This is a numbers-first look at Bharat Heavy Electricals Ltd. (BHEL), covering income trends, margins, valuation, and shareholding.
Bhel Revenue Trend
Year-over-year, Bharat Heavy Electricals Ltd. grew revenue by 17.9% — from ₹24,439 Cr in FY2024 to ₹28,805 Cr in FY2025.
A mild but persistent revenue decline of 0.7% per year over 10 years has taken Bharat Heavy Electricals Ltd.'s top line from ₹30,789 Cr down to ₹28,805 Cr.
At ₹28,805 Cr in annual revenue, Bharat Heavy Electricals Ltd. is one of the major players in the infrastructure space.
With 4 straight years of revenue growth, this isn't a blip — the trajectory is clear for Bharat Heavy Electricals Ltd..
| Year | Revenue | YoY % |
|---|---|---|
| FY2025 | ₹28,805 Cr | +17.9% |
| FY2024 | ₹24,439 Cr | +2.5% |
| FY2023 | ₹23,854 Cr | +10.6% |
| FY2022 | ₹21,566 Cr | +22.1% |
| FY2021 | ₹17,657 Cr | — |
View Bharat Heavy Electricals Ltd.'s full 10-year revenue trend with CAGR analysis →
Bhel Profitability
Profitability strengthened with net income of ₹534 Cr in FY2025, 89.2% higher than FY2024.
Net margin widened to 1.9% in FY2025 — an improvement from the 1.2% recorded in FY2024.
Per-share earnings moved to ₹1.53 in FY2025 from ₹0.81 in FY2024.
Is Bhel Undervalued
Under the P/E Ratio approach, Bharat Heavy Electricals Ltd.'s estimated fair value is ₹242 (40.5% downside).
Bharat Heavy Electricals Ltd. shares are currently trading at ₹406.30.
Craytheon also calculates intrinsic value using the EPS Growth and DCF models. The full breakdown with assumptions is available in the detailed analysis.
| Model | Est. Fair Value | vs. Current Price |
|---|---|---|
| P/E Ratio | ₹242 | 40.5% downside to fair value |
| EPS Growth | Upgrade | Upgrade |
| DCF | Upgrade | Upgrade |
See all valuation models for Bharat Heavy Electricals Ltd. with detailed assumptions →
Bhel Shareholding Pattern
A drop in promoter holding from 63.2% to 58.2% is worth keeping an eye on.
Foreign institutional investors (FIIs) held 7.2% as of March 2026, up from 6.4% a year ago.
Domestic institutions moved their stake up to 24.0% from 18.4% over the past year.
| Quarter | Promoter | FII | DII | Public |
|---|---|---|---|---|
| Mar 2026 | 58.2% | 7.2% | 24.0% | 10.6% |
| Dec 2025 | 63.2% | 6.3% | 19.7% | 10.8% |
| Sep 2025 | 63.2% | 6.2% | 18.6% | 12.0% |
| Jun 2025 | 63.2% | 6.4% | 18.4% | 12.0% |
Track quarterly shareholding changes for Bharat Heavy Electricals Ltd. →
Bhel Balance Sheet
Proportional view as of 3 Jun 2026. Hover blocks for details.
Assets
Liabilities & Equity
FY2025 total assets: ₹680.83B (up 15.4% YoY from ₹590.02B).
Top categories: Other Assets (60.7%), Inventories (14.5%), Cash & ST Investments (11.2%).
Of the ₹680.83B in liabilities and equity, 36.3% is shareholder equity, 13.2% is interest-bearing debt, and 50.4% is operating liabilities. Over the year, debt is up 1.8% and equity is up 1.2%.
Balance sheet composition — FY 2025
| Category | Value |
|---|---|
| Cash & ST Investments | 76.12B |
| Receivables | 58.84B |
| Inventories | 98.69B |
| Property, Plant & Equipment | 30.24B |
| Investments | 2.76B |
| Intangibles & Goodwill | 1.18B |
| Other Assets | 412.99B |
| Category | Value |
|---|---|
| Equity | 247.22B |
| Short-term Debt | 88.52B |
| Long-term Debt | 1.62B |
| Trade Payables | 95.41B |
| Other Liabilities | 248.06B |
Bhel Key Highlights
Pulling it all together, here's what the numbers say about Bharat Heavy Electricals Ltd. (BHEL) heading into the next fiscal year.
Revenue of ₹28,805 Cr in FY2025, up 17.9% year-over-year.
Long-term revenue has been contracting at 0.7% annually over 10 years.
The company is profitable, with a net margin of 1.9% and net income of ₹534 Cr.
The P/E Ratio model implies 40.5% downside to fair value from the current price. The remaining two models are worth cross-checking before drawing a conclusion — sign up to see the full analysis.
Unlock Full Analysis
Craytheon's full analysis of Bharat Heavy Electricals Ltd. goes deeper: three valuation models, growth metrics, and 10 years of financial data.