BHARAT HEAVY ELECTRICALS LTD. Q1 FY27 Results

BHEL reported a clean year-on-year turnaround in Q1 FY27 (quarter ended 30 June 2026): consolidated revenue rose 40.3% to ₹7,697.72 Cr and the company posted a net profit of ₹376.71 Cr (EPS ₹1.08) against a loss of ₹455.50 Cr in the year-ago June quarter. Standalone tells the same story — ₹381.91 Cr PAT versus a ₹454.89 Cr loss a year ago. The swing was driven by the Power segment, where quarterly revenue jumped ~52% YoY to ₹5,919.50 Cr and segment results flipped to a ₹562.81 Cr profit from a ₹510 Cr loss; Industry added ₹1,778.22 Cr (+12% YoY) and ₹242.61 Cr of segment profit. There are no exceptional items on either side, so the turnaround is fully operational — reported and adjusted growth are the same.

Against the Street, this is a beat on both lines. Brokerage previews had modelled revenue of ₹6,438–7,058 Cr (Kotak highest at ₹7,058 Cr, up ~29% YoY) and consolidated PAT of just ₹46 Cr (Kotak) to ₹137 Cr (Zee Business); actual revenue of ₹7,698 Cr and PAT of ₹377 Cr cleared the top end of both. BHEL gives no formal earnings guidance, so there is no company outlook to measure against. The sharp sequential drop — revenue −37.5% and PAT −70.8% versus Q4 FY26's ₹12,310 Cr / ₹1,290 Cr — is BHEL's usual seasonality (the March quarter carries the bulk of annual execution and billing) and was explicitly built into Street models, which pencilled a 43–48% QoQ revenue fall; it is not a signal of weakness.

The stock went into the print at ₹417.2, up 8.6% over the past month of trading.

Margins reflect the same split: consolidated operating profit ratio recovered to 6.69% from −9.54% a year ago (net margin 4.89% vs −8.30%), a large YoY expansion, but compressed from Q4's 14.38% on lower seasonal operating leverage. The quarter also saw BHEL sign a green-hydrogen JV with thyssenkrupp nucera (1 July) and set a ₹1.40 final dividend (record date 17 July, AGM 5 August), following an FY26 in which revenue rose 19% to ₹33,782 Cr and consolidated PAT reached ₹1,600 Cr.