BHEL’s returns in the first half of 2026 come on the back of five consecutive years of positive returns, starting 2021.
| Year | Returns (%) |
| 2021 | 64 |
| 2022 | 34 |
| 2023 | 144 |
| 2024 | 18 |
| 2025 | 25 |
| H1 2026 | 45 |
This run for BHEL comes after years of underperformance. Between 2010 and 2020, the stock had delivered positive annual returns only twice.
| Year | Returns (%) |
| 2010 | -3.3 |
| 2011 | -48.6 |
| 2012 | -4.4 |
| 2013 | -22.5 |
| 2014 | 50 |
| 2015 | -36.2 |
| 2016 | -28.3 |
| 2017 | 14.5 |
| 2018 | -21 |
| 2019 | -41 |
| 2020 | -17.4 |
Ratings Agencies Turn Positive
Earlier this month, CARE upgraded its long-term rating for BHEL from AA- to AA.
A week prior, the company also bagged an order worth 21,000 crore from Meja Urja Nigam.
The order pertains to an engineering, procurement and construction (EPC) contract for the 3×800 MW Meja Super Thermal Power Plant (STPP) Stage-II in Uttar Pradesh and the Uttar Pradesh Rajya Vidyupt Utpadan Nigam Ltd.
The project will add 2,400 MW of supercritical thermal power generation capacity at Meja in Prayagraj district. The EPC package is scheduled to be completed within 70 months from the date of award.
in the ₹2,000 crore to ₹2,500 crore range, with Dangote Petroleum Refinery and Petrochemicals Free Zone Enterprise to execute a project in Nigeria’s Dangote Industries Free Zone.
The contract covers design, manufacturing, supply up to Mumbai port, supervision of building and commissioning and performance guarantee testing of eight gas turbine generator packages. The scope of work excludes civil work.
BHEL’s March quarter earnings beat Street expectations. Its earnings before interest, tax, depreciation and amortisation (EBITDA) more than doubled to ₹1,754 crore from ₹832 crore last year. It was also above Street estimates of 831 crore.
Its EBITDA margin expanded sharply to 14.2% from 9.2% in the year-ago period. A CNBC-TV18 poll had estimated it to be 10.1%.
Its revenue increased 37% and net profit was at ₹1,283 crore compared to ₹504 crore last year. It was also more than Street expectations of 826 crore.
Of the 22 analysts who have coverage on the BHEL stock, nine have a “buy” rating, three have a “hold” rating and 10 have a “sell” rating.
Shares of BHEL ended 1% higher on Tuesday at ₹418. The stock is also close to its 52-week high of ₹424.9.
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