BHEL Results Analysis-Q3FY26

Operating Revenue for Q3FY26 is Rs. 8,473 Crs., 16.44% growth YoY, Total Income is Rs. 8,692 Crs., 17.7% growth YoY, EBITDA is Rs. 545 Crs., 79.3% growth YoY, EBITDA Margin is 6.43% Improved by 225 Basis points YoY, PBT Rs. 520 Crs, 190% growth YoY, PAT Rs. 390 Crs, 189% growth YoY. On QoQ basis Op. Revenue is up by 12.79%, Total Income is up by 13.09%, But EBITDA is down by 6%, However PBT is up by 4.2% and PAT is also up by 4%. Outstanding order book as on 31st Dec, 2025 is 2,22,800 Cr. ▪ Commissioned Sulphur Recovery Unit (SRU) at IOCL Paradip Refinery– BHEL’s first fully executed EPC project in the downstream Oil & Gas segment. ▪ Synchronised 60 MW U#1 Chaliyama STG and 65 MW U#2 Kamanda STG of Rungta Mines Ltd ▪ Successful Proof-firing of third upgraded Super Rapid Gun Mount (SRGM) conducted at defence establishment. ▪ Delivered two upgraded Super Rapid Gun Mounts, BHEL has delivered a total of 50 nos. of SRGMs to the Indian Navy.