BHEL share price rallied 6 percent in Wednesday’s intraday trade after the company secured major orders from Adani Power. The Adani power deal covers four projects with a combined capacity of 6,400 MW. The contracts are valued at approximately Rs 28,000 crore, excluding GST.
At 09:52 AM, BHEL shares were trading 5.7 percent higher at Rs 422.20 on the BSE. This compared with a 0.56 percent gain in the BSE Sensex. Around 1.1 million shares changed hands across the NSE and BSE during the first 40 minutes of trade.
The stock touched Rs 423.10 during the session. It had previously recorded an all-time high of Rs 463.60 on October 14, 2026.
In an exchange filing on Wednesday, BHEL announced that it had received multiple orders from Adani Power for four projects of 2x800 MW each.
The orders cover the supply of Boiler, Turbine and Generator (BTG) equipment, along with auxiliaries and associated services. Each of the four contracts is valued between Rs 5,000 crore and Rs 7,000 crore, excluding GST.
BHEL is India's largest engineering company and manufactures equipment for the power, industrial and transportation sectors. Its product portfolio includes turbines, boilers, transformers and generators.
The company operates across design, engineering, construction, testing, commissioning and servicing. It offers more than 180 products to meet the requirements of India's core industries.
Meanwhile, BHEL's outstanding order book stood at Rs 2.58 trillion as of September 30, 2026. Its non-thermal order book includes:
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Analysts at ICICI Securities said BHEL's diversified order book provides a strong foundation for medium-term growth. Investments in power generation, grid expansion, rail mobility and defense indigenization are expected to support execution.
Geojit Investments also highlighted the company's strong order book in its Q2 results update. It expects revenue and earnings per share (EPS) to grow at compound annual growth rates (CAGR) of 27 percent and 79 percent, respectively, over FY26-FY28.
Improving execution across power and industrial businesses, operating leverage and better fixed-cost absorption are expected to support EBITDA margin expansion. Geojit projects return on equity (ROE) to improve from 6.2 percent in FY26 to 15.6 percent in FY28.
The brokerage upgraded its rating to 'Buy' and set a revised target price of Rs 453, based on 2.9 times FY28 estimated price-to-sales.
ICICI Securities also expects profitability to improve through stronger order execution and higher contributions from spares, services, transmission, nuclear and defense businesses.
The brokerage highlighted additional operational progress:
ICICI Securities expects revenue and profit after tax (PAT) to grow at CAGRs of 31 percent and 95 percent, respectively, over FY26-FY28. It projects return on capital employed (ROCE) to reach approximately 17.5 percent in FY28.
The brokerage maintained a 'Buy' rating with a fair value of Rs 605, based on 35 times FY28 estimated EPS. However, margin sustainability and working-capital efficiency remain key factors to monitor.
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