New Delhi: Bharat Heavy Electricals Limited (BHEL), a Maharatna Public Sector Undertaking (PSU) under the Government of India, has reported a strong turnaround in its financial performance for the first quarter of financial year 2026-27.
For the quarter ended June 30, 2026, BHEL posted a standalone Profit After Tax (PAT) of ₹381.91 crore, compared with a loss of ₹454.89 crore in the same quarter of the previous financial year.
The company’s improved profitability was supported by higher revenue growth, better operational performance, and strong contribution from its Power and Industry segments.
BHEL Revenue Rises 40% in Q1 FY 2026-27
BHEL recorded significant growth in revenue during the April-June quarter of FY 2026-27.
The company’s revenue from operations increased to ₹7,697.72 crore, compared with ₹5,486.91 crore in Q1 FY 2025-26, registering a growth of around 40% year-on-year.
The strong revenue growth reflects improved project execution and higher business activity across key segments.
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BHEL Q1 FY 2026-27 Financial Highlights
Key financial performance of BHEL during the quarter:
- Revenue from Operations: ₹7,697.72 crore, up from ₹5,486.91 crore in Q1 FY 2025-26, showing 40% growth.
- Profit Before Tax (PBT): ₹512.90 crore compared with a loss of ₹607.43 crore in the previous year.
- Profit After Tax (PAT): ₹381.91 crore against a loss of ₹454.89 crore in Q1 FY 2025-26.
- EBITDA: ₹734.66 crore compared with an EBITDA loss of ₹245.01 crore last year.
- Basic EPS: ₹1.10 compared with negative EPS of ₹1.31 in the corresponding quarter last year.
BHEL Consolidated Performance Improves
On a consolidated basis, BHEL also reported a positive financial performance.
The company posted a Profit After Tax of ₹376.71 crore attributable to owners during Q1 FY 2026-27.
In comparison, BHEL had reported a loss of ₹455.50 crore in the same quarter of the previous financial year.
Power Segment Leads BHEL Growth
BHEL’s Power segment remained the major growth driver during the quarter.
The segment recorded:
- Revenue of ₹5,919.50 crore in Q1 FY 2026-27
- Revenue in Q1 FY 2025-26 was ₹3,898.86 crore
- Registered a strong 51% year-on-year growth
The improvement in the Power segment was supported by increased execution of power projects and demand for energy infrastructure equipment.
Industry Segment Revenue Increases 12%
The Industry segment also reported steady growth during the quarter.
Key highlights:
- Industry segment revenue: ₹1,778.22 crore
- Revenue in Q1 FY 2025-26: ₹1,588.05 crore
- Growth recorded: 12% year-on-year
The segment benefited from continued business activity in industrial and infrastructure-related projects.
BHEL Profitability Margins Show Major Improvement
BHEL witnessed a sharp improvement in key financial ratios during Q1 FY 2026-27.
Important ratio highlights:
- Current Ratio: Improved to 1.60 from 1.50 in the previous year.
- Operating Profit Margin: Increased to 6.55% compared with -9.79% last year.
- Net Profit Margin: Improved to 4.96% compared with -8.29% in Q1 FY 2025-26.
- Net Worth: Increased to ₹26,846.29 crore from ₹24,624.45 crore.
BHEL Commercial Paper Status
BHEL maintained its strong credit profile and successfully repaid its commercial paper obligations.
Details include:
- Commercial Paper issued on April 24, 2026: ₹650 crore
- Due date: May 22, 2026
- Status: Repaid
- Commercial Paper issued on May 22, 2026: ₹400 crore
- Due date: June 29, 2026
- Status: Repaid
BHEL’s short-term credit ratings remain strong:
- CARE A1+
- India Ratings A1+
BHEL Board Meeting Details
The company’s Board meeting was held on July 16, 2026, where the financial results for Q1 FY 2026-27 were reviewed and approved.
- Meeting started at: 1:30 PM
- Meeting concluded at: 4:19 PM
Currently, BHEL does not have an Independent Director on its Board, and the results were reviewed and approved directly by the Board.
BHEL Share Price in Focus After Q1 Results
BHEL shares remained in focus after the announcement of the quarterly results.
The stock recovered from an initial decline and was trading around ₹435.75, gaining approximately 4.2% during the trading session.
The stock has delivered strong returns in 2026 and has gained around 50% so far this year.
Analyst View on BHEL Stock
Despite the strong quarterly performance, analyst views on BHEL remain mixed.
Among the 22 analysts tracking the stock:
- 9 analysts have given a Buy rating
- 10 analysts have given a Sell rating
- Remaining analysts have maintained a neutral view
While some analysts remain positive due to improved earnings, order pipeline, and government infrastructure spending, others have concerns regarding valuation after the sharp rise in the stock price.
About Bharat Heavy Electricals Limited (BHEL)
Bharat Heavy Electricals Limited (BHEL) is one of India’s largest engineering and manufacturing companies and a Maharatna PSU under the Ministry of Heavy Industries, Government of India. Established in 1964, the company manufactures and supplies equipment for power generation, transmission, transportation, defence, and industrial sectors. BHEL plays an important role in India’s energy and infrastructure development and operates in both domestic and international markets.
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