Unclassified · NSE: BHEL
Bharat Heavy Electricals share analysis
Fair value, business quality, the case for and against, and the risks — computed by VestCall from reported data, updated 14 October 2026.
Bharat Heavy Electricals in one paragraph
Bharat Heavy Electricals (NSE: BHEL) was trading at ₹443.85 on 14 October 2026. VestCall scores its business health 62/100 (adequate). On valuation, the price sits in the “Fairly Valued” zone (₹426.54 – ₹447.28) — inside the modelled fair-value range. This is a reading of the evidence, not a buy or sell recommendation.
- Share price₹443.85
- Business health62/100
- Growth93/100
- Financial strength71/100
- Valuation0/100 · Fair
- Valuation zoneFairly Valued
- RiskVery High
Is Bharat Heavy Electricals overvalued or undervalued?
At ₹443.85, Bharat Heavy Electricals sits in VestCall’s “Fairly Valued” zone (₹426.54 – ₹447.28): inside the modelled fair-value range. Its valuation scores 0/100 (fair) against Unclassified peers. Zones describe where the price sits against modelled value; they are not an instruction to buy or sell.
| Valuation zone | Price band | What it means |
|---|---|---|
| Deeply Discounted | ₹357.03 – ₹395.5 | Furthest below the modelled fair-value range |
| Attractive Valuation | ₹395.5 – ₹426.54 | Below the modelled fair-value range |
| Fairly Valued (current) | ₹426.54 – ₹447.28 | Inside the modelled fair-value range |
| Valuation Premium | ₹447.28 and above | Above the modelled fair-value range |
The case for and against Bharat Heavy Electricals
What supports the case
- Growth · 88/100.
- Shareholding Quality · 81/100.
- Financial Strength · 71/100.
- Management Stability · 67/100.
What needs proof
- Capital Allocation · 25/100.
- Business Quality · 30/100.
Bharat Heavy Electricals key ratios
| Ratio | Bharat Heavy Electricals | Unclassified median |
|---|---|---|
| P/E | 6.18x | — |
| P/B | 1.89x | — |
| P/S | 1.45x | — |
| Return on equity (ROE) | 6.0% | — |
| Return on capital employed (ROCE) | 8.1% | — |
| Operating margin | 6.2% | — |
| Net margin | 4.6% | — |
| Current ratio | 1.59x | — |
Bharat Heavy Electricals growth
Growth scores 93/100, with a positive trend, measured Mar 2023 to Mar 2026.
| Measure | Reading |
|---|---|
| Revenue CAGR | 13.2% |
| Net profit CAGR | 34.7% |
| EPS CAGR | 34.8% |
| Revenue growth, latest year | 20.1% |
| Profit growth, latest year | 199.7% |
Bharat Heavy Electricals bull, base and bear case
Modelled annual return under three sets of stated assumptions over 5 years. These are model outputs, not a forecast or a promise of return.
| Scenario | Modelled CAGR | Weight | Assumption |
|---|---|---|---|
| Bear | +5.0% | 23% | Growth decelerates to 9% and the multiple de-rates toward the cohort's trough. |
| Base | +25.0% | 53% | Earnings compound near the measured 25% and the multiple drifts toward its quality-adjusted warranted level. |
| Bull | +38.5% | 24% | Growth holds at 35% and the market pays the full premium the measured quality supports. |
Risks to watch in Bharat Heavy Electricals
| Review trigger | Current | Threshold | Status |
|---|---|---|---|
| Return on equity falls below the quality floor | 6.04% | below 15% | high · breached |
| Revenue growth falls below the thesis floor | 13.19% | below 8% | high · armed |
| Promoter holding drops materially | 58.17% | below 55.17%, 3 points under the Mar 2026 filing | high · armed |
| Price runs more than two sigma above its own trend | 443.85 | at or above 601.69 | medium · armed |
| Drawdown from the 52-week high exceeds tolerance | 1.8% | at or beyond 25% | low · armed |
| Leverage doubles from the level underwritten today | No leverage line in the balance sheet | unavailable | high · unmeasurable |
| Promoter pledge rises above tolerance | No pledge disclosed (the NSE filing for BHEL could not be read either (nse_session_unavailable)) | above 10% | high · unmeasurable |
| Valuation reaches the top of its own cohort | No cohort multiple to rank against | at or above the 95th percentile | medium · unmeasurable |
An armed trigger is watched and has not fired; a breached one has.
How Bharat Heavy Electricals shares have traded
| Measure | Reading |
|---|---|
| 52-week range | ₹230.94 – ₹452 |
| Distance from 52-week high | −1.8% |
| Return, 3 months | +9.9% |
| Return, 12 months | +80.9% |
| Trend | Uptrend |
| Annualised volatility | 39.9% |
| Deepest drawdown, 2 years | −46.1% |
Questions about Bharat Heavy Electricals shares
Is Bharat Heavy Electricals overvalued or undervalued?
At ₹443.85, Bharat Heavy Electricals sits in VestCall’s “Fairly Valued” zone (₹426.54 – ₹447.28): inside the modelled fair-value range. Its valuation scores 0/100 (fair) against Unclassified peers. Zones describe where the price sits against modelled value; they are not an instruction to buy or sell.
Is Bharat Heavy Electricals fundamentally strong?
VestCall scores Bharat Heavy Electricals’s business health 62/100 (adequate). The strongest measured pillars are growth and shareholding quality. The ones that need proof are capital allocation and business quality. Each pillar is computed from reported financials, and a pillar whose inputs were not reported is excluded rather than scored as zero.
What is Bharat Heavy Electricals’s P/E ratio?
Bharat Heavy Electricals trades at a P/E of 6.18x, on VestCall’s latest read. A multiple only means something against the business it buys: the quality-adjusted fair value on this page weighs it against Bharat Heavy Electricals’s returns and growth.
What are the risks of investing in Bharat Heavy Electricals?
The review triggers VestCall watches for Bharat Heavy Electricals are: return on equity falls below the quality floor (roe below 15%); revenue growth falls below the thesis floor (revenue cagr below 8%); promoter holding drops materially (promoter holding below 55.17%, 3 points under the Mar 2026 filing). On the fundamentals, capital allocation is the weakest measured pillar at 25/100. A trigger is a named condition that would change the reading, published so the case against the stock is as visible as the case for it.
Is this a recommendation to buy or sell Bharat Heavy Electricals?
No. VestCall states where Bharat Heavy Electricals’s price sits against modelled value, what supports the case and what would break it, with every figure sourced. It does not issue buy, sell or hold calls or price targets. Vestmind is not a SEBI-registered investment adviser or research analyst, and nothing on this page is personalised investment advice.
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