Bharat Heavy Electricals Ltd. Nine-Monthly Results: Standalone & Consolidated Reports

Nine Monthly Results

Results Snapshot

Figures in Cr

Consolidate Nine Monthly Results

Dec'25

Dec'24

Dec'23

Dec'22

Dec'21

Dec'20

Dec'19

Net Sales

21,471.81

19,346.11

15,632.53

15,137.95

13,149.41

10,138.22

16,440.20

Other Operating Income

0.00

Total Operating income

21,471.81

19,346.11

15,632.53

15,137.95

13,149.41

10,138.22

16,440.20

Raw Material Cost

15,928.16

13,408.67

11,488.36

6,213.78

8,278.89

6,540.51

11,276.15

Purchase of Finished goods

0.00

2,843.20

0.00

(Increase) / Decrease In Stocks

-965.71

-516.79

-201.84

65.50

409.07

95.52

-1,157.01

Employee Cost

4,473.14

4,384.06

4,144.16

4,248.85

4,156.52

4,142.10

4,298.25

Power Cost

0.00

Manufacturing Expenses

0.00

1,510.43

74.53

0.00

Selling and Distribution Expenses

0.00

Other Expenses

1,447.13

1,660.28

317.10

525.78

646.72

1,232.98

1,700.54

Total Expenditure (Excl Depreciation)

20,882.72

18,936.22

15,747.78

15,407.54

13,565.73

12,011.11

16,117.93

Operating Profit (PBDIT) excl Other Income

589.09

409.89

-115.25

-269.59

-416.32

-1,872.89

322.27

Other Income

564.52

316.04

389.68

377.01

234.50

273.73

420.60

Operating Profit (PBDIT)

1,153.61

725.93

274.43

107.42

-181.82

-1,599.16

742.87

Interest

558.89

546.90

537.97

360.37

260.40

295.12

367.03

Exceptional Items

0.00

Gross Profit (PBDT)

594.72

179.03

-263.54

-252.95

-442.22

-1,894.28

375.84

Depreciation

227.97

186.94

180.50

187.77

228.17

346.67

348.96

Profit Before Tax

382.99

10.35

-421.71

-421.11

-670.39

-2,240.95

26.88

Tax

101.23

11.73

-186.25

-263.98

-163.54

-542.57

-14.31

Provisions and contingencies

0.00

Profit After Tax

265.52

-19.64

-257.79

-176.74

-506.85

-1,698.38

41.19

Extraordinary Items

0.00

Prior Period Expenses

0.00

Other Adjustments

0.00

Net Profit

265.52

-19.64

-257.79

-176.74

-506.85

-1,698.38

41.19

Share in Profit of Associates

44.27

49.09

50.39

43.13

39.09

35.00

22.64

Minority Interest

0.00

1.32

0.25

1.10

Other related items

0.00

Consolidated Net Profit

309.79

29.45

-207.40

-133.61

-466.44

-1,662.29

66.65

Equity Capital

696.41

Face Value

2.0

Reserves

24,059.11

23,613.35

23,298.66

25,657.61

0.00

Diluted Earnings per share

1.12

0.39

0.17

0.12

0.08

-0.63

0.46

Operating Profit Margin (Excl OI)

2.74%

2.12%

-0.74%

-1.78%

-3.17%

-18.47%

1.96%

Gross Profit Margin

2.77%

0.93%

-1.69%

-1.67%

-3.36%

-18.68%

2.29%

PAT Margin

1.24%

-0.1%

-1.65%

-1.17%

-3.85%

-16.75%

0.25%

Public Share Holdings (%)

0.0%

Pledged Promotor Holding (%)

0.0%

Nine Monthly Analysis Highlights

Net Sales

YoY Growth in nine months ended Dec 2025 is 10.99% vs 23.76% in Dec 2024

Consolidate Net Profit

YoY Growth in nine months ended Dec 2025 is 951.92% vs 114.20% in Dec 2024

Operating Profit (PBDIT) excl Other Income

YoY Growth in nine months ended Dec 2025 is 43.72% vs 455.65% in Dec 2024

Interest

YoY Growth in nine months ended Dec 2025 is 2.19% vs 1.66% in Dec 2024

Operating Profit Margin (Excl OI)

YoY Growth in nine months ended Dec 2025 has improved from Dec 2024

Compare Nine Monthly Results Of BHEL With

Select Peers

Figures in Cr

Consolidate Nine Monthly Results

Change(INR)

Change(%)

Net Sales

21,471.81

8,976.19

12,495.62

139.21%

Other Operating Income

0.00

Total Operating income

21,471.81

8,976.19

12,495.62

139.21%

Raw Material Cost

15,928.16

6,052.81

9,875.35

163.15%

Purchase of Finished goods

0.00

290.16

-290.16

-100.00%

(Increase) / Decrease In Stocks

-965.71

-113.47

-852.24

-751.07%

Employee Cost

4,473.14

688.82

3,784.32

549.39%

Power Cost

0.00

Manufacturing Expenses

0.00

Selling and Distribution Expenses

0.00

Other Expenses

1,447.13

935.43

511.70

54.70%

Total Expenditure (Excl Depreciation)

20,882.72

7,853.75

13,028.97

165.89%

Operating Profit (PBDIT) excl Other Income

589.09

1,122.44

-533.35

-47.52%

Other Income

564.52

168.00

396.52

236.02%

Operating Profit (PBDIT)

1,153.61

1,290.44

-136.83

-10.60%

Interest

558.89

8.40

550.49

6,553.45%

Exceptional Items

0.00

Gross Profit (PBDT)

594.72

1,282.04

-687.32

-53.61%

Depreciation

227.97

146.22

81.75

55.91%

Profit Before Tax

382.99

1,135.82

-752.83

-66.28%

Tax

101.23

300.60

-199.37

-66.32%

Provisions and contingencies

0.00

Profit After Tax

265.52

835.22

-569.70

-68.21%

Extraordinary Items

0.00

Prior Period Expenses

0.00

Other Adjustments

0.00

Net Profit

265.52

835.22

-569.70

-68.21%

Share in Profit of Associates

44.27

0.00

44.27

Minority Interest

0.00

3.72

-3.72

-100.00%

Other related items

0.00

Consolidated Net Profit

309.79

840.78

-530.99

-63.15%

Equity Capital

696.41

314.98

381.43

121.10%

Face Value

2.00

0.00

Reserves

24,059.11

0.00

24,059.11

Gross Profit Margin

2.77%

14.28%

0.00

-11.51%

PAT Margin

1.24%

9.30%

0.00

-8.06%

Public Share Holdings (%)

0.00%

0.00

0.00%

Pledged Promotor Holding (%)

0.00%

0.00

0.00%

Nine Monthly - Net Sales

Net Sales 21,471.81 Cr

in Dec 2025

Figures in Cr

YoY Growth in nine months ended Dec 2025 is 10.99% vs 23.76% in Dec 2024

Nine Monthly - Consolidate Net Profit

Consolidate Net Profit 309.79 Cr

in Dec 2025

Figures in Cr

YoY Growth in nine months ended Dec 2025 is 951.92% vs 114.20% in Dec 2024

Nine Monthly - Operating Profit (PBDIT)

Operating Profit (PBDIT) 589.09 Cr

in Dec 2025

Figures in Cr

YoY Growth in nine months ended Dec 2025 is 43.72% vs 455.65% in Dec 2024

Nine Monthly - Interest

Interest 558.89 Cr

in Dec 2025

Figures in Cr

YoY Growth in nine months ended Dec 2025 is 2.19% vs 1.66% in Dec 2024

Nine Monthly - Operating Profit Margin (Excl OI)

Operating Profit Margin (Excl OI) 2.74%

in Dec 2025

Figures in %

YoY Growth in nine months ended Dec 2025 has improved from Dec 2024