Stock BHEL BHARAT HEAVY ELECTRICALS LIMITED
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Financials Bharat Heavy Electricals Limited

Equities

BHEL

INE257A01026

Heavy Electrical Equipment

Market Closed - Bombay S.E.
Other stock markets
 06:26:43 2024-05-31 am EDT 		5-day change 1st Jan Change
299 INR +2.80% Intraday chart for Bharat Heavy Electricals Limited -2.13% +54.54%
May. 29 Indian Equities Dragged Down by Losses in Financial, IT Stocks MT
May. 29 Power Mech Projects Bags Contract Worth INR5.6 Billion MT

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 260,807 72,427 169,751 171,840 244,197 1,040,963 - -
Enterprise Value (EV) 1 209,678 57,090 149,808 145,989 229,177 860,766 1,095,062 1,043,846
P/E ratio 22.4 x -4.92 x -6.25 x 41.8 x 54.4 x 330 x 74.1 x 36.9 x
Yield 2.67% - - 0.81% 0.57% 0.2% 0.32% 0.6%
Capitalization / Revenue 0.86 x 0.34 x 0.98 x 0.81 x 1.05 x 3.6 x 3.29 x 2.6 x
EV / Revenue 0.69 x 0.27 x 0.87 x 0.69 x 0.98 x 3.6 x 3.46 x 2.6 x
EV / EBITDA 9.79 x -24.5 x -4.78 x 19.8 x 32 x 141 x 52.3 x 26.2 x
EV / FCF -4.87 x -1.72 x 48.1 x 29.7 x 41.4 x 20.7 x 213 x 37.9 x
FCF Yield -20.5% -58.2% 2.08% 3.36% 2.41% 4.82% 0.47% 2.64%
Price to Book 0.83 x 0.25 x 0.64 x 0.64 x 0.9 x 3.86 x 4.1 x 3.72 x
Nbr of stocks (in thousands) 3,482,063 3,482,063 3,482,063 3,482,063 3,482,063 3,482,063 - -
Reference price 2 74.90 20.80 48.75 49.35 70.13 299.0 299.0 299.0
Announcement Date 5/27/19 6/13/20 6/11/21 5/21/22 5/26/23 5/21/24 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 303,490 214,861 173,084 212,111 233,649 238,928 316,441 400,761
EBITDA 1 21,420 -2,329 -31,353 7,379 7,166 6,126 20,951 39,844
EBIT 1 16,672 -7,357 -36,084 4,239 4,562 3,637 18,212 37,905
Operating Margin 5.49% -3.42% -20.85% 2% 1.95% 1.52% 5.76% 9.46%
Earnings before Tax (EBT) 1 20,579 -6,621 -36,116 4,370 4,496 2,203 18,600 37,842
Net income 1 12,154 -14,730 -27,171 4,102 4,476 2,599 13,737 29,578
Net margin 4% -6.86% -15.7% 1.93% 1.92% 1.09% 4.34% 7.38%
EPS 2 3.350 -4.230 -7.800 1.180 1.290 0.7500 4.037 8.109
Free Cash Flow 1 -43,065 -33,255 3,113 4,909 5,531 48,323 5,145 27,525
FCF margin -14.19% -15.48% 1.8% 2.31% 2.37% 19.05% 1.63% 6.87%
FCF Conversion (EBITDA) - - - 66.52% 77.19% 813.06% 24.56% 69.08%
FCF Conversion (Net income) - - - 119.66% 123.59% - 37.45% 93.06%
Dividend per Share 2 2.000 - - 0.4000 0.4000 0.5908 0.9574 1.788
Announcement Date 5/27/19 6/13/20 6/11/21 5/21/22 5/26/23 5/21/24 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2020 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4
Net sales 1 107,574 44,514 71,710 29,013 51,122 80,135 51,359 80,617 46,720 52,030 52,634 82,270 50,034 58,320 101,287 58,682 95,092
EBITDA 1 - -1,796 -12,643 -4,740 -291.8 -5,032 892.1 11,519 -1,699 -2,439 1,446 9,862 -1,199 -283.7 -7,518 2,018 11,760
EBIT 1 - -2,924 -13,909 -5,852 -719.8 - 150.9 10,660 -2,366 -3,025 820.9 9,136 -1,799 -2,308 - -1,516 7,404
Operating Margin - -6.57% -19.4% -20.17% -1.41% - 0.29% 13.22% -5.06% -5.81% 1.56% 11.1% -3.6% -3.96% - -2.58% 7.79%
Earnings before Tax (EBT) 1 - -2,929 -13,849 -5,938 -876.1 -6,815 202.4 10,982 -2,547 -2,010 414.3 8,641 -4,699 -1,057 -9,012 -1,296 9,119
Net income 1 -976.7 -2,310 -10,329 -4,454 -674.9 -5,129 142.6 9,089 -1,918 100 310 5,981 -3,517 -555.1 -5,851 1,156 7,874
Net margin -0.91% -5.19% -14.4% -15.35% -1.32% -6.4% 0.28% 11.27% -4.11% 0.19% 0.59% 7.27% -7.03% -0.95% -5.78% 1.97% 8.28%
EPS 2 - -0.6600 -2.970 -1.280 -0.1900 - 0.0400 2.610 -0.5500 0.0300 0.0900 1.720 -1.010 -0.6500 - -0.5000 1.940
Dividend per Share - - - - - - - - - - - - - - - - -
Announcement Date 11/13/19 2/6/21 6/11/21 7/30/21 11/9/21 11/9/21 1/27/22 5/21/22 8/4/22 11/11/22 2/10/23 5/26/23 8/4/23 - 11/8/23 - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - 54,099 2,883
Net Cash position 1 51,128 15,337 19,942 25,851 15,021 39,423 - -
Leverage (Debt/EBITDA) - - - - - - 2.582 x 0.0724 x
Free Cash Flow 1 -43,065 -33,255 3,113 4,909 5,531 48,323 5,145 27,525
ROE (net income / shareholders' equity) 3.8% -4.86% -9.76% 1.53% 1.65% 0.24% 5.3% 9.62%
ROA (Net income/ Total Assets) 1.9% -2.34% -4.69% 0.73% 0.77% 1.51% 2.67% 3.05%
Assets 1 639,679 628,507 579,681 562,050 582,558 -29,197 515,449 969,438
Book Value Per Share 2 90.20 83.80 76.10 77.60 78.30 77.50 72.90 80.30
Cash Flow per Share 2 -10.70 -8.280 1.610 1.900 -2.130 17.90 10.70 7.170
Capex 1 4,250 4,432 2,504 1,694 1,884 3,037 4,031 3,615
Capex / Sales 1.4% 2.06% 1.45% 0.8% 0.81% 1.2% 1.27% 0.9%
Announcement Date 5/27/19 6/13/20 6/11/21 5/21/22 5/26/23 5/21/24 - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Bharat Heavy Electricals Limited

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Turbine Manufacturing

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Turbine Manufacturing
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