BHEL Share Price: Maharatna PSU stock surges over 50% in a month; after 2.5x Q4 profit, should you buy?

Bharat Heavy Electricals Limited reported a more than 2.5-fold rise in its consolidated net profit to Rs 1,290.47 crore for the quarter ended March 2026, supported by higher revenues, mainly from its power segment.

The company had posted a net profit of Rs 504.45 crore in the corresponding period of the previous financial year, according to an exchange filing.

Total income during the January-March quarter increased to Rs 12,553.50 crore from Rs 9,142.64 crore in the same period of FY25.

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Revenue from the power segment stood at Rs 9,509.85 crore in the fourth quarter, compared with Rs 6,192.41 crore in the year-ago period.

For the full financial year 2025-26, the company reported a net profit of Rs 1,600.26 crore, up from Rs 533.90 crore in the previous fiscal. Total income for FY26 rose to Rs 34,589.83 crore from Rs 28,804.79 crore in FY25.

BHEL Share Price Target

Brokerages gave mixed views on the stock following the results.

Morgan Stanley maintained an “overweight” rating on the stock and raised its target price to Rs 444 from Rs 304. It said the company reported surprisingly strong results and added that its macro positioning is improving in India. The brokerage said the company’s turnaround could continue to surprise markets.

JP Morgan maintained an “underweight” rating and increased its target price to Rs 220 from Rs 185. It noted that the stock has risen 58 per cent over the past year and 38 per cent over the last three months, compared with a decline of 1 per cent and 6 per cent in the NIFTY50 during the same period.

The brokerage said the sharp outperformance provides an exit opportunity in a cyclical business. It said the peak of the thermal power plant ordering cycle is likely behind, citing a 19 per cent year-on-year decline in FY26 order inflows and a 27 per cent fall in power segment orders. It expects total order inflows to decline 12 per cent in FY27.

It also said profitability in FY25 and FY26 was supported by provision write-backs and foreign exchange gains. It added that the rise of energy storage systems and cheaper solar power could impact long-term demand for coal-based power plants.

CLSA maintained a “reduce” rating and raised its target price to Rs 282 from Rs 198. It said revenue growth in FY26 remained strong at 19 per cent year-on-year, while EBITDA margin improved to 6.9 per cent.

The brokerage said margin expansion was largely driven by lower provisions and foreign exchange gains. It added that core gross margins weakened, indicating poor quality growth, and said the stock has been rerated on the energy theme but lacks fresh order triggers. It also said valuations remain expensive at around 51 times FY27 earnings.

BHEL Share Price Today

Shares of BHEL were trading at Rs 384.80 on May 5, 2026, at 09:30 am. The stock had hit its 52-week high of Rs 399 on May 4, 2026, following the results announcement.

The stock has risen 7.20 per cent in the past week and 53.26 per cent over the last month. It is up 30.47 per cent on a year-to-date basis and has gained 66.25 per cent over the past one year.

Over a longer period, the stock has surged 370.90 per cent in three years and 570.04 per cent in five years. The company’s total market capitalisation stood at Rs 1,33,206.33 crore. The stock’s 52-week low was Rs 205.12 recorded on August 29, 2025.

BHEL is the country’s largest engineering and manufacturing enterprise in the energy and infrastructure sectors.