Standalone Financial Performance (Q2 FY27)
Income Statement Highlights (Quarter Ended September 30, 2026):
- Revenue from Operations: ₹9,300.35 crore (vs. ₹7,511.80 crore in Q2 FY26; +23.8% YoY)
- Other Income: ₹259.80 crore
- Total Income: ₹9,560.15 crore
- Total Expenses: ₹8,482.40 crore
- Profit Before Tax (PBT): ₹1,077.75 crore (vs. ₹492.01 crore in Q2 FY26; +119% YoY)
- Tax Expense: ₹268.13 crore (Current Tax: ₹-3.11 crore; Deferred Tax: ₹271.24 crore)
- Net Profit: ₹809.62 crore (vs. ₹367.67 crore in Q2 FY26; +120% YoY)
- Earnings Per Share (EPS): ₹2.33 (not annualised)
Standalone Financial Performance (H1 FY27):
- Revenue from Operations: ₹16,998.07 crore (vs. ₹12,998.71 crore in H1 FY26; +30.8% YoY)
- Net Profit: ₹1,191.53 crore (vs. Net Loss of ₹-87.22 crore in H1 FY26)
- Earnings Per Share (EPS): ₹3.42 (not annualised)
Segment-Wise Performance (Standalone, Q2 FY27):
- Power Segment Revenue: ₹6,637.90 crore
- Industry Segment Revenue: ₹2,662.45 crore
- Power Segment Profit (before tax & finance cost): ₹858.37 crore
- Industry Segment Profit (before tax & finance cost): ₹518.71 crore
Balance Sheet (Standalone, as of September 30, 2026):
- Total Assets: ₹77,208.99 crore (vs. ₹76,560.13 crore as of March 31, 2026)
- Inventories: ₹15,587.78 crore
- Trade Receivables: ₹9,718.40 crore (Current: ₹7,239.12 crore; Non-Current: ₹2,479.28 crore)
- Cash & Cash Equivalents: ₹239.39 crore (vs. ₹1,435.45 crore as of March 31, 2026)
- Bank Balances (other than cash): ₹10,181.76 crore
- Total Equity: ₹27,116.29 crore (Share Capital: ₹696.41 crore; Other Equity: ₹26,419.88 crore)
- Total Borrowings (Current): ₹5,809.16 crore
Cash Flow (Standalone, H1 FY27):
- Net Cash from Operating Activities: ₹1,907.09 crore
- Net Cash from Investing Activities: ₹95.14 crore
- Net Cash from Financing Activities: ₹-3,198.29 crore (incl. dividend paid of ₹487.05 crore)
- Net Decrease in Cash: ₹1,196.06 crore
Key Notes from Standalone Results
1. The financial results are prepared in accordance with Indian Accounting Standards (Ind AS).
2. Trade Receivables: Includes an overdue amount of ₹196 crore (USD 23 million) from customer STPG (formerly NEC Sudan), stuck due to the ongoing crisis in Sudan. The amount has been considered good. The financial impact if provided for is not quantified in the disclosure.
3. Governance: The document notes that there is currently no Independent Director on the Board, and therefore the constitution of the Audit Committee is not in line with Regulation 18 of SEBI LODR and Section 177 of the Companies Act, 2013. The results were reviewed and approved by the full Board.
4. Commercial Papers: The company had ₹750 crores of listed commercial papers outstanding as of September 30, 2026, with a 'CARE A1+' rating from CARE Edge and a similar rating from India Ratings & Research. All commercial papers due between April 1 and September 30, 2026, were repaid on their respective due dates.
Consolidated Financial Performance
Consolidated Results include Joint Ventures: BHEL-GE Gas Turbine Services Pvt. Ltd (BGGTS) and Bharat Coal Gasification and Chemicals Limited (BCGCL). The results of jointly controlled entities Raichur Power Corporation Ltd. and NTPC-BHEL Power Projects Pvt. Ltd. are not included as the Group has already recognized accumulated losses equal to the cost of investment.
Consolidated Performance (Q2 FY27):
- Revenue from Operations: ₹9,300.35 crore
- Share of Net Profit from Joint Ventures: ₹18.46 crore
- Profit Before Tax: ₹1,089.07 crore
- Net Profit: ₹820.94 crore
- EPS: ₹2.36
Consolidated Performance (H1 FY27):
- Net Profit: ₹1,197.65 crore (vs. Net Loss of ₹-80.61 crore in H1 FY26)
- EPS: ₹3.44
Auditor's Review
K. Venkatachalam Aiyer & Co. issued a limited review report stating that based on their review, nothing has come to their attention that causes them to believe the accompanying statements contain any material misstatement. The review of 19 branches, constituting total revenue of ₹7,919 crore (Q2) and ₹14,326 crore (H1), was based on reports from branch auditors.