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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 45/100Rev +40% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹7,698 Cr | +40.3% | -37.5% |
| EBITDA | ₹504 Cr | +193.9% | -71.2% |
| Operating margin | 7.0% | +1700 bps | -700 bps |
| PAT | ₹377 Cr | NDF | -70.8% |
| PAT margin | 4.9% | +1321 bps | -558 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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
Management accountability
What management said, and what results must prove
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.
No financial or operational data was provided in this document to establish a comparison basis.
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.
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.
Trend score and candlestick chart
69Bullishfull bull SMA stack · SMA20 +2.4% / mo · MACD + · near 52W high
Technical chart
BHELdaily · 1Y · AUTO+67.6%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 57. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~2.4% over last month) — short-term momentum positive.
- RSI(14) at 57 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 3% off 52W high · 102% 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.
Relative Strength & Trend Stage
- Price is 21.5% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +6.5%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 29 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 29 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 15/25 to the score.
- Balance sheet contributes 6/15 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -55.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 63rd percentile of the scored universe and 60th percentile within Industrials. No major sub-score weakness stands out.
Healthy Trust Lite: Promoter holding is 58.2%. Key concern: Promoter holding fell 5%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 60th pctile, median 68 · Mid: 39th pctile, median 76
27 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 61.70
- P/B
- 5.74
- EV/EBITDA
- 42.71
- Market Cap
- 150112.00Cr
Profitability
- ROE
- 6.23%
- ROCE
- 9.14%
- ROA
- 3.16%
- 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
- 0.31
- Interest Coverage
- 4.73×
- Altman Z
- 2.97
- Book Value
- 75.10
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- 5837.00 Cr
- EPS TTM
- 6.99
Shareholding
- Promoter Hold
- 58.17%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 93%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Industrials, ranked by similarity
Peers
Business-comparable names in Industrials, ranked by similarity
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.