Bharat Heavy Electricals Limited Q1 FY2027 Results
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Overview
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Detailed Analysis
Sentiment
Mixed
Executive Summary
BHEL Q1 FY2027: Revenue ₹7,697.72 Cr (vs ₹5,486.91 Cr YoY), PAT ₹376.71 Cr (vs (₹455.50) Cr YoY)
BHEL reported consolidated Q1 FY2027 revenue of ₹7,697.72 Cr and total income of ₹7,911.86 Cr, with consolidated profit after tax of ₹376.71 Cr compared with a PAT loss of (₹455.50) Cr in Q1 FY2026. Power segment remained the largest contributor at ₹5,919.50 Cr while consolidated total expenses rose to ₹7,415.62 Cr in the quarter. Key operational items include a ₹196 Cr overdue trade receivable (STPG/Sudan) considered good and group JV contribution of ₹11.46 Cr in the quarter. Management has repaid listed commercial paper and retained short‑term ratings, leaving liquidity headroom ahead of the...Revenue from Operations (Consolidated) Q1 FY2027p.10
₹7,697.72 Crvs ₹5,486.91 Cr in Q1 FY2026
Total Income (Consolidated) Q1 FY2027p.10
₹7,911.86 Crvs ₹5,658.07 Cr in Q1 FY2026
Profit/(Loss) before tax (Consolidated) Q1 FY2027p.10
₹507.70 Crvs
Net Profit / (Loss) (PAT) (Consolidated) Q1 FY2027p.10
₹376.71 Crvs
Total Expenses (Consolidated) Q1 FY2027p.10
₹7,415.62 Crvs ₹6,279.78 Cr in Q1 FY2026
Earnings Per Share (Basic & Diluted) Q1 FY2027p.10
₹1.08vs
Total Comprehensive Income (Consolidated) Q1 FY2027p.10
₹324.62 Crvs
Key Highlights
8
Power segment remained the largest revenue contributor at ₹5,919.50 Cr in Q1 FY2027 driving consolidated top‑line.
Power segment turned around to Profit before tax & finance cost of ₹562.81 Cr in Q1 FY2027 from a loss of (₹510.00) Cr in Q1 FY2026, underpinning consolidated profitability.
Consolidated total expenses rose to ₹7,415.62 Cr in Q1 FY2027, reflecting higher operating base versus Q1 FY2026.
Trade receivables include an overdue amount of ₹196 Cr related to STPG (formerly NEC Sudan) which management still considers good and which would impact PBT by ₹177 Cr if provided for.
Group joint ventures contributed net profit of ₹11.46 Cr to consolidated results in Q1 FY2027, a smaller but positive add‑on to earnings.
Consolidated operating profit ratio for Q1 FY2027 stood at 6.69%, indicating improvement versus Q1 FY2026 operating loss ratio.
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Key Highlights
8
Power segment remained the largest revenue contributor at ₹5,919.50 Cr in Q1 FY2027 driving consolidated top‑line.
Power segment turned around to Profit before tax & finance cost of ₹562.81 Cr in Q1 FY2027 from a loss of (₹510.00) Cr in Q1 FY2026, underpinning consolidated profitability.
Consolidated total expenses rose to ₹7,415.62 Cr in Q1 FY2027, reflecting higher operating base versus Q1 FY2026.
Trade receivables include an overdue amount of ₹196 Cr related to STPG (formerly NEC Sudan) which management still considers good and which would impact PBT by ₹177 Cr if provided for.
19 branches contributed total revenue of ₹6,408 Cr but reported a combined loss before tax of ₹96 Cr in Q1 FY2027, creating intra‑group volatility.
Group joint ventures contributed net profit of ₹11.46 Cr to consolidated results in Q1 FY2027, a smaller but positive add‑on to earnings.
Consolidated operating profit ratio for Q1 FY2027 stood at 6.69%, indicating improvement versus Q1 FY2026 operating loss ratio.
The company reported nil listed Commercial Papers outstanding as on 30th June 2026 after repaying CP on due dates and retained CARE/Ind ratings for CP.
Guidance & Outlook
4
Company has repaid listed commercial paper on due dates and maintains short‑term ratings, supporting near‑term liquidity.
No long‑term debt is reported, and Total Debt to Total Assets ratio remained low at 0.10 in Q1 FY2027, limiting leverage risk.
Group expects contributions from joint ventures (BGGTS & BCGCL) which added ₹11.46 Cr in Q1 FY2027 to consolidated profits.
Board approved the Q1 results at the meeting held on 16.07.2026 and results were reviewed and approved by the Board.
Risks & Concerns
5
Exposure to overdue receivable of ₹196 Cr from STPG (Sudan) poses a downside if provisioning is required (PBT impact ₹177 Cr).
19 branches reported combined loss before tax of ₹96 Cr in Q1 FY2027 despite contributing ₹6,408 Cr of revenue, indicating localized operational losses.
Consolidated total expenses increased to ₹7,415.62 Cr in Q1 FY2027 which may pressure margins if revenue growth slows.
BLAC constitution is not in line with Regulation 18 due to no Independent Director on the Board, which is a governance flag noted in results.
Segment concentration in Power (≈77% of revenue) creates demand risk if power capex or orders slow down.
AI-generated analysis. May contain inaccuracies — verify against original sources.