Mumbai: Bharat Heavy Electricals Limited (BHEL) has received a credit rating upgrade from CRISIL Ratings, reflecting improved operational and financial performance in FY 2025–26. The upgrade highlights stronger business fundamentals and sustained financial stability of the state-owned engineering major.
CRISIL Upgrades Long-Term Rating to AA (Stable)
According to the rating update, CRISIL has upgraded BHEL’s long-term rating to:
- CRISIL AA / Stable (upgraded from CRISIL AA-)
The short-term rating has been reaffirmed at:
- CRISIL A1+ (highest rating level)
The company’s total bank loan facilities stand at ₹80,000 crore.
Financial Performance Supports Rating Upgrade
The rating action is based on BHEL’s operational and financial performance up to FY 2025–26. Key financial highlights include:
- Revenue from operations: ₹33,782 crore
- Net profit: ₹1,600 crore
CRISIL noted that the improvement in profitability and stable execution in core segments contributed to the positive rating revision.
Second Rating Upgrade in Recent Weeks
This marks the second positive rating action for BHEL in a short span. Earlier in June 2026, CARE Ratings also upgraded BHEL’s long-term rating to CARE AA from CARE AA-, indicating strengthening credit confidence across rating agencies.
Strong Order Book and Market Performance
BHEL has also reported robust business momentum, with:
- Order inflows of around ₹75,000 crore in FY26
- Power projects contributing approximately ₹59,000 crore
- Stock gains of 45% in the first half of 2026
- Positive annual returns for six consecutive years
The company’s consistent order execution and improved financial results have supported investor confidence.
Regulatory Compliance Disclosure
The rating update was formally disclosed to the BSE Limited and the National Stock Exchange of India Ltd (NSE) under Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
About BHEL
Bharat Heavy Electricals Limited is one of India’s largest engineering and manufacturing enterprises in the energy and infrastructure sector. It is primarily engaged in the design, engineering, manufacturing, and servicing of power generation equipment and industrial systems. The company plays a key role in supporting India’s power infrastructure and large-scale industrial development.
