BHEL Q4 results expectations: Multibagger stock set for dividend; 44% returns n a month

BHEL Q4 results preview: State-run capital goods major Bharat Heavy Electricals Ltd (BHEL) is set to announce its results for the quarter and financial year ended on March 31, 2026 on Monday, May 04, 2026. Beside the earnings for the given period, BHEL shall also consider and approve the final dividend for FY26.

Ahead of its results, shares of BHEL ended at Rs 352.40 on Thursday, rising 2.31 per cent for the day. The total market capitalization of the company stood at Rs 1.23 lakh crore. BHEL shares rallied nearly 44 per cent in April from Rs 245.55 on March 30, and the stock hit its 52-week high at Rs 358 on April 29.
 

BHEL Q4 result preview

JM Financial Ltd is expecting BHEL's revenue to come in at Rs 10,028.2 crore, up 12 per cent YoY and 18 per cent QoQ. Ebitda is seen at Rs at Rs 1,423 crore, rising 71 per cent YoY and 161 per cent QoQ, with Ebitda margins may come in at 14.2 per cent, surging sharply. Net profit may come in at Rs 1,005.9 crore, soaring 158 per cent YoY and 99 per cent QoQ.

BHEL’s net revenue could rise with improved margins led by a pickup in execution and increasing share of new orders in execution mix, JM added. "We expected improvement in sales due to healthy order book and execution and improvement in Ebitda due to operating leverage and better order mix."

Kotak Institutional Equities has pegged BHEL's revenue at Rs 10,520.9 crore, up 17 per cent YoY and 24.2 per cent QoQ. Ebitda may come in at Rs 914.7 crore, up 10 per cent YoY and 67.7 per cent QoQ; while Ebitda margin may improve 225 bps sequentially to 8.7 per cent for the quarter. Net profit may come in at Rs 627.9 crore, up 24.6 per cent YoY and 64.2 per cent QoQ.

"We expect 17 per cent YoY improvement in revenues driven by Power and Industrial segments. We factor in a low single-digit impact on overall execution from lower availability of industrial gases for metal cutting within BHEL's operations. We expect 56 bps YoY contraction in Ebitda margins, despite 160 bps YoY improvement in gross margins over a weak base," Kotak adds.

PL Capital is expecting BHEL's revenue to come in at Rs 11,358.5 crore, up 26.3 per cent YoY and 34.1 per cent QoQ. Ebitda is earmarked at Rs 1,185.2 crore, up 42.5 per cent YoY and 117.3 per cent QoQ; with margin improving 400 bps sequentially to 10.4 per cent. Net profit is seen at Rs 797.2 crore, up 58.2 per cent YoY and 108.4 per cent QoQ.

"We expect BHEL to report revenue growth driven by strong execution in its Power segment. Margin may expand led by execution ramp-up. During the quarter, BHEL received a Rs 13,500 crore main plant package of 3×800MW Telangana Stage-II STPP. BHEL’s execution pace in its Power segment, order prospects and working capital management will be key monitorables," PL Capital adds.
 

BHEL target price

JM Financial has a 'buy' rating on BHEL with a target price of Rs 393. ICICI Direct and Antique Stock Broking also have a 'buy' rating on it with a target price of Rs 343 and Rs 349 but their target has already been met. PL Capital has a 'hold' rating on it with a target price of Rs 245, while Kotak has a 'sell' rating on BHEL with a target price of Rs 115.