Bharat Heavy Electricals Limited (BOM:500103)

Bharat Heavy Electricals Financials Overview

Financials in millions INR. Fiscal year is April - March.

Revenue & Profits

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Fiscal Year	TTM	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Sep 30, 2026	Mar 31, 2026	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Revenue Revenue Growth	377,815	337,822	283,395	238,928	233,649	212,111
Revenue Growth	29.08%	19.20%	18.61%	2.26%	10.15%	22.55%
Gross Profit Gross Profit Growth	124,275	105,262	92,770	69,128	69,213	62,894
Operating Income Operating Income Growth	30,667	15,958	8,432	2,761	2,415	3,517
Net Income Net Income Growth	28,785	16,003	5,339	2,822	6,541	4,460
Earnings Per Share EPS Growth	8.29	4.60	1.53	0.81	1.88	1.28
EPS Growth	417.88%	200.37%	88.89%	-56.88%	46.76%	-

Revenue by Segment

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Fiscal Year	TTM	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Sep 30, 2026	Mar 31, 2026	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Power Power Growth	283,896	254,067	209,373	184,358	174,990	153,613
Industry Industry Growth	93,919	83,755	74,022	54,570	46,373	47,921
Total Total Growth	377,815	337,822	283,395	238,928	221,363	201,534

Cash & Debt

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Fiscal Year	Current	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Sep 30, 2026	Mar 31, 2026	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Cash & Investments Cash & Investments Growth	104,212	112,017	70,573	55,747	64,137	69,437
Total Debt Total Debt Growth	60,182	81,870	90,146	88,565	54,535	48,299
Net Cash (Debt) Net Cash Growth	44,030	30,147	-19,573	-32,818	9,602	21,138
Net Cash Growth	-	-	-	-	-54.58%	21.74%
Net Cash Per Share Net Cash Per Share Growth	12.69	8.66	-5.62	-9.42	2.76	6.07

Cash Flow & CapEx

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Fiscal Year	TTM	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Sep 30, 2026	Mar 31, 2026	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Operating Cash Flow Operating Cash Flow Growth	89,265	58,374	21,925	-37,129	-7,407	6,603
Capital Expenditures CapEx Growth	-3,576	-5,890	-3,044	-2,325	-1,884	-1,694
Free Cash Flow Free Cash Flow Growth	85,689	52,483	18,881	-39,454	-9,291	4,909
Free Cash Flow Growth	451.23%	177.97%	-	-	-	58.55%

Margins

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Fiscal Year	TTM	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Sep 30, 2026	Mar 31, 2026	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Gross Margin	32.89%	31.16%	32.73%	28.93%	29.62%	29.65%
Operating Margin	8.12%	4.72%	2.97%	1.16%	1.03%	1.66%
Pretax Margin	10.17%	6.33%	2.63%	1.02%	3.06%	2.22%
Profit Margin	7.62%	4.74%	1.88%	1.18%	2.80%	2.10%
FCF Margin	22.68%	15.54%	6.66%	-16.51%	-3.98%	2.31%

Dividends

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Fiscal Year	Current	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Oct 23, 2026	Mar 31, 2026	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Dividend Per Share Dividend Per Share Growth	1.400	1.400	0.500	0.250	0.400	0.400
Dividend Per Share Growth	180.00%	180.00%	100.00%	-37.50%	0%	-
Dividend Yield	0.36%	0.57%	0.23%	0.10%	0.57%	0.81%

Valuation

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Fiscal Year	Current	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Oct 23, 2026	Mar 31, 2026	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
PE Ratio	46.66	53.43	140.91	305.00	37.33	38.53
Forward PE	29.30	30.94	34.29	73.71	137.51	30.14
P/FCF Ratio	15.73	16.29	39.84	-	-	35.01
PS Ratio	3.57	2.53	2.66	3.60	1.05	0.81

Data Source: S&P Global Market Intelligence Last updated: Oct 14, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Oct 20, 2026

Data Sources Report a data error