Results     17-Jul-26
Analysis
Bharat Heavy Electricals
Bottomline turns black as sales up 40%
Consolidatednet sales (including other operating income) of Bharat Heavy Electricals for quarter ended June 2026 has increased 40.29% to Rs 7697.72 crore.  Sales of Power segment has gone up 51.83% to Rs 5,919.50 crore (accounting for 76.90% of total sales).  Sales of Industry segment has gone up 11.98% to Rs 1,778.22 crore (accounting for 23.10% of total sales).  

PBIT of Power reported profit of Rs 562.81 crore compared to loss of Rs 510.00 crore.  PBIT of Industry segment fell 20.93% to Rs 242.61 crore (accounting for 30.12% of total PBIT).  

PBIT margin of Power segment rose from negative 13.08% to 9.51%.  PBIT margin of Industry segment fell from 19.32% to 13.64%.  Overall PBIT margin rose from 3.70% to 10.46%.  

Operating profit margin (OPM) has turned from negative 9.79% to positive 6.55%, Operating profit for the quarter stood at Rs 503.86 crore compared to loss of Rs 537.14 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 72.06% to 70.86%.   Employee cost decreased from 25.53% to 18.28%.   Other expenses fell from 11.78% to 4.74%.   

Other income rose 25.11% to Rs 214.14 crore.  PBIDT stood at Rs 718 crore compared to loss of Rs 365.98 crore.  Provision for interest fell 22.81% to Rs 139.88 crore.  

PBDT stood at Rs 578.12 crore compared to loss of Rs 547.19 crore.  Provision for depreciation rose 9.88% to Rs 81.88 crore.  

Profit before tax reported profit of Rs 496.24 crore compared to loss of Rs 621.71 crore.  Share of profit/loss was 16.17% lower at Rs 11.46 crore.  Provision for tax was debit of Rs 130.99 crore, compared to credit of Rs 152.54 crore.  Effective tax rate was 25.80% compared to 25.09%.

Minority interest was nil in both the periods.  

Order Book Update:

Total order inflow Rs. 26,745 Crore of which Power – Rs. 22,625 Crore; Industry – Rs. 1,767 Crore and Exports – Rs. 2,353 Crore.

Order book is as end of Jun 2026 stood at Rs. 2,60,255 Crore (up 27%YoY from Rs 2,04,375  crore) of which Power – 81%; Industry – 17% and Exports – 2%. 

OB is increasingly diversified , with a growing share from strategic non-thermal businesses.




Bharat Heavy Electricals : Consolidated Results
 Quarter endedYear ended
Particulars202606202506Var.(%)202603202503Var.(%)
Net Sales (including other operating income)7,697.725,486.9140.2933,782.1828,339.4819.21
OPM (%)6.55-9.791,634 bps6.934.38255 bps
OP503.86-537.14LP2,342.191,241.5788.65
Other Inc.214.14171.1625.11807.65465.3173.57
PBIDT718.00-365.98LP3,149.841,706.8884.54
Interest139.88181.21-22.81756.41748.331.08
PBDT578.12-547.19LP2,393.43958.55149.69
Depreciation81.8874.529.88315.87271.9616.15
PBT496.24-621.71LP2077.56686.59202.59
Share of Profit/(Loss) from Associates11.4613.67-16.1761.0559.013.46
PBT before EO507.7-608.04LP2138.61745.6186.83
EO Income00-00-
PBT after EO507.7-608.04LP2138.61745.6186.83
Taxation130.99-152.54PL538.35211.7154.30
PAT376.71-455.5LP1600.26533.9199.73
Minority Interest (MI)00-00-
Net profit376.71-455.5LP1600.26533.9199.73
P/(L) from discontinued operations net of tax00-00-
Net profit after discontinued operations376.71-455.5LP1600.26533.9199.73
EPS (Rs)*1.08-1.31LP4.601.53199.73
* EPS is on current equity of Rs 696.41 crore, Face value of Rs 2, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database


Bharat Heavy Electricals : Consolidated Segment Results
 Quarter endedYear ended
% of (Total)202606202506Var.(%)% of (Total)202603202503Var.(%)
Sales
Power76.905,919.503,898.8651.8375.2125,406.7120,937.2521.35
Industry23.101,778.221,588.0511.9824.798,375.477,402.2313.15
Total Reported Sales100.007,697.725,486.9140.29100.0033,782.1828,339.4819.21
Less: Inter segment revenues 0.000.00- 0.000.00-
Net Sales100.007,697.725,486.9140.29100.0033,782.1828,339.4819.21
PBIT
Power69.88562.81-510.00LP59.282,451.241,216.02101.58
Industry30.12242.61306.84-20.9340.721,684.071,262.4533.40
Total PBIT100.00805.42-203.16LP100.004,135.312,478.4766.85
Less : Interest139.88181.21-22.81756.41748.331.08
Add: Other un-allcoable-157.84-223.6729.43-1,240.29-984.54-25.98
PBIT Margin(%)
Power 9.51-13.082,258.85 9.655.81384.01
Industry 13.6419.32-567.84 20.1117.05305.22
PBT100.00507.70-608.04LP100.002,138.61745.60186.83
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