Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Oct
Source: Bse
Bharat Heavy Electricals Limited (BHEL)
Mid CapIndustrials stocks · Mid cap · NSE
Bharat Heavy Electricals Limited (BHEL) is an Indian listed company that will be participating in an analyst/institutional investor meeting in Mumbai on July 24, 2026. The company will not make any presentation and will refer to publicly available documents during the meet.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals18 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result14 Oct, 01:38 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
52NeutralSMA20 +1.2% / mo · MACD −
Stock trend: 57
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BHELD candles · FIT view+15.6%TODAY · PROVISIONALLatest price ₹410.20 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-4.6%
RSI
42
MACD hist
-2.02
52W pos
77%
2026-10-21O ₹430.00H ₹430.55L ₹409.05C ₹410.20Vol 1.3Cr shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BHELNifty India ManufacturingNifty 500
- BHEL
- +2.4%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +7.9 pp
Chart stats
19 Oct 2026- From 52W high
- -7.9%
- 52W range position
- 84%
- ATR (14)
- 3.5%
- Volume vs 20D
- 0.73x
- Avg traded value
- ₹521 Cr
- 20D price channel
- ₹402.6 - ₹464
₹464
₹229.5 - ₹464
₹14.9
Latest completed session
20-session average
42.7% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED31
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +23.8% · PAT +118.9% YoY
Technical
Neutral52
Price trend and sector-relative-strength timing.
Valuation
Legacy model-26.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence73
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Excellent · 100/100Rev +24% YoY · PAT +119% YoY · margin expansion · +21% QoQ · operating leverage
Filed 14 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹9,300.4 Cr | +23.8% | +20.8% |
| EBITDA | ₹1,025.8 Cr | +76.6% | +103.6% |
| Operating margin | 11.0% | +303 bps | +448 bps |
| PAT | ₹820.9 Cr | +118.9% | +117.9% |
| PAT margin | 8.8% | +384 bps | +394 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 52.60
- P/B
- 5.66
- EV/EBITDA
- 37.83
- Market Cap
- 151330.00Cr
Profitability
- ROE
- 6.23%
- ROCE
- 9.14%
- ROA
- 3.75%
- Dividend Y
- 0.32%
Growth (CAGR)
- Revenue 5Y
- 14.00%
- EPS 5Y
- 21.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- 36.00%
Balance Sheet
- Debt/Equity
- 0.22
- Interest Coverage
- 5.93×
- Altman Z
- 3.07
- Book Value
- 76.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- 5837.00 Cr
- EPS TTM
- 8.27
Shareholding
- Promoter Hold
- 58.17%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 88%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 33.8k+19.2% vs prev
Net Profit
₹ CrLatest: 1,600+199.6% vs prev
Return on Equity
%Latest: 6.1+183.3% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 42.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 42 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 12% off 52W high · 79% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
96
RS percentile
Stage 2 UptrendEstablished S2
1M return
-2.9%
3M return
+2.4%
6M return
+28.1%
1Y return
+80.1%
RS 1D
0
RS 20D
0
Sector rank
#5
Industry rank
-
Stage evidence
- Price is 10.3% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +6.3%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
21 Apr 2026
S2 age
128 trading sessions
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 188.43-0.65%
RS vs Nifty 500188
Valuation & peers
U-Score 31 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 31 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth16/25
Quality0/20
Balance Sheet7/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
-1
Raw sum
31
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
31/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 16/25 to the score.
- Balance sheet contributes 7/15 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -26.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
52.6
PB
5.7
EV/EBITDA
37.8
ROE
6.2%
ROCE
9.1%
FCF Yield
—
Debt/Equity
0.2
MoS
-26.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
31
Previous: 31
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-26.2%
Previous: -31.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
29
29
29
29
29
31
31
31
31
31
31
31
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹119.54
-243.1% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹325.01
-26.2% MoS
PEG
1.95
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ENRIN
Large
Siemens Energy India Limited
Power Equipment
match 157
57
73.5
50.5%
-72%
FAIR VALUE
KEC
Small
KEC International Limited
Power Equipment
match 110
28
15.2
11.4%
-51%
OVERVALUED
HONDAPOWER
Small
Honda India Power Products Limited
Power Equipment
match 110
29
25.9
8.6%
-43%
OVERVALUED
BGRENERGY
Small
BGR Energy Systems Limited
Power Equipment
match 109
23
—
—
—
OVERVALUED
GVPIL
Small
GE Power India Limited
Power Equipment
match 107
70
12.8
62.2%
+39%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-22T07:19:19.273Z
Management commentary snapshot
No financial results or operational updates were disclosed in this investor meeting intimation.
The document provides no new financial or operational data to assess the investment thesis. The company explicitly stated it will not make any presentation and will refer only to publicly available information during the investor meet.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
No financial or operational data was provided in this document to establish a comparison basis.
Management forward view
Investor Engagement
BHEL will participate in a physical one-to-one/group meeting with investors in Mumbai on July 24, 2026, at 9:00 hrs.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
73Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 72nd percentile of the scored universe and 70th percentile within Industrials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
31 docs text-extracted · 8 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
72nd percentile
overall median 67 · Industrials: 70th pctile, median 68 · Mid: 43rd pctile, median 76
Evidence depth
Financial-only
31 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
68
acceptable · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
77
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 58.2%.
- ▸Promoter pledge is zero.
- ▸5 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter holding fell 5%.
- ▸ROE is low at 6.2%.
- ▸OPM spread across recent quarters is 24.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Bharat Heavy Electricals Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Change in Management 25 Sep - BHEL Executive Director Y. Srinivasa Rao superannuated on 24.09.2026; Ch. Gowri Shankar appointed from 25.09.2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements 15 Sep - BHEL signed 50:50 JV with Titagarh Rail Systems on 15.09.2026 for 35-year Vande Bharat Sleeper maintenance.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 8 Sep - CAG appoints BHEL auditors for FY 2026-27, including new branch auditor S. Venkatram & Co LLP.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Aug
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.