State-run Bharat Heavy Electricals Limited (BHEL) has experienced significant ownership churn, with retail holding declining by 141 basis points over the last two quarters while institutional ownership has risen during the same period. According to reports from The Economic Times, Foreign Institutional Investors (FIIs) increased their stake by 100 basis points, while mutual funds aggressively bought the stock, raising their holding by 530 basis points in the same period. Retail investors together held 8.93% or over 31 crore shares in the PSU company as of March 31, 2026, compared to 10.34% (35.99 crore) at the end of the September quarter.
The PSU company delivered impressive financial results for Q4FY26, with consolidated net profit surging 156% year-on-year to ₹1,290.50 crore for the January-March quarter. As reported by The Economic Times, sequentially, net profit zoomed nearly 231% from the ₹390.40 crore reported in the third quarter of FY25. Revenue from operations grew 37% YoY to ₹12,310 crore in Q4 FY26, from ₹8,993 crore in Q4 FY25. The company's EBITDA more than doubled to ₹2,005 crore during the quarter under review, from ₹990 crore in the year-ago period.
BHEL shares have delivered an impressive 85% return over the past year, backed by strong earnings performance. According to The Economic Times, the stock is also the top PSU stock in terms of last one month's gains at 60%, eclipsing Hindustan Copper and National Aluminium Company whose returns stand at 13% and negative 2% respectively in the same period. Dr. Ravi Singh, Chief Research Officer from Master Capital Services, noted that BHEL is exhibiting massive bullish momentum and picked up further momentum post its Q4FY26 earnings, with the stock hitting a fresh 52-week high of ₹408.35 on the NSE, surging 8% in the last couple of sessions.
In the March quarter, mutual funds added stake by 410 basis points, with ownership jumping from 7.6% in Q2FY26 to 12.9% in Q4FY26. As reported by The Economic Times, FII holding has gone up to 7.2% in the March quarter versus 6.2% in the September quarter. The company, which manufactures power equipment and has business interests in the aerospace sector, reported strong sequential recovery in earnings after delivering a net loss of ₹456 crore in Q1FY26, with revenue continuing to grow for the past seven consecutive quarters.
