Bharat Heavy Electricals Cash Flow Statement

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

Millions INR. Fiscal year is Apr - Mar.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022	Mar '21 Mar 31, 2021
Net Income	5,339	2,822	6,541	4,460	-26,971
Depreciation & Amortization	2,644	2,489	2,603	3,141	4,733
Other Amortization	76.1	0.4	4.9	14	9.7
Loss (Gain) From Sale of Assets	-	-	-	-170.8	-
Loss (Gain) on Equity Investments	-590.1	-639.8	-560.2	-504.2	-441.4
Other Operating Activities	-2,845	-7,355	-8,030	-6,285	2,060
Change in Accounts Receivable	-29,636	-24,829	-22,786	-7,130	27,042
Change in Inventory	-26,325	-5,030	-1,924	6,034	15,367
Change in Accounts Payable	8,469	-11,194	19,756	13,010	-13,054
Change in Other Net Operating Assets	64,786	6,608	-3,012	-5,966	-3,146
Operating Cash Flow	21,919	-37,129	-7,407	6,603	5,600
Operating Cash Flow Growth	-	-	-	17.91%	-
Capital Expenditures	-2,815	-2,325	-1,884	-1,694	-2,504
Sale of Property, Plant & Equipment	134.6	89.2	77.6	69	18.8
Investment in Securities	-28,727	11,135	13,842	-12,511	-1,600
Other Investing Activities	4,098	4,410	2,769	2,883	3,660
Investing Cash Flow	-27,309	13,309	14,805	-11,253	-425
Short-Term Debt Issued	-	34,230	6,400	-	-
Total Debt Issued	-	34,230	6,400	-	-
Short-Term Debt Repaid	-130	-	-	-875.3	-980.1
Long-Term Debt Repaid	-626	-343.2	-497.7	-487.9	-603
Total Debt Repaid	-756	-343.2	-497.7	-1,363	-1,583
Net Debt Issued (Repaid)	-756	33,887	5,902	-1,363	-1,583
Common Dividends Paid	-874.4	-1,395	-1,392	-3	-6.8
Other Financing Activities	-6,938	-5,935	-3,621	-1,929	-2,352
Financing Cash Flow	-8,568	26,557	889.6	-3,295	-3,942
Miscellaneous Cash Flow Adjustments	-	-	-	72.8	-
Net Cash Flow	-13,958	2,737	8,287	-7,873	1,233
Free Cash Flow	19,104	-39,454	-9,291	4,909	3,096
Free Cash Flow Growth	-	-	-	58.55%	-
Free Cash Flow Margin	6.74%	-16.51%	-3.98%	2.31%	1.79%
Free Cash Flow Per Share	5.49	-11.33	-2.67	1.41	0.89
Cash Interest Paid	7,010	5,888	3,621	1,929	2,352
Cash Income Tax Paid	-812.9	-2,222	-1,104	-4,089	1,904
Levered Free Cash Flow	-37,019	-81,188	-2,494	21,814	3,961
Unlevered Free Cash Flow	-32,586	-77,431	-562.4	22,191	4,378
Change in Working Capital	17,295	-34,446	-7,966	5,947	26,209

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.