Boilers, turbine-generators and EPC for coal/gas-fired power plants.
Bharat Heavy ElectricalsDirect supplier · HighListed
Siemens Energy IndiaDirect supplier · MediumListed
Larsen & ToubroIndirect supplier · LowListed
ThermaxDirect supplier · MediumListed
Bharat Heavy Electricals (BHEL)
Boiler-turbine-generator (BTG) equipment and EPC for thermal power plants, plus hydro turbines, generators and EPC for conventional and pumped-storage hydro plants
Price
₹388.00
snapshot 30 Oct 2026
Strengths
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
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
Market cap, ratios, CAGR and revenue: company table snapshot as of 30 Oct 2026 (the same figures on every page). Price: snapshot as of 30 Oct 2026. Not investment advice.
Where it fits
Manufactures the boiler-turbine-generator (BTG) equipment at the heart of a thermal plant and executes the EPC (engineering-procurement-construction) to build it.
Why it matters
Thermal still supplies the majority of India's actual electricity (as opposed to installed capacity), so this equipment layer underpins grid reliability even as new capacity additions shift toward renewables.
Where the value pool sits
BTG equipment manufacturing and large-scale EPC are capital-intensive, order-book-driven businesses with long execution cycles - margins depend heavily on order timing and input-cost pass-through.
Key drivers
Government push for thermal capacity as a grid-stability backstop alongside renewables growth
Replacement/life-extension orders for India's aging coal fleet
Gas-based capacity additions in specific regions
Potential bottlenecks
Coal-plant ordering has revived, but execution capacity at BTG suppliers is stretched
Export and gas-plant orders remain a small share of the order book
Long execution cycles mean order-book conversion lags announcements by years