Bharat Heavy Electricals Limited (BHEL) has announced its financial results for the third quarter of fiscal year 2026, reporting a significant surge in net profit. The state-owned engineering and manufacturing giant's consolidated net profit reached ₹390.40 crore, marking a 190% increase compared to ₹134.70 crore in the same quarter of the previous year.
The company's revenue from operations also saw a substantial rise, climbing 16.4% year-on-year to ₹8,473.10 crore from ₹7,277.09 crore. This growth reflects stronger order execution across both the Power and Industry segments.
BHEL’s financial performance showcased improvements across key metrics. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased by 79.3% to ₹545 crore, with the EBITDA margin expanding to 6.4% from 4.2% in the corresponding period last year. The company's total income for the quarter stood at ₹8,700.18 crore, compared to ₹7,393.33 crore in the third quarter of fiscal year 2025.
A segment-wise analysis reveals that the Power segment continues to be a major revenue driver, with revenue of ₹6,322.36 crore, up from ₹5,588.45 crore year-on-year. The Industry segment also demonstrated strong growth, with revenue increasing to ₹2,150.74 crore from ₹1,688.64 crore in the prior year.
However, the auditor's report has highlighted an emphasis of matter regarding overdue receivables of ₹211 crore from Customer STPG (formerly 'NEC Sudan') which has not been provided for, along with the potential impact of the new labor codes which went into effect on November 21, 2025.
In other news, BHEL's board has approved a short-term closure of its Varanasi plant, with plans to relocate production to other facilities.
Despite the positive results, BHEL's share price traded 0.77% lower at ₹263.50 apiece on the BSE in the morning.
BHEL is a Maharatna PSU, owned by the Government of India and operating under the administrative control of the Ministry of Heavy Industries. The company is the largest engineering and manufacturing enterprise in India, serving the energy, industry, and infrastructure sectors.
