Bharat Heavy Electricals Ltd. (BHEL) has maintained its impressive stock performance trajectory, delivering 45% returns in the first half of 2026 according to reports from CNBC TV18. This latest surge builds on the company's remarkable five-year streak of positive returns that began in 2021, marking a significant turnaround from its historically challenging period. The stock ended 1% higher at ₹418 on Tuesday, approaching its 52-week high of ₹424.9, demonstrating sustained investor confidence in the state-run capital goods company's operational improvements.
The company secured a significant ₹21,000 crore order from Meja Urja Nigam for an engineering, procurement and construction (EPC) contract covering the 3x800 MW Meja Super Thermal Power Plant (STPP) Stage-II in Uttar Pradesh. As reported by CNBC TV18, this project will add 2,400 MW of supercritical thermal power generation capacity at Meja in Prayagraj district, with completion scheduled within 70 months from the date of award. Additionally, BHEL signed a contract in the ₹2,000 crore to ₹2,500 crore range with Dangote Petroleum Refinery and Petrochemicals Free Zone Enterprise for a project in Nigeria's Dangote Industries Free Zone, covering design, manufacturing, supply up to Mumbai port, and performance guarantee testing of eight gas turbine generator packages.
BHEL's March quarter earnings significantly exceeded Street expectations, with EBITDA more than doubling to ₹1,754 crore from ₹832 crore in the previous year, surpassing estimates of ₹831 crore according to CNBC TV18. The company's EBITDA margin expanded sharply to 14.2% from 9.2% in the year-ago period, well above the estimated 10.1%. Revenue increased 37% and net profit reached ₹1,283 crore compared to ₹504 crore last year, also surpassing Street expectations of ₹826 crore. This strong financial performance reflects the company's operational improvements and successful execution of its business strategy.
Bharat Heavy Electricals has fixed 17 July 2026 as record date for determining eligibility to receive the final dividend of ₹1.40 per share for the year 2025-26, representing 70% on the paid up equity share capital. As reported by Business Standard, the dividend will be paid on or before 3 September 2026. This dividend declaration reflects the company's strong financial position and commitment to returning value to shareholders, demonstrating the sustained operational excellence that has characterized BHEL's recent performance.
CARE upgraded BHEL's long-term rating from AA- to AA earlier this month, as reported by CNBC TV18, reflecting improved creditworthiness and financial stability. Of the 22 analysts covering the BHEL stock, nine have a 'buy' rating, three have a 'hold' rating, and 10 have a 'sell' rating. The company's consistent performance over the past five years, starting with 64% returns in 2021, followed by 34% in 2022, 144% in 2023, 18% in 2024, and 25% in 2025, demonstrates sustained operational excellence and market confidence in its turnaround strategy.
