Key Quantitative Figures

  • Outstanding Order Book: ₹2,57,571 crore as of 30 September 2026, representing 17.27% year-on-year growth from ₹2,19,641 crore as of 30 September 2025.
  • Order Book Breakdown:
  • Nuclear: ~₹12,800 crore
  • Transmission: ~₹13,600 crore
  • Defense: ~₹7,300 crore
  • Transportation: ~₹16,400 crore
  • Coal Gasification: ~₹9,000 crore
  • Hydro: ~₹6,400 crore
  • Capacity Addition: 2,260 MW achieved during H1 FY27 against a full-year FY27 target of 4,790 MW.
  • Standalone Q2 FY27 Revenue: ₹11,600 crore, representing 17% year-on-year growth from ₹9,900 crore in Q2 FY26.

Execution Milestones (Q2 FY 2026-27)

  • Capacity Addition Synchronization: 660 MW Unit 1 of Udangudi STPP; 199 MW, 46 MW Panchet HEP; 39 MW Chilla HEP; 36 MW, 60 MW and 18 MW STG for industrial applications; Units 1 & 2 of Rahughat HEP, Nepal.
  • Specialized Delivery: 2 × 20 MW upgraded SRGMs successfully test-fired and delivered to shipyards.

Diversification Initiatives

  • Rail Mobility: Joint venture with Titagarh for Vande Bharat maintenance; maiden KAVACH order under execution.
  • Coal Gasification: Equity infusion in CIL-BHEL JV for a 2,000 TPD ammonium nitrate plant.
  • Grid Integration: Synchronous condenser design for solar power integration.
  • Green Hydrogen: Technology tie-ups for alkaline and PEM electrolysers.

Business Positioning and Market Opportunity

  • Thermal Power: 214+ GW installed base with complete EPC solutions across ratings.
  • Nuclear Power: Turbine-generator sets offered up to 700 MW.
  • Transmission: 8,50,000+ MVA supplied; 6 landmark HVDC projects executed.
  • Defence: 55 SRGMs supplied; Super Rapid Gun Mounts, Integrated Platform Management Systems, naval equipment, turret castings for tanks, compact heat exchangers for LCA.
  • Transportation: 850+ locomotives; major share in IGBT-based locomotives and traction equipment; executing 80 Vande Bharat trainsets.
  • Exports: References in 95 countries; ~250 GW installed base; 18+ GW of power plant equipment contracted globally.

Structural Demand Drivers

  • Power & Thermal: Projected peak demand of 270-280 GW in FY27; ~250 GW installed thermal fleet.
  • Transmission: ~₹9 lakh crore planned expenditure in 2022-32; National transmission network expansion by 2032.
  • Renewables + Hydrogen: India's 2030 non-fossil capacity ambition of 500 GW; green hydrogen mission targets 5 MMT p.a.
  • Rail Modernisation: Vande Bharat trainsets, advanced propulsion and traction systems, indigenous Kavach collision-avoidance technology.
  • Defence Upgradation: Modernisation of naval and land systems.
  • Exports: Data-centre expansion, AI-driven power demand, grid modernisation creating export opportunities.

Financial Performance Context

Document provides supplementary information to previously declared Q2 FY 2026-27 results. The company highlights its execution-led value creation through timely delivery, margin discipline, faster cash collection, and productive capex.

Cautionary Statement

The 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.