Bharat Heavy Electricals (BHEL) share price today
Shares of Bharat Heavy Electricals (BHEL) extended its upward movement, hitting an over 14-year high at ₹339; gaining 2 per cent on the BSE in Thursday’s in intra-day in an otherwise weak market. In comparison, the BSE Sensex was down 0.94 per cent at 77,776 at 12:47 PM.
The stock price of the public sector undertaking (PSU) company quoted higher for the 12th straight trading day, surging 38 per cent during the period on expectations of a healthy business outlook. Currently, BHEL quotes at its highest level since November 2011. It had hit an all-time high of ₹390 touched on November 7, 2007.
BHEL's stock price soars 33% over its OFS price
BHEL is quoting 33 per cent higher against its offer-for-sale (OFS) price of ₹255.30 per share. In February 2026, the government mobilised ₹4,470 crore by selling 174.2 million shares or 5 per cent stake in the company via OFS through stock exchange mechanism.
Institutional investors hike stake in BHEL in March 2026 quarter
Institutional investors increased their holding in BHEL during January-March 2026 quarter by acquiring shares in OFS and via open market.
According to March 2026 quarter shareholding pattern filed by BHEL, reveals that foreign institutional investors holding in the company increased to 7.2 per cent from 6.3 per cent at the end of December 2025 quarter. Domestic institutional investors (DIIs) stake in the company rose to 23.98 per cent from 19.7 per cent in previous quarter. However, retail individual investors holding in BHEL declined to 9.3 per cent from 9.54 per cent.
What’s driving BHEL stock price?
With healthy revenue growth, a strong order book, and a sustained execution pipeline, BHEL enters FY2026–27 with solid momentum. The company remains committed to delivering high-impact infrastructure, driving indigenisation, and enhancing stakeholder value, the company said.
BHEL is set to begin FY27 with an order book of at least ₹2.5 trillion, and growing, as 24GW of new projects are under planning and may be awarded during FY27–29. To expedite execution, the government has allowed it to import 21 critical input materials (now being imported from western nations) including CRGO coils, bushings, forgings, seamless pipes and others from China, which is also margin accretive, according to analysts at JM Financial Institutional Securities. ALSO READ | Adani Power, BHEL, Suzlon rally up to 50% in April; time to book profit?
As part of the “Atmanirbhar Bharat package”, the government in May 2020 imposed restrictions on bidders from China from participating in public procurement tenders, impacting PSUs’ cost competitiveness and project execution.
In the earlier thermal capex cycle, BHEL imported significant quantities of heavy castings, rotor forgings and seamless pipes from China; after May 2020, it began buying them from European vendors, leading to higher cost and delay in project execution. Given the urgency in capacity addition for both thermal and transmission projects, the exemption is a significant move in expediting project execution and is also margin accretive for BHEL, analysts said.
Meanwhile, BHEL’s EBITDA was steady during the first nine months (April to December) of the financial year 2025-26 (9MFY26) at ₹590 crore, led by reduce raw material prices and increased order execution, leading to better fixed cost absorption.
India Ratings and Research (Ind-Ra) expects EBITDA to increase to ₹1,600 crore to ₹1,800 crore during FY26, as the company earns majority EBITDA in Q4. The rating agency expects BHEL’s EBITDA margins to increase to 5 per cent-6 per cent during FY26 (9MFY26: 2.7 per cent; FY25: 4.4 per cent; FY24: 2.6 per cent), due to better fixed cost absorption. Additionally, the company intends to complete legacy orders within FY26; these orders have been a drag on the margins as well as working capital, due to the fixed-price nature and back-ended payment structures, Ind-Ra said in its rating rationale.
Meanwhile, India is reworking its nuclear energy blueprint. Historically, nuclear power has remained in the periphery of India’s energy mix, but that is now changing. Demand for clean firm power is growing, given the need to increase renewables’ proportion in the grid’s mix and the potential retirement of coal in the long term, ICICI Securities said.
Capacity addition till date has been modest, but a renewed policy push should change the trajectory. The government has come out with Nuclear Energy Mission, a Nuclear Roadmap and the landmark SHANTI Act. The Act opens the sector for private participation and limits the liabilities of operators. With a target of 100GW nuclear capacity by 2047, the pace of new awarding has to improve substantially. Given the strong entry barriers, existing vendors stand to benefit, the brokerage firm said and expect L&T and BHEL to be key beneficiaries. =================================== Disclaimer: View and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers discretion is advised.