The shares of Bharat Heavy Electricals Ltd jumped over 6% intraday on Wednesday, November 4 after it received orders from Adani Power Ltd. for four projects valued between ₹20,000 crore to ₹28,000 crore. The contract requires the company to Supply of equipment and Agreed Services for four projects of 2x800 MW each, according to a regulatory filing on Wednesday.
The filing noted that, each of the 4 projects were valued at between ₹5,000 crore and ₹7,000 crore, excluding GST. The Public Sector Undertaking's order book stood at ₹2,57,571 crore as of September 30, 2026, after it secured orders worth ₹30,000 crore in the first half of FY27.
Order inflows in Q2FY27 stood at ₹4,000 crore, down from ₹26,700 crore in Q1FY27 and ₹30,000 crore in Q4FY26. The company had reported inflows of ₹21,900 crore in Q2FY26 and ₹10,500 crore in Q1FY26. How Did BHEL Fare In Q2? BHEL strong number along all fronts for the second quarter with its industrial segment witnessing good growth.
Revenue from operations rose 23.81% to ₹9,300 crore from ₹7,511.8 crore in the same quarter the previous year. Earnings Before Interest, Taxes, Depreciation, and Amortisation jumped 76.4% to ₹1,025.8 crore up from ₹581.46 crore in the year ago period.
The EBITDA margin stood at 11% compared to 7.7% in the year ago period, while its Profit After Tax surged 120% to ₹809 crore compared to ₹368 crore in the year ago period. BHEL's Industry segment revenue stood at ₹2,662.5 crore, a 45% jump from ₹1,836.2 crore reported in the same quarter the previous year.
The power segment revenue stood at ₹6,637.9 crore which was a 17% increase from the ₹5,676 crore it generated in the same quarter last year. BHEL's better-than-expected results prompted IIFL Institutional Equities to raise its earnings estimates for the next two years by around 20% to 25%.
Renu Baid Pugalia, Senior Vice President of Research at IIFL Institutional Equities, told CNBC-TV18 last month that the company had delivered a strong performance that exceeded expectations. She said BHEL was being selective in taking thermal power orders due to execution challenges.
However, order inflows could improve in the second half, supported by opportunities in railways and other segments. Despite the lack of large thermal projects in its current-year pipeline, BHEL could close the year with broadly flat order inflows. How has the market reacted?
Shares of BHEL are trading 6% higher on Wednesday at ₹424. The stock is up 45% so far this year. Shares are down 10% from their 52-week high of ₹464 which it had achieved on October 14, this year after announcing the second quarter financial results on the same date.