Financial Performance Highlights (Q1 FY27 vs Q1 FY26)

  • Revenue from Operations: Increased 40% to ₹7,698 crore from ₹5,487 crore
  • Gross Operating Margin: Increased 48% to ₹2,516 crore from ₹1,698 crore
  • EBITDA: Turnaround to ₹735 crore from loss of ₹(352) crore
  • Profit Before Tax: Turnaround to ₹513 crore from loss of ₹(607) crore
  • Profit After Tax: Turnaround to ₹382 crore from loss of ₹(455) crore
  • Total Customer Collection: Increased 34% to ₹11,004 crore from ₹8,191 crore
  • Outstanding Order Book: Increased 27% to ₹2,60,255 crore from ₹2,04,375 crore

Q1 FY27 Order Inflow Breakdown

  • Total Order Inflow: ₹26,745 crore
  • Power Segment: ₹22,625 crore
  • Industry Segment: ₹2,353 crore
  • Exports: ₹1,767 crore

Key Order Wins in Q1 FY27

Power Sector Achievements

  • Secured EPC of 3x800 MW MEJA STPP
  • Secured 1X800 MW Main Plant Package of DVC Durgapur

Non-Thermal Sector Diversification

  • Nuclear: Overhauling and commissioning of TG package of 500 MW PFBR at Kalpakkam
  • Transmission: 29 transformers (5,430 MVA) from utilities
  • Defence: Major Overhaul of 10 SRGMs and Supply of SRGM spares
  • Oil & Gas: Supply of Well Head & Christmas Tree equipment from exploration company
  • Transportation: Supply of propulsion equipment sets, electrics, traction motors from Indian Railways

Export Achievement

  • Design, manufacture, supply & supervision of erection & commissioning of 8 Gas Turbine Generator (GTG) Packages for Petroleum Refinery and Polypropylene Plant
  • Document notes this as "BHEL's largest-ever single export order on Supply & Supervision basis for GTG"

Diversified Order Book Composition

Significant outstanding order book in non-thermal areas:

  • Nuclear: ~₹12,000 crore
  • Transmission: ~₹14,000 crore
  • Defense: ~₹7,000 crore
  • Transportation: ~₹15,000 crore
  • Coal gasification: ~₹8,000 crore
  • Hydro: ~₹5,500 crore
  • Spares & Service: ~₹4,000 crore

Execution Milestones Achieved in Q1 FY27

  • Capacity Addition achieved for Unit#2 of Patratu STPS and Unit#3 of Yadadri TPS
  • Full Load achieved for Unit#1 of Udangudi STPP
  • Synchronisation of STG at cement plant and Coal firing at NALCO Damanjodi CPPP

Strategic Growth Initiatives

Coal Gasification Development

  • Hon'ble President Smt. Droupadi Murmu and PM Shri Narendra Modi remotely laid foundation stone for BCGCL's (CIL–BHEL JV) Coal-to-Ammonium Nitrate Project at Lakhanpur, Odisha on 20 June 2026
  • BHEL showcased indigenous coal gasification capabilities at Ministry of Coal roadshows in New Delhi and Hyderabad

Market Opportunity Assessment

HVDC & Green Energy Corridors

  • Market Size: ~₹9-9.6 lakh crore transmission capex planned by 2030 (CEA)
  • Position: Established HVDC & substation equipment supplier
  • Outlook: Green Energy Corridors driving growing HVDC pipeline

Defence

  • Market Size: Around 75% of capital acquisition budget reserved for domestic defence industries in FY27
  • Position: Key Supplier for SRGM, exploring expanding into ADG for army, naval gas turbines
  • Outlook: Atmanirbhar Bharat indigenization as strong tailwind

Rail Mobility

  • Market Size: Indian Railways capex of ~₹3 lakh crore (FY27 budget)
  • Position: Secured prestigious VB train order, supplies traction & electrical equipment for locomotives
  • Outlook: ~98% broad-gauge electrified; focus shifts to speed & capacity

Nuclear Energy

  • Market Size: Capacity target raised to 100 GW by 2047 (from ~8 GW)
  • Position: Key supplier for domestic turbine-generator with NPCIL
  • Outlook: SMR policy opening & private entry to unlock new orders

Coal Gasification

  • Market Size: National mission targets ~100 MT gasification capacity by 2030
  • Position: Establishing coal gasification project for 2000TPD ammonium nitrate with Coal India
  • Outlook: New order category as thermal fleet decarbonizes

Green Hydrogen

  • Market Size: National Mission targets 5 MMTPA production by 2030
  • Position: Electrolyser manufacturing and project EPC being explored
  • Outlook: SIGHT scheme incentives to help scale electrolyser output

Company Positioning Statements

  • BHEL is entering a multi-year growth phase with improving profitability and cash generation
  • Company is translating order book into profitable growth with higher margins and stronger cash generation
  • Record executable order book provides strong long term revenue visibility
  • India's infrastructure and energy expansion create large and durable demand opportunity
  • BHEL participates across the entire value chain of energy and infrastructure

Cautionary Statement

Document contains forward-looking statements subject to risks including global and Indian demand supply conditions, finished goods prices, cyclical demand and pricing, changes in government regulations, tax regimes, economic developments, and other factors such as litigation and labour negotiations. Company assumes no responsibility to publicly amend forward-looking statements.