BHEL

Fundamental: Quarterly PAT verdict — Strong | P/E 82.9x vs sector 65.8x (in-line with own 10Y avg) | Upside 27% | Operating Margin 9.5% | ROCE 5.84% | Institutional Holding +5.22% (surge) | Govt. Holding 58.17% | Outlook 10/10 | Rank #25/32 peers | Rating 7.63 Technical: Found support near ₹380 — reclaimed 5/9/13 EMAs, near-term momentum improving | Above 50-day EMA; 100 & 200 EMAs well below — broader trend intact | RSI ~50 — neutral, meaningful upside room | ADX ~20 — moderate trend strength | MACD bullish crossover forming — recovery continuation supported | Sustained move above ₹395–400 triggers fresh buying | Support: ₹380 (immediate) Moat: India's largest power equipment manufacturer with an unmatched domestic installed base across thermal, nuclear, and renewable energy projects — government ownership, multi-decade engineering expertise, and an order book-driven business model position BHEL as the irreplaceable backbone of India's power capacity expansion. View: A PSU turnaround story with a perfect outlook score (10/10), 27% Finkhoz upside, and the largest institutional inflow (+5.22%) across today's entire batch — BHEL's recovery from support, combined with India's power sector capex acceleration, makes this a macro-driven re-rating play; the weak near-term ROCE and premium P/E are acknowledged overhangs as the execution cycle plays out.