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Bharat Heavy Electricals
SectorCapital Goods
Bharat Heavy Electricals Limited (BHEL) is an Indian engineering and manufacturing company specializing in power generation equipment and systems. It operates in two main segments: Power and Industry. The Power segment focuses on thermal, gas, hydro, nuclear and solar power plants, as well as related services and new technologies. The Industry segment provides equipment and EPC services for transportation, transmission, defense, aerospace, captive power, process industries, renewables, oil & gas, and energy storage. BHEL has a wide product range covering power generation, transmission, transportation, defense, and other sectors. The company has manufacturing facilities across India and has executed projects in over 80 countries. BHEL is known for its capabilities in supercritical thermal power technology and has commissioned numerous power plants and substations.
In the news
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BHEL shares rise 2% to ₹430.20, among top Nifty Midcap gainers
BHEL Upgrades Credit Rating to IND AA for Long-term Bank Facilities
Bhel, Adani gain from $5.5-trn Asia energy capex as auto ancillaries hit highs
BHEL Secures ₹2,000-2,500 Cr Nigeria Gas Turbine Order
BHEL Q1 profit up 8% YoY to ₹1,054 cr, shares rise 2%
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BHEL shares surge 4% after Q1 profit beats estimates, hits 52-week high
BHEL develops India's first 1200 kV transformer for national grid
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Company insights, generated from the most recent coverage.
BHEL is India's only supplier of nuclear steam turbines and generators, with 90 supercritical steam generators and 83 supercritical turbine generators in order and 35,000+ MW of hydro installed. This is regulatory-protected niche capacity, not just scale.
Integration is not free: FY26 ROCE of 9.7% and ~9% EBITDA sit far below Thermax's 18.7% and Kirloskar's 21.4%. BHEL's own risk list names liquidated damages for delays, rising debtors and rising material costs — the integrated model transfers schedule risk onto its own balance sheet.
BHEL and Thermax/Kirloskar are mostly not head-to-head competitors: BHEL bids whole power islands (equipment, erection, commissioning, grid sync, performance guarantee), the others supply single components. Framing integration as a moat overstates a comparison across different scope.