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Shareholding Info
  • Promoters
    63.17 %
  • Foreign institutions-FII
    7.04 %
  • Other domestic institutions
    11.3 %
  • Retail and other
    12.22 %
  • Mutual Funds
    6.27 %


Bharat Heavy Electricals Ltd (BHEL) is one of the largest engineering and manufacturing companies in India. The state-owned company’s business operations span across several core sectors of economy like transportation, defence and power.

The public sector undertaking (PSU) has been a reliable designer, manufacturer and supplier of world-class equipment related to power generation, transmission, transportation, defence, aerospace as well as oil and gas sectors. The company has also forayed into emerging sectors like battery energy storage systems and electric vehicle chargers in recent years.

It is one of the few companies in the world having the capability to design and manufacture equipment for the entire range of power plants – nuclear, hydro, thermal and gas.

BHEL was incorporated on November 13, 1964. It later came into existence in its present form on January 1, 1974, after merger with HE (India) Ltd plant at Bhopal, Transformer Plant in Jhansi and Central Foundry Forge Plant in Haridwar.

After the merger, BHEL reached a turnover level of ₹230 crore by 1973-74. In 1991, BHEL became a public company and it had a market capitalisation of over ₹62,137 crore (as of December 12, 2023). In the past three years, BHEL share price has surged nearly 400%.

As of September 2023, the government held around 63.17% stake in BHEL, while 36.83% was owned by the public.

BHEL business operations

BHEL has 16 manufacturing facilities across the country in Bhopal, Bengaluru, Goindwal, Haridwar, Hyderabad, Jagdishpur, Jhansi, Rudrapur, Ranipet, Tiruchirappalli, Thirumayam and Visakhapatnam along with repair units in Mumbai and Varanasi.

BHEL’s international footprint spans 89 countries. These include neighbouring countries of Bangladesh, Afghanistan, Bhutan and Nepal, along with Indonesia, Oman, Iraq, Sudan, Afghanistan, United States and New Zealand.

BHEL has a strong presence in various sectors of the Indian capital goods industry, including power generating equipment for the utilities. The worldwide installed base of power generating equipment supplied by BHEL is 197 GW.

Besides, the company has supplied more than 800 locomotives and other traction equipment for locomotives and EMUs (electric multiple units).

BHEL has also commissioned over 240 electric substations and 6 major HVDC (high voltage direct current) projects in the country, becoming the largest manufacturer and supplier of power transformers and electrical AC machines in the country. The company has also installed and commissioned over 1.2 GW solar portfolio spread across India.

BHEL is also the only manufacturer of nuclear steam turbines in the country and has been involved in all three stages of India’s nuclear power programme.

BHEL has also been a major supplier of critical equipment and services in the defence and aerospace sector for over three decades and is a trusted supplier of naval guns to the Indian Navy for their warships.

Financial highlights

  • In FY23, revenue from operations rose to ₹23,365 crore in FY23, up 10% from ₹21,211 crore in FY22.
  • EBITDA (earnings before interest, taxes, depreciation, and amortisation) jumped to ₹1,231 crore in FY23 from ₹1,106 crore in the preceding fiscal.
  • The company’s profit after tax (PAT) soared nearly 9% to ₹448 crore in FY23 from ₹410 crore in FY22.
  • The company booked orders worth ₹23,548 crore (excluding taxes) in FY23, which was the highest in the last five years.
  • In line with the dividend distribution policy of the company, BHEL’s board recommended a 20% dividend for shareholders for FY23.

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