Established in 1956, Bharat Heavy Electricals Limited (BHEL) has been a cornerstone of India’s industrial development, playing a pivotal role in shaping the country’s power generation landscape. As the largest government-owned manufacturer in its sector, BHEL has been instrumental in bolstering India’s energy infrastructure, catering to the growing demand for power generation equipment across various sectors. With its headquarters in New Delhi and administrative oversight from the Ministry of Heavy Industries, BHEL stands as a symbol of India’s quest for self-reliance in heavy electrical equipment manufacturing, leveraging its expertise and technological prowess to propel the nation’s progress.
Over the decades, BHEL has earned a reputation for excellence, driven by its commitment to innovation, quality, and sustainability. Beyond its domestic operations, BHEL has made significant inroads into international markets, exporting its products and services to countries worldwide. As India continues its journey towards economic growth and energy security, BHEL remains steadfast in its mission to deliver cutting-edge solutions, powering the aspirations of a dynamic and evolving nation while contributing to the global energy transition.
History of BHEL
Bharat Heavy Electricals Limited (BHEL) has played a pivotal role in shaping India’s heavy electrical equipment industry since its establishment in 1956. Originally envisioned as a manufacturing PSU, BHEL received technological support from the Soviet Union during its early years. A significant milestone in its journey came in 1974 when Heavy Electricals (India) Limited merged with BHEL, further solidifying its position in the sector. By the 1980s, BHEL had become a leader in thyristor technology, showcasing its commitment to innovation.
In 1991, BHEL underwent a transformation into a public company, marking a significant milestone in its evolution. Over the years, BHEL diversified its product portfolio to include a wide range of electrical, electronic, and mechanical equipment for various sectors, including transmission, transportation, oil and gas, and other allied industries. Despite this diversification, power generation equipment such as turbines and boilers remained the cornerstone of BHEL’s revenue stream.
BHEL’s impact extends beyond India’s borders, with its products and services reaching over 76 countries across all six continents. With a cumulative overseas installed capacity exceeding 9,000 MW across 21 countries, BHEL has established itself as a global player in the power generation sector. From turnkey projects to after-sales services, BHEL’s contributions to global energy infrastructure underscore its commitment to excellence and innovation on a global scale.
BHEL’s Q4 Net Profit Plummets Over 25% Due to Increased Expenses; Declares 12.50% Dividend for FY 2023-24
- BHEL’s Q4 consolidated net profit declined by over 25% to Rs 489.62 crore.
- This decrease is attributed to higher expenses incurred by the company.
- Total expenses rose to Rs 7,794.11 crore compared to Rs 7,411.64 crore in the same period last year.
- However, total income marginally increased to Rs 8,416.84 crore from Rs 8,338.61 crore in the year-ago period.
- For fiscal year 2023-24, BHEL’s consolidated net profit also dropped to Rs 282.22 crore from Rs 654.12 crore in the previous fiscal year.
- Total income for the fiscal year showed a slight improvement, rising to Rs 24,439.05 crore from Rs 23,853.57 crore in the previous fiscal year.
- The board recommended a final dividend of 12.50% or 25 paise per share for fiscal year 2023-24.
Below are the trading platforms that you can use to purchase BHEL shares:
➤ Zerodha
➤ Upstox
➤ Groww
➤ AngelOne
➤ ICICIDirect
| When | Maximum Price | Minimum Price |
| August 2024 | 326.85 | 284.22 |
| September 2024 | 339.93 | 295.59 |
| October 2024 | 333.26 | 289.79 |
| November 2024 | 346.59 | 301.39 |
| December 2024 | 350.06 | 304.40 |
As we step into 2024, BHEL’s stock prices are expected to exhibit a notable trend. In August 2024, the maximum price is anticipated to reach ₹326.85, with a minimum of ₹284.22. By September, the stock is projected to rise to a maximum of ₹339.93 and a minimum of ₹295.59. For October, the expected maximum is ₹333.26, while the minimum is likely to be ₹289.79. November is forecasted to see a maximum price of ₹346.59 and a minimum of ₹301.39. Finally, in December 2024, BHEL’s stock prices are expected to peak at ₹350.06 and bottom out at ₹304.40.
| When | Maximum Price | Minimum Price |
| January 2025 | 360.00 | 276.92 |
| February 2025 | 363.63 | 279.72 |
| March 2025 | 371.27 | 285.59 |
| April 2025 | 367.59 | 282.76 |
| May 2025 | 356.89 | 274.53 |
| June 2025 | 372.95 | 286.88 |
| July 2025 | 365.63 | 281.26 |
| August 2025 | 376.94 | 289.96 |
| September 2025 | 381.46 | 293.43 |
| October 2025 | 391.38 | 301.06 |
| November 2025 | 401.17 | 308.59 |
| December 2025 | 419.22 | 322.48 |
In 2025, BHEL’s share prices are projected to vary each month. As we step into January, the maximum price will be ₹360.00 and the minimum will be ₹276.92. As we step into February, prices will range from ₹363.63 to ₹279.72. In March, prices will peak at ₹371.27 and dip to ₹285.59. As we step into April, the range will be ₹367.59 to ₹282.76. In May, prices will be between ₹356.89 and ₹274.53. As we step into June, the range will be ₹372.95 to ₹286.88. In July, prices will range from ₹365.63 to ₹281.26. As we step into August, prices will be between ₹376.94 and ₹289.96. In September, the range will be ₹381.46 to ₹293.43. As we step into October, prices will range from ₹391.38 to ₹301.06. In November, prices will be between ₹401.17 and ₹308.59. Finally, as we step into December, BHEL’s share prices are expected to peak at ₹419.22 and dip to ₹322.48.
| When | Maximum Price | Minimum Price |
| January 2026 | 431.80 | 332.15 |
| February 2026 | 421.00 | 323.85 |
| March 2026 | 429.42 | 330.32 |
| April 2026 | 438.19 | 337.07 |
| May 2026 | 433.85 | 333.73 |
| June 2026 | 444.69 | 342.07 |
| July 2026 | 435.97 | 335.36 |
| August 2026 | 449.46 | 345.74 |
| September 2026 | 458.45 | 352.65 |
| October 2026 | 470.37 | 361.82 |
| November 2026 | 482.13 | 370.87 |
| December 2026 | 494.18 | 380.14 |
| When | Maximum Price | Minimum Price |
| January 2027 | 499.12 | 383.94 |
| February 2027 | 511.92 | 393.78 |
| March 2027 | 531.88 | 409.14 |
| April 2027 | 521.45 | 401.12 |
| May 2027 | 506.27 | 389.44 |
| June 2027 | 529.05 | 406.96 |
| July 2027 | 518.67 | 398.98 |
| August 2027 | 534.72 | 411.32 |
| September 2027 | 553.43 | 425.72 |
| October 2027 | 567.82 | 436.78 |
| November 2027 | 582.02 | 447.70 |
| December 2027 | 596.57 | 458.90 |
| When | Maximum Price | Minimum Price |
| January 2028 | 608.50 | 468.07 |
| February 2028 | 624.10 | 480.08 |
| March 2028 | 648.44 | 498.80 |
| April 2028 | 635.73 | 489.02 |
| May 2028 | 617.21 | 474.78 |
| June 2028 | 644.98 | 496.14 |
| July 2028 | 632.34 | 486.41 |
| August 2028 | 651.89 | 501.46 |
| September 2028 | 674.71 | 519.01 |
| October 2028 | 692.25 | 532.50 |
| November 2028 | 709.56 | 545.81 |
| December 2028 | 727.30 | 559.46 |
| When | Maximum Price | Minimum Price |
| January 2029 | 741.84 | 570.65 |
| February 2029 | 760.87 | 585.28 |
| March 2029 | 790.54 | 608.11 |
| April 2029 | 775.04 | 596.18 |
| May 2029 | 752.46 | 578.82 |
| June 2029 | 786.33 | 604.87 |
| July 2029 | 770.91 | 593.01 |
| August 2029 | 794.75 | 611.35 |
| September 2029 | 822.57 | 632.74 |
| October 2029 | 843.95 | 649.19 |
| November 2029 | 865.05 | 665.42 |
| December 2029 | 886.68 | 682.06 |
| When | Maximum Price | Minimum Price |
| January 2030 | 904.41 | 695.70 |
| February 2030 | 927.60 | 713.54 |
| March 2030 | 963.78 | 741.37 |
| April 2030 | 944.88 | 726.83 |
| May 2030 | 917.36 | 705.66 |
| June 2030 | 958.64 | 737.42 |
| July 2030 | 939.84 | 722.96 |
| August 2030 | 968.91 | 745.32 |
| September 2030 | 1,002.82 | 771.40 |
| October 2030 | 1,028.90 | 791.46 |
| November 2030 | 1,054.62 | 811.24 |
| December 2030 | 1,080.98 | 831.53 |
In 2030, BHEL’s stock prices are expected to rise steadily. In January, the maximum price is projected at ₹904.41 and the minimum at ₹695.70. February’s forecast is ₹927.60 to ₹713.54, and March’s is ₹963.78 to ₹741.37. April shows prices ranging from ₹944.88 to ₹726.83, and May from ₹917.36 to ₹705.66.
In June, the prices are expected to be between ₹958.64 and ₹737.42. July’s forecast is ₹939.84 to ₹722.96, and August’s is ₹968.91 to ₹745.32. September is projected to range from ₹1,002.82 to ₹771.40, October from ₹1,028.90 to ₹791.46, and November from ₹1,054.62 to ₹811.24. By December, BHEL’s stock prices are expected to be between ₹1,080.98 and ₹831.53.
Financial Condition of BHEL: Last 5 Years
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
| Sales + | 21,463 | 17,309 | 21,211 | 23,365 | 23,893 |
| Expenses + | 21,596 | 20,357 | 20,383 | 22,557 | 23,280 |
| Operating Profit | -133 | -3,049 | 828 | 807 | 613 |
| OPM % | -1% | -18% | 4% | 3% | 3% |
| Other Income + | 590 | 393 | 405 | 544 | 610 |
| Interest | 613 | 467 | 448 | 612 | 731 |
| Depreciation | 503 | 473 | 314 | 260 | 249 |
| Profit before tax | -659 | -3,596 | 470 | 479 | 243 |
| Tax % | -123% | 25% | 5% | 0% | -16% |
| Net Profit + | -1,468 | -2,700 | 445 | 477 | 282 |
| EPS in Rs | -4.21 | -7.75 | 1.28 | 1.37 | 0.81 |
| Dividend Payout % | 0% | 0% | 31% | 29% | 31% |
- Sales Growth: There has been a fluctuating trend in sales, with a notable increase from March 2020 to March 2021, followed by a slight dip in March 2022, and then a steady rise in the subsequent years, reaching ₹23,893 crore in March 2024.
- Expenses: While expenses have been consistently high, they have largely followed the trend of sales, indicating a proportional relationship.
- Operating Profit: The company faced challenges in operating profit, with significant losses in March 2020 and March 2021. However, there was a turnaround in March 2022, with positive operating profit figures recorded in the following years, albeit at lower levels.
- Other Income: Other income has shown an increasing trend over the years, indicating potential diversification or additional revenue streams.
- Interest and Depreciation: Both interest and depreciation expenses have fluctuated but remained relatively stable compared to sales and operating profit.
- Profit before Tax: Despite challenges, there has been a gradual improvement in profit before tax from negative figures in March 2020 and March 2021 to positive figures in subsequent years.
- Taxation: The tax percentage has shown variability, with negative percentages in earlier years, indicating tax benefits or adjustments.
- Net Profit and EPS: While the company struggled with net losses in March 2020 and March 2021, there has been a gradual improvement, with positive net profit figures recorded in March 2022 onwards. However, the earnings per share (EPS) remain relatively low, indicating potential dilution or challenges in profitability per share.
- Dividend Payout: The company initiated dividend payouts in March 2022, with a payout percentage gradually increasing over the years, indicating a commitment to rewarding shareholders despite fluctuating profitability.
FAQs
What is BHEL current market capitalization?
BHEL current market capitalization stands at ₹1,10,628 crore.
As of July 26th, 2024, BHEL current share price is ₹317.
BHEL share price target for 2025 ranges from a minimum of ₹274.53 to a maximum of ₹419.22.
The share price target for BHEL in 2030 is projected to range between ₹695.70 and ₹1,080.98.
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Conclusion:
BHEL’s Q4 results reflect resilience amid challenges, with a slight decline in net profit countered by increased expenses. However, the company’s ability to maintain marginal income growth and declare a 12.50% dividend for FY 2023-24 demonstrates its commitment to shareholders.
Over the past five years, BHEL has shown adaptability, with improvements in profit before tax and the initiation of dividend payouts indicating a positive trajectory.
Furthermore, share price predictions for 2025 and 2030 suggest market confidence in BHEL’s growth potential.
In conclusion, BHEL remains resilient and adaptable, poised to contribute to India’s industrial growth while delivering value to stakeholders.
Having said that, we are not a financial advisor. Please consult a SEBI-registered financial advisor before trading BHEL. This post on BHEL share price target from 2024 to 2030 is for educational purposes only.
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