Turbines, generators and EPC for conventional hydro and pumped-storage plants (PSP).
Bharat Heavy ElectricalsDirect 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 hydro turbines and generators and executes EPC for both conventional run-of-river/reservoir hydro and pumped-storage plants (PSP), which pump water uphill to store energy and release it to generate on demand.
Why it matters
Pumped-storage hydro is one of the few proven, grid-scale ways to store renewable energy for hours at a time - a direct enabler of a higher-renewable grid.
Where the value pool sits
Hydro/PSP EPC is highly capital-intensive with multi-year construction timelines, so order-book conversion into revenue is slow but the contracts are large and long-dated.
Key drivers
Renewed policy push for pumped-storage capacity as a grid-scale storage solution