Bharat Heavy Electricals Q2 FY27 Results: Consolidated Net Profit ₹821 Crore on Total Income of ₹9,553 Crore

Earnings
Power

Blacklitt Research14 October 20263 min read

Large steam turbine blades seen against the sky — Illustrative image. Photo: Alf van Beem, via Wikimedia Commons (CC0)

Bharat Heavy Electricals reported consolidated total income of ₹9,553.01 crore and net profit of ₹820.94 crore for the quarter ended 30 Sep 2026. Standalone total income was ₹9,560.15 crore and net profit was ₹809.62 crore.

Key highlights

Consolidated

Including its subsidiaries

Total income: ₹9,553 crore, up 24.3% YoY, up 20.7% QoQ
Net profit: ₹821 crore, up 119.0% YoY, up 117.9% QoQ
EPS: ₹2.36, against ₹1.08 in Q2 FY26
Finance costs: ₹124.77 crore, down 36.1% YoY and 10.8% QoQ

Standalone

The company on its own, without its subsidiaries

Total income: ₹9,560 crore, up 24.3% YoY, up 20.6% QoQ
Net profit: ₹810 crore, up 120.2% YoY, up 112.0% QoQ
EPS: ₹2.33, against ₹1.06 in Q2 FY26
Half-year net profit: ₹1,197.65 crore, against a loss of ₹80.61 crore a year earlier

Summary

Consolidated ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	9,553.01	7,686.41	+24.3%	7,911.86	+20.7%
Revenue from operations	9,300.35	7,511.80	+23.8%	7,697.72	+20.8%
Other income	252.66	174.61	+44.7%	214.14	+18.0%
	820.94	374.89	+119.0%	376.71	+117.9%
Finance costs	124.77	195.21	-36.1%	139.88	-10.8%
Depreciation	83.08	75.46	+10.1%	81.88	+1.5%
Tax expense	268.13	124.34	+115.6%	130.99	+104.7%
Net profit margin	8.59%	4.88%	+3.72 pp	4.76%	+3.83 pp
Tax as share of profit before tax	25.0%	25.6%	-0.60 pp	26.4%	-1.35 pp
EPS, basic (₹)	2.36	1.08	+118.5%	1.08	+118.5%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Profit more than doubled on a quarter more revenue, and both segments and lower interest contributed. Revenue from operations rose 23.8% to ₹9,300.35 crore and net profit 119.0% to ₹820.94 crore, a margin of 8.59% against 4.88%. Profit before tax was ₹1,089.07 crore against ₹499.23 crore, and finance costs fell 36.1% to ₹124.77 crore, a ₹70 crore saving (derived) that is about an eighth of the ₹590 crore rise in profit before tax (derived). Tax took 25.0% of profit before tax.

Both segments grew. Power revenue was ₹6,637.90 crore against ₹5,675.64 crore (+17.0%) and industry revenue ₹2,662.45 crore against ₹1,836.16 crore (+45.0%). Segment results before tax and finance cost were ₹858.37 crore for power against ₹593.76 crore, and ₹518.71 crore for industry against ₹280.04 crore, so industry earned a margin of 19.5% against 15.3% (derived), and power 12.9% against 10.5%.

Against June revenue rose 20.8% and profit rose from ₹376.71 crore. For H1 FY27 revenue from operations is ₹16,998.07 crore against ₹12,998.71 crore (+30.8%) and net profit ₹1,197.65 crore against a loss of ₹80.61 crore, and the year-earlier first quarter was a loss of about ₹455 crore (derived), so the swing from loss to profit comes from both quarters.

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	9,560.15	7,693.55	+24.3%	7,928.52	+20.6%
Revenue from operations	9,300.35	7,511.80	+23.8%	7,697.72	+20.8%
Other income	259.80	181.75	+42.9%	230.80	+12.6%
	809.62	367.67	+120.2%	381.91	+112.0%
Finance costs	124.77	195.21	-36.1%	139.88	-10.8%
Depreciation	83.08	75.46	+10.1%	81.88	+1.5%
Tax expense	268.13	124.34	+115.6%	130.99	+104.7%
Net profit margin	8.47%	4.78%	+3.69 pp	4.82%	+3.65 pp
Tax as share of profit before tax	24.9%	25.3%	-0.39 pp	25.5%	-0.66 pp
EPS, basic (₹)	2.33	1.06	+119.8%	1.10	+111.8%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

The standalone company is almost the whole group. Standalone net profit of ₹809.62 crore is 98.6% of the consolidated ₹820.94 crore (derived), and revenue from operations is identical at ₹9,300.35 crore. Standalone earnings per share were ₹2.33 against ₹1.06, and the group's ₹2.36 against ₹1.08.

Other income was ₹259.80 crore, up 42.9%, about 2.7% of total income (derived). The filing text read does not describe order inflows or the order book.

Inference

BHEL's profit rose more than the revenue did because both segments earned higher margins and interest cost fell by over a third.

The filing text read gives no outlook or order book, so how long the higher margins last is not known from it.

Reference: Original filing (PDF)

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Bharat Heavy Electricals Q2 FY27 Results: Consolidated Net Profit ₹821 Crore on Total Income of ₹9,553 Crore

Key highlights

Consolidated

Standalone

Summary

Inference

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