Bharat Heavy Electricals Ltd

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Bharat Heavy Electricals Ltd

₹ 298 0.32%
03 Jul 9:09 a.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 ₹ 1,03,765 Cr.
  • Current Price ₹ 298
  • High / Low ₹ 322 / 87.1
  • Stock P/E 368
  • Book Value ₹ 70.2
  • Dividend Yield 0.13 %
  • ROCE 2.97 %
  • ROE 1.10 %
  • Face Value ₹ 2.00
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Pros

  • Company has been maintaining a healthy dividend payout of 30.4%

Cons

  • Stock is trading at 4.23 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -4.73% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 1.49% over last 3 years.
  • Earnings include an other income of Rs.610 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

Consolidated Figures in Rs. Crores / View Standalone

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
7,170 2,901 5,112 5,136 8,062 4,672 5,203 5,263 8,227 5,003 5,125 5,504 8,260
8,439 3,377 5,142 5,047 6,910 4,842 5,446 5,119 7,178 5,368 5,513 5,287 7,532
Operating Profit -1,268 -476 -30 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 74 96 104 131 84 226 110 125 130 192 118 170
Interest 79 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 -1,390 -597 -67 33 1,102 -251 -199 53 940 -462 -436 84 636
Tax % 25% 25% 31% 18% 17% 25% 106% 20% 30% 26% 45% 29% 23%
-1,036 -448 -47 27 912 -188 12 42 658 -344 -238 60 490
EPS in Rs -2.97 -1.29 -0.13 0.08 2.62 -0.54 0.03 0.12 1.89 -0.99 -0.68 0.17 1.41
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
48,903 39,561 31,323 25,505 28,465 28,827 30,441 21,463 17,309 21,211 23,365 23,893
39,420 34,982 29,183 26,862 27,370 27,174 28,409 21,596 20,357 20,383 22,557 23,280
Operating Profit 9,483 4,579 2,141 -1,357 1,095 1,653 2,032 -133 -3,049 828 807 613
OPM % 19% 12% 7% -5% 4% 6% 7% -1% -18% 4% 3% 3%
1,132 1,617 1,221 1,492 753 679 662 590 393 405 544 610
Interest 128 133 92 360 413 330 378 613 467 448 612 731
Depreciation 957 985 1,082 937 850 787 476 503 473 314 260 249
Profit before tax 9,531 5,078 2,187 -1,161 586 1,215 1,840 -659 -3,596 470 479 243
Tax % 30% 31% 34% 39% 22% 64% 46% -123% 25% 5% 0% -16%
6,693 3,502 1,450 -706 455 438 1,002 -1,468 -2,700 445 477 282
EPS in Rs 18.23 9.54 3.96 -1.92 1.25 1.20 2.89 -4.21 -7.75 1.28 1.37 0.81
Dividend Payout % 20% 20% 20% -14% 85% 151% 69% 0% 0% 31% 29% 31%
Compounded Sales Growth
10 Years: -5%
5 Years: -5%
3 Years: 11%
TTM: 2%
Compounded Profit Growth
10 Years: -22%
5 Years: -22%
3 Years: 28%
TTM: -38%
Stock Price CAGR
10 Years: 5%
5 Years: 33%
3 Years: 65%
1 Year: 242%
Return on Equity
10 Years: 0%
5 Years: -2%
3 Years: 1%
Last Year: 1%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 30,059 32,681 33,717 31,825 31,899 31,601 30,208 27,964 25,287 25,810 26,132 23,742
2,698 4,693 1,889 211 156 110 2,598 5,080 4,951 4,830 5,454 8,856
38,572 37,468 34,887 33,051 29,153 31,495 30,987 26,550 25,025 25,654 27,832 25,710
Total Liabilities 71,818 75,331 70,983 65,577 61,698 63,940 64,490 60,291 55,960 56,991 60,114 59,006
4,667 4,729 4,230 3,969 3,601 3,073 2,970 2,817 2,491 2,398 2,476 2,600
CWIP 2,467 2,931 2,614 318 168 203 235 314 420 431 354 282
Investments 6 6 6 796 757 429 152 162 185 205 235 256
64,679 67,665 64,134 60,494 57,171 60,235 61,132 56,998 52,864 53,956 57,048 55,867
Total Assets 71,818 75,331 70,983 65,577 61,698 63,940 64,490 60,291 55,960 56,991 60,114 59,006

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
1,759 4,512 821 374 560 989 -3,860 -2,892 560 660 -742 -3,713
-1,113 -868 650 23 -565 961 1,919 1,877 -42 -1,118 1,480 1,331
472 523 -3,543 -122 -468 -667 -32 1,622 -394 -329 89 2,656
Net Cash Flow 1,118 4,167 -2,071 275 -473 1,283 -1,973 608 123 -787 828 274

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 219 260 309 321 283 178 142 121 85 52 49 73
Inventory Days 186 195 270 272 200 191 218 321 333 274 261 157
Days Payable 152 174 239 240 225 301 297 300 281 291 345 189
Cash Conversion Cycle 253 281 340 353 258 68 63 142 137 35 -35 41
Working Capital Days 126 158 193 209 162 121 130 157 146 84 98 182
ROCE % 33% 15% 6% -2% 3% 5% 7% -0% -10% 3% 3%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 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%
4.67% 4.31% 3.86% 4.00% 4.22% 4.81% 8.48% 8.58% 7.77% 7.23% 7.04% 8.76%
12.39% 13.73% 13.80% 12.66% 12.59% 14.45% 14.71% 15.50% 16.36% 15.99% 17.58% 15.95%
19.76% 18.79% 19.17% 20.17% 20.02% 17.57% 13.63% 12.76% 12.71% 13.62% 12.23% 12.14%
No. of Shareholders 11,46,93711,38,65412,04,72912,81,74312,87,79811,92,23210,27,95810,16,93610,12,61712,27,65812,65,43614,99,202

* 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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