%	-83.92%	116.48%	46.97%	-56.88%
Change in YoY Net Profit Growth (%)	0.00%	-10.92%	-90.09%	313.14%	-168.18%	132.50%	-375.27%	162.58%	200.41%	-69.52%	-103.85%

Bharat Heavy Electricals Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2013-2014 to 2023-2024.

Growth

Compounded Sales Growth
10 Years:	-5%
5 Years:	-5%
3 Years:	11%
TTM:	16%

Compounded Profit Growth
10 Years:	-22%
5 Years:	-23%
3 Years:	28%
TTM:	15%

Stock Price CAGR
10 Years:	3%
5 Years:	52%
3 Years:	67%
1 Year:	-21%

Return on Equity
10 Years:	0%
5 Years:	-2%
3 Years:	2%
Last Year:	1%

Last Updated: Unknown

Balance Sheet

Last Updated: November 15, 2024, 1:35 am

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	490	490	490	490	490	734	696	696	696	696	696	696	696
Reserves	30,059	32,681	33,717	31,825	31,899	31,601	30,208	27,964	25,287	25,810	23,682	23,742	23,503
Borrowings	2,698	4,693	1,889	211	156	110	2,598	5,080	4,951	4,830	5,454	8,856	9,128
Other Liabilities	38,572	37,468	34,887	33,051	29,153	31,495	30,987	26,550	25,025	25,654	27,832	26,493	28,466
Total Liabilities	71,818	75,331	70,983	65,577	61,698	63,940	64,490	60,291	55,960	56,991	57,664	59,788	61,793
Fixed Assets	4,667	4,729	4,230	3,969	3,601	3,073	2,970	2,817	2,491	2,398	2,476	2,574	2,571
CWIP	2,467	2,931	2,614	318	168	203	235	314	420	431	354	308	311
Investments	6	6	6	796	757	429	152	162	185	205	235	256	267
Other Assets	64,679	67,665	64,134	60,494	57,171	60,235	61,132	56,998	52,864	53,956	54,599	56,650	58,645
Total Assets	71,818	75,331	70,983	65,577	61,698	63,940	64,490	60,291	55,960	56,991	57,664	59,788	61,793

Below is a detailed analysis of the balance sheet data for Bharat Heavy Electricals Ltd based on the most recent figures (Sep 2024) and their trends compared to the previous period:

For Equity Capital, as of Sep 2024, the value is ₹696.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2024) which recorded 696.00 Cr..
For Reserves, as of Sep 2024, the value is ₹23,503.00 Cr.. The value appears to be declining and may need further review. It has decreased from 23,742.00 Cr. (Mar 2024) to ₹23,503.00 Cr., marking a decrease of 239.00 Cr..
For Borrowings, as of Sep 2024, the value is ₹9,128.00 Cr.. The value appears to be increasing, which may not be favorable. Additionally, since Reserves exceed Borrowings, this is considered a positive sign. It has increased from 8,856.00 Cr. (Mar 2024) to ₹9,128.00 Cr., marking an increase of 272.00 Cr..
For Other Liabilities, as of Sep 2024, the value is ₹28,466.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 26,493.00 Cr. (Mar 2024) to ₹28,466.00 Cr., marking an increase of 1,973.00 Cr..
For Total Liabilities, as of Sep 2024, the value is ₹61,793.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 59,788.00 Cr. (Mar 2024) to ₹61,793.00 Cr., marking an increase of 2,005.00 Cr..
For Fixed Assets, as of Sep 2024, the value is ₹2,571.00 Cr.. The value appears to be declining and may need further review. It has decreased from 2,574.00 Cr. (Mar 2024) to ₹2,571.00 Cr., marking a decrease of 3.00 Cr..
For CWIP, as of Sep 2024, the value is ₹311.00 Cr.. The value appears strong and on an upward trend. It has increased from 308.00 Cr. (Mar 2024) to ₹311.00 Cr., marking an increase of 3.00 Cr..
For Investments, as of Sep 2024, the value is ₹267.00 Cr.. The value appears strong and on an upward trend. It has increased from 256.00 Cr. (Mar 2024) to ₹267.00 Cr., marking an increase of 11.00 Cr..
For Other Assets, as of Sep 2024, the value is ₹58,645.00 Cr.. The value appears strong and on an upward trend. It has increased from 56,650.00 Cr. (Mar 2024) to ₹58,645.00 Cr., marking an increase of 1,995.00 Cr..
For Total Assets, as of Sep 2024, the value is ₹61,793.00 Cr.. The value appears strong and on an upward trend. It has increased from 59,788.00 Cr. (Mar 2024) to ₹61,793.00 Cr., marking an increase of 2,005.00 Cr..

Notably, the Reserves (23,503.00 Cr.) exceed the Borrowings (9,128.00 Cr.), indicating a solid financial buffer.

Overall, while many items appear to show a positive trend, any significant downward movement or items where Borrowings exceed Reserves warrant further investigation.

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity +	1,759	4,512	821	374	560	989	-3,860	-2,892	560	660	-741	-3,713
Cash from Investing Activity +	-1,113	-868	650	23	-565	961	1,919	1,877	-42	-1,118	1,480	1,331
Cash from Financing Activity +	472	523	-3,543	-122	-468	-667	-32	1,622	-394	-329	89	2,656
Net Cash Flow	1,118	4,167	-2,071	275	-473	1,283	-1,973	608	123	-787	829	274

Free Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Free Cash Flow	7.00	0.00	1.00	-212.00	-155.00	-109.00	0.00	-138.00	-7.00	824.00	-4.00	703.00

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

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	219	260	309	321	283	178	142	121	85	52	49	73
Inventory Days	186	195	270	272	200	191	218	321	333	274	261	253
Days Payable	152	174	239	240	225	301	297	300	281	291	345	275
Cash Conversion Cycle	253	281	340	353	258	68	63	142	137	35	-35	51
Working Capital Days	126	158	193	209	162	121	130	157	146	84	79	194
ROCE %	33%	15%	6%	-2%	3%	5%	7%	-0%	-10%	3%	4%	3%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
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	4.00%	4.22%	4.81%	8.48%	8.58%	7.77%	7.23%	7.04%	8.76%	9.10%	9.48%	7.98%
DIIs	12.66%	12.59%	14.45%	14.71%	15.50%	16.36%	15.99%	17.58%	15.95%	15.03%	14.69%	15.49%
Public	20.17%	20.02%	17.57%	13.63%	12.76%	12.71%	13.62%	12.23%	12.14%	12.71%	12.66%	13.36%
No. of Shareholders	12,81,743	12,87,798	11,92,232	10,27,958	10,16,936	10,12,617	12,27,658	12,65,436	14,99,202	18,80,851	19,95,266	20,83,026

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
Nippon India Small Cap Fund	25,000,000	1.33	752.13	25,000,000	2025-04-22 17:25:40	0%
Kotak Equity Arbitrage Fund - Regular Plan	10,521,000	0.66	316.52	10,521,000	2025-04-22 17:25:40	0%
HSBC Midcap Fund	10,414,900	2.74	313.33	10,414,900	2025-04-22 17:25:40	0%
SBI Arbitrage Opportunities Fund	8,940,750	0.83	268.98	8,940,750	2025-04-22 17:25:40	0%
Aditya Birla Sun Life PSU Equity Fund	6,541,886	3.84	196.81	6,541,886	2025-04-22 17:25:40	0%
UTI Nifty200 Momentum 30 Index Fund	5,900,460	2.55	177.52	5,900,460	2025-04-22 17:25:40	0%
Nippon India Value Fund	5,080,338	1.87	152.84	5,080,338	2025-04-22 17:25:40	0%
Tata Arbitrage Fund	4,856,250	1.27	146.1	4,856,250	2025-04-22 17:25:40	0%
Nippon India Growth Fund	4,500,000	0.44	135.38	4,500,000	2025-04-22 17:25:40	0%
Invesco India Arbitrage Fund	4,205,250	0.77	126.51	4,205,250	2025-04-22 17:25:40	0%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	2.00	2.00	2.00	2.00	2.00
Basic EPS (Rs.)	0.81	1.37	1.28	-7.75	-4.21
Diluted EPS (Rs.)	0.81	1.37	1.28	-7.75	-4.21
Cash EPS (Rs.)	1.34	1.96	2.03	-6.52	-2.85
Book Value[Excl.RevalReserv]/Share (Rs.)	70.18	77.05	76.12	74.59	82.28
Book Value[Incl.RevalReserv]/Share (Rs.)	70.18	77.05	76.12	74.59	82.28
Revenue From Operations / Share (Rs.)	68.62	67.10	60.92	49.71	61.64
PBDIT / Share (Rs.)	3.33	3.46	3.13	-8.02	0.93
PBIT / Share (Rs.)	2.61	2.71	2.23	-9.38	-0.50
PBT / Share (Rs.)	0.51	1.22	1.21	-10.45	-1.97
Net Profit / Share (Rs.)	0.62	1.21	1.13	-7.88	-4.29
NP After MI And SOA / Share (Rs.)	0.81	1.37	1.28	-7.75	-4.21
PBDIT Margin (%)	4.85	5.15	5.13	-16.13	1.52
PBIT Margin (%)	3.80	4.04	3.65	-18.86	-0.82
PBT Margin (%)	0.74	1.81	1.98	-21.03	-3.19
Net Profit Margin (%)	0.91	1.80	1.85	-15.85	-6.96
NP After MI And SOA Margin (%)	1.18	2.04	2.10	-15.58	-6.83
Return on Networth / Equity (%)	1.15	1.77	1.68	-10.38	-5.11
Return on Capital Employeed (%)	2.70	2.62	2.22	-9.36	-0.47
Return On Assets (%)	0.47	0.80	0.79	-4.88	-2.45
Total Debt / Equity (X)	0.36	0.20	0.17	0.18	0.17
Asset Turnover Ratio (%)	0.40	0.40	0.37	0.29	0.34
Current Ratio (X)	1.36	1.29	1.30	1.39	1.45
Quick Ratio (X)	1.08	0.99	0.99	1.04	1.05
Inventory Turnover Ratio (X)	0.92	0.94	0.77	1.05	1.45
Dividend Payout Ratio (NP) (%)	49.35	29.17	0.00	0.00	0.00
Dividend Payout Ratio (CP) (%)	26.22	18.87	0.00	0.00	0.00
Earning Retention Ratio (%)	50.65	70.83	0.00	0.00	0.00
Cash Earning Retention Ratio (%)	73.78	81.13	0.00	0.00	0.00
Interest Coverage Ratio (X)	1.58	2.31	3.06	-7.47	0.64
Interest Coverage Ratio (Post Tax) (X)	1.30	1.81	2.11	-6.34	-1.94
Enterprise Value (Cr.)	88726.81	23162.04	14775.23	15111.16	5762.92
EV / Net Operating Revenue (X)	3.71	0.99	0.69	0.87	0.26
EV / EBITDA (X)	76.56	19.22	13.55	-5.41	17.63
MarketCap / Net Operating Revenue (X)	3.60	1.05	0.81	0.98	0.33
Retention Ratios (%)	50.64	70.82	0.00	0.00	0.00
Price / BV (X)	3.52	0.91	0.64	0.65	0.25
Price / Net Operating Revenue (X)	3.60	1.05	0.81	0.98	0.33
EarningsYield	0.00	0.01	0.02	-0.15	-0.20

After reviewing the key financial ratios for Bharat Heavy Electricals Ltd, here is a detailed analysis based on the latest available data and recent trends:

For FaceValue, as of Mar 24, the value is 2.00. This value is within the healthy range. There is no change compared to the previous period (Mar 23) which recorded 2.00.
For Basic EPS (Rs.), as of Mar 24, the value is 0.81. This value is below the healthy minimum of 5. It has decreased from 1.37 (Mar 23) to 0.81, marking a decrease of 0.56.
For Diluted EPS (Rs.), as of Mar 24, the value is 0.81. This value is below the healthy minimum of 5. It has decreased from 1.37 (Mar 23) to 0.81, marking a decrease of 0.56.
For Cash EPS (Rs.), as of Mar 24, the value is 1.34. This value is below the healthy minimum of 3. It has decreased from 1.96 (Mar 23) to 1.34, marking a decrease of 0.62.
For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 70.18. It has decreased from 77.05 (Mar 23) to 70.18, marking a decrease of 6.87.
For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 70.18. It has decreased from 77.05 (Mar 23) to 70.18, marking a decrease of 6.87.
For Revenue From Operations / Share (Rs.), as of Mar 24, the value is 68.62. It has increased from 67.10 (Mar 23) to 68.62, marking an increase of 1.52.
For PBDIT / Share (Rs.), as of Mar 24, the value is 3.33. This value is within the healthy range. It has decreased from 3.46 (Mar 23) to 3.33, marking a decrease of 0.13.
For PBIT / Share (Rs.), as of Mar 24, the value is 2.61. This value is within the healthy range. It has decreased from 2.71 (Mar 23) to 2.61, marking a decrease of 0.10.
For PBT / Share (Rs.), as of Mar 24, the value is 0.51. This value is within the healthy range. It has decreased from 1.22 (Mar 23) to 0.51, marking a decrease of 0.71.
For Net Profit / Share (Rs.), as of Mar 24, the value is 0.62. This value is below the healthy minimum of 2. It has decreased from 1.21 (Mar 23) to 0.62, marking a decrease of 0.59.
For NP After MI And SOA / Share (Rs.), as of Mar 24, the value is 0.81. This value is below the healthy minimum of 2. It has decreased from 1.37 (Mar 23) to 0.81, marking a decrease of 0.56.
For PBDIT Margin (%), as of Mar 24, the value is 4.85. This value is below the healthy minimum of 10. It has decreased from 5.15 (Mar 23) to 4.85, marking a decrease of 0.30.
For PBIT Margin (%), as of Mar 24, the value is 3.80. This value is below the healthy minimum of 10. It has decreased from 4.04 (Mar 23) to 3.80, marking a decrease of 0.24.
For PBT Margin (%), as of Mar 24, the value is 0.74. This value is below the healthy minimum of 10. It has decreased from 1.81 (Mar 23) to 0.74, marking a decrease of 1.07.
For Net Profit Margin (%), as of Mar 24, the value is 0.91. This value is below the healthy minimum of 5. It has decreased from 1.80 (Mar 23) to 0.91, marking a decrease of 0.89.
For NP After MI And SOA Margin (%), as of Mar 24, the value is 1.18. This value is below the healthy minimum of 8. It has decreased from 2.04 (Mar 23) to 1.18, marking a decrease of 0.86.
For Return on Networth / Equity (%), as of Mar 24, the value is 1.15. This value is below the healthy minimum of 15. It has decreased from 1.77 (Mar 23) to 1.15, marking a decrease of 0.62.
For Return on Capital Employeed (%), as of Mar 24, the value is 2.70. This value is below the healthy minimum of 10. It has increased from 2.62 (Mar 23) to 2.70, marking an increase of 0.08.
For Return On Assets (%), as of Mar 24, the value is 0.47. This value is below the healthy minimum of 5. It has decreased from 0.80 (Mar 23) to 0.47, marking a decrease of 0.33.
For Total Debt / Equity (X), as of Mar 24, the value is 0.36. This value is within the healthy range. It has increased from 0.20 (Mar 23) to 0.36, marking an increase of 0.16.
For Asset Turnover Ratio (%), as of Mar 24, the value is 0.40. There is no change compared to the previous period (Mar 23) which recorded 0.40.
For Current Ratio (X), as of Mar 24, the value is 1.36. This value is below the healthy minimum of 1.5. It has increased from 1.29 (Mar 23) to 1.36, marking an increase of 0.07.
For Quick Ratio (X), as of Mar 24, the value is 1.08. This value is within the healthy range. It has increased from 0.99 (Mar 23) to 1.08, marking an increase of 0.09.
For Inventory Turnover Ratio (X), as of Mar 24, the value is 0.92. This value is below the healthy minimum of 4. It has decreased from 0.94 (Mar 23) to 0.92, marking a decrease of 0.02.
For Dividend Payout Ratio (NP) (%), as of Mar 24, the value is 49.35. This value is within the healthy range. It has increased from 29.17 (Mar 23) to 49.35, marking an increase of 20.18.
For Dividend Payout Ratio (CP) (%), as of Mar 24, the value is 26.22. This value is within the healthy range. It has increased from 18.87 (Mar 23) to 26.22, marking an increase of 7.35.
For Earning Retention Ratio (%), as of Mar 24, the value is 50.65. This value is within the healthy range. It has decreased from 70.83 (Mar 23) to 50.65, marking a decrease of 20.18.
For Cash Earning Retention Ratio (%), as of Mar 24, the value is 73.78. This value exceeds the healthy maximum of 70. It has decreased from 81.13 (Mar 23) to 73.78, marking a decrease of 7.35.
For Interest Coverage Ratio (X), as of Mar 24, the value is 1.58. This value is below the healthy minimum of 3. It has decreased from 2.31 (Mar 23) to 1.58, marking a decrease of 0.73.
For Interest Coverage Ratio (Post Tax) (X), as of Mar 24, the value is 1.30. This value is below the healthy minimum of 3. It has decreased from 1.81 (Mar 23) to 1.30, marking a decrease of 0.51.
For Enterprise Value (Cr.), as of Mar 24, the value is 88,726.81. It has increased from 23,162.04 (Mar 23) to 88,726.81, marking an increase of 65,564.77.
For EV / Net Operating Revenue (X), as of Mar 24, the value is 3.71. This value exceeds the healthy maximum of 3. It has increased from 0.99 (Mar 23) to 3.71, marking an increase of 2.72.
For EV / EBITDA (X), as of Mar 24, the value is 76.56. This value exceeds the healthy maximum of 15. It has increased from 19.22 (Mar 23) to 76.56, marking an increase of 57.34.
For MarketCap / Net Operating Revenue (X), as of Mar 24, the value is 3.60. This value exceeds the healthy maximum of 3. It has increased from 1.05 (Mar 23) to 3.60, marking an increase of 2.55.
For Retention Ratios (%), as of Mar 24, the value is 50.64. This value is within the healthy range. It has decreased from 70.82 (Mar 23) to 50.64, marking a decrease of 20.18.
For Price / BV (X), as of Mar 24, the value is 3.52. This value exceeds the healthy maximum of 3. It has increased from 0.91 (Mar 23) to 3.52, marking an increase of 2.61.
For Price / Net Operating Revenue (X), as of Mar 24, the value is 3.60. This value exceeds the healthy maximum of 3. It has increased from 1.05 (Mar 23) to 3.60, marking an increase of 2.55.
For EarningsYield, as of Mar 24, the value is 0.00. This value is below the healthy minimum of 5. It has decreased from 0.01 (Mar 23) to 0.00, marking a decrease of 0.01.

Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Bharat Heavy Electricals Ltd as of May 12, 2025 is: 91.21

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of May 12, 2025, Bharat Heavy Electricals Ltd is Overvalued by 57.97% compared to the current share price 217.00

Intrinsic Value of Bharat Heavy Electricals Ltd as of May 12, 2025 is: 145.25

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of May 12, 2025, Bharat Heavy Electricals Ltd is Overvalued by 33.06% compared to the current share price 217.00

Last 5 Year EPS CAGR: 59.24%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The company has higher reserves (28,613.69 cr) compared to borrowings (3,896.46 cr), indicating strong financial stability. The company has shown consistent growth in sales (27.77 cr) and profit (157.54 cr) over the years.	The stock has a low average ROCE of 5.58%, which may not be favorable. The stock has a high average Working Capital Days of 146.58, which may not be favorable. The stock has a high average Cash Conversion Cycle of 162.17, which may not be favorable.

Stock Analysis

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Bharat Heavy Electricals Ltd:
1. Net Profit Margin: 0.91%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 2.7% (Industry Average ROCE: 17.58%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 1.15% (Industry Average ROE: 14.28%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 1.3
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 1.08
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 145 (Industry average Stock P/E: 45.66)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 0.36
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

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 generators, except central heating hot water boilers. Company's Total Operating Revenue is Rs. 23892.78 Cr. and Equity Capital is Rs. 696.41 Cr. for the Year ended 31/03/2024.

INDUSTRY	ADDRESS	CONTACT
Engineering - Heavy	BHEL House, Siri Fort, New Delhi Delhi 110049	shareholderquery@bhel.in http://www.bhel.com

Management
Name	Position Held
Mr. K Sadashiv Murthy	Chairman & Managing Director
Dr. K Sivaprasad	Independent Director
Mr. Ramesh Patlya Mawaskar	Independent Director
Mr. Rajesh Kumar Dwivedi	Director - Finance
Mr. Jai Prakash Srivastava	Director - Engineering & R&D
Mr. Krishna Kumar Thakur	Director - Human Resources
Mr. Tajinder Gupta	Director
Ms. Bani Varma	Director
Mr. Vijay Mittal	Part Time Official Director
Ms. Arti Bhatnagar	Part Time Official Director

FAQ

What is the intrinsic value of Bharat Heavy Electricals Ltd?

Bharat Heavy Electricals Ltd's intrinsic value (as of 11 May 2025) is ₹91.21 — 57.97% lower the current market price of 217.00, indicating overvalued. Calculated using the PE ratio method, this valuation considers the company's 75,432 Cr. market cap, FY2025-2026 high/low of ₹335/176, reserves of 23,503 Cr, and liabilities of 61,793 Cr.

What is the Market Cap of Bharat Heavy Electricals Ltd?

The Market Cap of Bharat Heavy Electricals Ltd is 75,432 Cr..

What is the current Stock Price of Bharat Heavy Electricals Ltd as on 11 May 2025?

The current stock price of Bharat Heavy Electricals Ltd as on 11 May 2025 is 217.

What is the High / Low of Bharat Heavy Electricals Ltd stocks in FY 2025-2026?

In FY 2025-2026, the High / Low of Bharat Heavy Electricals Ltd stocks is ₹335/176.

What is the Stock P/E of Bharat Heavy Electricals Ltd?

The Stock P/E of Bharat Heavy Electricals Ltd is 145.

What is the Book Value of Bharat Heavy Electricals Ltd?

The Book Value of Bharat Heavy Electricals Ltd is 69.5.

What is the Dividend Yield of Bharat Heavy Electricals Ltd?

The Dividend Yield of Bharat Heavy Electricals Ltd is 0.12 %.

What is the ROCE of Bharat Heavy Electricals Ltd?

The ROCE of Bharat Heavy Electricals Ltd is 3.37 %.

What is the ROE of Bharat Heavy Electricals Ltd?

The ROE of Bharat Heavy Electricals Ltd is 1.13 %.

What is the Face Value of Bharat Heavy Electricals Ltd?

The Face Value of Bharat Heavy Electricals Ltd is 2.00.