Bharat Heavy Electricals Ltd

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Bharat Heavy Electricals Ltd

₹ 228 0.91%
21 Nov - close price
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

Business Segments

Website BSE NSE
  • Market Cap ₹ 79,370 Cr.
  • Current Price ₹ 228
  • High / Low ₹ 335 / 142
  • Stock P/E 191
  • Book Value ₹ 70.6
  • Dividend Yield 0.11 %
  • ROCE 3.25 %
  • ROE 1.03 %
  • Face Value ₹ 2.00
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Pros

  • Company has been maintaining a healthy dividend payout of 29.9%

Cons

  • Stock is trading at 3.23 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.
  • Company has a low return on equity of 1.63% over last 3 years.
  • Earnings include an other income of Rs.497 Cr.
  • Debtor days have increased from 58.0 to 73.1 days.
  • Working capital days have increased from 119 days to 194 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

Part of BSE Capital Goods Nifty Next 50 Nifty LargeMidcap 250 Nifty200 Momentum 30 Nifty 200

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
5,112 5,136 8,062 4,672 5,203 5,263 8,227 5,003 5,125 5,504 8,260 5,485 6,584
5,141 5,047 6,910 4,842 5,446 5,119 7,178 5,182 5,279 5,287 7,532 5,654 6,309
Operating Profit -29 89 1,152 -170 -244 144 1,049 -178 -154 217 728 -169 275
OPM % -1% 2% 14% -4% -5% 3% 13% -4% -3% 4% 9% -3% 4%
74 91 128 80 224 99 112 122 197 104 165 110 118
Interest 90 86 96 98 123 139 161 168 180 190 193 162 201
Depreciation 43 74 86 67 59 62 73 60 60 61 68 59 60
Profit before tax -88 20 1,098 -255 -201 41 927 -284 -197 70 631 -280 132
Tax % -23% 30% 17% -25% -105% 25% 30% -25% -70% 34% 23% -24% 27%
-67 14 909 -192 10 31 645 -212 -58 46 484 -213 97
EPS in Rs -0.19 0.04 2.61 -0.55 0.03 0.09 1.85 -0.61 -0.17 0.13 1.39 -0.61 0.28
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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 TTM
48,411 39,101 30,717 25,467 28,435 28,813 30,423 21,459 17,308 21,211 23,365 23,893 25,833
39,022 34,581 28,619 26,834 27,312 26,806 28,268 21,588 20,351 20,381 22,321 23,182 24,783
Operating Profit 9,390 4,520 2,098 -1,367 1,123 2,007 2,155 -129 -3,043 830 1,044 711 1,050
OPM % 19% 12% 7% -5% 4% 7% 7% -1% -18% 4% 4% 3% 4%
1,121 1,610 1,211 1,498 766 694 744 581 370 368 515 586 497
Interest 125 133 92 359 412 330 377 611 466 447 612 828 746
Depreciation 953 983 1,077 936 849 786 475 503 473 314 260 249 248
Profit before tax 9,432 5,014 2,140 -1,164 628 1,585 2,048 -662 -3,612 437 686 220 553
Tax % 30% 31% 34% -39% 21% 49% 41% 122% -25% 6% 9% -18%
6,615 3,461 1,419 -710 496 807 1,209 -1,473 -2,717 410 624 260 415
EPS in Rs 18.02 9.43 3.87 -1.93 1.35 2.20 3.47 -4.23 -7.80 1.18 1.79 0.75 1.19
Dividend Payout % 20% 20% 20% -14% 78% 83% 58% 0% 0% 34% 22% 34%
Compounded Sales Growth
10 Years: -5%
5 Years: -5%
3 Years: 11%
TTM: 9%
Compounded Profit Growth
10 Years: -23%
5 Years: -27%
3 Years: 28%
TTM: 2%
Stock Price CAGR
10 Years: 3%
5 Years: 32%
3 Years: 53%
1 Year: 60%
Return on Equity
10 Years: 0%
5 Years: -2%
3 Years: 2%
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 Sep 2024
Equity Capital 490 490 490 490 490 734 696 696 696 696 696 696 696
Reserves 29,955 32,558 33,595 31,692 31,805 31,867 30,735 28,485 25,788 26,275 24,116 24,154 23,904
1,490 2,722 118 202 150 99 2,586 5,065 4,935 4,830 5,454 8,856 9,128
38,249 37,108 34,402 33,036 29,136 31,484 30,969 26,531 25,001 25,654 27,832 26,493 28,466
Total Liabilities 70,183 72,878 68,604 65,419 61,580 64,184 64,987 60,778 56,421 57,455 58,098 60,200 62,194
4,458 4,693 4,141 3,962 3,596 3,069 2,967 2,814 2,488 2,398 2,476 2,574 2,571
CWIP 1,172 642 518 318 168 203 235 314 420 431 354 308 311
Investments 429 420 418 664 661 691 669 670 670 670 670 668 668
64,124 67,123 63,528 60,475 57,155 60,222 61,115 56,980 52,843 53,956 54,599 56,650 58,645
Total Assets 70,183 72,878 68,604 65,419 61,580 64,184 64,987 60,778 56,421 57,455 58,098 60,200 62,194

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 -741 -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 -795 829 274

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 186 198 280 272 200 191 218 321 333 274 261 253
Days Payable 152 175 240 240 225 301 297 300 281 291 345 275
Cash Conversion Cycle 254 285 351 354 258 68 63 142 137 35 -35 51
Working Capital Days 126 161 198 209 162 121 130 157 146 84 79 194
ROCE % 33% 15% 6% -2% 3% 6% 7% -0% -10% 3% 4% 3%

Shareholding Pattern

Numbers in percentages

Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 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%
3.86% 4.00% 4.22% 4.81% 8.48% 8.58% 7.77% 7.23% 7.04% 8.76% 9.10% 9.48%
13.80% 12.66% 12.59% 14.45% 14.71% 15.50% 16.36% 15.99% 17.58% 15.95% 15.03% 14.69%
19.17% 20.17% 20.02% 17.57% 13.63% 12.76% 12.71% 13.62% 12.23% 12.14% 12.71% 12.66%
No. of Shareholders 12,04,72912,81,74312,87,79811,92,23210,27,95810,16,93610,12,61712,27,65812,65,43614,99,20218,80,85119,95,266

* 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.

Click on the line-items to see the names of individual entities.

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