BHEL: Rs 40,000 Crore Orders and a 57% Market Share

Bharat Heavy Electricals (BHEL) manufactures boilers, turbines and generators for thermal power plants and also executes full EPC contracts. With India’s Central Electricity Authority now targeting 105-150 GW of additional coal capacity by 2035, BHEL is directly in the path of that spending wave. What happened: BHEL secured over Rs 40,000 crore in coal-based thermal orders in FY26, capturing approximately 57% market share. In March 2026, it won a Rs 13,500 crore order from NTPC for the 3x800 MW Telangana Stage-II project, covering equipment supply, civil works, installation and commissioning. The board also approved a Rs 500 crore investment to expand manufacturing capacity for thermal and nuclear power sets at its Haridwar facility. Why it matters: Q2 FY27 results showed revenue rising 24% YoY to Rs 9,300 crore, EBITDA growing 69% to Rs 1,286 crore, and net profit jumping 120% YoY to Rs 810 crore. The outstanding order book reached Rs 2,57,571 crore as of September 2026, up 17.3% YoY. This backlog provides multi-year revenue visibility at a scale few can match. What I am watching: BHEL’s historic weakness has been execution. Large thermal contracts require substantial working capital and precise project delivery. Cost overruns and supply disruptions remain real risks as orders swell. Monitoring quarterly execution progress and margin trajectory will matter far more than fresh order wins alone. My stance: The numbers are genuinely turning. Revenue, EBITDA and net profits are all accelerating together. If BHEL can hold execution discipline across its deepening project pipeline, the earnings recovery has very significant room to run. I do not hold a position in Bharat Heavy Electricals at the time of writing. This is not investment advice.