Bharat Heavy Electricals Limited (BHEL)

Paragraph 1: Bharat Heavy Electricals Limited (BHEL) has formally disclosed an outcome of its Board of Directors meeting held on September 14, 2026. Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board approved an additional equity investment of ₹65.00 Crore in its joint venture company, NTPC BHEL Power Projects Private Limited (NBPPL). This financial injection, to be executed in one or more tranches during FY 2026-27 at face value on an arm’s-length basis, maintains BHEL’s 50% equity stake alongside equal partner NTPC Limited. The primary objective of this capital infusion is to facilitate the settlement of urgent liabilities and sustain NBPPL as a going concern amidst declining operational revenues over recent years.

Paragraph 2: Established in April 2008, NBPPL was envisioned to execute Engineering, Procurement, and Construction (EPC) contracts for power plants and manufacture key auxiliary power equipment. However, the entity has faced continuous top-line contraction, recording provisional revenues of ₹1.04 Crore in FY 2025-26, down from ₹3.48 Crore in FY 2024-25 and ₹18.19 Crore in FY 2023-24. In contrast, BHEL remains India’s premier engineering and manufacturing enterprise in the energy and infrastructure space. During 2025, BHEL demonstrated substantial business momentum, securing major orders including a landmark Letter of Award (LoA) from Adani Power Limited for six 800 MW thermal power turbines, driving its total order book beyond ₹2,00,000.00 Crore. BHEL continues to see strong institutional backing, with prominent public investors such as the Life Insurance Corporation of India (LIC) holding a significant equity stake in the state-owned giant.

Paragraph 3: In its quarterly financial performance for Q1 FY26 (quarter ended June 30, 2025), BHEL reported consolidated revenue from operations of ₹5,486.91 Crore, reflecting a marginal year-on-year increase of 0.04% compared to ₹5,484.92 Crore in Q1 FY25, but a quarter-on-quarter contraction of 32.80% from ₹8,416.84 Crore in Q4 FY25. On the profitability front, heightened operational and material costs resulted in a consolidated net loss of ₹455.50 Crore for Q1 FY26. This represents a 115.47% expansion in loss compared to the net loss of ₹211.40 Crore in Q1 FY25, and a sharp 193.03% reversal from the net profit of ₹489.62 Crore posted in Q4 FY25. The summary of Q1 FY26 financial trends in comparison to previous periods is outlined below: