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Bharat Heavy Electricals Limited (BHEL) is a state-owned engineering and manufacturing enterprise in India. It primarily focuses on the design, engineering, manufacture, construction, testing, commissioning, and servicing of a wide range of products and services in the power, transmission, industry, transportation, renewable energy, oil & gas, and defense sectors.

BHEL was founded in 1964 by the Government of India, with the aim of building heavy electrical equipment manufacturing capacity in the country. Over the years, BHEL has diversified its portfolio, and its offerings now include power generation equipment, transmission systems, industrial machinery, and a variety of other products and services.

BHEL has faced several challenges in recent years, including intense competition, the rise of renewable energy, and shifts in the global energy landscape. 

Business model: BHEL operates primarily through an engineering, procurement, and construction (EPC) model, offering end-to-end solutions for various industries. The company's revenue is derived from the sale of equipment, construction, and services.

Target customer segment: BHEL's customers include power utilities, state electricity boards, independent power producers, industrial companies, and government organizations.

Geographies: BHEL primarily serves the Indian market but has also expanded its operations to more than 82 countries across six continents.

Profit margins: BHEL's profit margins have been under pressure due to increasing competition and market challenges. 

Main competitors: BHEL's main competitors include domestic and international power equipment manufacturers and EPC companies, such as Larsen & Toubro (L&T), Siemens, General Electric, and Mitsubishi Hitachi Power Systems.

Industry analysis: The power equipment manufacturing and EPC industry are experiencing significant changes due to the global shift toward renewable energy sources, increasing environmental regulations, and the need for energy-efficient solutions. These factors, along with increased competition, are driving companies to innovate and adapt their offerings to remain competitive in the market.

SWOT Analysis for BHEL:


  1. Strong brand reputation and market presence in India.
  2. Extensive product portfolio and expertise in various industries.
  3. Support from the Government of India as a state-owned enterprise.


  1. High dependence on the Indian market, which exposes the company to regional economic fluctuations.
  2. Challenges in adapting to the rapidly changing global energy landscape.
  3. Financial performance has been under pressure due to market challenges and competition.


  1. Growth in renewable energy and the need for energy-efficient solutions.
  2. Expanding operations in international markets.
  3. Strategic partnerships and collaborations to enhance technological capabilities.


  1. Intense competition from both domestic and international players.
  2. Regulatory changes and environmental regulations that may impact the company's operations.
  3. Slowdown in the traditional power generation sector, which may affect demand for BHEL's products and services.

Major growth drivers for the future:

  1. Expanding operations in the renewable energy sector, including solar and wind power.
  2. Focusing on energy-efficient solutions and innovative technologies to meet changing market demands.
  3. Exploring new markets and customer segments, both domestically and internationally.

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