CLSA has maintained an Underperform rating on Bharat Heavy Electricals Limited (BHEL) while raising the target price to ₹205 from ₹189, indicating a potential 7.8% downside from the current market price (CMP) of ₹222.40. CLSA notes that while BHEL is benefiting from the resurgence in fossil fuel demand and won 16% of FY25CL inflow from an NTPC tender, the current valuation at 40x FY26CL EPS is considered frothy, and recent valuation corrections may not be sufficient.
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