Bharat Heavy ElectricalsNSE:BHEL
Current view Q1 2027
India's state-owned builder of power-station boilers and turbines. The thermal super-cycle is real: a record order book covering about seven years of work, and a power segment that swung ₹1,073 cr into profit — its first June-quarter profit since FY19. But one Meja order was 79% of the quarter's inflow.
Latest exchange filings last 5 · 5 after Q1 2027
- 15 Sep ’26BHEL signed 50:50 JV with Titagarh Rail Systems on 15.09.2026 for 35-year Vande Bharat Sleeper maintenance. ↗
- 14 Sep ’26BHEL board approved Rs 65 crore equity investment in JV NBPPL on 14 September 2026. ↗
- 8 Sep ’26CAG appoints BHEL auditors for FY 2026-27, including new branch auditor S. Venkatram & Co LLP. ↗
- 5 Sep ’26BHEL schedules analyst/institutional investor factory visit at Haridwar on 9 September 2026. ↗
- 26 Aug ’26BSE and NSE imposed Rs. 11,03,300 each fine for June 2026 LODR non-compliances. ↗
Exchange filings, with the company's own one-line summary, read off the same page as the figures. Screener publishes only the most recent few, so this is the last 5 — not everything filed since your note, and a quiet-looking list is not proof of a quiet quarter. A filing is marked new when it is dated after the end of the quarter your note covers. Not scored, and not a judgement — a routine repayment notice and a takeover sit in the same list.
How this view changed
AI concall report · Q1 2027
The full earnings-call read behind this view — what management promised, what they delivered, and the earning trigger.
Growth Q1 2027
| Metric | This year vs lastYoY · vs Q1 2026 | vs the quarter beforeQoQ, sequential · vs Q4 2026 | 3-year yearly average3Y CAGR · compounded | 5-year yearly average5Y CAGR · compounded |
|---|---|---|---|---|
| Sales | ▲ +40.3% | −37.5% | +13.1% | +14.3% |
| Operating profit | ▲ +193.8% | −71.3% | +29.4% | +26.8% |
| EPS | ▲ +182.4% | −70.9% | +34.8% | +20.8% |
| PAT | ▲ +182.7% | −70.8% | — | — |
Tinted rows drive the Tier. Tier = the weaker of YoY Sales and YoY PAT growth. Here the weaker is Sales at +40.3%, which is ≥ 20% → Tier 1.
QoQ is sequential, not a trend. For most Indian companies the March quarter is seasonally the largest, so a June-quarter fall against it is a calendar effect. Only the YoY column feeds the Tier.
Multibagger potential
Weak47/100
⚠ Your own view here is Positive, and the figures are not. The note above is where the reason lives; the score only sees the numbers.
Growing fast — and the market has noticed. Profit per share grew 35% a year, and buyers now pay more for each rupee of it than they did a year ago. Some of the re-pricing has already happened.
₹412 → ₹824 needs the P/E at 48× — it is 59× today, and has ranged 27× to 435× over the last 5 years. The rest would come from earnings growing as they have.
What you pay for its profitlog scale · 5-year range
Tripling needs 72× — inside its 5-year range, under the 138× median.
Target capped at 35× — its 130× five-year average came from near-zero earnings.
At ₹243 the price-tag on its earnings reaches the 35× it is being projected toward — the point where being cheap against that yardstick is used up.
Re-rated already, on growth that doesn't fully back it.
How this is calculated
This is arithmetic, not a forecast — Return = ΔEPS × ΔMultiple. It says what would have to be true, not how likely it is, and "earnings keep growing at this rate for three more years" is the assumption doing the most work. This is a mega-cap at ₹1,42,368 cr — size is the headwind here: a triple means the market finding ₹2,84,736 cr of new value.
Why the target is capped at 35×. This company averaged 130× over five years, but a multiple that high comes from near-zero earnings rather than from what buyers chose to pay — projecting a return to it would price in the collapse, not the recovery. 35× is what a 35% grower supports.
Growth rate used: 34.8% — the weakest of EPS / Sales / Op-profit from 3-year EPS CAGR. Latest quarter reads 60%.
How it compares with its rivals Power · 6 of 46 listed
It earns 9% on its capital, sixth of 6, and it is the cheapest of those shown.
| Company | Price | P/E | Size | ROCE | Profitlast qtr | Saleslast qtr |
|---|---|---|---|---|---|---|
| B H E L | ₹432 | 61.9× | ₹1.50 L Cr | 9.1% | +182.7% | +40.3% |
| A B B | ₹7,188 | 98.8× | ₹1.52 L Cr | 29.9% | +8.0% | +21.0% |
| CG Power & Ind | ₹907 | 112.4× | ₹1.43 L Cr | 26.7% | +16.3% | +14.0% |
| Hitachi Energy | ₹31,820 | 119.1× | ₹1.42 L Cr | 29.4% | +123.5% | +68.6% |
| Siemens | ₹3,801 | 90.0× | ₹1.35 L Cr | 21.4% | −18.6% | +14.8% |
| Siemens Ener.Ind | ₹3,146 | 73.3× | ₹1.12 L Cr | 67.8% | +67.8% | +39.3% |
Screener's own peer group, from the request already made for the industry P/E. It serves the industry's largest names by market cap, not companies of a similar size, so treat this as context rather than a like-for-like table; this company is always shown. On a phone the price, size and sales columns are dropped rather than pushed off the edge. Not part of the score.
Business quality to Jun 2026
| Are the margins widening? | wider, but it has moved around a lot | operating margin -4% → 7% over 3 years |
|---|---|---|
| Did the profit turn into cash? | very little of it arrived as cash | 227% last year, -59% over three · free cash flow ₹5,261 cr, positive in 3 of 5 years |
| Is the growth borrowed? | lightly borrowed | ₹8,187 cr — 0.31× its own equity (was 0.36×) |
| Is it being collected? | collection is steady | 73 days to collect, down 3 in a year · cash cycle 151 days |
| Who has been buying? | the promoters have been selling | promoters 58.2% (−5.0 in a year), 63.2% → 58.2% over 2.8 years · FIIs 9.5% (+3.2) · DIIs 22.4% (+3.9) · shareholders 12,27,658 → 16,28,020 |
| What does it earn on its capital? | earns little on its capital | ROCE 9.1% · ROE 6.2% |
Fetched from the filings, not typed — and deliberately not part of the score. These are the questions the score cannot ask: it reads growth, price and trend, so a company can score well while its profit never becomes cash. Weigh these beside the note, not against the number.
Screener's own checklist not mine, not the score
In its favour
- Company is expected to give good quarter
- Company has delivered good profit growth of 20.9% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 31.3%
Against it
- Stock is trading at 5.76 times its book value
- Company has a low return on equity of 3.18% over last 3 years.
- Promoter holding has decreased over last 3 years: -5.00%
Generated by screener.in from a fixed checklist — not written by me and not an input to the score. It is here as a second machine opinion to weigh against the note; where it disagrees with the view above, the note is the considered one.