Bharat Heavy Electricals Ltd

NSE: BHEL BSE: 500103

₹387.50

-11.40 (2.86%)

Wed, 28 Oct 2026, 04:09 pm

MTF 5xInvest in Bharat Heavy Electricals Ltd with 5x Leverage Buy with MTF

Market Cap (in Cr)134755.85

PE Ratio46.87

Dividend0.36

Producer Manufacturing

Electrical Products

24.5K

Bharat Heavy Electricals Ltd Company History

1972

Integrated operations of all four plants in July.

1974

Heavy Electricals (India) Ltd merged with BHEL in January.

1982

Entered non-power sectors to reduce dependence on power; developed electrical, electronic, mechanical equipment for transmission, transportation, oil and gas.

1991

Converted to public limited company on December 24.
Subdivided shares from Rs 1000 to Rs 10; allotted 244,760,000 equity shares.

1992

Disinvested 489,52,000 equity shares between January-February.
Commissioned 10 thermal sets, 2 gas sets, 11 hydro sets.
Completed first 500 KV 1500 MW HUDC transmission line Rihand-Delhi.
Completed contracts for 2x60 MW thermal sets in Malta and Cyprus.

1994

Commissioned two 250 MW sets in Maharashtra and one 500 MW boiler in Orissa.
Established Asia's largest fuel evaluation test facility at Tiruchi.
Commissioned ten industrial power plants adding 293 kW.
Developed photovoltaic systems, solar refrigerator, and 2x5 kW fuel cell module.

1995

Commissioned India's first 250 MW thermal unit at Dahanu, Maharashtra.

1996

Handed over 100th Electric Locomotive to Indian Railways.
Installed 250th Hydro set at Dhupdal-1; handed over 30 MW gas turbine in Oman.
Signed agreement with Indian Railways for 53 AC/DC locos.
Undertook projects including Indira Sugar, Kurichu, Ghanvi, Gumma, Kerala DG sets, HRSGs, transformers, motors.

1997

Incorporated JV Bhe-Ge Gas Turbine Services with GE.
Incorporated JV Powerplant Performance Improvement with Siemens AG.
Won national best exporter award for 1995-96.
Ruled JV with Skoda for electric trolley buses.
Commissioned Frame-6 gas turbine in Oman and supplied 14 MW marine turbine to Navy.
JVs with GE and Siemens on 50:50 basis.
Technical tie-up with Siemens for steam turbines and generators.
Undertook supply of 36 MW STG for RIL and others.

1998

Commissioned fifth 210 MW unit at Gandhinagar TPS.
Entered agreement with ISRO for solar panels.
Commissioned maiden unit of Kodasalli HEP Karnataka.
Supplied and commissioned hydro equipment for Chunchunakatte, Bhadra, Narayanpur HEPs.
Commissioned 250 MW thermal set at Kothagudem TPS.
Commissioned first 30 kW grid interactive solar PV plant at Bangalore.

1999

Synchronised fifth 210 MW unit at Raichur TPS in 29 months.
Commissioned desalination plant in Gulf of Mannar.
Entered technical collaboration with Babcock Borsig Power for once through boilers.

2000

Signed MoU with Bhakra Beas Management Board for renovation of hydro stations.
Entered infotech sector with dotcom for B2B services.
Setting up portal for electrical engineering solutions.
Manufacturing largest AFBC boilers for Jindal Steel.
Won top exporters award for 11th year.
Considering VRS for underperforming employees.
Planning expansion to east Europe and Africa.
Bagged Samman Patra award from Finance Ministry.
Electronics division got ISO 14001 certification.
Bagged Rs 295 cr contract for Advance Class Gas Turbine in Tamil Nadu.
Completed 430 MW Faridabad CCP project in 30 months.
Won Best Productivity Performance Award for 1997-98.
Commissioned first 150 MW hydro unit at Ranjit Sagar HEP.
Bagged order from IOC for co-generation at Haldia refinery.
Awarded by Indian National Suggestion Schemes Association.
Karnataka Power Corporation awarded Rs 365 cr for 210 MW at Raichur.
Developed ceramic disc insulators for 500 KV HVDC.
Tiruchi bagged Handa Rolling Trophy and Golden Key Award.
Open to equity stakes in power projects.
Haridwar Complex awarded Neyveli Lignite rolling trophy.

2001

Bagged Golden Peacock National Quality Award for second year.
Won order for fifth 250 MW unit at Suratgarh TPS Rajasthan.
BHEL-GE Gas Turbine Services commissioned refurbishment centre.
R&D developed 50 kW phosphoric acid fuel cell power pack.
Bagged Golden Trading House status.
Commissioned first hydro unit at Kurichu HEP Bhutan.
Set to commission first 500 MW unit at NTPC Simhadri ahead of schedule.
Awarded Rs 540 cr electro-mechanical order for Maheshwar hydel project.

2002

Awarded top exporters award by Engineering Export Promotion Council for 1999-2000.
Tied up with PFC for joint bids.
Tied up with Metso Automation for diagnostic center.
Received Rs 174 cr contract from CPCL for 40 MW co-generation plant.
Launched IT school with IIT-Madras in Tiruchi.
Struck Rs 51 cr order for transformers to Tala HEP Bhutan.
Bagged Rs 50 cr export order in Kazakhstan.
Bagged orders from RVUNL for 195 MW at Kota TPS and 75 MW Ramgarh.
Commenced research on IGCC technology.
Power Sector Northern Region unit bagged OHSAS-18001 and ISO-14001.
Signed MoU with ONGC for oil-field equipment.
Bagged generator order from Sirupur Paper Mills.
Got Rs 267 cr order from Oman.
Signed technical collaboration with TLT Germany for high-efficiency fans.
Tiruchi unit got best employer-employee award.
Launched Vendor information system.
Clinched Rs 230 cr order from ONGC.
Got Rs 63 cr contract from NTPC.
Got Rs 35 cr grid substation project from Rajasthan Electricity Board.
Tied up with Shree Industries for solar water heaters.
Launched 4th solar power plant in Lakshadweep.
Power generating sets awarded for excellent performance.
Electronics Division secured export contract for automation systems to Indonesia.
Electroporcelains Division received OHSAS-18001 certification.
Launched first Vessel Traffic Management System at New Mangalore port.
Got Rs 41 cr order from NPC.
Announced completion of 1000 MW Simhadri thermal power station.
Commissioned 50 kWp solar PV grid interactive plant at Neil Island.
Got Rs 80 cr contract from Hindalco.
Launched web pages for vendor base expansion for energy meters.
Five Tiruchi employees conferred Viswakarma Rastriya Puraskar.
Bagged Rs 1,425 cr order for two 210 MW sets in UP.
Received Rs 25 cr contract from PGCIL for 400 kV substation in Orissa.
Bagged Rs 15.5 cr order for STG for sugar co-generation in Karnataka.
Received order from Uttaranchal Power Corporation for grid station.
Received CII award as first PSU winner.
Got order from Sterlite Group for steam generator.
Bagged order from Uttaranchal Jal Vidyut Nigam for 304 MW Maneri Bhali Stage-II.
Obtained order from NHPC for 800 MW Parbati hydro project.

2003

Forayed into Operations & Maintenance of power plants.
Flagged off first indigenously manufactured advance class gas turbine to GSEC.
Tied up with Skodaexport for overseas projects.
Received order from Chincholi Sugar Mills.
Forged alliance with Anna University for research and training.
Commissioned solar PV systems for rural telephone in Gujarat.
Bagged 20 MW power plant order from IOC Mathura Refinery.
Bagged Rs 1,589 cr order from MPSEB for 600 MW thermal unit.
Tied up with TCS for IT solutions in power sector.
Teamed up with Alstom for NTPC Sipat project.
Developed Automated Storage and Retrieval System.
Exported advance class gas turbine to Oman.
Executed turnkey contract for DVC.
Deployed solar panels on Insat 3A and GSAT 2 satellites.
Secured Rs 40 cr order from JSPL Raigarh steel plant.
Got order from Delhi Transco for 220 KV substation.
Got Rs 475 cr order from IOC.
Signed MoU with NTPC for O&M and EPC.
Put 250 MW unit on full generation in record 12 hours.
Developed HVOF spray technique.
Bagged order for hydro turbine generator to Taiwan.
Awarded ISO 14001 and OHSAS 18001 certifications.
Bagged $4.5m order from Gujarat Ambuja Cements for 30 MW STG.
Got Rs 36.30 cr contract for sewage treatment from Chennai Metro.
Won Hind Zinc contract for 154 MW power plant.
Got Rs 188 cr order from Tata Power.
Signed MoU with NTPC for engineering service venture.
Obtained Rs 1,412 cr contract for 1000 MW Kahalgaon STPP.
Forged alliance with Nordex for wind energy pilot.
Bagged Rs 1,700 cr EPC contract for 500 MW Korba project.
Received Rs 16 cr orders from Tisco.
Bagged award for excellence in Electronics.
Got $22 mn hydro power order for 12 MW project in Mizoram.
Set up centre for excellence.
Won contract from Ambuja Cement.
Got Rs 2,700 cr orders from NTPC.
Acquired Rs 21 cr order from Navy.
Dr Hari Shankar Jain won National Design Award.

2004

Got Rs 20 cr compressor and drive turbine package contract.
Bagged Rs 599 cr order for 250 MW power project in Maharashtra.
Set up Centre of Excellence for simulators at corporate R&D.
Bagged Rs 197 cr power order from Gujarat Electricity Board.
Bagged Rs 36 cr order from Bhushan Steel.
Got order for hydro electric project in Chhattisgarh.
Delivered gas turbines to IOC.
Got Rs 333 cr order for 112 MW plant in Gujarat.
Changes in Directorate including new Chairman & Managing Director H W Bhatnagar.
Got Rs 160 cr order from ONGC for oil exploration equipment.
Achieved commissioning of 70 MW Advanced Class gas turbine in Oman.
Released PowerPac-G software with TCS.
Appointed Bollepalli Ramachandra Rao as Executive Director Hyderabad.
Bagged Rs 94 cr contract from SAIL for Rourkela compressor package.
Secured Rs 647 cr contract from MSEB for 250 MW unit.
Inked MoU with Oil India for land rigs upgradation.
Bagged Rs 80 cr export order from Petroleum Development Oman.
Bagged Rs 70 cr order from Punjab State Electricity Board for hydro project.
Bagged Rs 142 cr contract for 120 MW plant in Jammu and Kashmir.
Electronics division bagged order for solar PV cells to Italy.
Bagged Rs 80 cr order from PDO Oman for centrifugal gas compressor.
Won contract for five solar power plants in Sunderbans.
Joined UN Global Compact.
Bagged Rs 65 cr order from Power Grid for 400/220 kV substation.
Secured Rs 21 cr order for 40 MW STG from Shriram Vinyl.
Won Rs 2 cr order for disc insulators from Tyco Electronics.
Bagged order from SAIL for 15 MW captive power plant at Bhilai.
Appointed AK Puri as Chairman and Managing Director.
Bagged Rs 550 cr order for 330 MW gas-based plant in Rajasthan.
Joined hands with NTPC for 100 MW power plant in Haridwar.

2005

Delisted equity shares from Madras Stock Exchange effective January 19.
Delisted equity shares from Ahmedabad Stock Exchange effective January 28.
Entered MoU with REC for power generation solutions.
Bagged largest commercial order of Rs 90.58 cr for ASRS.
Appointed Dr V. Gopalakrishnan as Chief at Tiruchi.
Teamed up with NTPC for 100 MW IGCC power project.
Got two export orders from Oman.
Trichy and Bangalore plants won five National Safety Awards.
Opened 2nd unit at NTPC's Rihand station.
Signed technology transfer agreement with Alstom.

2006

Inked agreement with IIT Madras for new courses.
Bechtel signed Dabhol agreement.
Signed MoU with NIT Tiruchirapalli.
Targeted $1.7 bn contract in Bangladesh.
Got Rs 165 cr order from IOC for Haldia refinery power plant.

2007

Appointed N Gokulram as Part-time Official Director.
Vineet Nayyar ceased as Director.
Raised R&D spend to Rs 238 cr.
Won orders worth over Rs 2,900 cr for Jhajjar Super Thermal Power Project.
Signed MoU with NTPC for Joint Venture in EPC activities.
Won turnkey order for captive power plant at steel plant in West Bengal.
Signed Joint Venture agreement with NTPC.
Issued Bonus Shares in 1:1 ratio.

2008

Secured orders worth Rs 15,000 cr including MoU with TNEB for two 800 MW stations.
K Ravi Kumar entrusted with additional charge of Chairman and Managing Director.
Tied up with AP Genco for Vizag unit.
Secured Engineering Export Promotion Council's top export award for 18th year.
Secured Rs 140 cr contract for two gas turbine units in UAE.
Established fourth Centre of Excellence for Surface Engineering.
Won orders for main plant package at Jhajjar Super Thermal Power Project.
Received Rs 1,150 cr turnkey contract for 153 MW captive power plant from HMEL.
Got Rs 14.74 bn contract from NTPC.

2009

Bagged Rs 4,015 cr order from Hindalco for 900 MW captive power plant in Orissa.
Secured Rs 2,600 cr order from Hindal India Thermal Power Ltd for 1,200 MW power project.
Bagged Rs 1,300 cr order from NTECL for turbines at Vallur Thermal Power Project.
Appointed Shekhar Datta as Part-time Non-Official Director.
Appointed O. P. Bhutani as Director (Engineering, Research & Development).

2010

Bagged Rs 900 cr orders from ONGC for six on-shore oil rigs.
Bagged Rs 3,348 cr orders for 376 MW captive power plant at Paradip Refinery.
Bagged Rs 6,300 cr order for power plant in Karnataka.
Signed technology transfer agreement with Sheffield Forgemasters for forgings up to 1,000 MW.
Bagged Rs 2,665 cr order for 2x600 MW coal-based thermal power project from Dainik Bhaskar Power Limited.

2011

Bagged Rs 37,829 cr contract for 2x660 MW Supercritical Thermal Sets from Dainik Bhaskar Power Limited.
Bagged Rs 40,710 cr contract for 1,200 MW Thermal Power Plant from Singareni Collieries.
Employees won 8 Prime Minister's Shram Awards.
Employees won 5 Vishwakarma National Awards; Units bagged 3 National Safety Awards.
Split face value of shares from Rs 10 to Rs 2.

2012

Commissioned India's first Ultra High Voltage AC 1200 kV Transformer.
Paid 136% Interim Dividend for fiscal 2011-12.
Signed Rs 6,300 cr contract with Abhijeet Projects for 300 MW Thermal Power Plant in Visakhapatnam.
Won SCOPE Meritorious Award for Best Practices in HR Management.
Bagged contract for 160 MW Combined Cycle Power Plant at Ramgarh, Rajasthan.
Won Rs 1,143 cr order from NTPC for 500 MW thermal unit at Vindhyachal.
Received Rs 9,500 cr contract for 1,020 MW Hydroelectric Project in Bhutan.
Signed MoU with Govt. of Tajikistan for 100 MW Hydro-Electric Power Project.
Paid 320% Equity Dividend for fiscal 2011-12.
CMD B.P. Rao won Power Man of the Year Award.
Received National Energy Conservation Award 2012.

2013

Won Rs 2,650 cr contract from BPCL for Kochi Refinery project.
Won ICAI National Award for Excellence in Cost Management for eighth year.
BHPV merged with BHEL as seventeenth unit.
Won Rs 25,690 cr Steam Generator Package Contract for 2x500 MW Lignite-fired Power Project.
Bagged main plant package contract for 500 MW thermal power plant.
Conferred BGR-ENERTIA Award for Technology Enterprise Innovation.
Commissioned first Supercritical Thermal Unit at Barh, adding 660 MW.
Bagged PSE Excellence Award for R&D, Technology Development and Innovation.
Won India Pride Award for Excellence in Heavy Industries.
Won Rs 10,230 cr Turbine generator package order.

2014

Won order for 206 MW Hydro Electric Project in Punjab.
Won Highest ever Mega EPC Contract for 3x660 MW Supercritical Power Project.
Bagged Rs 30,000 cr mega contract for 2x800 MW Supercritical Boilers.
Won order for 120 MW Hydro Electric Project in Uttarakhand.
Won DSIJ Award for Most Efficient Maharatna PSU.
Bagged National Intellectual Property Award.
Signed MoU for Renewable Energy Projects in Yemen.
Bagged WIPO Award for Innovative Enterprises.
Commissioned Gas Turbine-based Power Plant in Oman.
Commissioned 600 MW Thermal Unit in Odisha.
Overhauled 104 MW Gas Turbine Generator Unit 1 at Pragati Power Project.
Commissioned 250 MW Coal-based thermal power plant at Chhabra, Rajasthan.
Achieved R&M and Uprating of 110 MW Unit, extending life by 15-20 years.
Bagged India Today Best Maharatna PSU Awards for Global Presence and Innovation & R&D.
Won first EPC contract for 800 MW Supercritical Power Project.
Bagged EPC contract for 2x660 MW Supercritical Power Project.
Won order for 444 MW Hydro Electric Project in Uttarakhand.
Won contract for ESP package for 2x800 MW Darlipali Supercritical Thermal Power Project.
Achieved R&M of 110 MW Unit at Muzaffarpur Thermal Power Station.
Won ICAI National Award for Excellence in Cost Management for ninth year.
Bagged PSE Excellence Award for R&D and Technology Development.

2015

Commissioned fourth 270 MW coal based thermal power plant at RattanIndia Power Limited, Nandgaonpeth, Maharashtra.
Bagged contract for 1,080 MW Manuguru Thermal Power Project from TSGENCO.
Secured Rs 5,000 cr order for 4x270 MW thermal power plant in Telangana.
President of Rwanda inaugurated Hydro Electric Plant set up by BHEL.
Commissioned 28 MW Nyaborongo-1 hydro electric power plant in Rwanda.
Won Rs 225 cr order for 120 MW Hydro Electric Project in West Bengal.
Commissioned 660 MW Supercritical Thermal Unit in Bihar.
Commissioned another 270 MW Thermal Unit in Maharashtra.
Won Rs 3,810 cr order for 1x800 MW Supercritical Thermal power plant in Telangana.
Won Power Cycle Piping package contract for NTPC's 3x660 MW Barh Super Thermal Power Project.
Bagged Rs 1,202 cr order for 370 MW Gas-based Combined Cycle Power Project.
Secured single largest order worth Rs 17,950 cr.
Inked MoU with INTMA for gas-based power project in Kazakhstan.
Signed three strategic MoUs with Kazakhstan companies.

2016

Commissioned 600 MW Thermal Unit in Telangana.
Commissioned two 220/20kV substations in Afghanistan.
Commissioned 2nd 660 MW Supercritical Thermal unit in UP.
Bagged Rs 2,759 cr order for 800 MW unit in Tamil Nadu.
Commissioned 270 MW coal-based power project in Punjab.
Started 40 MW hydro power plant in West Bengal.
Bagged Rs 5,600 cr order for 1,600 MW Supercritical Power Project in Tamil Nadu.
Commissioned first 700 MW thermal unit in Karnataka.
Commissioned 600 MW thermal power plant in MP.
Started another 520 MW thermal power unit in AP.
Commissioned 500 MW Thermal Unit in Chhattisgarh.
Commissioned first unit of Pulichintala HEP in Telangana.

2017

Commissioned coal-fired Power Project in Indonesia.
Bagged R&M order for ESP Package at Kahalgaon Super Thermal Power Station in Bihar.
Bagged Rs 64 cr order for decentralised Sewage Treatment Plants.
Won largest value EPC order for 765 kV Substation.
Celebrated Utkrishthta Utsav and presented Excel Awards.
Received Vayoshreshtha Samman 2017 from President of India.
Won Six National Safety Awards.
Employees won maximum Vishwakarma Rashtriya Puraskars; Units got 6 National Safety Awards.
Bagged PSE Excellence Awards for R&D, HR, and Women Contribution.
Commissioned 30 MW Hydel Power Project in Mizoram.
Forayed into Chile and Estonia.
Won ICAI National Award for Excellence in Cost Management.
Signed Technology Collaboration Agreement with Kawasaki Heavy Industries for Stainless Steel Metro Coaches.
Bagged EPC order for 15 MW Solar Photovoltaic Power Plant.
Solar PV Portfolio reached 370 MW.
Commissioned 3 MW Solar Photovoltaic Power Plant.
Surpassed Government 12th Plan Capacity Addition Target.
Signed MoU with NEERI for water and waste water treatment projects.
Ranked only PSU in Top 25 Best Companies to Work For in India.
Won Golden Peacock HR Excellence award.
Celebrated BHEL Day.
Adjudged Best Power Equipment Manufacturing Organisation.
To build EHV substations for India's largest Ultra Mega Solar Park.

2018

Commissioned 250 MW thermal power unit in Bihar.
Bagged Rs 2,800 cr order for power project in Maharashtra.
Bagged Rs 560 cr order from NTPC.
Commissioned 18 MW hydro-electric project in Punjab.
Bagged thermal power project in Jharkhand.
Secured Rs 736 cr order for Nuclear Steam Generators.
Commissioned 600 MW thermal power plant in AP.
Won EPC order for 75 MW Solar Photovoltaic Plant.
Forayed into lake purification business under smart city initiative.
Won Rs 137 cr order for renovation in Telangana.
Entered metro rail coaches development business.
Entered into TCA with NANO.

2019

Bagged 2 orders worth Rs 97 crore from NPCIL.
Bagged first rail electrification order worth Rs 350 cr.
Received DSIJ Award for outstanding performance.
Bagged Rs 800 cr EPC orders for 200 MW Solar Power Plants.
Signed agreement with CONCOR to form Joint Working Group.
Tied up with CONCOR for rail-based logistics terminal at Haridwar.
Bagged Rs 100 crore EPC order for 25 MW solar power plant.
Commissioned unit of Kaleshwaram irrigation project in Telangana.

2020

Commissioned two hydro power generating units in Arunachal Pradesh.
Signed pact with Russian firm for defence projects.
Began civil works at 660-MW Sagardighi power plant in West Bengal.
Tied up with SwissRapide AG for Maglev trains.
Manufactured India's highest rating Auto Transformer.

2021

Won Clarivate South and South East Asia Innovation Award for Most Innovative Company.
Commissioned 800 MW unit at Gadarwara project in Madhya Pradesh.
Lit up boiler at 800 MW North Chennai Thermal Power Station.
Bagged major order for Sulphur Recovery Unit from Indian Oil.
Bagged Rs 1,045 cr order for nuclear steam generators from NPCIL.
Commissioned third renovated Hydro unit at 3x60 MW Baira Siul HEP.
Commissioned India’s largest floating Solar PV plant.

2022

Received CII-EXIM Bank Awards for Business Excellence.
Won order for Compressor Package from Iraq.
Signed MoU with RVNL.
Entered into Technology License Agreement with Sumitomo.

2023

Won CII-EXIM Bank Award for Business Excellence.
Won order for country’s largest capacity Hydro Project against International Competitive Bidding.
Successfully synchronised 660 MW unit of Maitree Super Thermal Power Project in Bangladesh.
Signed MoU with Greenstat Hydrogen India Pvt. Ltd. for Green Hydrogen and Derivatives.
Extended cooperation with General Electric for Gas Turbines.

2024

Secured order for 800kV, 6000 MW Khavda-Nagpur LCC HVDC Terminal Stations along with AC Transmission systems at Khavda.
Received Rajbhasha Kirti Puraskar.
Secured order for 2x800 MW Koderma Supercritical Thermal Power Project.
Bagged two back-to-back orders for 2x800 MW Raipur and 2x800 MW Mirzapur Supercritical Thermal Power Plants.
Bagged order for Haryana’s first 800 MW Ultra Supercritical Thermal Power Plant in Yamunanagar.

2025

Secured Rs 6,650 cr EPC order from NTPC for 800 MW Darlipali Thermal Power Project.
Bagged Rs 22.87 cr order from Indian Railways for Kavach Safety System.
Bagged Rs 11,800 cr order from Chhattisgarh genco.
Bagged order for boiler package at Raghunathpur thermal plant.
Received Letter of Award from MAHAGENCO for 2x660 MW BTG package of Koradi Thermal Power Station.