Bharat Heavy Electricals

Net up 119% from good operating show

Consolidated net sales (including other operating income) of Bharat Heavy Electricals for the quarter ended Sep 2026 has increased 23.81% to Rs 9300.35 crore.  Sales of Power segment has gone up 16.95% to Rs 6,637.90 crore (accounting for 71.37% of total sales).  Sales of Industry segment has gone up 45.00% to Rs 2,662.45 crore (accounting for 28.63% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 57.60% to Rs 1,377.08 crore.  PBIT of Power segment rose 44.57% to Rs 858.37 crore (accounting for 62.33% of total PBIT).  PBIT of Industry segment rose 85.23% to Rs 518.71 crore (accounting for 37.67% of total PBIT).  

PBIT margin of Power segment rose from 10.46% to 12.93%.  PBIT margin of Industry segment rose from 15.25% to 19.48%.  Overall PBIT margin rose from 11.63% to 14.81%.  

Operating profit margin has jumped from 7.73% to 11.03%, leading to 76.58% rise in operating profit to Rs 1,025.80 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 71.41% to 67.18%.   Employee cost decreased from 18.41% to 15.95%.   Other expenses rose from 2.95% to 6.96%.   

Other income rose 44.70% to Rs 252.66 crore.  PBIDT rose 69.21% to Rs 1278.46 crore.  Provision for interest fell 36.08% to Rs 124.77 crore.  Loan funds declined from Rs 10,969.31 crore as of 30 September 2025 to Rs 6,018.18 crore as of 30 September 2026.  Inventories rose to Rs 15,587.78 crore as of 30 September 2026 from Rs 12,474.87 crore as of 30 September 2025.  Sundry debtors were higher at Rs 7,239.12 crore as of 30 September 2026 compared to Rs 6,969.18 crore as of 30 September 2025.  Cash and bank balance rose to Rs 10,421.15 crore as of 30 September 2026 from Rs 8,154.13 crore as of 30 September 2025.  Investments rose to Rs 798.13 crore as of 30 September 2026 from Rs 282.02 crore as of 30 September 2025 .  

PBDT rose 105.89% to Rs 1153.69 crore.  Provision for depreciation rose 10.10% to Rs 83.08 crore.  Fixed assets increased to Rs 3,328.85 crore as of 30 September 2026 from Rs 3,090.25 crore as of 30 September 2025.  Intangible assets increased from Rs 142.86 crore to Rs 177.61 crore.  

Profit before tax grew 120.80% to Rs 1,070.61 crore.  Share of profit/loss was 28.55% higher at Rs 18.46 crore.  Provision for tax was expense of Rs 268.13 crore, compared to Rs 124.34 crore.  Effective tax rate was 24.62% compared to 24.91%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 118.98% to Rs 820.94 crore.  

Equity capital stood at Rs 696.41 crore as of 30 September 2026 to Rs 696.41 crore as of 30 September 2025.  Per share face Value remained same at Rs 2.00.  

Promoters? stake was 58.17% as of 30 September 2026 ,compared to 63.17% as of 30 September 2025 .  

Quarter ended September 2026 compared with Quarter ended June 2026.

Net sales (including other operating income) of Bharat Heavy Electricals has increased 20.82% to Rs 9300.35 crore.  

Operating profit margin has jumped from 6.55% to 11.03%, leading to 103.59% rise in operating profit to Rs 1,025.80 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 70.86% to 67.18%.   Employee cost decreased from 18.28% to 15.95%.   Other expenses rose from 4.74% to 6.96%.   

Other income rose 17.99% to Rs 252.66 crore.  PBIDT rose 78.06% to Rs 1278.46 crore.  Provision for interest fell 10.80% to Rs 124.77 crore.  Loan funds remained nil.  

PBDT rose 99.56% to Rs 1153.69 crore.  Provision for depreciation rose 1.47% to Rs 83.08 crore.  Profit before tax grew 115.74% to Rs 1,070.61 crore.  Share of profit/loss was 61.08% higher at Rs 18.46 crore.  Provision for tax was expense of Rs 268.13 crore, compared to Rs 130.99 crore.  Effective tax rate was 24.62% compared to 25.80%.Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 117.92% to Rs 820.94 crore.  

Promoters? stake was 58.17% as of 30 September 2026 ,compared to 58.17% as of 30 June 2026 .  
For year-to-date (YTD) results analysis.

Net sales (including other operating income) of Bharat Heavy Electricals has increased 30.77% to Rs 16998.07 crore.  Sales of Power segment has gone up 31.15% to Rs 12,557.40 crore (accounting for 73.88% of total sales).  Sales of Industry segment has gone up 29.68% to Rs 4,440.67 crore (accounting for 26.12% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 225.44% to Rs 2,182.50 crore.  PBIT of Power segment rose 1,596.73% to Rs 1,421.18 crore (accounting for 65.12% of total PBIT).  PBIT of Industry segment rose 29.72% to Rs 761.32 crore (accounting for 34.88% of total PBIT).  

PBIT margin of Power segment rose from 0.87% to 11.32%.  PBIT margin of Industry segment rose from 17.14% to 17.14%.  Overall PBIT margin rose from 5.16% to 12.84%.  

Operating profit margin has jumped from 0.34% to 9%, leading to 3,393.17% rise in operating profit to Rs 1,529.66 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 71.68% to 68.81%.   Employee cost decreased from 21.37% to 16.98%.   Other expenses fell from 6.63% to 5.98%.   

Other income rose 35% to Rs 466.8 crore.  PBIDT rose 412.49% to Rs 1996.46 crore.  Provision for interest fell 29.69% to Rs 264.65 crore.  Loan funds declined from Rs 10,969.31 crore as of 30 September 2025 to Rs 6,018.18 crore as of 30 September 2026.  Inventories rose to Rs 15,587.78 crore as of 30 September 2026 from Rs 12,474.87 crore as of 30 September 2025.  Sundry debtors were higher at Rs 7,239.12 crore as of 30 September 2026 compared to Rs 6,969.18 crore as of 30 September 2025.  Cash and bank balance rose to Rs 10,421.15 crore as of 30 September 2026 from Rs 8,154.13 crore as of 30 September 2025.  Investments rose to Rs 798.13 crore as of 30 September 2026 from Rs 282.02 crore as of 30 September 2025 .  

PBDT rose 13,079.70% to Rs 1731.81 crore.  Provision for depreciation rose 9.99% to Rs 164.96 crore.  Fixed assets increased to Rs 3,328.85 crore as of 30 September 2026 from Rs 3,090.25 crore as of 30 September 2025.  Intangible assets increased from Rs 142.86 crore to Rs 177.61 crore.  

Profit before tax reported profit of Rs 1,566.85 crore compared to loss of Rs 136.84 crore.  Share of profit/loss was 6.74% higher at Rs 29.92 crore.  Provision for tax was debit of Rs 399.12 crore, compared to credit of Rs 28.2 crore.  Effective tax rate was 25.00% compared to 25.92%.

Minority interest was nil in both the periods.  

Order book update

Order backlog as end of Sep 30, 2026 stood higher by 17.27% to Rs 2,57,571 crore from Rs  2,19,641 crore as end of Sep 2025. 

H1 FY27 orders secured totalled about Rs. 30,000 crore, including Rs. 4,000 crore in Q2. Key Q2 orders included Heo and Tato-I hydro packages, 265 main traction transformers, FR6B gas turbine, green-ammonia and recycle-gas compressors.

Others

Equity capital stood at Rs 696.41 crore as of 30 September 2026 to Rs 696.41 crore as of 30 September 2025.  Per share face Value remained same at Rs 2.00.  

Promoters? stake was 58.17% as of 30 September 2026 ,compared to 63.17% as of 30 September 2025 .  

Cash flow from operating activities has turned positive Rs 1,907.09 crore for YTD ended September 2026 from negative Rs 1,181.95 crore for YTD ended September 2025.  

   

Bharat Heavy Electricals : Consolidated Results

Quarter ended Year to Date Year ended Particulars 202609 202509 Var.(%) 202609 202509 Var.(%) 202603 202503 Var.(%) Net Sales (including other operating income) 9,300.35 7,511.80 23.81 16,998.07 12,998.71 30.77 33,782.18 28,339.48 19.21 OPM (%) 11.03 7.73 330 bps 9.00 0.34 866 bps 6.93 4.38 255 bps OP 1,025.80 580.93 76.58 1,529.66 43.79 3,393.17 2,342.19 1,241.57 88.65 Other Inc. 252.66 174.61 44.70 466.80 345.77 35.00 807.65 465.31 73.57 PBIDT 1,278.46 755.54 69.21 1,996.46 389.56 412.49 3,149.84 1,706.88 84.54 Interest 124.77 195.21 -36.08 264.65 376.42 -29.69 756.41 748.33 1.08 PBDT 1,153.69 560.33 105.89 1,731.81 13.14 13,079.70 2,393.43 958.55 149.69 Depreciation 83.08 75.46 10.10 164.96 149.98 9.99 315.87 271.96 16.15 PBT 1,070.61 484.87 120.80 1566.85 -136.84 LP 2077.56 686.59 202.59 Share of Profit/(Loss) from Associates 18.46 14.36 28.55 29.92 28.03 6.74 61.05 59.01 3.46 PBT before EO 1089.07 499.23 118.15 1596.77 -108.81 LP 2138.61 745.6 186.83 EO Income 0 0 - 0 0 - 0 0 - PBT after EO 1089.07 499.23 118.15 1596.77 -108.81 LP 2138.61 745.6 186.83 Taxation 268.13 124.34 115.64 399.12 -28.2 PL 538.35 211.7 154.30 PAT 820.94 374.89 118.98 1197.65 -80.61 LP 1600.26 533.9 199.73 Minority Interest (MI) 0 0 - 0 0 - 0 0 - Net profit 820.94 374.89 118.98 1197.65 -80.61 LP 1600.26 533.9 199.73 P/(L) from discontinued operations net of tax 0 0 - 0 0 - 0 0 - Net profit after discontinued operations 820.94 374.89 118.98 1197.65 -80.61 LP 1600.26 533.9 199.73 EPS (Rs)* 2.36 1.08 118.98 3.44 -0.23 LP 4.60 1.53 199.73 * EPS is on current equity of Rs 696.41 crore, Face value of Rs 2, Excluding extraordinary items. # EPS is not annualised bps : Basis points EO : Extraordinary items Figures in Rs crore Source: Capitaline Corporate Database

Bharat Heavy Electricals : Consolidated Segment Results

td>-   Quarter ended Year to Date Year ended % of (Total) 202609 202509 Var.(%) % of (Total) 202609 202509 Var.(%) % of (Total) 202603 202503 Var.(%) Sales Power 71.37 6,637.90 5,675.64 16.95 73.88 12,557.40 9,574.50 31.15 75.21 25,406.71 20,937.25 21.35 Industry 28.63 2,662.45 1,836.16 45.00 26.12 4,440.67 3,424.21 29.68 24.79 8,375.47 7,402.23 13.15 Total Reported Sales 100.00 9,300.35 7,511.80 23.81 100.00 16,998.07 12,998.71 30.77 100.00 33,782.18 28,339.48 19.21 Less: Inter segment revenues   0.00 0.00 -   0.00 0.00   0.00 0.00 - Net Sales 100.00 9,300.35 7,511.80 23.81 100.00 16,998.07 12,998.71 30.77 100.00 33,782.18 28,339.48 19.21 PBIT Power 62.33 858.37 593.76 44.57 65.12 1,421.18 83.76 1,596.73 59.28 2,451.24 1,216.02 101.58 Industry 37.67 518.71 280.04 85.23 34.88 761.32 586.88 29.72 40.72 1,684.07 1,262.45 33.40 Total PBIT 100.00 1,377.08 873.80 57.60 100.00 2,182.50 670.64 225.44 100.00 4,135.31 2,478.47 66.85 Less : Interest 124.77 195.21 -36.08 264.65 376.42 -29.69 756.41 748.33 1.08 Add: Other un-allcoable -163.24 -179.36 8.99 -321.08 -403.03 20.33 -1,240.29 -984.54 -25.98 PBIT Margin(%) Power   12.93 10.46 246.98   11.32 0.87 1,044.26   9.65 5.81 384.01 Industry   19.48 15.25 423.10   17.14 17.14 0.51   20.11 17.05 305.22 PBT 100.00 1,089.07 499.23 118.15 100.00 1,596.77 -108.81 LP 100.00 2,138.61 745.60 186.83

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