Bharat Heavy Electricals Limited (BHEL) reported a 120% year-on-year (YoY) rise in standalone profit after tax to ₹810 crore in Q2 FY27, while revenue from operations increased 24% to ₹9,300 crore. EBITDA grew 69% to ₹1,286 crore, and the EBITDA margin improved to 13.4%.
Customer collections also strengthened, with receivable days declining from 120 to 94. However, fresh order inflows slowed to around ₹4,000 crore during the quarter, making execution and margin sustainability key factors to watch.
Table of Contents
- BHEL Q2 FY27 Results at a Glance
- What Drove BHEL's Profit Growth in Q2 FY27?
- BHEL Q2 FY27 Sequential Performance
- BHEL H1 FY27 Results and Financial Performance
- BHEL Power and Industry Segment Performance
- BHEL Order Book Reaches ₹2.58 Lakh Crore
- BHEL's Non-Thermal Order Book and New Orders
- Project Execution Progress in Q2 FY27
- Customer Collections and Working Capital
- BHEL's Diversification Strategy and Growth Opportunities
- ₹500 Crore Haridwar Expansion and Manufacturing Restructuring
- BHEL's Competitive Position
- Key Risks for BHEL Investors
- What Investors Should Track Next
- BHEL Q2 FY27 Results: Investor Takeaway
BHEL's Q2 FY27 results, published on 14 October 2026, show higher revenue, stronger operating profitability and improved customer collections. Standalone profit more than doubled compared with the corresponding quarter last year.
The following table summarises the company's standalone financial performance.
| Particulars |
Q2 FY27 performance |
| Revenue from operations |
₹9,300 crore |
| Gross operating margin |
₹3,549 crore |
| EBITDA |
₹1,286 crore |
| Company-reported EBITDA margin |
13.4% |
| Profit before tax (PBT) |
₹1,078 crore |
| Profit after tax (PAT) |
₹810 crore |
| Customer collections |
₹13,179 crore |
| Trade receivables |
₹9,718 crore |
| Receivable days |
94 days |
| Outstanding order book |
₹2,57,571 crore |
The key year-on-year changes were:
-
Revenue from operations increased by 24%.
-
EBITDA grew by 69%, compared with 24% revenue growth.
-
Profit after tax increased by 120%.
-
EBITDA margin expanded from 9.9% to 13.4%.
-
Customer collections rose by 33%.
-
Receivable days improved from 120 to 94 days.
-
The outstanding order book grew by 17.3% to ₹2.58 lakh crore.
Standalone and consolidated profit: What is the difference?
BHEL reported standalone net profit of ₹810 crore in Q2 FY27. Its statutory consolidated results showed net profit of ₹820.94 crore, compared with ₹374.89 crore in Q2 FY26.
The difference arises because standalone financial statements cover BHEL's own operations, whereas consolidated accounts also incorporate its joint ventures and other entities included within the consolidation.
For the operating analysis below, standalone figures are used wherever the company's supplementary presentation provides comparable data on revenue, EBITDA, margins, collections and order-book performance.
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To assess BHEL's stock performance alongside its revenue growth, improving margins and order-book position, check the BHEL share price with its charts and key valuation ratios.
BHEL's profit grew considerably faster than its revenue in Q2 FY27. This indicates that the company converted a larger proportion of its revenue into operating profit than it did in the corresponding quarter last year.
| Financial metric |
YoY growth |
| Revenue from operations |
24% |
| Gross operating margin |
46% |
| EBITDA |
69% |
| Profit before tax |
119% |
| Profit after tax |
120% |
The main feature of BHEL's Q2 FY27 earnings was the improvement in operating profitability. Revenue increased by 24%, but EBITDA rose by 69%, while profit after tax more than doubled.
EBITDA margin improved to 13.4%
BHEL's company-reported EBITDA increased from Rs 763 crore in Q2 FY26 to Rs 1,286 crore in Q2 FY27. The company reported an EBITDA margin of 13.4%, compared with 9.9% a year earlier, representing an improvement of 350 basis points.
EBITDA measures operating earnings before interest, tax, depreciation, and amortisation. The EBITDA margin shows how much EBITDA the company generates from each rupee of revenue.
The improvement suggests that BHEL benefited from better operating profitability as project execution increased. However, the supplied results do not quantify the contribution of individual factors such as procurement savings, project mix or cost reductions.
For investors, the important question is whether BHEL can maintain these margins as it executes different projects across its large order book. Higher revenue alone does not guarantee higher profitability because project costs, contract terms, execution schedules and billing milestones also influence earnings.
The quarter-on-quarter comparison provides another indication of the improvement in BHEL's operating performance. Revenue, EBITDA, profit and customer collections all increased compared with Q1 FY27.
| Particulars |
Q1 FY27 |
Q2 FY27 |
| Revenue from operations |
₹7,698 crore |
₹9,300 crore |
| EBITDA |
₹735 crore |
₹1,286 crore |
| Profit before tax |
₹513 crore |
₹1,078 crore |
| Profit after tax |
₹382 crore |
₹810 crore |
| Customer collections |
₹11,004 crore |
₹13,179 crore |
The approximate quarter-on-quarter changes were:
-
Revenue from operations increased by 20.8%.
-
EBITDA rose by 75%.
-
Profit before tax increased by 110.1%.
-
Profit after tax rose by 112%.
-
Customer collections improved by 19.8%.
Revenue growth was accompanied by a much faster increase in EBITDA and profit. This suggests that operating leverage, or the ability to generate faster profit growth as revenue rises, played an important role during the quarter.
However, one quarter's performance does not establish that the same pace of profit growth will continue. Investors should compare subsequent results to determine whether the improvement reflects a sustained change in profitability or variations in project execution during individual quarters.
Want to understand how BHEL's financial performance changed between Q1 and Q2 FY27? Read the BHEL Q1 FY27 Results Analysis to compare revenue growth, profitability, order inflows and project execution trends across the two quarters.
BHEL's first-half FY27 performance provides a broader view of its financial improvement. The company moved from a standalone loss in H1 FY26 to a profit of more than ₹1,190 crore in H1 FY27.
BHEL H1 FY27 Financial Performance
|
Particulars
|
H1 FY27
|
|
Revenue from operations
|
₹16,998 crore
|
|
Gross operating margin
|
₹6,065 crore
|
|
EBITDA
|
₹2,020 crore
|
|
EBITDA margin
|
11.6%
|
|
Profit before tax
|
₹1,591 crore
|
|
Profit after tax
|
₹1,192 crore
|
|
Customer collections
|
₹24,183 crore
|
|
Receivable days
|
94 days
|
BHEL H1 FY26 Financial Performance
|
Particulars
|
H1 FY26
|
|
Revenue from operations
|
₹12,999 crore
|
|
Gross operating margin
|
₹4,121 crore
|
|
EBITDA
|
₹411 crore
|
|
EBITDA margin
|
3.1%
|
|
Profit before tax
|
Loss of ₹115 crore
|
|
Profit after tax
|
Loss of ₹87 crore
|
|
Customer collections
|
₹18,101 crore
|
|
Receivable days
|
120 days
|
What do the H1 FY27 numbers indicate?
BHEL's H1 FY27 revenue increased by approximately 31% year-on-year, while EBITDA rose from ₹411 crore to ₹2,020 crore. The EBITDA margin improved by 8.5 percentage points, from 3.1% to 11.6%.
The company also reported a turnaround in both profit before tax and profit after tax.
Three developments stand out:
-
Higher project execution: Revenue growth indicates an increase in business recognised during the first half.
-
Improved profitability: EBITDA grew much faster than revenue, suggesting better operating leverage.
-
Stronger collections: Customer collections increased by 34%, while receivable days declined.
The H1 FY27 results therefore show that BHEL's improvement extends beyond a single quarter. The next test is whether the company can maintain its profitability and cash collection performance during the second half of FY27.
BHEL operates through two main reported business segments: Power and Industry. Power remains the larger contributor to revenue, while Industry recorded faster growth in Q2 FY27.
| Segment |
Q2 FY27 revenue |
| Power |
₹6,637.90 crore |
| Industry |
₹2,662.45 crore |
| Total |
₹9,300.35 crore |
The year-on-year comparison highlights the difference in their growth rates.
|
Segment
|
Q2 FY26 Revenue (YoY Growth)
|
|
Power
|
₹5,675.64 crore (+17%)
|
|
Industry
|
₹1,836.16 crore (+45%)
|
Power contributed approximately 71.4% of BHEL's quarterly revenue, while Industry accounted for 28.6%.
Power segment remains the primary revenue driver
The Power segment continued to account for more than 70% of BHEL's revenue. Its revenue increased by approximately 17% year-on-year, reflecting its continuing importance to the company's financial performance.
BHEL's Power business serves electricity-generation requirements, including thermal power equipment and related engineering capabilities. The company also identifies opportunities in renovation, modernisation, spares and lifecycle services linked to its installed equipment base.
Industry segment records faster growth
Industry revenue grew by 45% year-on-year to ₹2,662.45 crore. This was substantially faster than the growth recorded by the Power segment.
BHEL's broader industrial activities include transportation, transmission, defence and other industrial systems. The company is also pursuing opportunities in coal gasification and emerging clean-energy technologies.
The faster growth in Industry is relevant to BHEL's diversification strategy. However, investors should monitor whether this growth continues and how the segment contributes to overall profitability, rather than evaluating diversification only through revenue growth.
BHEL's outstanding order book stood at ₹2,57,571 crore as of 30 September 2026, compared with ₹2,19,641 crore a year earlier. This represents year-on-year growth of approximately 17.3%.
The order book is the value of orders that the company has secured but has not yet completed. It provides an indication of future execution opportunities, although it does not represent guaranteed revenue or profit for a particular period.
Order-book movement during FY27
| Particulars |
Order-book value |
| Outstanding order book at 30 September 2026 |
₹2,57,571 crore |
| Outstanding order book at the end of Q1 FY27 |
₹2,60,255 crore |
| Outstanding order book a year earlier |
₹2,19,641 crore |
| Q1 FY27 order inflow |
₹26,745 crore |
| H1 FY27 order inflow |
Approximately ₹30,000 crore |
| Q2 FY27 order inflow |
Approximately ₹4,000 crore |
Although the order book remained significantly higher than a year earlier, it declined by around 1% during Q2 FY27.
The main reason to watch this movement is the slowdown in new orders. BHEL secured approximately ₹26,745 crore of orders in Q1 FY27, but fresh orders during Q2 were only around ₹4,000 crore.
Why order inflow matters for BHEL
BHEL's large backlog provides multi-year execution visibility. However, the order book needs to be replenished as existing projects progress towards completion.
Investors should assess three factors together:
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Order inflow: The value of new contracts secured during the quarter.
-
Execution: How quickly BHEL converts outstanding orders into completed work and recognised revenue.
-
Profitability: Whether contracts generate adequate margins after project costs.
A large order book is a useful indicator of business visibility, but its financial value depends on timely execution, contract economics and customer payments.
The Q2 FY27 order inflow slowdown does not remove the visibility provided by the existing backlog. However, sustained order replenishment will become increasingly important as execution accelerates.
BHEL's order book includes significant business outside conventional thermal power generation. These orders span transportation, transmission, nuclear power, coal gasification, defence, hydroelectric projects and services.
| Business area |
Approximate outstanding orders |
| Transportation |
₹16,400 crore |
| Transmission |
₹13,600 crore |
| Nuclear |
₹12,800 crore |
| Coal gasification |
₹9,000 crore |
| Defence |
₹7,300 crore |
| Hydro |
₹6,400 crore |
| Spares and services |
₹4,000 crore |
| Total of identified categories |
₹69,500 crore |
These identified categories represent approximately ₹69,500 crore of orders outside the company's conventional thermal power focus, based on the supplied business classifications.
The significance of these orders is that BHEL's growth opportunities are not limited to new thermal power projects. Transportation, nuclear and transmission already represent sizeable parts of its outstanding order book.
Major orders secured during Q2 FY27
BHEL's major orders during the quarter included:
-
Hydro project packages for Heo and Tato-I.
-
Orders for 265 main traction transformers.
-
An FR6B gas turbine.
-
Green-ammonia compressors.
-
Recycle-gas compressors.
The order mix indicates activity across hydroelectric power, railway equipment, gas turbines and industrial applications.
However, the value of individual orders and their expected revenue contribution have not been quantified in the supplied data. Their effect on future financial performance will depend on execution schedules, project margins and billing milestones.
BHEL's ability to execute its order book is a key factor in converting its business visibility into revenue and cash flow. During H1 FY27, the company achieved 2,260 MW of capacity addition against its full-year target of 4,790 MW.
This means approximately 47% of the FY27 target had been completed by the end of September 2026, leaving around 2,530 MW to be delivered during H2 FY27.
Key project execution milestones
| Milestone |
Details |
| Capacity addition |
660 MW Unit 1 of Udangudi STPP for TANGEDCO |
| Synchronisation |
199 MW across Panchet HEP, Chilla HEP and industrial steam turbine generators |
| Full-load operation |
Two 20 MW units at Rahughat HEP, Nepal |
| Defence delivery |
Three upgraded Super Rapid Gun Mounts test-fired and delivered |
Capacity addition refers to generation capacity brought into operation. Synchronisation involves connecting generating equipment to the power system, while full-load operation indicates that a unit has reached its specified operating load.
The remaining capacity-addition target makes H2 execution important. Investors should track whether BHEL completes the planned work on schedule and whether execution translates into revenue, milestone billing and collections.
BHEL's improved customer collections are an important part of its Q2 FY27 performance. Revenue growth can place pressure on cash flow when customer payments are delayed, particularly in businesses involving large engineering projects and milestone-based billing.
During Q2 FY27, customer collections increased by 33% year-on-year to ₹13,179 crore. H1 FY27 collections rose by 34% to ₹24,183 crore.
| Working-capital metric |
Q2 FY27 position |
| Customer collections |
₹13,179 crore |
| Trade receivables |
₹9,718 crore |
| Year-on-year receivables growth |
1.3% |
| Receivable days |
94 days |
| Receivable days in Q2 FY26 |
120 days |
Why the decline in receivable days matters
Trade receivables represent money owed to a company by customers for goods or services already supplied. Receivable days indicate how long, on average, it takes to collect those payments.
BHEL's receivable days declined from 120 to 94, an improvement of 26 days. Meanwhile, trade receivables increased by only 1.3% year-on-year, despite revenue growth of approximately 24%.
This combination indicates that customer collections improved relative to the growth in business activity.
For investors, the benefits can include:
-
Lower amounts of cash tied up in unpaid customer invoices.
-
Better working-capital management.
-
Improved conversion of reported business activity into collections.
-
Reduced pressure from delayed payments, if the improvement continues.
However, receivable days and collections should be monitored over several quarters. A single period of stronger collections does not eliminate the risk of future payment delays or changes in project billing schedules.
BHEL is expanding its presence across infrastructure and industrial markets by using its existing manufacturing, engineering and project-execution capabilities. Its key focus areas include:
-
Rail Mobility: BHEL has a joint venture with Titagarh for Vande Bharat maintenance, while its maiden KAVACH order is under execution.
-
Coal Gasification: The company has an equity stake in the CIL-BHEL joint venture for a 2,000 tonnes-per-day ammonium nitrate facility.
-
Grid Integration: BHEL is developing synchronous-condenser solutions to support renewable energy integration.
-
Green Hydrogen: The company has technology tie-ups covering alkaline and proton exchange membrane (PEM) electrolyser systems.
-
Defence: Its portfolio includes naval systems, Super Rapid Gun Mounts and lifecycle equipment.
-
Nuclear Power: BHEL manufactures turbine-generator equipment and has capabilities to supply sets of up to 700 MW.
In addition to these initiatives, BHEL is executing 80 Vande Bharat Sleeper trainsets and has supplied more than 850 locomotives historically. Its presence across these sectors provides opportunities to diversify beyond conventional thermal power equipment.
Why diversification matters
Diversification provides BHEL with opportunities to secure orders from multiple sectors rather than depending entirely on conventional thermal power projects.
For example, railway modernisation creates demand for transportation equipment, while transmission investment supports grid infrastructure. Defence indigenisation and nuclear power development provide additional avenues for manufacturing and engineering contracts.
However, entering a market does not automatically translate into a material financial contribution. Investors should assess the pace at which these initiatives generate orders, revenue, operating profit and cash collections.
Structural demand drivers highlighted by BHEL
BHEL's investor presentation identifies several areas of potential demand for its products and services.
| Market driver |
Figure cited by BHEL |
| India's peak electricity demand |
Approximately 270-280 GW in FY27 |
| India's installed thermal fleet |
Approximately 250 GW |
| Planned transmission investment |
Approximately ₹9 lakh crore during 2022-32 |
| India's non-fossil capacity ambition |
500 GW by 2030 |
| National Green Hydrogen Mission target |
5 million tonnes of green hydrogen annually |
The projected electricity demand and existing thermal fleet provide a potential market for new equipment, renovation, modernisation, spares and lifecycle services.
Transmission investment creates opportunities in grid equipment and high-voltage infrastructure, including systems needed to integrate renewable energy. India's non-fossil capacity ambition and green hydrogen target also provide a policy context for BHEL's clean-energy initiatives.
These figures describe broader market opportunities. They should not be interpreted as BHEL's revenue guidance or as a guarantee that the company will win a corresponding share of the investment.
Actual business growth depends on tender outcomes, competition, pricing, project schedules, execution capacity and collections.
Alongside its Q2 FY27 results, BHEL's board approved a capital investment of approximately ₹500 crore for additional manufacturing facilities at its Heavy Electrical Equipment Plant in Haridwar.
The expansion is intended to support the manufacturing of thermal and nuclear sets.
What the Haridwar investment means
The proposed investment comes as BHEL manages a large order book and identifies opportunities in both thermal and nuclear power equipment.
Additional manufacturing facilities could support its ability to meet future project requirements. However, the supplied information does not quantify the expected additional production capacity, revenue contribution or return on the ₹500 crore investment.
Investors should therefore track the project's implementation, commissioning, utilisation and eventual contribution to financial performance rather than assuming a specific earnings benefit.
Merger of two manufacturing units
BHEL's board also approved the merger of its Electrical Machines Repair Plant in Mumbai with the Electronics Division in Bengaluru.
The Electronics Division will be the merged unit, with the restructuring effective from 1 November 2026.
BHEL has not quantified the expected cost savings or profitability benefits. For now, the merger should be viewed as an organisational consolidation rather than as evidence of a measurable improvement in earnings.
BHEL's installed equipment base and manufacturing experience are important parts of its position in the power, transportation, transmission and defence markets.
The company reports the following operating credentials:
-
More than 214 GW of installed power-generation equipment.
-
More than 8,50,000 MVA of transmission equipment supplied.
-
Six landmark high-voltage direct current (HVDC) projects executed.
-
More than 850 locomotives supplied historically.
-
55 Super Rapid Gun Mounts supplied to the defence sector.
-
A presence across 95 countries.
-
More than 18 GW of power-plant equipment contracted internationally.
A large installed base can support recurring requirements for spare parts, renovation, modernisation and maintenance. These activities provide opportunities beyond the initial sale and installation of new equipment.
BHEL's established manufacturing and engineering capabilities also support its diversification into adjacent infrastructure markets.
However, the installed base alone does not establish future profitability. The financial contribution of these activities depends on service demand, contract values, margins and the company's ability to execute projects efficiently.
Despite the improvement in BHEL Q2 FY27 earnings, several operating, financial and governance risks remain relevant.
1. Order-book execution risk
BHEL has outstanding orders worth Rs 2,57,571 crore.
However, the order book represents future execution obligations rather than immediately recognised revenue.
Project delays, procurement issues, contractual changes or customer-side delays can affect revenue recognition and profitability.
2. Slowdown in fresh order inflows
Q2 FY27 order inflows were approximately Rs 4,000 crore, substantially below the Rs 26,745 crore recorded in Q1.
The outstanding order book also declined around 1% sequentially.
A prolonged slowdown in new orders could eventually affect revenue visibility as existing contracts are executed.
3. Margin sustainability
BHEL's company-reported EBITDA margin improved to 13.4% in Q2 FY27.
However, engineering-project margins depend on execution stages, pricing, project mix and procurement costs.
Future quarters will determine whether the recent improvement can be sustained.
4. Second-half execution requirements
BHEL completed 2,260 MW of capacity addition during H1 FY27 against its target of 4,790 MW.
This leaves 2,530 MW to be completed during H2 FY27.
Delays in remaining projects could affect achievement of the annual target.
5. Working-capital intensity
Receivable days improved from 120 to 94 days, but BHEL continues to operate a project-based business with substantial working-capital requirements.
Delays in billing certification, milestone approvals or customer payments can affect liquidity and cash generation.
6. Overseas receivable exposure
BHEL's Q1 FY27 statutory filing disclosed Rs 196 crore of overdue receivables from STPG, formerly NEC Sudan, arising from the crisis in Sudan.
The company considered the amount recoverable at that time.
The disclosure indicated that a provision would have reduced profit before tax by approximately Rs 177 crore after considering expected credit loss (ECL).
This was a Q1 disclosure and should not be interpreted as a newly recognised Q2 loss.
Investors should monitor subsequent disclosures regarding recovery and provisioning.
7. Board composition and governance
BHEL's disclosures state that there have been no Independent Directors on its board with effect from 2 June 2026.
This affects the composition of board-level committees that require independent representation.
Any subsequent appointments and changes in board composition are relevant governance developments to monitor.
8. Project, regulatory and policy risks
BHEL's operations can be affected by fluctuations in demand, competitive pricing, taxation, regulations, litigation and labour-related developments.
These factors may influence project schedules, profitability and the timing of order conversion.
Can BHEL sustain its Q2 FY27 performance?
The answer will depend on whether the company can maintain its improved margins, continue collecting customer payments efficiently and execute its existing order book on schedule.
The sharp improvement in Q2 and H1 FY27 provides evidence of better financial performance. However, slower Q2 order inflows and the remaining H2 execution target mean that investors should not assume the same pace of growth will automatically continue.
BHEL's upcoming quarterly results will help determine whether the improvement seen in H1 FY27 can continue. Investors should focus on project execution, order inflows, profitability, working-capital efficiency and business diversification.
1. Order Book and Project Execution
-
Outstanding order book: Rs 2,57,571 crore as of September 2026.
-
Revenue: Rs 9,300 crore in Q2 FY27, up 24% YoY.
-
Capacity addition: 2,260 MW achieved against the FY27 target of 4,790 MW.
Investors should monitor how efficiently BHEL converts its large order book into revenue and whether it completes the remaining 2,530 MW capacity-addition target during H2 FY27.
2. Fresh Order Inflows
BHEL secured approximately Rs 4,000 crore of new orders in Q2 FY27, compared with Rs 26,745 crore in Q1.
A recovery in fresh orders will be important for maintaining long-term revenue visibility as existing projects are executed.
3. Operating Margins and Profitability
BHEL's company-reported EBITDA margin improved to 13.4% in Q2 FY27, while standalone net profit increased 120% YoY.
Future results will indicate whether the company can sustain improved margins across different project mixes and execution stages.
4. Cash Collections and Working Capital
-
H1 FY27 customer collections: Rs 24,183 crore, up 34% YoY.
-
Receivable days: Declined from 120 to 94 days.
Continued collection efficiency and stable receivable days will be important indicators of working-capital management and earnings quality.
5. Diversification and Capacity Expansion
BHEL's Industry segment recorded 45% YoY revenue growth, while its identified non-thermal order categories totalled approximately Rs 69,500 crore.
Investors should track the revenue and profitability contributions from transportation, nuclear, transmission and defence businesses, alongside implementation of the approved Rs 500 crore Haridwar manufacturing expansion.
Overall, BHEL's next phase of growth will depend on converting its substantial order backlog into profitable revenue, sustaining margins and improving cash generation while replenishing new orders.
BHEL's Q2 FY27 results show a substantial improvement in revenue, profitability and working-capital management. Standalone revenue increased 24% year-on-year to ₹9,300 crore, EBITDA rose 69% to ₹1,286 crore, and profit after tax grew 120% to ₹810 crore.
The EBITDA margin improved from 9.9% to 13.4%, while customer collections increased by 33% and receivable days declined from 120 to 94. The H1 FY27 performance reinforces this improvement, with revenue rising 31%, EBITDA increasing from ₹411 crore to ₹2,020 crore, and the company moving from a loss to a standalone profit of ₹1,192 crore.
BHEL's ₹2.58 lakh crore outstanding order book provides substantial execution visibility. Its presence across thermal power, transportation, transmission, nuclear, defence, hydro and coal gasification also provides opportunities to diversify its business.
However, Q2 order inflows slowed sharply compared with Q1 FY27, and the outstanding order book declined marginally on a sequential basis. The company also needs to complete approximately 2,530 MW of its FY27 capacity-addition target during H2.
The key consideration for investors is whether BHEL can convert its large order book into revenue and cash flow while sustaining the stronger margins reported in Q2. Future order inflows, execution progress, customer collections and governance disclosures will remain important indicators of its financial performance.
This article is for educational purposes only and is not a recommendation to buy or sell any security.
Frequently Asked Questions
1. What was BHEL's profit in Q2 FY27?
BHEL reported standalone profit after tax of ₹810 crore in Q2 FY27, up 120% from ₹368 crore in Q2 FY26. Consolidated net profit was ₹820.94 crore, compared with ₹374.89 crore a year earlier.
2. What was BHEL's revenue in Q2 FY27?
BHEL's standalone revenue from operations increased 24% year-on-year to ₹9,300 crore in Q2 FY27, compared with ₹7,512 crore in Q2 FY26.
3. What was BHEL's EBITDA margin in Q2 FY27?
BHEL's company-reported EBITDA margin improved to 13.4% in Q2 FY27 from 9.9% in Q2 FY26. EBITDA increased 69% year-on-year to ₹1,286 crore.
4. What is BHEL's order book as of September 2026?
BHEL's outstanding order book stood at ₹2,57,571 crore, or approximately ₹2.58 lakh crore, as of 30 September 2026. It increased 17.3% year-on-year but declined from ₹2,60,255 crore at the end of Q1 FY27.
5. What are the key factors to watch after BHEL's Q2 FY27 results?
Investors should monitor order inflows, execution of the existing backlog, EBITDA margin sustainability, customer collections, receivable days and progress towards the FY27 capacity-addition target. BHEL's diversification initiatives, Haridwar expansion and corporate governance disclosures are also relevant.