BHEL Q2 Profit Doubles to ₹821 Crore; Order Book at ₹2.58 Lakh Crore

Bharat Heavy Electricals Ltd (BHEL) reported a 119% year-on-year rise in consolidated net profit to ₹821 crore for the July–September quarter (Q2 FY27), against ₹375 crore a year earlier, the state-owned engineering company said on Wednesday, October 14. Revenue from operations grew 23.8% to ₹9,300 crore from ₹7,512 crore.

On a standalone basis, net profit rose about 120% to ₹810 crore from ₹368 crore, ahead of the ₹654 crore that analysts had estimated. Operating EBITDA, excluding other income, increased 76.6% to ₹1,026 crore, and the operating margin widened by 3.3 percentage points to 11%, according to the company’s results. A CNBC-TV18 poll had estimated EBITDA at ₹881 crore with a 9.5% margin.

Industry segment drives growth

The power segment, BHEL’s largest business, posted revenue of ₹6,638 crore, up 17%, with its EBIT margin improving to 12.93% from 10.47%. The industry segment grew faster, with revenue rising 45% to ₹2,662 crore and an EBIT margin of 19.46%.

Cash collection also improved during the quarter. Total customer collections rose 33% to ₹13,179 crore, while trade receivable days fell to 94 from 120 a year earlier, the company said in its results supplement.

For the first half of FY27, revenue from operations rose 31% to ₹16,998 crore. Consolidated profit for the six months stood at ₹1,198 crore, compared with a loss of ₹81 crore in the first half of FY26.

Order book and expansion

BHEL’s outstanding order book stood at ₹257,571 crore as of September 30, 2026, up 17.3% from ₹219,641 crore a year earlier. The company secured orders worth about ₹30,000 crore in the first half, including roughly ₹4,000 crore in the September quarter, across thermal and nuclear power, transmission, defence, transportation, and hydro projects.

The board approved an investment of about ₹500 crore at the Haridwar unit to expand manufacturing capacity for thermal and nuclear power equipment. It also cleared the merger of the company’s Mumbai repair plant with its Bengaluru Electronics Division as part of an internal restructuring.

Shares rise after results

BHEL shares rose nearly 5% to about ₹464 on the NSE in afternoon trade on Wednesday after the results, taking the company’s market capitalization to roughly ₹1.62 lakh crore.

Ratings agency CRISIL said in July that better contract pricing, price-escalation clauses for raw materials, and the completion of older low-margin projects were supporting the company’s profitability. It expects the operating margin to settle in the 8–10% range over the medium term, up from 7% in FY26.

The results reflect a turnaround for the Maharatna company, which had reported a loss in the first half of the previous year. Investors will now track the pace of execution on its large thermal power backlog, fresh order inflows from nuclear and defence projects, and whether the margin gains can be sustained in the second half of FY27.