State-run engineering major Bharat Heavy Electricals Ltd (BHEL) reported a provisional and unaudited turnover of ₹32,350 crore for FY 2025-26, marking an 18% year-on-year growth. According to an exchange filing, the company also recorded robust order inflows of approximately ₹75,000 crore during the year, taking its total outstanding order book to about ₹2.4 lakh crore at the end of FY26. BHEL's shares ended higher on Friday, April 17, by 2.43% at ₹316.79 on the NSE, reflecting positive market sentiment following the results announcement.
The company's core power segment remained the primary growth driver, with order wins of around ₹59,000 crore during FY26, underscoring BHEL's strong market position in the power sector. The industrial segment also secured fresh orders worth roughly ₹16,000 crore across a wide range of sectors, with growth led by an ₹8,200 crore order from Bharat Coal Gasification and Chemicals Ltd. This diversified order book reflects BHEL's strong execution capabilities and market presence across multiple industrial segments.
On the execution front, BHEL commissioned or synchronised nearly 8.9 GW of power capacity during FY26, highlighting steady progress in project delivery and operational efficiency. This capacity addition demonstrates the company's ability to execute large-scale power projects efficiently and maintain its position as a key player in India's power infrastructure development.
Despite strong financial performance, analyst sentiment remains mixed on BHEL. According to CNBC TV18, 20 analysts cover the stock, with nine each maintaining 'buy' and 'sell' ratings, while two others have 'hold' ratings. Axis Capital maintains a 'sell' rating with a price target of ₹188, implying a 41% downside potential from current levels. The stock has gained 22% over the last month and 30% in April 2026, marking its best monthly performance since November 2023 when it surged 41%.
Looking ahead, BHEL stated in its exchange filing that it enters FY 2026-27 with solid momentum, supported by healthy revenue growth, a strong order book, and a sustained execution pipeline. The company remains focused on delivering high-impact infrastructure, advancing indigenisation, and enhancing stakeholder value, positioning itself well for continued growth in the power and industrial sectors.
