BHEL Q2 results today: Check preview, key expectations, growth, monitorables & price targets

BHEL Q2 results today: State-run capital goods major Bharat Heavy Electricals Ltd (BHEL) is set to announce its results for the quarter ended on September 30, 2026 on Wednesday, October 14. Brokerage firms tracking the stocks believe that the company may deliver a strong set of numbers in the second quarter (Q2) of FY27.

According to analysts, BHEL is expected to report strong year-on-year (YoY) and sequential (QoQ) growth, driven by improved execution across its power and industrial segments. Revenue is projected to rise 20-42 per cent, while EBITDA margins may expand by 300-375 basis points (bps), while some brokerages see up to 100 per cent yearly jump in the net profit, led by better execution.

BHEL share price
Shares of BHEL opened on a positive note as the stock rose more than a per cent to Rs 447 on Wednesday, commanding a total market capitalization close to Rs 1.55 lakh crore. The stock is hovering around its 52-week high at Rs 455.90, hit a week ago on October 07. Shares of BHEL have soared nearly 52 per cent in the last six months, while it is up 90 per cent in the last one year.

BHEL Q2 results preview
Kotak Institutional Equities expects BHEL's revenue to come in at Rs 10,658.6 crore, up 41.9 per cent YoY and 38.5 per cent QoQ. EBITDA may come in at Rs 1,042.3 crore, up 79.4 per cent YoY and 106.9 per cent QoQ; while margins may improve by 323 bps to 9.8 per cent. Net profit may double on both yearly and quarterly basis to Rs 778.7 crore, it said.

"We expect improvement in revenues, driven by the power and industrial segments. We rely on an uptick in pace of execution in September, noting weak execution in the first two months of the quarter as per CEA project data. We expect gross margin to stabilize qoq beyond the seasonal trends that get seen as the impact of the start of new projects in the execution mix is inside," Kotak added.

PL Capital is expecting BHEL's revenue to come in at Rs 9,563.1 crore, up 27.3 per cent YoY and 24.3 per cent QoQ. EBITDA may come in at Rs 985 crore, up 69.6 per cent YoY and 95.5 per cent QoQ with margins may improve 375 bps sequentially to 10.3 per cent. Net profit may nearly double on a yearly basis to Rs 713.7 crore and up 86.9 per cent QoQ.

"We expect BHEL to deliver 27 per cent YoY revenue growth, driven by sustained execution in the Power segment and improved execution in the Industry segment. EBITDA margin is expected to improve by 257bps YoY aided by better gross margin," it said citing execution pace across the power and industry segments, order prospects, and working capital management as key monitorables.

JM Financial Ltd has penciled BHEL's revenue to come in at Rs 9,015 crore, up 20 per cent YoY and 17.1 per cent QoQ. EBITDA may come in at Rs 676.7 crore, up 16.5 per cent YoY and 34.3 per cent QoQ. Net profit is seen at Rs 509.6 crore, up 35 per cent on both QoQ and YoY. "BHEL, with a healthy order book, are estimated to report double-digit growth with improvement in margins," it said.

BHEL target prices
Kotak Institutional Equities has a 'sell' rating on BHEL with a target price of Rs 150, while PL Capital has a 'reduce' rating on BHEL with a target price of Rs 368, hinting at up to 64 per cent crash in the counter. However, JM Financial has a 'buy' rating on the stock with a target price of Rs 507, suggesting a 15 per cent upside potential.

Among other brokerage firms, Macquarie has an 'underperform' rating with a target price of Rs 315, while Investec and Axis Capital have also marked it as a 'sell' with a target price of Rs 140 and 255 apiece. However, Nuvama has a 'buy' on it with a target price of Rs 530, while IIFL Securities has an 'add' rating with a target price of Rs 502.