BHEL Q2 Results: Profit Doubles to ₹810 Crore; Shares Hit Record High
BHEL’s Q2 FY27 net profit jumped 120% to ₹810 crore on 24% revenue growth and wider margins. Shares hit a record ₹463.60. Board clears ₹500 crore for thermal and nuclear capacity.
Key Highlights
- Profit: Net profit rose 120.1% to ₹810 crore from ₹368 crore a year ago.
- Revenue: Up 23.8% to ₹9,300 crore.
- Margins: EBITDA margin expanded to 11% from 7.7%.
- Expansion: ₹500 crore capex for thermal and nuclear equipment manufacturing at Haridwar.
- Stock: Hit a record ₹463.60; up 99% in a year.
Bharat Heavy Electricals Limited (BHEL) reported a consolidated net profit of ₹810 crore for the September quarter (Q2 FY27), up 120.1% from ₹368 crore a year earlier. The state-run engineering major’s shares surged to a record high of ₹463.60 on Wednesday.
The Numbers
| Metric | Q2 FY27 | Q2 FY26 | Change |
|---|---|---|---|
| Revenue from operations | ₹9,300 cr | ₹7,511 cr | +23.8% |
| EBITDA | ₹1,026 cr | ₹581 cr | +76.6% |
| EBITDA margin | 11.0% | 7.7% | +3.3 pts |
| Net profit | ₹810 cr | ₹368 cr | +120.1% |
Why It Matters: Better Execution, Not Just More Orders
The most important number isn’t profit, it’s margins. BHEL’s EBITDA margin rose to 11% from 7.7%, meaning it is now keeping much more from every rupee of revenue. For a company that struggled with thin margins and execution delays for years, that signals better project delivery and pricing.
The timing is also telling. Demand for power equipment has picked up as India adds generation capacity to meet rising electricity demand, including from thermal plants and the country’s push to expand nuclear power. BHEL, as the country’s largest maker of such equipment, is a direct beneficiary.
