BHEL IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| HINDALCOHindalco Industries Ltd. | CONTRACT | 30,404 | 30,404–30,404 | 90.0% | CAPEX | FY26 | EST | 75% |
| “Subject: Receipt of LOI Sir/Madam, Bharat Heavy Electricals Limited (BHEL) has received a Letter of Intent (LOI) from HINDALCO Industries Limited.” ORDER p.1 · 04-FEB-26 DOC | ||||||||
| ADANIENSOLAdani Energy Solutions Ltd. | UNSTATED | 30,404 | 30,404–30,404 | 90.0% | CAPEX | FY26 | EST | 75% |
| “Achievements during the year • Secured order from Rajasthan Part-I Power Transmission Ltd (SPV under Adani Energy Solutions Ltd) for establishment of +/-800 kV…” AR DOC | ||||||||
| BPCLBharat Petroleum Corporation Ltd. | UNSTATED | 30,404 | 14,232–30,404 | 90.0% | — | FY26 | EST | 65% |
| “• Secured order from BPCL Kochi for Revamp of Wet Gas Compressor.” AR · +1 DOC | ||||||||
| BPCLBharat Petroleum Corporation Ltd. | UNSTATED | 30,404 | 30,404–30,404 | 90.0% | CAPEX | 2024-05 | EST | 50% |
| “Some of the major orders which we have received last year are: EPC orders for Talabira, Yamuna Nagar, Singrauli and Lara Supercritical Power Plants, BTG packag…” CONCALL DOC | ||||||||
| ONGCOil & Natural Gas Corporation Ltd. | UNSTATED | 25,362 | 11,872–25,362 | 75.1% | — | FY25 | EST | 60% |
| “• Entered into three-year Rate Contract (2024-27) with ONGC for Supply of Well Heads and X-mas Trees Valves.” AR DOC | ||||||||
| LTLarsen & Toubro Ltd. | UNSTATED | 14,486 | 14,486–14,486 | 42.9% | — | 2025-10 | EST | 50% |
| “So between us and other supplier, which is BHEL, we believe that we should be able to handle this.” CONCALL DOC | ||||||||
| GAILGAIL (India) Ltd. | UNSTATED | 9,314 | 9,314–9,314 | 27.6% | — | FY25 | EST | 65% |
| “• Successfully developed and supplied Triple Module Redundancy (TMR) Governor for the Compressor Package of GAIL Usar Propane Dehydrogenation (PDH) Propylene P…” AR DOC | ||||||||
| UNIONBANKUnion Bank of India | UNSTATED | 7,228 | 7,228–7,228 | 21.4% | — | FY26 | EST | 75% |
| “Bharat Heavy Electricals Limited374 Bankers Auditors State Bank of India M/s K. Venkatachalam Aiyer & Co, New Delhi Canara Bank M/s K. S. Dua & Co, New Delhi I…” AR DOC | ||||||||
| HALHindustan Aeronautics Ltd. | UNSTATED | 6,845 | 3,204–6,845 | 20.3% | — | 2024-05 | EST | 55% |
| “And, other than that in the Air Force, we have got orders from HAL for 83 compact heat exchangers for the LCA Tejas MK1A. Another 93 I think HAL has got an ord…” CONCALL DOC | ||||||||
| PNBPunjab National Bank | UNSTATED | 6,253 | 6,253–6,253 | 18.5% | — | FY26 | EST | 75% |
| “Bharat Heavy Electricals Limited374 Bankers Auditors State Bank of India M/s K. Venkatachalam Aiyer & Co, New Delhi Canara Bank M/s K. S. Dua & Co, New Delhi I…” AR DOC | ||||||||
| NTPCNTPC Ltd. | CONTRACT | 5,985 | 2,802–5,985 | 17.7% | — | FY26 | EST | 75% |
| “Achievements during the Year • Order received from NTPC Renewable Energy Ltd. for 300 MW Balance of System package of Solar PV plant at Khavda.” AR · +2 DOC | ||||||||
| NTPCNTPC Ltd. | CONTRACT | 3,957 | 3,957–3,957 | 11.7% | CAPEX | FY26 | EST | 85% |
| “Subject: Receipt of Notification of Award from NTPC Limited Sir/Madam, Bharat Heavy Electricals Limited (BHEL) has received a Notification of Award (NOA) from …” ORDER p.1 · 07-NOV-25 · +2 DOC | ||||||||
| ADANIPOWERAdani Power Ltd. | CONTRACT | 3,587 | 1,679–3,587 | 10.6% | — | FY24 | EST | 75% |
| “Updates Bharat Heavy Electricals Limited has informed the Exchange regarding 'Receipt of orders from Adani Power Limited and its subsidiary Mahan Energen Limit…” ANN · 26-AUG-24 · +2 DOC | ||||||||
| POWERGRIDPower Grid Corporation of India Ltd. | UNSTATED | 2,531 | 1,185–2,531 | 7.5% | — | FY25 | EST | 75% |
| “Achievements during the year • Secured order from POWERGRID for ±800kV, 6,000 MW HVDC Link between Khavda KPS2 (Gujarat) and Nagpur (Maharashtra).” AR DOC | ||||||||
| ADANIPOWERAdani Power Ltd. | CONTRACT | 2,317 | 2,317–2,317 | 6.9% | CAPEX | FY25 | EST | 85% |
| “Sub: Receipt of orders/contracts Pursuant to RegulaƟon 30 of the SEBI (LisƟng ObligaƟons and Disclosure Requirements) RegulaƟons, 2015, it is informed that BHE…” ORDER p.1 · 04-NOV-26 · +2 DOC | ||||||||
| SAILSteel Authority of India Ltd. | CONTRACT | CT 1,500 | — | — | CAPEX | FY26 | EST | 85% |
| “Subject: Receipt of Letter of Acceptance Sir/Madam, Bharat Heavy Electricals Limited (BHEL) has received a Letter of Acceptance from Steel Authority of India L…” ORDER p.1 · 17-FEB-26 DOC | ||||||||
| Power Grid Corporation Ltd | CONTRACT | CT 600 | — | — | CAPEX | FY27 | EST | 85% |
| “Sub: Receipt of order/contract Pursuant to RegulaƟon 30 of the SEBI (LisƟng ObligaƟons and Disclosure Requirements) RegulaƟons, 2015, it is informed that BHEL …” ORDER p.1 · 07-NOV-26 · +1 DOC | ||||||||
| State Tax Officer | CONTRACT | CT 0 | — | — | — | FY25 | EST | 85% |
| “Sub: Disclosure under regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Sir/Madam, Pursuant to Regulation 30 of the SEB…” ORDER p.1 · 30-AUG-24 DOC | ||||||||
| NLCINDIANLC India Ltd. | CONTRACT | CT 15,000 | — | — | CAPEX | FY24 | EST | 85% |
| “Subject: Receipt of an order from NLC India Limited Bharat Heavy Electricals Limited (BHEL) has received LOA dated 12.01.2024 of EPC package for 3x800 MW NLC T…” ORDER p.1 · 12-JAN-24 DOC | ||||||||
| Indian Railways | CONTRACT | CT 23 | — | — | CAPEX | FY24 | EST | 80% |
| “Subject: Receipt of an order from Ministry of Railways Bharat Heavy Electricals Limited (BHEL) led consortium has been awarded an order for 80 nos. Vande Bhara…” ORDER p.1 · 11-APR-23 · +2 DOC | ||||||||
| Bharat Coal Gasification and Chemicals Limited | CONTRACT | CT 2,800 | — | — | CAPEX | FY26 | EST | 75% |
| “Subject: Receipt of Letter of Acceptance Sir/Madam, Bharat Heavy Electricals Limited (BHEL) has received a Letter of Acceptance from Bharat Coal Gasification a…” ORDER p.1 · 10-FEB-26 · +1 DOC | ||||||||
| M.P. Power Generating Company Ltd. | CONTRACT | CT 13,000 | — | — | CAPEX | FY26 | EST | 75% |
| “Subject: Receipt of Notifications of Award from M.P. Power Generating Company Ltd. (MPPGCL) Sir/Madam, Bharat Heavy Electricals Limited (BHEL) has received Not…” ORDER p.1 · 30-SEP-25 DOC | ||||||||
| GSECL | CONTRACT | CT 7,500 | — | — | CAPEX | FY25 | EST | 75% |
| “BHEL retained its market leadership in the Indian thermal power sector by securing EPC orders from key utilities like NTPC, GSECL, SCCL, DVC and CSPGCL.” AR · +2 DOC | ||||||||
| Ministry of Defence | UNSTATED | — | — | — | CAPEX | FY25 | EST | 75% |
| “300+ substations/ switchyard delivered • 36,300+ AC Machines supplied • 850+ Locos supplied to Indian Railways and Industry • 380+ Steam Generators installed f…” AR · +1 DOC | ||||||||
| Indian Railways | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “Hon’ble Prime Minister of India inaugurated MEMU Rake, equipped with BHEL’s supplied Electrics, for Abhanpur-Raipur-Abhanpur route of South East Central Railwa…” AR · +2 DOC | ||||||||
| HINDALCOHindalco Industries Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “Achievements during the year • Secured BTG orders from Hindalco Industries Ltd. for its ongoing Aluminium plant expansion, reaffirming customer confidence in B…” AR DOC | ||||||||
| Renewable Energy | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Achievements during the Year • Order received from NTPC Renewable Energy Ltd. for 300 MW Balance of System package of Solar PV plant at Khavda.” AR DOC | ||||||||
| BANKINDIABank of India | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Bharat Heavy Electricals Limited374 Bankers Auditors State Bank of India M/s K. Venkatachalam Aiyer & Co, New Delhi Canara Bank M/s K. S. Dua & Co, New Delhi I…” AR · +1 DOC | ||||||||
| INDIANBIndian Bank | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Bharat Heavy Electricals Limited374 Bankers Auditors State Bank of India M/s K. Venkatachalam Aiyer & Co, New Delhi Canara Bank M/s K. S. Dua & Co, New Delhi I…” AR DOC | ||||||||
| Ministry of Defence | CONTRACT | CT 85 | — | — | — | FY25 | EST | 75% |
| “The company has been supplying Super Rapid Gun Mounts to the Indian Navy for three decades, and have upgraded manufacturing facilities to address further oppor…” AR · +2 DOC | ||||||||
| Maharashtra | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “Achievements during the year • Secured order from POWERGRID for ±800kV, 6,000 MW HVDC Link between Khavda KPS2 (Gujarat) and Nagpur (Maharashtra).” AR DOC | ||||||||
| Office | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “• Several units of BHEL have received awards from their respective TOLICs during the year, notably Corporate Office was awarded ‘Third’ prize in the category o…” AR DOC | ||||||||
| MAHAGENCO | CONTRACT | CT 8,000 | — | — | CAPEX | FY25 | EST | 75% |
| “Sub: Receipt of Letter of Award Sir/Madam, Bharat Heavy Electricals Limited (BHEL) has received a Letter of Award from MAHAGENCO for 2x660 MW BTG package of Ko…” ORDER p.1 · 08-FEB-25 DOC | ||||||||
| Mirzapur Thermal Energy | CONTRACT | CT 3,500 | — | — | CAPEX | FY25 | EST | 75% |
| “Subject: Receipt of an order from Mirzapur Thermal Energy (UP) Private Limited Bharat Heavy Electricals Limited (BHEL) has received an order from Mirzapur Ther…” ORDER p.1 · 05-JUN-24 DOC | ||||||||
| NLCINDIANLC India Ltd. | CONTRACT | — | — | — | — | FY24 | EST | 75% |
| “Updates Bharat Heavy Electricals Limited has informed the Exchange regarding 'Receipt of an order from NLC India Limited'.” ANN · 12-JAN-24 DOC | ||||||||
| RE Projects | CONTRACT | CT 600 | — | — | CAPEX | FY27 | EST | 75% |
| “CIN: L74899DL1964GOI004281 Annexure-A Disclosure regarding receiving of order/contract (a) Name of the enƟty awarding the order(s)/ contract(s) Power Grid Corp…” ORDER p.2 · 11-NOV-26 DOC | ||||||||
| MUNPL Sir/Madam | CONTRACT | — | — | — | CAPEX | FY27 | EST | 70% |
| “Subject: Receipt of Notification of Award (NOA) from MUNPL Sir/Madam, Bharat Heavy Electricals Limited (BHEL) has received a Notification of Award (NOA) from M…” ORDER p.1 · 05-JUN-26 DOC | ||||||||
| MUNPL | CONTRACT | — | — | — | CAPEX | FY27 | EST | 70% |
| “Reply: Notification of award (NOA) for EPC package of 3x800 MW Meja supercritical thermal power project Stage-II (District: Prayagraj, Uttar Pradesh) received …” ORDER p.2 · 05-JUN-26 DOC | ||||||||
| CRISILCRISIL Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “The credit ratings of your Company are as follows: Rating Agency Date of Rating Long Term Rating Outlook Short Term Rating CRISIL 03-07-2026 CRISIL AA Stable C…” AR DOC | ||||||||
| NMDCNMDC Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Shri Krishna Kumar Thakur, who was appointed as Director (HR) on July 4, 2023, was relieved of the charge w.e.f. March 19, 2026 (F/N) to enable him to assume t…” AR DOC | ||||||||
| Authority. | CONTRACT | CT 59,256 | — | — | CAPEX | FY25 | EST | 70% |
| “Source: Central Electricity Authority (CEA), Ministry of Power As on March 31, 2026 Based on capacity at the time of installation In FY 2025-26, BHEL has secur…” AR DOC | ||||||||
| Bharat Coal Gasification and Chemicals Limited | CONTRACT | CT 10 | — | — | COGS | FY25 | EST | 70% |
| “In Coal Gasification, BHEL has already established Joint Venture company with Coal India Ltd (CIL) for which Letter of Award for Government’s financial incenti…” AR · +1 DOC | ||||||||
| Commissioning | UNSTATED | — | — | — | CAPEX | FY26 | EST | 70% |
| “• Successful Commissioning of IOCL Paradip SRU Package- BHEL’s maiden order for a Process Industry EPC package.” AR DOC | ||||||||
| Authority. | UNSTATED | — | — | — | SG&A | FY26 | EST | 70% |
| “Further, BHEL has taken special contingency insurance policies towards the risk arising out of (a) requirements relating to issuance of duplicate securities in…” AR · +1 DOC | ||||||||
| Securities and Exchange Board of India | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “(g) The Securities and Exchange Board of India (Registrars to an Issue and Shares Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing wi…” AR · +1 DOC | ||||||||
| LICILife Insurance Corporation of India | UNSTATED | — | — | — | SG&A | FY26 | EST | 70% |
| “The future lease payments for these non- cancellable lease contracts are as follows: (I in Crore) (I in Crore) Particulars For the Year Ended March 31, 2025 Ma…” AR · +1 DOC | ||||||||
| Others | UNSTATED | — | — | — | COGS | FY26 | EST | 70% |
| “domestic contracts and SEZ export) 22.54 218.85 Total 427.18 556.99 E. Statement for raw materials and components consumed For the year ended March 31, 2026 Ma…” AR DOC | ||||||||
| Ministry of Defence | CONTRACT | CT 59,256 | — | — | COGS | FY26 | EST | 70% |
| “SynGas) in 2025-26 `59,256 Crore Coal Gasification Orders secured `8,288 Crore No. of Upgraded SRGMs delivered to Indian Navy ahead of schedule 4 HUMAN CAPITAL…” AR DOC | ||||||||
| ENGINERSINEngineers India Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Dr. G. Raghavender Rao won the 'Engineer of the Year Award 2024' from the Telangana Govt. and Institution of Engineers (India) for his exceptional contribution…” AR DOC | ||||||||
| COALINDIACoal India Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 70% |
| “In Coal Gasification, BHEL has already established Joint Venture company with Coal India Ltd (CIL) for which Letter of Award for Government’s financial incenti…” AR DOC | ||||||||
| GSECL | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “In the hydro power business, the company received order for the Renovation and Modernization (R&M) works of one Unit of GSECL Kadana Pumped Hydro Power Plant (…” AR DOC | ||||||||
| GSECL | UNSTATED | — | — | — | COGS | FY24 | EST | 70% |
| “In addition, some of the significant orders in Spares, Services and R&M business segment booked in FY 2024-25 includes Boiler modification with flexibilization…” AR DOC | ||||||||
| TITAGARHTitagarh Rail Systems Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “The company, in consortium with M/s Titagarh Rail Systems Limited (TRSL), is currently executing the prestigious order for manufacturing and supply of 80 numbe…” AR DOC | ||||||||
| Renewable Energy | UNSTATED | — | — | — | COGS | FY25 | EST | 70% |
| “BHEL signed MoU with ONGC for exploring Joint Projects and Collaboration in the area of New and Renewable Energy Business Signing of Contract Agreement between…” AR DOC | ||||||||
| POWERGRIDPower Grid Corporation of India Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 70% |
| “BHEL signed MoU with ONGC for exploring Joint Projects and Collaboration in the area of New and Renewable Energy Business Signing of Contract Agreement between…” AR DOC | ||||||||
| TATASTEELTata Steel Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 70% |
| “(iii) Investment in Neelanchal Ispat Nigam Limited (NINL) has been disposed in F.Y. 2022-23 and an amount of I26.22 Crores has been received till F.Y. 2023-24,…” AR DOC | ||||||||
| Buyer | UNSTATED | — | — | — | COGS | FY25 | EST | 70% |
| “(iii) Investment in Neelanchal Ispat Nigam Limited (NINL) has been disposed in F.Y. 2022-23 and an amount of I26.22 Crores has been received till F.Y. 2023-24,…” AR DOC | ||||||||
| MB Power | CONTRACT | CT 2,600 | — | — | CAPEX | FY26 | EST | 65% |
| “Subject: LOI from MB Power (Madhya Pradesh) Limited Sir/Madam, Bharat Heavy Electricals Limited (BHEL) has accepted a Letter of Intent (LOI) from MB Power (Mad…” ORDER p.1 · 03-SEP-25 DOC | ||||||||
| Chhattisgarh State Power Generation Company Limited | CONTRACT | CT 11,800 | — | — | CAPEX | FY25 | EST | 65% |
| “Sub: Receipt of Letter of Intent (LOI) Sir/Madam, Bharat Heavy Electricals Limited (BHEL) has received a Letter of Intent (LoI) from Chhattisgarh State Power G…” ORDER p.1 · 28-MAR-25 DOC | ||||||||
| BPCLBharat Petroleum Corporation Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 65% |
| “Pioneering the National Coal Gasification Mission: Driving India’s Coal-to-Chemicals Transition BHEL is at the forefront of India’s coal gasification drive, le…” AR DOC | ||||||||
| SARDAENSarda Energy and Minerals Ltd. | UNSTATED | — | — | — | CAPEX | FY26 | EST | 65% |
| “We had shut down one captive power plant of 30 MW from 1st December 2025 for replacement with new energy efficient Turbine and generator supplied by BHEL.” AR DOC | ||||||||
| BEMLBEML Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 65% |
| “During his tenure at BHEL, he played a key role in securing the largest-ever export order—US$1.5 billion for the 2X660 MW Maitree STPP in Bangladesh.” AR p.21 · 31-MAR-26 · +1 DOC | ||||||||
| MAHAGENCO | CONTRACT | — | — | — | — | FY25 | EST | 65% |
| “General Updates BHEL has received a Letter of Award from MAHAGENCO for 2x660 MW BTG package of Koradi Thermal Power Station” ANN · 08-FEB-25 DOC | ||||||||
| Mirzapur Thermal Energy | CONTRACT | — | — | — | — | FY25 | EST | 65% |
| “Updates Bharat Heavy Electricals Limited has informed the Exchange regarding 'Receipt of an order from Mirzapur Thermal Energy (UP) Private Limited'.” ANN · 05-JUN-24 DOC | ||||||||
| Haryana Power Generation Corp. Ltd.'. | CONTRACT | — | — | — | — | FY24 | EST | 65% |
| “Updates Bharat Heavy Electricals Limited has informed the Exchange regarding 'Receipt of an order from Haryana Power Generation Corp. Ltd.'.” ANN · 08-FEB-24 DOC | ||||||||
| CDSLCentral Depository Services (India) Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 60% |
| “The password to open the .pdf file is your 8 digit client ID for NSDL account, last 8 digits of client ID for CDSL account or folio number for shares held in p…” AR · +1 DOC | ||||||||
| ONGCOil & Natural Gas Corporation Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 60% |
| “BHEL signed MoU with ONGC for exploring Joint Projects and Collaboration in the area of New and Renewable Energy Business Signing of Contract Agreement between…” AR DOC | ||||||||
| HPGCL | CONTRACT | — | — | — | CAPEX | FY24 | EST | 60% |
| “Subject: Receipt of an order from Haryana Power Generation Corp. Ltd. Bharat Heavy Electricals Limited (BHEL) has received an order from HPGCL (Haryana Power G…” ORDER p.1 · 08-FEB-24 DOC | ||||||||
| Defence Research and Development Organisation | UNSTATED | — | — | — | CAPEX | FY24 | EST | 55% |
| “And if you can also talk about FY 24 CapEx, that is one part, and you had also indicated that if you were to get certain orders from DRDO, the CapEx will incre…” CONCALL DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| AZADAzad Engineering Ltd. | CONTRACT | CT 53 | — | — | CAPEX | FY27 | EST | 85% |
| “') has bctr.r lpfrlo":d as a long-terrn soluce by Bharat Heavy Electricals Lirnitecl (BI{EL), a Maharahra Inciian Public Sector Ur-rdertakirrg, ancl has beerr …” ORDER p.1 · 12-OCT-26 · +1 DOC | ||||||||
| ADANIENSOLAdani Energy Solutions Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “She has served as Additional Chief Secretary – Home Ministry for the Government of Maharashtra and as a Director on the Board of Bharat Heavy Electricals Limit…” AR · +1 DOC | ||||||||
| WELCORPWelspun Corp Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “He has also served as a Director (Finance) in Bharat Heavy Electricals Limited (BHEL) and ITI Limited.” AR · +1 DOC | ||||||||
| POONAWALLAPoonawalla Fincorp Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “He served as the Chairman and Managing Director (CMD) of Bharat Heavy Electricals Limited (BHEL) and Managing Director of Steag India (A German Company).” AR p.20 · 31-MAR-25 DOC | ||||||||
| NLCINDIANLC India Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Rajesh Pratap Singh Sisodia, prior to joining NLCIL, was serving Bharat Heavy Electricals Ltd. (BHEL) as Executive Director.” AR · +1 DOC | ||||||||
| GPILGodawari Power & Ispat Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “He also served as an Independent Director on the Board of Bharat Heavy Electricals Limited (BHEL), contributing to strategic governance in one of India’s large…” AR · +1 DOC | ||||||||
| TECHNOETechno Electric & Engineering Company Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “Before joining our Company, he served as a management consultant at Bharat Heavy Electricals Ltd. (BHEL) and gained practical experience in the merchant bankin…” AR DOC | ||||||||
| ADANIPOWERAdani Power Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “She has served as Additional Chief Secretary – Home Ministry for the Government of Maharashtra and as a Director on the Board of Bharat Heavy Electricals Limit…” AR DOC | ||||||||
| IOCIndian Oil Corporation Ltd. | UNSTATED | — | — | — | CAPEX | 2026-10 | EST | 70% |
| “Shri Pankaj Jain, IAS, Secretary, Ministry of Petroleum & Natural Gas inaugurating IGL Genie- the WhatsApp chatbot for IGL Customers at IGL Pavilion during Ind…” AR DOC | ||||||||
| Ministry of Defence | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Leveraging the long-standing relations with Defence institutions, and the Indian Navy for over 30 years as the sole supplier of SRGMs, the Company is working t…” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | SG&A | FY26 | EST | 70% |
| “Stakeholder Group Whether identified as Vulnerable & Marginalized Group (Yes/No) Channels of communication (Email, SMS, Newspaper, Pamphlets, Advertisement, Co…” AR · +1 DOC | ||||||||
| Commissioning | UNSTATED | — | — | — | CAPEX | FY35 | — | 70% |
| “CSR Spend Collaboration with Suppliers and Contractors ENVIRONMENT⚡⚡ TThheerrmmaall PPoowweerr ~315 GW by FY2035-36☀☀ RReenneewwaabbllee EEnneerrggyy 60% non-f…” AR DOC | ||||||||
| NLCINDIANLC India Ltd. | UNSTATED | — | — | — | CAPEX | FY26 | EST | 70% |
| “The Engineering, Procurement and Construction (EPC) contract was awarded to M/s. Bharat Heavy Electricals Ltd. (BHEL) on 12th January, 2024.” AR · +1 DOC | ||||||||
| CMPDICentral Mine Planning & Design Institute Ltd. | UNSTATED | — | — | — | COGS | 2026-10 | EST | 70% |
| “Diversification Area Key Initiatives and Targets Coal Gasification and Chemicals Renewables Rail and Evacuation New subsidiaries Bharat Coal Gasification and C…” AR DOC | ||||||||
| TITAGARHTitagarh Rail Systems Ltd. | CONTRACT | CT 11,000 | — | — | — | FY25 | EST | 70% |
| “ TRSL in collaboration with Bharat Heavy Electricals Limited (BHEL), inaugurated a dedicated production line for Vande Bharat Sleeper Trains at its Uttarpara …” AR · +1 DOC | ||||||||
| POWERINDIAHitachi Energy India Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Power Grid Corporation of India Ltd (POWERGRID) has awarded the consortium of Hitachi Energy India Limited and Bharat Heavy Electricals Limited (BHEL) to desig…” AR p.57 · 31-MAR-25 DOC | ||||||||
| WELCORPWelspun Corp Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 65% |
| “Approvals from leading organizations including NTPC, BHEL, NPCIL, ISRO, and EIL Established brand recall in international markets through strategic exports Bec…” AR DOC | ||||||||
| JSLJindal Stainless Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 65% |
| “JSL also advanced its research and product development capabilities by successfully commercialising India’s first 9Cr1Mo plate for steam generator applications…” AR DOC | ||||||||
| AMBERAmber Enterprises India Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 65% |
| “Ascent is a South India based homegrown company and a leading player engaged in the manufacturing of Printed Circuit Boards (Single sided, double sided, multi …” AR DOC | ||||||||
| SJVNSJVN Ltd. | CONTRACT | CT 837 | — | — | — | FY26 | EST | 65% |
| “Contract Agreement signed with BHEL on 05.02.2026.” AR · +2 DOC | ||||||||
| NSLNISPNMDC Steel Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 65% |
| “Prior to joining NMDC Limited, Shri Thakur was serving as Director (Human Resources) on the Board of BHEL w.e.f. July 4, 2023.” AR p.220 · 31-MAR-26 DOC | ||||||||
| JINDALSTELJindal Steel Ltd. | UNSTATED | — | — | — | COGS | FY23 | EST | 65% |
| “supplied 4,082 MT of seamless pipes to M/s BHEL • Obtained BIS license for Structural Weather-Resistant Steel (IS 11587) in the long products segment • Secured…” AR DOC | ||||||||
| NMDCNMDC Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 65% |
| “Prior to joining NMDC Limited, Shri Thakur was serving as Director (Human Resources) on the Board of BHEL w.e.f. July 4, 2023.” AR p.543 · 31-MAR-26 DOC | ||||||||
| GAILGAIL (India) Ltd. | UNSTATED | — | — | — | COGS | FY24 | EST | 60% |
| “Awards and recognition JSW Steel has been recognised with the prestigious ET Edge Best Organisation in Customer Experience 2024 award JSW Steel’s World MSME Da…” AR DOC | ||||||||
| WELCORPWelspun Corp Ltd. | UNSTATED | — | — | — | CAPEX | FY25 | EST | 60% |
| “There is also a growing shift towards branded, WSSL is the first Indian integrated facility to be qualified by BHEL for supplying supercritical boiler tube gra…” AR DOC | ||||||||
| KSBKSB Ltd. | UNSTATED | — | — | — | COGS | FY24 | EST | 60% |
| “Also team of women employees at central warehouse and repair center at KSB SupremeServ Obtained approval for KSB Mechanical Seals from BHEL and M/S Tennova, a …” AR DOC | ||||||||
| NTPCNTPC Ltd. | CONTRACT | CT 500 | — | — | CAPEX | FY26 | EST | 60% |
| “31.34 31.34 NTPC BHEL Power Projects Private Ltd. 3 years from the date of completion of first EPC contract of single order value of not less than ` 500 crore …” AR · +1 DOC | ||||||||
| NTPCNTPC Ltd. | CONTRACT | CT 75 | — | — | — | FY25 | EST | 60% |
| “g) The Company has commitments of bank guarantee of 0.50% of total contract price to be undertaken by NTPC- BHEL Power Projects Private Ltd. (a joint venture c…” AR DOC | ||||||||
| TRITURBINETriveni Turbine Ltd. | UNSTATED | — | — | — | — | 2025-11 | EST | 55% |
| “It was largely catered to by people like BHEL and imports.” CONCALL DOC | ||||||||
| KSBKSB Ltd. | UNSTATED | — | — | — | — | 2026-03 | EST | 50% |
| “So, these two customers private, BHEL doesn't. BHEL only may buy in future with us.” CONCALL DOC | ||||||||
| KIRLOSBROSKirloskar Brothers Ltd. | UNSTATED | — | — | — | — | 2026-08 | EST | 50% |
| “So as KBL builds on its order board and the fact that BHEL is also a very large customer of TKSL we expect that this company will grow going forward.” CONCALL DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNOUNCEMENTS | 33/33 | 100% | 12-NOV-26 |
| ANNUAL | 2/2 | 100% | 15-OCT-26 |
| CONCALL | 4/4 | 100% | 15-OCT-26 |
| ORDERS | 33/33 | 100% | 12-NOV-26 |
| RATINGS | 0/4 | 0% | — |
| SCREENER | 1/1 | 100% | 07-NOV-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUSTOMER HHI | 0.153 | 14-NOV-26 | NTPC Ltd. share 3% · Hindalco Industries Ltd. share 22% · Adani Power Ltd. share 2% · Adani Energy Solutions Ltd. share 22% · Punjab National Bank share 4% · Union Bank of India share 5% |
| CUST MOM 1M | +8.8% | 14-NOV-26 | from 15-OCT-26 · Steel Authority of India Ltd. +3.5% w 0 · Hindalco Industries Ltd. +5.6% w 0 · Adani Power Ltd. +4.7% w 0 · NMDC Ltd. -1.4% w 0 · Bharat Petroleum Corporation Ltd. +2.8% w 0 · Adani Energy Solutions Ltd. +6.2% w 0 |
| DISTRESS SCORE | 0.384 | 13-OCT-26 | roe 0.06 · operatingMargin 0.08 · debtToEquity 0.31 · interestCoverage 3.17 · assetTurnover 0.44 · leverage 2.94 |
| SUPP MOM 1M | +8.3% | 14-NOV-26 | from 15-OCT-26 · Indian Oil Corporation Ltd. +11.8% w 0 · Adani Energy Solutions Ltd. +6.2% w 0 · Azad Engineering Ltd. -10.2% w 0 · GAIL (India) Ltd. +11.0% w 0 · Welspun Corp Ltd. -13.3% w 0 · Jindal Stainless Ltd. -1.9% w 0 |