BHEL Q1 results preview: PSU stock rally 105% in 11 months — expectations, targets & more

BHEL Q1 results preview: State-run capital good major Bharat Heavy Electricals Ltd (BHEL) is set to announce its results for the quarter ended on June 2026 on Thursday, July 16. BHEL is expected to report healthy year-on-year (YoY) revenue growth in the June 2026 quarter, driven by improved execution across its power and industrial businesses and a pickup in project activity during June.

However, profitability is likely to remain under pressure sequentially due to weaker operating leverage, resulting in a sharp decline in EBITDA margins and earnings. Investors will closely monitor execution momentum, fresh order inflows, progress in the power segment, working capital management and the company's outlook for order prospects over the coming quarters, experts believe. 
 

BHEL share price and performance
Ahead of its results, shares of BHEL rose nearly 2 per cent to Rs 426.15 to hit its 52-week high on Thursday, commanding a total market capitalization of more than 1.45 lakh crore, before turning flat. However, the stock has gained over 105 per cent from its 52-week low at Rs 205.20 hit on August 29, 2025.
 

BHEL Q1 results expectations
Kotak Institutional Equities pencils BHEL's revenue at Rs 7,057.6 crore, up 28.6 per cent YoY but down 42.7 per cent Qoq. Ebitda is seen at Rs 141.7 crore, falling 91.9 per cent QoQ, with margins contracting sharply to 2 per cent. It adjusted net profit is seen at Rs 45.7 crore, down 96.4 per cent sequentially. Ebitda and PAT are not comparable on a yearly basis.

"We expect 29 per cent YoY improvement in revenues driven by power and industrial segments. We rely on a uptick in pace of execution in June, noting weak execution in first two months of the quarter as per CEA project data. We expect gross margin to stabilize qoq as the impact of start of new projects in execution mix is inside," it added.

Antique Stock Broking is expecting BHEL to reported a revenue of Rs 6,801.8 crore, while up 24 per cent YoY but down 44.7 per cent QoQ. However, it sees positive Ebitda at Rs 158.6 crore, down 91 per cent sequentially but net profit may come in at 58.1 crore, crashing 95.5 per cent on a yearly basis.

PL Capital is expecting BHEL's revenue to come in at Rs 6,437.8 crore, up 17.3 per cent YoY but down 47.7 per cent QoQ. It may report an Ebitda loss of Rs 115.9 crore with ebitda margins falling to 5.3 per cent. It adjusted net loss is seen at Rs 115.9 crore. BHEL announced order intake of Rs 23,340 crore, of which Rs 21,000 crore was for the EPC package order from Meja Urja Nigam, it said.

"We expect BHEL to report a revenue growth driven by strong execution in its Power segment. Ebitda margin is likely to impacted due to weaker operating leverage. BHEL’s execution pace in its Power and industry segment, order prospects and working capital management will be key monitorable," it added.

BHEL share target prices
Antique Stock Broking has a 'buy' rating on BHEL with a target price of Rs 430. On the other hand, PL Capital currently has a 'reduce' rating on BHEL with a target price of Rs 321, while Kotak Institutional Equities has 'sell' tag with a target price of Rs 120 apiece.