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Shareholding Info
  • Promoters
    63.17 %
  • Foreign institutions-FII
    7.23 %
  • Other domestic institutions
    11.42 %
  • Retail and other
    13.61 %
  • Mutual Funds
    4.57 %

Company Overview

BHEL, Bharat Heavy Electricals Limited, is an Indian power generation equipment manufacturing public sector unit (PSU). Established in 1964, the company’s headquarters are in New Delhi, India. The company is owned by the Ministry of Heavy Industries, Government of India (GoI). Besides power generation, BHEL operates in multiple other sectors in India, like telecommunication transportation, transmission, and renewable energy.
Products manufactured by BHEL include water heating systems, boilers, solar cells, turbines, urban transportation systems, cement, textiles, automobiles, etc. It also provides aftermarket services for manufactured equipment.
Internationally, BHEL has a presence across 88 countries worldwide. Some examples include, Malaysia, Oman, Iraq, UAE, Bhutan, Egypt, India and New Zealand.

Company Journey

BHEL has helped shape India’s engineering and manufacturing industry. The company is one of India’s largest employers, with over 49,000 employees working with the company. They are also the second-largest employer in the Indian Capital Goods industry. Here are the milestones in BHEL’s journey.
  • In 2017, BHEL commences the 4000 MW Yadadri Supercritical Thermal Power Project. The company also initiated the 200 MW solar module manufacturing line at their Bengaluru plants.
  • In 2018, BHEL and the Indian Space Research Organisation entered a technology transfer agreement to design and develop space-grade Lithium-ion cells.
  • In 2019, BHEL and GAIL (Gas Authority of India) Limited collaborate and sign a Memorandum of Understanding (MoU) for solar based power projects.
  • In 2020, BHEL successfully manufactures and tests the country’s highest-rated auto transformer.
  • In September 2020, BHEL collaborated with SwissRapide AG to bring magnetic levitation (Maglev) trains, which can reach extremely high speeds, to India.
  • On 07 December 2020, BHEL initiated an advanced boiler cleaning process for the North Karanpura Super Thermal Power Project of the NTPC.
  • In August 2021, on the defence front, BHEL signed an MoU with Rosoboronexport, a Russian aerospace and defence company, for joint production and maintenance of spare parts and equipment for the Indian Navy aircraft, “Vikramaditya”.
  • In August 2021, BHEL commissioned a 5.4 MW floating solar plant in West Bengal.
  • In 2021, BHEL secured their first-ever overseas turnkey project for a grid-connected 8 MWac Solar Photovoltaic (PV) power plant.
  • In 2022, Hindustan Aeronautics Limited placed an order with BHEL for compact heat exchange sets for Mk-1A aircrafts that are to be delivered to the Indian Airforce in the years 2023-24.

Business Highlights

Major revenue generation sectors of BHEL are power generation and transmission, renewable energy, oil, water, gas, transportation, aerospace and defence.
Today, BHEL offers 180 products with a wide network of 17 manufacturing divisions, 15 regional marketing centres, eight service centres, six joint ventures, four regional offices and two repair units in the country. With a 53% share of total installed conventional power generation capacity in the country, BHEL has installed power-generating equipment nearing 1,80,000 MW worldwide. BHEL is the largest contributor to India’s total installed conventional generation capacity.

Performance Highlights

BHEL has a market capitalisation of over ₹24,861 crore as of November 2022. BHEL increased its operational revenue by 23% in FY 2021-2022 to ₹21,211 crore from ₹17,308 crore in the previous year. The EBITDA (earnings before interests, taxes, depreciation and amortisation) margin of the company increased by 133.86%. In FY 2021–22, the firm earned a profit after taxes of ₹410 crore, compared to a loss of ₹2,717 crore the year before. The cash and bank balance also increased from ₹1,868 crore to ₹2,409 crore. The company does not have any debt on its balance sheet.

Market Capitalisation (FY22)

24,861 crore

Operational Revenue (FY2021-22)

21,211 crore

EBITDA (FY2021-22)


Profit After Taxes (FY2021-22)

410 crore

Total Loss (FY2020-21)

2,717 crore

Cash and Bank Balance (FY2021-22)

2,409 crore

Listing Indices

Nifty 500, Nifty Midcap 100, Nifty Midcap 50, Nifty 200, and Nifty PSE

Mutual Funds Holding Bhel Stocks

ABLS Arbitrage Fund

ABLS Balanced Advantage Fund Direct Growth

Axis Equity Saver Fund- Direct Growth

DSP Dynamic Asset Allocation

DSP Equity Savings Fund- Direct Growth

HDFC Large And Mid Cap Fund Direct Growth

ICICI Pru. Midcap 150 Index Fund 

Government of India’s shares in BHEL


Return (2019-2022)


ROE (2022)


ROCE (2022)


BHEL is listed on a number of market indices, including Nifty 500, Nifty Midcap 100, Nifty Midcap 50, Nifty 200, and Nifty PSE.

The Government of India owns 63.17% of the total shares of the company. This position has not been diluted for several years. Mutual Fund houses own 3.01% of the total shares of BHEL. Some of the mutual funds that hold the BHEL stock are:

  • ABLS Arbitrage Fund
  • ABLS Balanced Advantage Fund Direct Growth
  • Axis Equity Saver Fund- Direct Growth
  • DSP Dynamic Asset Allocation
  • DSP Equity Savings Fund- Direct Growth
  • HDFC Large And Mid Cap Fund Direct Growth
  • ICICI Pru. Midcap 150 Index Fund
The company has generated a net positive cash flow in FY 2021-2022. The BHEL stock has generated returns of -30.24% between October 2019 and October 2022. BHEL’s return on equity (ROE) stands at 1.52 % as of November 2022. The company’s Return On Capital Expenditure (ROCE) is reported to be 2.77% in November 2022.


The management team of BHEL includes:
  • Dr. Nalin Shinghal (Chairman & Managing Director)
  • Mr. Subodh Gupta (Finance Director)
  • Ms. Renuka Gera (Director)
  • Mr. Anil Kapoor (Director Of Human Resources)

Industry Overview

BHEL faces competition from other companies like Larsen & Toubro, Siemens, Hind Aeronautics, Havells India, Bharat Electronics, Schaeffler India, CG Power & Industrial Solutions, Polycab India, and Bharat Forge, among others.

The market capitalisation of BHEL’s major competitors as of November 2022 is as follows:

  • Larsen & Toubro: ₹2,79,524 crore
  • Siemens: ₹1,02,450 crore
  • Hind Aeronautics: ₹83,029 crore
  • Havells India: ₹77,695 crore
  • Bharat Electronics: ₹77,118 crore
  • Schaeffler India: ₹45,336 crore
  • CG Power & Industrial Solutions: ₹40,972 crore
  • Polycab India: ₹39,970 crore
  • Bharat Forge: ₹39,622 crore

BHEL design, engineer, construct, test, commission and service a wide variety of products. These products are used in several major sectors of the economy. The advantages privy to these sectors, and the risks faced by them, are all applicable to BHEL. Meaning, every development in every industry supplied by BHEL can potentially influence the stock price and the overall performance of the company.

Industry Risks And Concerns

BHEL’s multi-sector exposure poses a risk to the business, but it also functions as an effective hedge. Most companies in the manufacturing industry are prone to the following risks:
  • Cybercrime: The more applications and internet of things (IoT) endpoints in a system, the greater is your risk of being exploited. Data breaches and cybersecurity risks affect most businesses.
  • Third-Party Failure: A vendor who misconducts or poorly manages the image of the manufacturer is a regulatory risk to the company.
  • Environmental Impact: The type of impact industry activities have on the environment can be a cause of lawsuits and fines. Manufacturing industries need to be observant about their total environmental impact. Compliance to regulations is necessary.
  • Raw Material Prices: Global Market volatility causing fluctuations in prices of raw materials and energy can pose a threat to the manufacturing industry. It destabilises the supply chain and the market overall.


Mr. Sumit Kumar
Contact No. - 011-66337474
FAX No. - 011-66337533
Address- BHEL House, August Kranti Road, Siri Institutional Area, Siri Fort Institutional Area, Siri Fort, New Delhi, Delhi 110049

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