Earnings Review
BHEL Q4 PAT more than doubles, beats view by wide margin
This story was originally published at 14:15 IST on 4 May 2026
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--BHEL Jan-Mar net profit INR 12.83 bln
--Analysts saw BHEL Jan-Mar net profit at INR 7.80 bln
--BHEL Jan-Mar revenue INR 123.10 bln
--Analysts saw BHEL Jan-Mar revenue at INR 108.81 bln
--BHEL Jan-Mar net profit INR 12.83 bln vs INR 5.04 bln year ago
--BHEL Jan-Mar revenue INR 123.10 bln vs INR 89.93 bln year ago
--BHEL to pay INR 1.40 per share final dividend
--BHEL FY26 net profit INR 15.78 bln vs INR 5.13 bln year ago
--BHEL FY26 revenue INR 337.82 bln vs INR 283.39 bln year ago
--BHEL Jan-Mar power revenue INR 95.10 bln vs INR 61.92 bln year ago
--BHEL Jan-Mar industry revenue INR 28.01 bln vs INR 28.01 bln year ago
--BHEL shares hit 10% upper circuit at INR 387.65
--BHEL shares rise; Q4 PAT, sales beat Street's view by wide margin
By Afra Abubacker
NEW DELHI – Bharat Heavy Electricals Ltd. reported a stellar performance in the March quarter, aided by higher revenue from its power segment and declining other expenses. Though analysts had expected the company's earnings to rise sharply, it beat street estimates by a wide margin.
The state-owned capital goods maker's standalone net profit for the reporting quarter surged over 154% on year and 235% on quarter to INR 12.83 billion, against the Street expectation of INR 7.80 billion. The company had reported a triple-digit on-year rise in its bottom line for the last two quarters as well, with over 206% rise in the December quarter and over 280% rise in the September quarter.
The revenue rose 37% on year and over 45% on quarter to INR 123.10 billion, against the Street expectations of INR 108.81 billion.
BHEL reported an over 53% on-year rise in its revenue from the power segment at INR 95.10 billion in the March quarter while industry revenue remained flat at INR 28.01 billion.
The company's total income increased more than 37% on year to INR 125.63 billion in the reporting quarter, while its total expenses expanded over 28% on year to INR 108.43 billion. During Jan-Mar, the company reported a 19% on-year decline in its other expenses at INR 5.42 billion and a 2% drop in its finance costs at INR 1.98 billion.
For the financial year ended March, BHEL's bottom line rose over 207% on year to INR 15.78 billion and top line rose over 19% on year to INR 337.82 billion.
BHEL ended FY26 with an outstanding order book of around INR 2.4 trillion and order inflows of about INR 750 billion. The power sector was the company's most lucrative business, in which it secured order wins of around INR 590 billion during the year, the company had said in an exchange filing. The industrial segment recorded fresh orders of around INR 160 billion in sectors such as transportation, transmission, defence, process industries, and industrial equipment, the company said on Apr. 18.
BHEL has decided to pay a final dividend of INR 1.40 per share. At 1328, the company's shares were up 7.7% at INR 379.45 on the National Stock Exchange, after hitting a high of INR 399.00 following the earnings announcement. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
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