1. Urgent Catalyst: The 5% Government OFS (Stake Sale) The biggest recent driver of BHEL's price action is the Government's Offer for Sale (OFS), which concluded last week (Feb 11-12). Details: The government successfully divested a 5% stake (base size of 3% + green shoe option of 2%) due to strong institutional demand (oversubscribed 2.3x on day one). Floor Price Impact: The floor price was set at ₹254, which was an 8% discount to the prevailing market price (~₹276) prior to the announcement. Market Reaction: As is typical with PSU OFS events, the stock price corrected sharply to align with the floor price. The increased free-float supply has kept the stock consolidating in the ₹256 – ₹262 range this week. 2. Fresh Order Win (Just Announced) The Deal: On February 17, 2026, BHEL received a Letter of Acceptance (LoA) from SAIL (Steel Authority of India). Scope: Setting up a Captive Power Plant at the IISCO Steel Plant in Burnpur, West Bengal. Value: The turnkey order is valued between ₹1,200 Crore and ₹1,500 Crore (excluding GST). This reinforces strong execution visibility.