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 ₹ 79,310 Cr.
  • Current Price ₹ 228
  • High / Low ₹ 335 / 141
  • Stock P/E 178
  • Book Value ₹ 69.5
  • Dividend Yield 0.11 %
  • ROCE 3.37 %
  • ROE 1.13 %
  • Face Value ₹ 2.00
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Pros

  • Company has been maintaining a healthy dividend payout of 27.8%

Cons

  • Stock is trading at 3.28 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.
  • Company has a low return on equity of 1.77% over last 3 years.
  • Earnings include an other income of Rs.527 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

Consolidated Figures in Rs. Crores / View Standalone

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
5,142 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 -30 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%
96 104 131 84 226 110 125 130 192 118 170 111 128
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 -67 33 1,102 -251 -199 53 940 -276 -202 84 636 -279 141
Tax % -31% 18% 17% -25% -106% 20% 30% -26% -69% 29% 23% -24% 25%
-47 27 912 -188 12 42 658 -205 -63 60 490 -211 106
EPS in Rs -0.13 0.08 2.62 -0.54 0.03 0.12 1.89 -0.59 -0.18 0.17 1.41 -0.61 0.30
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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 TTM
48,903 39,561 31,323 25,505 28,465 28,827 30,441 21,463 17,309 21,211 23,365 23,893 25,833
39,420 34,982 29,183 26,862 27,370 27,174 28,409 21,596 20,357 20,383 22,321 23,182 24,783
Operating Profit 9,483 4,579 2,141 -1,357 1,095 1,653 2,032 -133 -3,049 828 1,044 711 1,050
OPM % 19% 12% 7% -5% 4% 6% 7% -1% -18% 4% 4% 3% 4%
1,132 1,617 1,221 1,492 753 679 662 590 393 405 544 608 527
Interest 128 133 92 360 413 330 378 613 467 448 612 828 746
Depreciation 957 985 1,082 937 850 787 476 503 473 314 260 249 248
Profit before tax 9,531 5,078 2,187 -1,161 586 1,215 1,840 -659 -3,596 470 716 243 583
Tax % 30% 31% 34% -39% 22% 64% 46% 123% -25% 5% 9% -16%
6,693 3,502 1,450 -706 455 438 1,002 -1,468 -2,700 445 654 282 445
EPS in Rs 18.23 9.54 3.96 -1.92 1.25 1.20 2.89 -4.21 -7.75 1.28 1.88 0.81 1.27
Dividend Payout % 20% 20% 20% -14% 85% 151% 69% 0% 0% 31% 21% 31%
Compounded Sales Growth
10 Years: -5%
5 Years: -5%
3 Years: 11%
TTM: 9%
Compounded Profit Growth
10 Years: -22%
5 Years: -23%
3 Years: 28%
TTM: 3%
Stock Price CAGR
10 Years: 3%
5 Years: 32%
3 Years: 56%
1 Year: 61%
Return on Equity
10 Years: 0%
5 Years: -2%
3 Years: 2%
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 Sep 2024
Equity Capital 490 490 490 490 490 734 696 696 696 696 696 696 696
Reserves 30,059 32,681 33,717 31,825 31,899 31,601 30,208 27,964 25,287 25,810 23,682 23,742 23,503
2,698 4,693 1,889 211 156 110 2,598 5,080 4,951 4,830 5,454 8,856 9,128
38,572 37,468 34,887 33,051 29,153 31,495 30,987 26,550 25,025 25,654 27,832 26,493 28,466
Total Liabilities 71,818 75,331 70,983 65,577 61,698 63,940 64,490 60,291 55,960 56,991 57,664 59,788 61,793
4,667 4,729 4,230 3,969 3,601 3,073 2,970 2,817 2,491 2,398 2,476 2,574 2,571
CWIP 2,467 2,931 2,614 318 168 203 235 314 420 431 354 308 311
Investments 6 6 6 796 757 429 152 162 185 205 235 256 267
64,679 67,665 64,134 60,494 57,171 60,235 61,132 56,998 52,864 53,956 54,599 56,650 58,645
Total Assets 71,818 75,331 70,983 65,577 61,698 63,940 64,490 60,291 55,960 56,991 57,664 59,788 61,793

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 -741 -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 -787 829 274

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 186 195 270 272 200 191 218 321 333 274 261 253
Days Payable 152 174 239 240 225 301 297 300 281 291 345 275
Cash Conversion Cycle 253 281 340 353 258 68 63 142 137 35 -35 51
Working Capital Days 126 158 193 209 162 121 130 157 146 84 79 194
ROCE % 33% 15% 6% -2% 3% 5% 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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