BHEL Surges 7.25% as Q4 Results Beat, Board Declares Dividend

Mumbai, May 4: Shares of Bharat Heavy Electricals Ltd (BHEL) surged sharply on Monday, as investors cheered a strong set of Q4 and full-year FY26 audited financial results released by the company’s Board of Directors, along with a final dividend recommendation.

BHEL stock was last trading at ₹378.00, up ₹25.55 or 7.25 per cent from the previous close of ₹352.45. Price action through the session was particularly dramatic the stock traded in a tight ₹358–₹365 band through the first two and a half hours of the session before a sharp vertical surge at around 11:45 AM drove the stock all the way up to an intraday high of approximately ₹398 by noon.

The stock subsequently gave up some of those gains and settled back around the ₹378 mark by 1:00 PM, indicating some profit-booking at higher levels but still closing well above the previous session’s close.

Intraday Price Action

BHEL opened Monday’s session around ₹352, broadly in line with its previous close, and then began a gentle drift higher into the ₹358–₹364 zone where it consolidated for nearly two and a half hours. Volumes were moderate through the morning as the broader market also traded positively following the Sensex’s 607-point gap-up open.

The real action, however, arrived at around 11:45 AM when the Board’s results announcement hit the exchanges the stock shot higher in a near-vertical move, running from the ₹365 zone to an intraday peak of approximately ₹398 within minutes, marking a gain of nearly 13 per cent from the open at its best. As the initial euphoria moderated, profit-booking brought the stock back to the ₹375–₹380 range, where it stabilised through early afternoon trade and was last quoted at ₹378.00 a gain of ₹25.55 or 7.25 per cent on the day.

Weekly Price Review

Zooming out to the weekly price chart for BHEL, the stock has had a volatile but ultimately constructive four sessions leading into Monday. Price opened the week at approximately ₹350 on Monday, April 27, before rallying to a weekly high of around ₹354.50 on Tuesday, April 28. It then retreated sharply to a weekly low of approximately ₹344.50 on Wednesday, April 29 likely weighed by broader market weakness and crude oil pressures before recovering to close around ₹352.50 on Thursday, April 30.

Monday’s results-driven surge of 7.25 per cent has pushed the stock’s one-week return to a strong 8.41 per cent, comfortably outpacing the Nifty Midcap 50 which it is benchmarked against, and which returned a negative 0.32 per cent over the same period. On a longer-term basis, BHEL’s one-month return stands at an exceptional 52.31 per cent, YTD gain at 29.66 per cent, and one-year return at 68.30 per cent testament to the stock’s powerful re-rating as India’s power infrastructure build-out accelerates.

Order Book

At the last available update, BHEL’s limit order book was skewed decisively toward the sell-side, with 66.62 per cent of total order quantity on the ask side (23,74,040 shares) versus just 33.38 per cent on the bid side (11,89,694 shares) a clear signal that sellers are outnumbering buyers at current elevated levels following the sharp intraday spike.

The bid stack is tightly clustered between ₹378.05 and ₹378.30, while asks are ranged between ₹378.35 and ₹378.55, pointing to a spread of just 5–25 paise. The largest bid queue sits at ₹378.05 with 4,852 shares, while the ask side is more thinly spread, reflecting the market’s hesitation to aggressively sell below ₹378.35.

Quarterly Results Q4 FY26

BHEL’s Board of Directors approved the audited standalone financial results for Q4 FY26 in a meeting held on May 4. For the quarter ended March 31, 2026, BHEL reported standalone revenue from operations of ₹12,310.37 crore, sharply higher than ₹8,993.37 crore in Q4 FY25 a year-on-year jump of approximately 36.9 per cent, reflecting a strong execution surge in the fourth quarter. Profit before tax came in at ₹1,719.80 crore for the quarter versus ₹704.02 crore in Q4 FY25, while net profit after tax stood at ₹1,282.68 crore, more than doubling from ₹504.05 crore in Q4 FY25. Basic and diluted earnings per share for Q4 FY26 stood at ₹3.68 (not annualised). On the segmental front, the Power segment delivered revenue of ₹9,509.85 crore and segment profit of ₹1,869.90 crore for the quarter, while the Industry segment contributed revenue of ₹2,800.52 crore and segment profit of ₹673.03 crore.

Full Year Results FY26

For the full year ended March 31, 2026, BHEL’s standalone revenue from operations grew 19.2 per cent year-on-year to ₹33,782.18 crore from ₹28,339.48 crore in FY25, driven by accelerated project execution across the Power and Industry segments. Profit before tax surged to ₹2,116.30 crore from ₹724.67 crore in FY25 a near three-fold increase while net profit after tax came in at ₹1,577.95 crore against ₹512.97 crore in FY25, reflecting a 207.6 per cent jump that underscores BHEL’s sharp operational turnaround. Full-year basic earnings per share stood at ₹4.53 versus ₹1.47 in FY25. The operating profit ratio for the full year improved to 6.93 per cent from 4.38 per cent in FY25, and the net profit margin expanded to 4.67 per cent from 1.81 per cent both indicators pointing to significantly improved execution efficiency and cost control. Total assets as of March 31, 2026 stood at ₹76,560.13 crore, up from ₹68,479.32 crore a year earlier, with net worth growing to ₹26,516.49 crore.

Dividend

In a significant boost for shareholders, BHEL’s Board of Directors has recommended a final dividend of ₹1.40 per share on equity shares of face value ₹2 each equivalent to 70 per cent on the paid-up share capital for FY 2025-26. The dividend, subject to approval by shareholders at the company’s Annual General Meeting, will be paid or dispatched within 30 days from the date of the AGM.

Source:

• NSE India | BSE India (Audited Financial Results, May 4, 2026) | NSE: BHEL | EQ Segment