Bharat Heavy Electricals Ltd (BHEL), the state-run capital goods major, is slated to announce its financial results for the quarter ending September 30, 2026, today, October 14, 2026. Market analysts are largely optimistic, anticipating a robust performance driven by improved execution across its key power and industrial segments.
Strong Growth Anticipated
Brokerage firms tracking BHEL expect the company to deliver strong year-on-year (YoY) and sequential (QoQ) growth in its second fiscal quarter. Revenue is projected to climb between 20% and 42%, while EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) margins could see an expansion of 300 to 375 basis points (bps). Some analysts even foresee a potential doubling of net profit compared to the previous year, attributing this surge to enhanced operational execution.
Brokerage-Specific Forecasts
- Kotak Institutional Equities: Projects BHEL's revenue at Rs 10,658.6 crore, marking a 41.9% YoY and 38.5% QoQ increase. EBITDA is estimated at Rs 1,042.3 crore, up 79.4% YoY and 106.9% QoQ, with margins improving by 323 bps to 9.8%. Net profit is expected to double both annually and quarterly, reaching Rs 778.7 crore. Kotak highlights an anticipated uptick in execution pace in September, particularly in the power and industrial segments.
- PL Capital: Forecasts revenue of Rs 9,563.1 crore, a 27.3% YoY and 24.3% QoQ rise. EBITDA is predicted to be Rs 985 crore, up 69.6% YoY and 95.5% QoQ, with margins potentially improving by 375 bps sequentially to 10.3%. Net profit could nearly double YoY to Rs 713.7 crore, representing an 86.9% QoQ jump. PL Capital emphasizes sustained execution in the power segment and improved performance in the industry segment as key drivers.
- JM Financial Ltd: Estimates revenue at Rs 9,015 crore, reflecting a 20% YoY and 17.1% QoQ growth. EBITDA is projected at Rs 676.7 crore, up 16.5% YoY and 34.3% QoQ. Net profit is anticipated to be Rs 509.6 crore, a 35% increase both QoQ and YoY. JM Financial notes BHEL's healthy order book as a foundation for double-digit growth and margin improvements.
Stock Performance and Analyst Ratings
Ahead of the results, BHEL shares opened positively, rising over one percent to Rs 447 on Wednesday, pushing its market capitalization close to Rs 1.55 lakh crore. The stock is currently hovering near its 52-week high of Rs 455.90, achieved just a week prior on October 7. In the last six months, BHEL shares have surged nearly 52%, with a 90% increase over the past year.
Analyst ratings and target prices for BHEL show a mixed outlook:
- 'Sell' Ratings: Kotak Institutional Equities (target price: Rs 150), Macquarie (Rs 315), Investec (Rs 140), and Axis Capital (Rs 255).
- 'Reduce' Rating: PL Capital (target price: Rs 368).
- 'Buy' Ratings: JM Financial (target price: Rs 507) and Nuvama (Rs 530).
- 'Add' Rating: IIFL Securities (target price: Rs 502).