BHEL shares near 52-week high; Geojit upgrades stock with 14% further upside
Brokerage Geojit has upgraded the state-owned engineering major to 'Buy' and raised its 12-month target price to Rs 329, signalling a potential upside of 13.84 per cent from the latest close.
- Nov 18, 2025,
- Updated Nov 18, 2025 5:45 PM IST
Shares of Bharat Heavy Electricals Ltd (BHEL) closed 1.19 per cent higher at Rs 289 on Tuesday, placing the stock just 0.60 per cent below its 52-week high of Rs 290.75 touched on November 12. Brokerage Geojit has upgraded the state-owned engineering major to 'Buy' and raised its 12-month target price to Rs 329, signalling a potential upside of 13.84 per cent from the latest close.
In its report, Geojit noted that BHEL delivered a steady operational performance in the September quarter (Q2) of FY26. Revenue rose 14.1 per cent year-on-year (YoY) to Rs 7,512 crore. The industry segment posted an 18 per cent increase to Rs 1,836 crore, while the power segment grew 12.9 per cent to Rs 5,676 crore.
The brokerage highlighted BHEL's participation in the NASA-ISRO NISAR mission, where it supplied space-grade solar panels and lithium-ion batteries. According to Geojit, this contribution underscores the company's advanced engineering capabilities and strengthens its credibility in high-technology applications.
On the profitability front, EBITDA surged 111.2 per cent YoY to Rs 581 crore in the quarter, with margins expanding 350 basis points (bps) to 7.7 per cent. The improvement was driven by a 42 per cent decline in other expenses, which fell to Rs 237 crore. Profit after tax (PAT) stood at Rs 375 crore, more than tripling from the previous year, aided by a 56.9 per cent rise in other income to Rs 175 crore.
Geojit said BHEL's performance was supported by strong project execution across thermal, hydro and industrial systems, alongside ongoing diversification moves. The company is expanding its presence in clean energy, nuclear applications, rail transportation and defence manufacturing. It is also pursuing projects such as EV charging infrastructure, advanced train protection systems and aerospace components.
The brokerage added that execution discipline and working capital optimisation remain key short-term priorities. However, it believes strategic initiatives and improved operational efficiency strengthen the company's long-term outlook. Based on these factors, Geojit upgraded its rating from 'Hold' to 'Buy' and assigned a revised target price of Rs 329, valuing the stock at 2.4 times its FY27 estimated price-to-sales (P/S) ratio.
Shares of Bharat Heavy Electricals Ltd (BHEL) closed 1.19 per cent higher at Rs 289 on Tuesday, placing the stock just 0.60 per cent below its 52-week high of Rs 290.75 touched on November 12. Brokerage Geojit has upgraded the state-owned engineering major to 'Buy' and raised its 12-month target price to Rs 329, signalling a potential upside of 13.84 per cent from the latest close.
In its report, Geojit noted that BHEL delivered a steady operational performance in the September quarter (Q2) of FY26. Revenue rose 14.1 per cent year-on-year (YoY) to Rs 7,512 crore. The industry segment posted an 18 per cent increase to Rs 1,836 crore, while the power segment grew 12.9 per cent to Rs 5,676 crore.
The brokerage highlighted BHEL's participation in the NASA-ISRO NISAR mission, where it supplied space-grade solar panels and lithium-ion batteries. According to Geojit, this contribution underscores the company's advanced engineering capabilities and strengthens its credibility in high-technology applications.
On the profitability front, EBITDA surged 111.2 per cent YoY to Rs 581 crore in the quarter, with margins expanding 350 basis points (bps) to 7.7 per cent. The improvement was driven by a 42 per cent decline in other expenses, which fell to Rs 237 crore. Profit after tax (PAT) stood at Rs 375 crore, more than tripling from the previous year, aided by a 56.9 per cent rise in other income to Rs 175 crore.
Geojit said BHEL's performance was supported by strong project execution across thermal, hydro and industrial systems, alongside ongoing diversification moves. The company is expanding its presence in clean energy, nuclear applications, rail transportation and defence manufacturing. It is also pursuing projects such as EV charging infrastructure, advanced train protection systems and aerospace components.
The brokerage added that execution discipline and working capital optimisation remain key short-term priorities. However, it believes strategic initiatives and improved operational efficiency strengthen the company's long-term outlook. Based on these factors, Geojit upgraded its rating from 'Hold' to 'Buy' and assigned a revised target price of Rs 329, valuing the stock at 2.4 times its FY27 estimated price-to-sales (P/S) ratio.