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Bharat Heavy Electricals Limited

BHEL.NS
45
Industrial - Machinery · Industrials
Exchange
National Stock Exchange of India
Winston Score
45
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Exceptional
Cash Flow
Weak
Stability
Mixed
Valuation
Good
Dividends
Weak
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Winston Score History

The full picture

Bharat Heavy Electricals Limited, known as BHEL, is a large Indian government-owned company that makes heavy equipment used to generate electricity. Its main products include power plant boilers, turbines, generators, and transformers, which it sells mostly to power utilities and industrial companies across India. BHEL is one of India's largest engineering and manufacturing companies, with roots going back to the 1950s.

BHEL earns money by winning large contracts to build and supply equipment for power plants, including coal, gas, nuclear, and renewable energy projects. It operates primarily in India, with some international projects, and reported revenues of roughly ₹25,000–30,000 crore in recent fiscal years. Its main competitive advantage is its long-standing relationship with the Indian government and its wide manufacturing base, but it faces real pressure from cheaper private competitors and a slow shift away from coal power, which has historically been its biggest business.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+53.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+155.9% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

59.2%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹148.5B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Bharat Heavy Electricals Limited grew revenue 54% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
31.2%
Modest — 31.2% gross margin
Profit after running costs
Operating Margin
5.5%
Thin — 5.5% operating margin
Return on the money invested
ROCE
11.7%
Below par — 11.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+31.6%
Fast-growing sales (+31.6% YoY)
Profit growth
EPS YoY
+742.2%
Earnings growing fast (+742.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
-49%
Weak — only -49% of profit becomes cash
Spare cash per sale
FCF Margin
-3.9%
Burning cash (-3.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
4.28x
Adequate interest coverage (4.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
59.9x
no trend
Expensive — P/E 59.9

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+15.0
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (59.9 → 44.9)

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Dividends

Dividend
Dividend Yield
0.45%
no trend
Small dividend — 0.45% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
-25.4%
no trend
Dividend cut (-25.4% YoY) — warning sign

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