Bharat Heavy Electricals quarterly results and financials

Bharat Heavy Electricals (BHEL)₹422.95+1.38%(9 Nov 2026 close)Heavy Electrical Equipment

Key facts

In the Sep 2026 quarter (consolidated), Bharat Heavy Electricals reported sales of ₹9,279 Cr, up 23.7% from Sep 2025, and net profit of ₹820 Cr, up 118.8% year on year. For the year to Mar 2026, sales were ₹33,728 Cr and net profit ₹1,599 Cr.

Sales (Sep 2026): ₹9,279 Cr
Net profit (Sep 2026): ₹820 Cr
Sales (FY Mar 2026): ₹33,728 Cr
Net profit (FY Mar 2026): ₹1,599 Cr
EPS (Sep 2026): ₹2.35
Borrowings (Mar 2026): ₹8,179 Cr

Company filings, consolidated accounts; latest reported quarter Sep 2026

Bharat Heavy Electricals quarterly results

₹ crore unless stated; each column is a quarter.

Bharat Heavy Electricals Quarterly results
	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Sales	5,496	8,252	5,475	6,578	7,262	8,981	5,481	7,499	8,458	12,290	7,682	9,279
Expenses	5,288	7,541	5,658	6,311	6,981	8,164	6,027	6,935	7,934	10,559	7,195	8,281
Operating Profit	217	729	−169	275	304	833	−537	582	545	1,755	504	1,026
OPM %	3.9%	9.0%	−3.1%	4.2%	4.2%	9.0%	−10.1%	8.0%	6.0%	13.9%	7.0%	10.9%
Other Income	118	170	111	128	126	159	185	189	235	260	225	271
Interest	190	193	162	201	184	201	181	195	182	198	140	125
Depreciation	61.25	68.21	59.25	60.25	68.20	85.35	75.29	75.23	78.33	88.36	82.30	83.27
Profit before tax	84.23	637	−280	141	179	705	−609	500	521	1,730	509	1,092
Tax %	29.1%	23.1%	−23.9%	25.1%	25.1%	28.1%	−24.9%	25.1%	25.1%	25.1%	26.1%	25.1%
Net Profit	59.91	489	−211	106	135	504	−455	375	389	1,289	376	820
EPS (Rs)	0.16	1.40	−0.60	0.29	0.38	1.44	−1.30	1.07	1.11	3.70	1.07	2.35

Bharat Heavy Electricals profit and loss

₹ crore unless stated; years end in March. TTM is the last four quarters.

Bharat Heavy Electricals Profit and loss
	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	25,454	28,416	28,758	30,368	21,440	17,278	21,169	23,331	23,869	28,300	33,728	37,709
Expenses	26,871	27,404	27,190	28,423	21,625	20,356	20,410	22,348	23,209	26,946	31,217	33,969
Operating Profit	−1,359	1,097	1,655	2,033	−133	−3,051	828	1,045	712	1,401	2,574	3,830
OPM %	−5.0%	3.9%	6.0%	7.0%	−0.6%	−18.1%	3.9%	4.5%	3.0%	4.9%	7.9%	10.2%
Other Income	1,490	751	678	661	589	392	404	543	607	523	868	990
Interest	360	413	330	378	612	467	448	612	828	905	986	645
Depreciation	940	853	790	478	505	474	315	261	250	273	317	332
Profit before tax	−1,163	587	1,216	1,844	−661	−3,605	471	718	243	748	2,142	3,852
Tax %	−38.9%	22.1%	64.1%	46.1%	123.1%	−24.9%	5.0%	9.1%	−15.9%	28.1%	25.1%	—
Exceptional items	4.01	0.00	19.06	10.03	16.04	3.01	5.01	25.06	5.01	25.08	16.04	—
Net Profit	−705	455	438	1,001	−1,466	−2,696	445	653	282	534	1,599	2,875
EPS (Rs)	−1.91	1.24	1.19	2.88	−4.20	−7.73	1.27	1.87	0.80	1.52	4.59	8.23
Dividend payout %	−14.0%	85.0%	150.9%	69.0%	0.0%	0.0%	30.9%	21.0%	31.0%	32.9%	29.9%	—

Bharat Heavy Electricals balance sheet

₹ crore, at each year end.

Bharat Heavy Electricals Balance sheet
	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	490	491	490	732	696	696	695	695	696	695	696	694
Reserves	33,738	31,884	31,893	31,582	30,248	28,002	25,281	25,812	23,713	23,731	24,057	25,414
Borrowings	1,891	211	156	110	2,603	5,090	4,952	4,830	5,461	8,855	9,032	8,179
Other Liabilities	35,054	33,210	29,293	31,646	31,136	26,677	25,145	25,777	27,966	26,616	35,281	42,756
Total Liabilities	71,174	65,796	61,832	64,070	64,684	60,467	56,075	57,115	57,836	59,898	69,066	77,044
Fixed Assets	4,240	3,981	3,609	3,084	2,981	2,824	2,500	2,407	2,484	2,580	2,958	3,009
CWIP	2,603	317	167	202	234	313	418	429	353	307	194	493
Investments	5.99	794	756	428	152	162	185	205	235	256	275	301
Other Assets	64,326	60,704	57,299	60,355	61,316	57,168	52,972	54,073	54,765	56,756	65,639	73,241
Inventories	10,219	9,836	7,712	6,707	8,327	9,420	7,885	7,290	7,479	7,974	10,606	14,005
Trade receivables	26,508	22,440	22,056	14,052	11,852	7,112	4,033	3,023	3,128	4,781	5,886	6,797
Cash & equivalents	9,983	10,117	10,527	11,211	7,528	6,432	6,720	7,177	6,712	6,174	7,632	11,903
Total Assets	71,174	65,796	61,832	64,070	64,684	60,467	56,075	57,115	57,836	59,898	69,066	77,044

Bharat Heavy Electricals cash flow

₹ crore, for each year.

Bharat Heavy Electricals Cash flow
	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from operating activity	821	374	561	991	−3,864	−2,896	560	660	−741	−3,717	2,196	5,844
Cash from investing activity	650	23.02	−565	961	1,919	1,877	−41.99	−1,119	1,481	1,332	−2,733	−3,035
Cash from financing activity	−3,555	−122	−469	−669	−32.10	1,628	−395	−330	89.34	2,664	−859	−1,812
Net cash flow	−2,068	275	−472	1,280	−1,968	607	123	−785	828	273	−1,394	995
Capex	325	583	352	280	425	393	249	168	187	231	303	588
Free cash flow	545	−178	227	720	−4,287	−3,279	311	499	−923	−3,942	1,905	5,271
CFO / OP %	86.9%	−50.0%	104.9%	56.9%	−169.1%	1,929.9%	−25.0%	29.9%	−82.1%	−554.1%	151.0%	227.0%

Bharat Heavy Electricals ratios

Working-capital days and returns, by year.

Bharat Heavy Electricals Ratios
	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor days	310	322	284	179	143	122	86	53	50	74	77	74
Inventory days	269	271	199	190	217	320	332	273	260	252	288	308
Days payable	240	241	226	302	298	301	282	292	346	271	260	232
Cash conversion cycle	341	354	259	69	64	143	138	36	−34	57	107	152
Working capital days	191	207	161	120	99	71	41	0	−6	59	98	85
ROCE %	6.0%	−2.0%	3.0%	5.0%	7.0%	0.0%	−10.0%	3.0%	4.0%	3.0%	5.0%	9.0%

Bharat Heavy Electricals: frequently asked questions

What are the latest quarterly results of Bharat Heavy Electricals?

For the Sep 2026 quarter, Bharat Heavy Electricals reported sales of ₹9,279 Cr, up 23.7% year on year and net profit of ₹820 Cr, up 118.8% year on year. The operating margin was 10.9%.

What is the annual revenue of Bharat Heavy Electricals?

Bharat Heavy Electricals' sales for the year to Mar 2026 were ₹33,728 Cr; over the last twelve months they were ₹37,709 Cr.

What is the net profit of Bharat Heavy Electricals?

Net profit for the year to Mar 2026 was ₹1,599 Cr, and ₹2,875 Cr over the last twelve months. Earnings per share over the same trailing period were ₹8.23.

How much debt does Bharat Heavy Electricals have?

Bharat Heavy Electricals reported borrowings of ₹8,179 Cr at Mar 2026, against cash and equivalents of ₹11,903 Cr.

What is the free cash flow of Bharat Heavy Electricals?

Cash from operations was ₹5,844 Cr in the year to Mar 2026; after capital spending, free cash flow was ₹5,271 Cr.

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