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BHEL
Power equipment PSU back from the dead — FY26 PAT ₹1,600 Cr (3x YoY) on thermal revival + defence (guns, SSLV). Margin recovery still fragile at 8% OPM.
Order book · ₹1.6 L Cr order book; thermal ordering revival
Hold
₹418
Mkt cap ₹1.45 L Cr
P/E
59.7x
P/B
5.6x
ROCE
9.1%
ROE
6.2%
Div yield
0.33%
52W high
₹447
52W low
₹205
Promoter
58.2%
Score bridge (derived from real data)
Fundamental
53
Valuation
47
Technical
92
Moat (curated)
55
Fundamental = ROCE/ROE/OPM/growth/cash-conversion/leverage from Screener statements. Valuation = P/E, EV/EBITDA, P/B and distance-from-high. Technical = position in real 52-week range (full OHLCV indicators need a market-data API). Decision = weighted engine over all four.
52-week position
₹205now ₹418₹447
88/100
Technical rating A+
Price · 2 years · SMA 50/200 · as of 2026-07-20
Strong UpMACD BullishGolden cross
RSI-14
RSI-14
57
vs SMA-50
3.9%
vs SMA-200
35.8%
1Y return
64.0%
Ann. vol
36%
Max DD 1Y
-20%
Annual trend · sales, PAT, OPM
Quarterly run-rate
Peer set · Power Equipment
| Company | Mkt cap | P/E | OPM | ROCE | Sales 3Y | PAT 3Y | D/E | Composite |
|---|---|---|---|---|---|---|---|---|
| BHEL ◄ | ₹1.45 L Cr | 59.7x | 8% | 9.1% | 13.1% | 34.7% | 0.31x | 60 |
| ISGEC Heavy Engineering | ₹6.5K Cr | 56.3x | 8% | 10.8% | 2.0% | -9.2% | 0.35x | 50 |
Financial statements
Source: Screener.inSales 3Y CAGR
13.1%
PAT 3Y CAGR
34.7%
OPM (latest)
8.0%
PAT margin
4.7%
D / E
0.31x
CFO / PAT
3.65x
EV / EBITDA
59.7x
FCF yield
1.9%
Ratio history · computed per year
| Ratio | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Sales growth YoY % | — | 10.2% | 2.3% | 18.6% | 19.2% |
| PAT growth YoY % | — | 47.0% | -56.9% | 89.4% | 199.6% |
| OPM % | 4% | 4% | 3% | 5% | 8% |
| PAT margin % | 2.1% | 2.8% | 1.2% | 1.9% | 4.7% |
| ROE % (PAT / net worth) | 1.7% | 2.7% | 1.2% | 2.2% | 6.1% |
| D / E (x) | 0.18 | 0.22 | 0.36 | 0.36 | 0.31 |
| Asset turnover (x) | 0.37 | 0.41 | 0.40 | 0.41 | 0.44 |
| CFO / PAT (x) | 1.48 | -1.13 | -13.17 | 4.10 | 3.65 |
Annual P&L · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Sales | 21,211 | 23,365 | 23,893 | 28,339 | 33,782 |
| Operating profit | 828 | 1,044 | 711 | 1,399 | 2,572 |
| OPM % | 4% | 4% | 3% | 5% | 8% |
| Net profit | 445 | 654 | 282 | 534 | 1,600 |
| EPS ₹ | 1.28 | 1.88 | 0.81 | 1.53 | 4.60 |
Quarterly · ₹ Cr
| Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|
| Sales | 8,473 | 8,993 | 5,487 | 7,512 |
| OPM % | 6% | 9% | -10% | 8% |
| PAT | 390 | 504 | -456 | 375 |
Balance sheet · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity | 696 | 696 | 696 | 696 | 696 |
| Reserves | 25,810 | 23,682 | 23,742 | 24,026 | 25,450 |
| Borrowings | 4,830 | 5,454 | 8,856 | 9,015 | 8,187 |
| Total assets | 56,991 | 57,664 | 59,784 | 68,849 | 76,888 |
Cash flow · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Operating | 660 | -741 | -3,713 | 2,192 | 5,837 |
| Investing | -1,118 | 1,480 | 1,331 | -2,731 | -3,035 |
| Financing | -329 | 89 | 2,656 | -857 | -1,806 |
Shareholding
Promoters
58.2%
FII
9.5%
DII
22.4%
Public
9.9%
Mkt cap
₹1.45 L Cr
P/E
59.7x
52W range
₹205–447