Bharat Heavy Electricals BHEL
Energy Generation: Boiler-turbine-generator (BTG) equipment and EPC for thermal power plants, plus hydro turbines, generators and EPC for conventional and pumped-storage hydro plants
Mapped in 3 themes: Railways / Vande Bharat & Metro Rolling Stock, Naval Shipbuilding & Defence Shipyards and Energy Generation.
Where Bharat Heavy Electricals sits in the supply chain
Bharat Heavy Electricals appears in 4 supply-chain layers across 3 themes: Railways / Vande Bharat & Metro Rolling Stock, Naval Shipbuilding & Defence Shipyards and Energy Generation.
Railways / Vande Bharat & Metro Rolling Stock › Traction Propulsion, Motors & Power Electronics
Direct supplierElectric locomotives, traction motors/alternators, propulsion equipment (Bhopal)
Other companies in this layer
Naval Shipbuilding & Defence Shipyards › Marine Propulsion Systems & Engines
Direct supplierSteam turbines, diesel gensets and turbo-alternators for Navy ships/frigates
Other companies in this layer
Energy Generation › Thermal Equipment & EPC
Direct supplierBoiler-turbine-generator (BTG) equipment and EPC for thermal power plants, plus hydro turbines, generators and EPC for conventional and pumped-storage hydro plants
Other companies in this layer
Energy Generation › Hydro & Pumped-Storage EPC
Direct supplierBoiler-turbine-generator (BTG) equipment and EPC for thermal power plants, plus hydro turbines, generators and EPC for conventional and pumped-storage hydro plants
View in the 3D map →Revenue and profit
| ₹ Cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 23,893 | 28,339 | 33,782 |
| Net profit | 282 | 534 | 1,600 |
Latest-year revenue ₹33,782 Cr (FY26, company-wide). Wider screens show FY22 onwards.
Strengths · in Energy Generation
- India's dominant domestic BTG equipment supplier with a multi-decade installed base and a large, improving order book
- Decades of installed hydro turbine base across India's PSU hydro fleet position it for both renovation orders and new pumped-storage project awards
Risks · in Energy Generation
- Structurally declining share of new domestic capacity additions as policy favors renewables over coal
- Historically thin and volatile margins versus private-sector peers
- Hydro/PSP equipment is one of several business lines within the wider PSU equipment business
Common questions
What does Bharat Heavy Electricals do?
In Energy Generation: Boiler-turbine-generator (BTG) equipment and EPC for thermal power plants, plus hydro turbines, generators and EPC for conventional and pumped-storage hydro plants. NextResearch maps it in 3 supply chains: Energy Generation, Railways / Vande Bharat & Metro Rolling Stock and Naval Shipbuilding & Defence Shipyards.
Where does Bharat Heavy Electricals sit in the supply chain?
Bharat Heavy Electricals (NSE: BHEL) is mapped in 4 supply-chain layers: Traction Propulsion, Motors & Power Electronics (Railways / Vande Bharat & Metro Rolling Stock); Marine Propulsion Systems & Engines (Naval Shipbuilding & Defence Shipyards); Thermal Equipment & EPC (Energy Generation); and Hydro & Pumped-Storage EPC (Energy Generation).
Who are Bharat Heavy Electricals' peers?
In the Thermal Equipment & EPC layer of Energy Generation: Siemens Energy India, Larsen & Toubro and Thermax.
What is Bharat Heavy Electricals' market cap and valuation?
As of 30 Oct 2026: market cap ₹1.35L Cr, P/E 46.9x, ROCE 9.1%, ROE 6.2%, dividend yield 0.36%.