BHEL share price today: Shares of Bharat Heavy Electricals Ltd (BHEL) fell nearly 5% on Thursday, 15 October, despite the state-owned engineering major reporting a sharp rise in its September-quarter earnings. The stock had gained almost 4% in the previous session following the announcement of its Q2 results.
BHEL reported a more than two-fold increase in consolidated net profit to ₹820.94 crore for the July-September quarter of FY27, compared with ₹374.89 crore in the corresponding quarter last year. The improvement was supported by higher revenue from its power and industry businesses.
The company’s total income rose 24% year-on-year to ₹9,553.01 crore in Q2, from ₹7,686.11 crore in the same period of the previous financial year.
Revenue from the power segment increased to ₹6,637.90 crore from ₹5,675.64 crore a year ago. The industry business also recorded growth, with revenue rising to ₹2,662.45 crore from ₹1,836.16 crore in the year-ago quarter.
However, BHEL’s expenses climbed to ₹8,482.40 crore in the September quarter, compared with ₹7,201.54 crore in the corresponding period last year.
BHEL is India’s largest engineering and manufacturing enterprise in the energy and infrastructure sector, with operations spanning power generation equipment and industrial systems.
BHEL share price – Should you buy or sell?
Nuvama Institutional Equities retained its ‘Buy’ rating on Bharat Heavy Electricals Ltd (BHEL) and raised its target price to ₹540 from ₹530, citing strong execution, improving margins and earnings growth prospects. The brokerage expects execution-led EBITDA margin expansion to 13.8% by FY29 and projects a 53% compound annual growth rate (CAGR) in earnings per share (EPS) over FY26–FY29.
Nuvama said BHEL reported a strong Q2FY27 performance, with revenue rising 24% year-on-year and EBITDA margin expanding 330 basis points to 11%, well above the consensus estimate of 8.5%. Gross margin increased 590 basis points to 36.5%, reflecting the ramp-up of newer orders secured at better prices.
However, fresh order inflows declined 85% year-on-year, taking the order book to ₹2.6 lakh crore, equivalent to 7.6 times FY26 sales. Nuvama cut its FY27 EPS estimate by 12% following management’s commissioning guidance. Its revised target price values BHEL at 38 times estimated FY28 EPS.
JM Financial also maintained its ‘Buy’ rating on BHEL and raised its target price to ₹535 from an earlier level, valuing the stock at 30 times estimated September 2028 EPS. The brokerage cited improving execution, higher gross margins, a promising thermal power project pipeline and the company’s net cash position of ₹4,600 crore.
JM Financial said BHEL’s Q2FY27 revenue rose 24% year-on-year to ₹9,300 crore, while gross margin improved to around 37%. EBITDA margin expanded to 11%, and net profit increased 119% year-on-year to ₹800 crore.
Revenue from the power and industry segments grew 17% and 45%, respectively. The brokerage also highlighted improved working capital, with the cycle declining to 141 days from 164 days in FY26, supported by stronger collections and lower interest expenses.
JM Financial raised its FY28 and FY29 EBITDA margin estimates to 13.2% and 15%, respectively, from 12.2% and 14.3% earlier, citing the improvement in execution and gross margins.
BHEL share price today
BHEL share price today opened at an intraday high of ₹453.40 apiece on the BSE, the stock touched an intraday low of ₹441.20 per share.
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