Bharat Heavy Electricals Ltd

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Bharat Heavy Electricals Ltd

₹ 305 3.67%
22 Jul 4:01 p.m.
bhel.com BSE: 500103 NSE: BHEL
About

Bharat Heavy Electricals Ltd is an integrated power plant equipment manufacturer engaged in design, engineering, manufacture, erection, testing, commissioning and servicing of a wide range of products and services for the core sectors of the economy, viz. Power, transmission, Industry, transportation, renewable energy, Oil & Gas and defence.[1] It is the flagship engineering and manufacturing company of India owned and controlled by the Govt. of India.[2]

Key Points

Power Sector (~76% of revenues)[1]
The company has capabilities to manufacture the entire range of power plant equipment including thermal, gas, hydro and nuclear power projects.[2]

Website BSE NSE
  • Market Cap ₹ 1,06,114 Cr.
  • Current Price ₹ 305
  • High / Low ₹ 335 / 94.6
  • Stock P/E 408
  • Book Value ₹ 71.4
  • Dividend Yield 0.08 %
  • ROCE 2.87 %
  • ROE 1.00 %
  • Face Value ₹ 2.00
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Pros

  • Company has been maintaining a healthy dividend payout of 32.9%

Cons

  • Stock is trading at 4.27 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -4.72% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 1.36% over last 3 years.
  • Earnings include an other income of Rs.588 Cr.
  • Debtor days have increased from 58.0 to 73.1 days.
  • Working capital days have increased from 121 days to 182 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Capital Goods - Electrical Equipment Industry: Electric Equipment

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
7,171 2,901 5,112 5,136 8,062 4,672 5,203 5,263 8,227 5,003 5,125 5,504 8,260
8,435 3,375 5,141 5,047 6,910 4,842 5,446 5,119 7,178 5,368 5,513 5,287 7,532
Operating Profit -1,264 -474 -29 89 1,152 -170 -244 144 1,049 -364 -388 217 728
OPM % -18% -16% -1% 2% 14% -4% -5% 3% 13% -7% -8% 4% 9%
84 75 74 91 128 80 224 99 112 122 197 104 165
Interest 78 84 90 86 96 98 123 139 161 168 180 190 193
Depreciation 127 111 43 74 86 67 59 62 73 60 60 61 68
Profit before tax -1,385 -594 -88 20 1,098 -255 -201 41 927 -470 -431 70 631
Tax % -25% -25% -23% 30% 17% -25% -105% 25% 30% -25% -46% 34% 23%
-1,033 -445 -67 14 909 -192 10 31 645 -352 -233 46 484
EPS in Rs -2.97 -1.28 -0.19 0.04 2.61 -0.55 0.03 0.09 1.85 -1.01 -0.67 0.13 1.39
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
48,411 39,101 30,717 25,467 28,435 28,813 30,423 21,459 17,308 21,211 23,365 23,893
39,022 34,581 28,619 26,834 27,312 26,806 28,268 21,588 20,351 20,381 22,557 23,280
Operating Profit 9,390 4,520 2,098 -1,367 1,123 2,007 2,155 -129 -3,043 830 807 613
OPM % 19% 12% 7% -5% 4% 7% 7% -1% -18% 4% 3% 3%
1,121 1,610 1,211 1,498 766 694 744 581 370 368 515 588
Interest 125 133 92 359 412 330 377 611 466 447 612 731
Depreciation 953 983 1,077 936 849 786 475 503 473 314 260 249
Profit before tax 9,432 5,014 2,140 -1,164 628 1,585 2,048 -662 -3,612 437 450 220
Tax % 30% 31% 34% -39% 21% 49% 41% 122% -25% 6% 0% -18%
6,615 3,461 1,419 -710 496 807 1,209 -1,473 -2,717 410 448 260
EPS in Rs 18.02 9.43 3.87 -1.93 1.35 2.20 3.47 -4.23 -7.80 1.18 1.29 0.75
Dividend Payout % 20% 20% 20% -14% 78% 83% 58% 0% 0% 34% 31% 34%
Compounded Sales Growth
10 Years: -5%
5 Years: -5%
3 Years: 11%
TTM: 2%
Compounded Profit Growth
10 Years: -23%
5 Years: -26%
3 Years: 28%
TTM: -39%
Stock Price CAGR
10 Years: 7%
5 Years: 38%
3 Years: 68%
1 Year: 223%
Return on Equity
10 Years: 0%
5 Years: -2%
3 Years: 1%
Last Year: 1%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 490 490 490 490 490 734 696 696 696 696 696 696
Reserves 29,955 32,558 33,595 31,692 31,805 31,867 30,735 28,485 25,788 26,275 26,566 24,154
1,490 2,722 118 202 150 99 2,586 5,065 4,935 4,830 5,454 8,856
38,249 37,108 34,402 33,036 29,136 31,484 30,969 26,531 25,001 25,654 27,832 25,710
Total Liabilities 70,183 72,878 68,604 65,419 61,580 64,184 64,987 60,778 56,421 57,455 60,548 59,417
4,458 4,693 4,141 3,962 3,596 3,069 2,967 2,814 2,488 2,398 2,476 2,600
CWIP 1,172 642 518 318 168 203 235 314 420 431 354 282
Investments 429 420 418 664 661 691 669 670 670 670 670 668
64,124 67,123 63,528 60,475 57,155 60,222 61,115 56,980 52,843 53,956 57,048 55,867
Total Assets 70,183 72,878 68,604 65,419 61,580 64,184 64,987 60,778 56,421 57,455 60,548 59,417

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
1,865 4,518 775 347 562 991 -3,856 -2,892 560 660 -742 -3,713
-338 -168 464 51 -566 964 1,915 1,877 -43 -1,125 1,480 1,331
-467 -209 -3,300 -124 -470 -671 -32 1,622 -393 -330 89 2,656
Net Cash Flow 1,060 4,141 -2,060 274 -474 1,284 -1,973 607 124 -795 828 274

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 220 262 312 321 283 178 142 121 85 52 49 73
Inventory Days 186 198 280 272 200 191 218 321 333 274 261 157
Days Payable 152 175 240 240 225 301 297 300 281 291 345 189
Cash Conversion Cycle 254 285 351 354 258 68 63 142 137 35 -35 41
Working Capital Days 126 161 198 209 162 121 130 157 146 84 98 182
ROCE % 33% 15% 6% -2% 3% 6% 7% -0% -10% 3% 3% 3%

Shareholding Pattern

Numbers in percentages

Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
63.17% 63.17% 63.17% 63.17% 63.17% 63.17% 63.17% 63.17% 63.17% 63.17% 63.17% 63.17%
4.31% 3.86% 4.00% 4.22% 4.81% 8.48% 8.58% 7.77% 7.23% 7.04% 8.76% 9.10%
13.73% 13.80% 12.66% 12.59% 14.45% 14.71% 15.50% 16.36% 15.99% 17.58% 15.95% 15.03%
18.79% 19.17% 20.17% 20.02% 17.57% 13.63% 12.76% 12.71% 13.62% 12.23% 12.14% 12.71%
No. of Shareholders 11,38,65412,04,72912,81,74312,87,79811,92,23210,27,95810,16,93610,12,61712,27,65812,65,43614,99,20218,80,851

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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