BHEL · Capital Goods
Bharat Heavy Electricals Ltd. reported revenue of ₹5,487 cr for April to June 2025, +0.0% on the year and −39.0% on the quarter. Over the last four quarters revenue comes to ₹28,341 cr, +16.3% on the four before.
Operating profit (EBITDA) was −₹537 cr, a margin of −9.8%, −671 bps on the year and −1,904 bps on the quarter. It is the narrowest margin of the last 8 quarters (range −9.8% to 9.3%).
The net loss was ₹456 cr, with earnings per share of −₹1.31. Profit over the last four quarters totals ₹289 cr, +4.7% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹0.83 over the last four quarters, the stock at ₹434.00 trades at 522.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Other income carrying profit, Exceptional items that recur, Finance cost rising, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹5,125 cr | ₹5,504 cr | ₹8,260 cr | ₹5,485 cr | ₹6,584 cr | ₹7,277 cr | ₹8,993 cr | ₹5,487 cr | ₹7,512 cr | ₹8,473 cr | ₹12,310 cr | ₹7,698 cr |
| YoY | — | — | — | +10% | +28% | +32% | +9% | +0% | +14% | +16% | +37% | +40% |
| EBITDA margin | −3.0% | 3.9% | 8.8% | −3.1% | 4.2% | 4.2% | 9.3% | −9.8% | 7.7% | 6.4% | 14.2% | 6.5% |
| Other income, % of PBT | — | 140% | 27% | — | 91% | 70% | 23% | — | 38% | 45% | 15% | 44% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | — | 29% | 23% | — | 25% | 25% | 28% | — | 25% | 25% | 25% | 26% |
| Net profit | −₹63.0 cr | ₹60.0 cr | ₹490 cr | −₹211 cr | ₹106 cr | ₹135 cr | ₹504 cr | −₹456 cr | ₹375 cr | ₹390 cr | ₹1,290 cr | ₹377 cr |
| YoY | — | — | — | — | — | +125% | +3% | — | +254% | +189% | +156% | — |
| Core profit YoY | — | — | — | — | — | — | +17% | — | +2,285% | +438% | +169% | — |
| EPS | −₹0.18 | ₹0.17 | ₹1.41 | −₹0.61 | ₹0.30 | ₹0.39 | ₹1.45 | −₹1.31 | ₹1.08 | ₹1.12 | ₹3.71 | ₹1.08 |
| Flags | · | 1 | · | ✓ | 1 | 1 | ✓ | 1 | ✓ | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Bharat Heavy Electricals Ltd. reported revenue of ₹5,487 cr (+0.0% on the year) and net profit of −₹456 cr (— on the year) for April to June 2025.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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