Bharat Heavy Electricals Limited (BHEL) reported a sharp surge in profitability for the quarter ended March 31, 2026, supported by strong revenue growth and improved operating performance. Revenue from operations rose 36.87% year-on-year (YoY) to ₹12,310.37 crore from ₹8,993.37 crore, while net profit surged 154.47% YoY to ₹1,282.68 crore from ₹504.05 crore.
Total income for the quarter stood at ₹12,562.49 crore compared to ₹9,152.16 crore in the corresponding period last year. Total expenses increased to ₹10,842.69 crore from ₹8,448.14 crore, driven by higher material costs and employee expenses, though the rise was proportionally lower than revenue growth.
At the operating level, EBITDA stood at ₹1,753.10 crore for the quarter, more than doubling from ₹831.68 crore in the year-ago period, registering a growth of 110.79%. EBITDA margin improved significantly to 14.24% from 9.25%, reflecting strong operating leverage and better cost absorption.
Finance costs declined slightly to ₹197.52 crore from ₹201.43 crore, while depreciation and amortisation expense rose marginally to ₹87.90 crore from ₹85.02 crore.
Profit before tax came in at ₹1,719.80 crore compared to ₹704.02 crore a year ago, while earnings per share (EPS) increased to ₹3.68 from ₹1.45 in the corresponding quarter last year.
An analysis of segment performance showed that BHEL’s power segment remained the key growth driver during the quarter, with segment revenue rising sharply to ₹9,509.85 crore from ₹6,192.41 crore in the year-ago period. The industry segment, however, remained largely flat at ₹2,800.52 crore compared to ₹2,800.96 crore a year earlier. At the profitability level, the power segment reported a significant jump in segment profit to ₹1,869.90 crore from ₹308.11 crore, while the industry segment saw a decline to ₹673.03 crore from ₹877.32 crore. Overall segment profit before tax and finance cost stood at ₹2,542.93 crore, up from ₹1,185.43 crore in the corresponding quarter last year, highlighting strong execution in the core power business.
The Board has recommended a final dividend of ₹1.40 per equity share of ₹2 each (70% of paid-up share capital) for FY 2025–26. The dividend, if approved by shareholders at the Annual General Meeting, will be paid or dispatched within 30 days from the date of the AGM.
BHEL is a leading public sector engineering and manufacturing company engaged in power generation equipment, industrial systems, and infrastructure projects.
Overall, the company delivered a robust performance in the March quarter, with strong revenue growth translating into a sharp expansion in profitability and operating margins.