President of India-Backed Defence PSU Announces Q4 Results; Share Price Surges 11% as PAT Jumps 156% YoY

The Indian equity markets traded in the green on Monday, with the Nifty 50 index rising by 0.59 per cent to 24,139.45 at around 12:30 PM. Supporting the positive benchmark momentum, buying interest remained strong in select capital goods and Defence-linked PSU counters. In this segment, Bharat Heavy Electricals (BHEL) remained in focus after the company announced its Q4FY26 and FY26 consolidated financial results along with a final Dividend recommendation. Following the earnings announcement, BHEL's share price surged 10.79 per cent to Rs 390.45 on Monday.

BHEL Q4FY26 Results

Bharat Heavy Electricals reported consolidated revenue from operations of Rs 12,310.37 crore in Q4FY26 as against Rs 8,993.37 crore in Q4FY25, registering a strong growth of 36.9 per cent YoY. Total income stood at Rs 12,553.50 crore compared to Rs 9,142.64 crore in the corresponding quarter last year, reflecting a growth of 37.3 per cent YoY.

Profit before Tax came in at Rs 1,727.59 crore in Q4FY26 as against Rs 704.42 crore reported in Q4FY25, marking a sharp growth of 145.3 per cent YoY. Profit after tax attributable to owners of the company stood at Rs 1,290.47 crore compared to Rs 504.45 crore reported in the year-ago quarter, registering a strong growth of 155.8 per cent YoY. Earnings per share for the quarter stood at Rs 3.71 as against Rs 1.45 in Q4FY25.

BHEL FY26 Annual Performance

For the financial year ended March 31, 2026, Bharat Heavy Electricals reported consolidated revenue from operations of Rs 33,782.18 crore as against Rs 28,339.48 crore in FY25, registering a growth of 19.2 per cent YoY. Total income for FY26 stood at Rs 34,589.83 crore compared to Rs 28,804.79 crore in the previous financial year, reflecting a growth of 20.1 per cent YoY.

Profit before tax stood at Rs 2,138.61 crore in FY26 compared to Rs 745.60 crore in FY25, marking a sharp growth of 186.8 per cent YoY. Profit after tax attributable to owners of the company came in at Rs 1,600.26 crore as against Rs 533.90 crore in FY25, registering a robust growth of 199.7 per cent YoY. Annual earnings per share stood at Rs 4.60 compared to Rs 1.53 in the previous financial year.

Dividend Announcement

The Board of Directors has recommended a final dividend of Rs 1.40 per equity share of face value Rs 2 each for FY25-26, subject to shareholders’ approval at the ensuing Annual General Meeting.

Order Book and Segment Highlights

BHEL continued to witness strong execution momentum across its power equipment business during the quarter. The Power segment contributed Rs 9,509.85 crore to quarterly revenue, registering healthy growth over Rs 6,192.41 crore reported in Q4FY25. Meanwhile, the Industry segment contributed Rs 2,800.52 crore during Q4FY26. At the profitability level, the Power segment reported a segment profit of Rs 1,869.90 crore, indicating a substantial improvement from Rs 308.11 crore in the corresponding quarter last year.

The sharp rise in profitability was also supported by better operating leverage as total expenses grew at a slower pace than revenue growth. Consolidated profit before tax for FY26 nearly tripled, highlighting improved execution, stronger project deliveries and better margin absorption during the year.

Balance Sheet Strengthened in FY26

On the balance sheet front, BHEL’s total assets increased to Rs 76,185.61 crore as of March 31, 2026, compared to Rs 68,083.18 crore a year ago. The company’s other equity also improved to Rs 25,450.19 crore, reflecting strengthening net worth backed by higher annual profitability. Cash and cash equivalents stood sharply higher at Rs 1,435.45 crore versus Rs 439.21 crore at the end of FY25, indicating improved liquidity position.

About Bharat Heavy Electricals

Bharat Heavy Electricals Ltd (BHEL) is a government-owned engineering and manufacturing company operating across power and industrial sectors. It provides equipment, EPC solutions, and services across thermal, hydro, gas, nuclear, and renewable energy segments, along with presence in defence, transportation, and oil & gas sectors.

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Disclaimer: This article is for informational purposes only and not investment advice.