BHEL Share Price Today: Maharatna PSU Stock Climbs 2% on Robust Q2 Earnings

We are seeing renewed interest in the stock of Bharat Heavy Electricals Limited (BHEL). Today, the BHEL share moved up about 2% after the company reported strong Q2 financials. This matters because BHEL is a major Maharatna PSU in India, and its performance signals how the heavy-engineering and power-equipment sector might be shaping up. With government infrastructure push and better order execution, BHEL’s results offer fresh hope.

When a company like BHEL shows signs of a turnaround, it’s not just about the one quarter, it’s about whether the business is stabilising and growth can follow. In this article, we’ll unpack the share price snapshot, dive into Q2 results, look at order-book strength, examine sector tailwinds, view what analysts are saying, take a technical glance, assess risks, and wrap up what the BHEL share movement means.

BHEL Share Price Today, Snapshot

On the day of the release, BHEL share jumped roughly 2% to around ₹250 per share, having opened at approximately ₹249.41 versus the previous close of about ₹245.39. According to data, the 52-week high is around ₹272.10 and the 52-week low about ₹176.00.
Volume was significantly elevated, reflecting strong investor interest. In a sector where many stocks remain flat or under pressure, a 2-5% move is noteworthy for a large PSU like BHEL.

Q2 FY26 Results: Highlights

We turn now to the financials for Q2 (Jul-Sep 2025) for BHEL.

• Revenue from operations rose to ₹7,511.80 crore, up ~14% year-on-year.
• Net profit (PAT) surged to ₹374.89 crore, compared with ₹106.15 crore in the same period last year, a growth of ~253%.
• EBITDA for the quarter was around ₹580.8 crore, up ~111% from the ₹275 crore mark a year ago, with margins improving to ~7.7% (versus ~4.2% earlier).
• On a sequential basis, revenue grew ~36.9% from Q1 to Q2.
  These results show not only growth in top line, but meaningful improvement in profitability and operating efficiency. That is something we, and many investors, have been looking out for.

Order Book & Major Wins

A strong order book is vital for a company like BHEL, because its revenues depend heavily on execution of large projects rather than short cycles.

• According to sources, the order backlog stands at around ₹2.2 trillion.
• During Q2 FY26, the company secured orders worth approximately ₹35,375 crore.
• The power segment contributes roughly 80% of the backlog (≈ ₹1.75 trillion).
• In the industrial segment (transmission, defence, oil & gas), growth is visible: one broker report noted order inflows increased from ~₹1,700 crore in Q2 FY25 to ~₹3,600 crore in Q2 FY26.
  This means that not only is BHEL executing, but it is also winning fresh business, key when we evaluate future revenue potential.

Sector & Policy Tailwinds

We must consider the broader environment in which BHEL operates. A few important tailwinds:

• India’s infrastructure push is strong: thermal-power plants, renewables, transmission lines, rail electrification, all demand heavy equipment. BHEL has presence in these.
• ‘Make in India’ and localisation are gaining momentum, and as a large indigenous manufacturer, BHEL may benefit.
• PSU stocks have been under focus because of government divestment plans and improved financial discipline, so BHEL’s MAharatna status adds credibility.
• Execution cycles are improving, which is important for BHEL given its legacy of delays in some past orders. Broker commentary suggests that order-book quality is improving.

Taken together, we see a supportive macro backdrop for BHEL share, which adds weight to the positive sentiment.

Analyst Views & Target Prices

After the Q2 numbers, analysts responded:

• One brokerage placed a ‘Buy’ rating on BHEL, citing the improving order book and better execution.
• Another firm maintained a ‘Hold’ with a target price of about ₹250 per share, based on FY27/28E earnings and a P/E multiple of ~22x.

While valuations remain modest relative to growth expectations, many analysts talk of medium-term upside if execution continues and margins improve. For the investor reading this, we note that market expectations are now elevated, which means any miss could hurt.

Technical Analysis

From a technical perspective, some points:

• The share is trading closer to its 52-week high (~₹272), and thus upside may be somewhat limited from current levels (~₹250).
• Support levels appear near the ₹240-250 range (recent breakout area).
• Elevated volume during the results day suggests strong participation, often a bullish sign.
• The RSI (Relative Strength Index) may be inching higher toward overbought territory, meaning there could be short-term consolidation.

We see a picture of momentum, but also caution: for us as investors, we look at both upside potential and risk of pull-back.

Risks to Watch

Though the outlook is improving, there are important risks we must keep in mind:

• Execution risk: Large projects often face delays, cost-overruns, and regulatory issues. For BHEL, timely execution remains a key variable.
• Margin pressure: While margins expanded this quarter, materials cost, labour costs or contract assets can bite. For instance, some brokers flag contract assets rising.
• Valuation risk: With a surge in share price, the risk of disappointment increases if future quarters do not meet heightened expectations.
• Dependency on government capex: Much of BHEL’s business depends on public sector investment; any slowdown or policy pivot can impact growth.

By being aware of these risks, we balance optimism with realism.

Conclusion

In summary, the BHEL share has earned investor attention for the right reasons: strong Q2 results, a large order book, and favourable macro dynamics. We saw revenue up ~14% and profits up ~253% in Q2 FY26. The stock moved up ~2-5% on the day of the announcement.
For us, monitoring the infrastructure and heavy-engineering space, BHEL’s turnaround is a positive signal. However, we also recognise that the path ahead is not without challenges; execution, margins, and valuation discipline will determine whether this move is sustainable.
As we move forward, if BHEL can convert its backlog into revenue smoothly and keep margins improving, the share could have more room to run. Until then, keeping an eye on quarterly updates and broader infrastructure cues will help us stay informed.

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The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.