Bharat Heavy Electricals Limited (BHEL) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Cofacto Research Published October 09, 2026 5 min read

Bharat Heavy Electricals Limited is India's state-owned power equipment maker, and its Q2 FY 2026-2027 print comes with a record order book of Rs. 2,60,255 Cr behind it. The key things the results will speak to are execution against that order book and whether the elevated cost-of-materials ratio continues to press on margins.

Quick Details

Results date	October 14, 2026
Quarter	Q2 FY 2026-2027
Previous quarter revenue	Rs. 7,697.72 Cr (Q1 FY27 standalone)
Previous quarter PAT	Rs. 381.91 Cr (Q1 FY27 standalone)
Market cap	Rs. 149,589.44 Cr
CMP	Rs. 429.6

Bharat Heavy Electricals Limited Q2 Results Date and Time

BHEL's board is scheduled to meet on October 14, 2026, to consider the Q2 FY 2026-2027 financial results. The results will be filed with the BSE and NSE after the board meeting concludes.

What to expect from Bharat Heavy Electricals Limited's Q2 FY27 results

The Q2 FY 2026-2027 print will test how quickly BHEL converts a record order book of Rs. 2,60,255 Cr, up 27% YoY, into revenue, after Q1 FY27 revenue of Rs. 7,697.72 Cr grew 40.29% YoY but declined 37.47% QoQ from the seasonal Q4 peak. Order momentum stayed strong through the quarter, with the Dangote Group gas turbine package order described as BHEL's largest-ever single order, a Rs. 514.56 Cr Power Grid transformer contract, and the Rs. 21,000 Cr Meja EPC order won in late June carrying into Q2 execution. The thermal operating environment has improved, with all-India thermal PLF at 72.39% in June 2026 against 66.59% in June 2025, which supports maintenance and aftermarket demand. On margins, the cost-of-materials ratio edged up to 75.86% of revenue in Q1 FY27 from 75.23% in Q1 FY26, while finance costs fell 22.8% YoY to Rs. 139.88 Cr after commercial papers were fully repaid. Management also faces questions on the 50% non-fossil order-book target for FY23-FY27, for which the BRSR table records progress of only 22% in four years (FY23-FY26). The call is likely to cover order-book conversion, the materials-cost trajectory, and updates on the Hystar and Titagarh partnerships.

Key Things To Watch

Order book execution and Q2 inflow: With Rs. 2,60,255 Cr in hand, execution velocity is the central question.

Q1 FY27 order inflow was Rs. 26,745 Cr (Power Rs. 22,625 Cr, Exports Rs. 2,353 Cr, Industry Rs. 1,767 Cr); ask for the Q2 order inflow number and any revenue-to-order-book conversion metric
Q2 wins include the Dangote Group order for eight gas turbine generator packages, described as BHEL's largest-ever single order, and a Rs. 514.56 Cr Power Grid contract for 23 units of 765 kV transformers
Q1 FY27 revenue of Rs. 7,697.72 Cr was down 37.47% QoQ from Q4 FY26's Rs. 12,310.37 Cr; ask management to explain the sequential movement and any execution outlook

Non-fossil order-book target progress

Target of 50% non-fossil-sector order book by FY23-FY27; the BRSR table records progress of 22% in four years (FY23-FY26)
Ask for a current measured share and clarification of the basis of the 22% progress figure, with FY27 the final year of the target

Material cost ratio and margin trajectory

Cost of materials consumed was Rs. 5,839.29 Cr, or 75.9% of revenue from operations in Q1 FY27, up from 75.2% in Q1 FY26
Industry segment EBIT margin compressed from 19.32% to 13.64% YoY in Q1; ask whether legacy fixed-price contracts are still compressing margins and whether newer orders carry indexation clauses

STPG receivable and governance compliance

Overdue receivable of Rs. 196 Cr (USD 23 million) from STPG in Sudan; if provided for, it would reduce PBT by Rs. 177 Cr — ask for recovery or provision status
BSE and NSE each fined BHEL Rs. 11,03,300 inclusive of GST for Board and committee composition non-compliance for the quarter ended June 2026; ask for the status of Independent Director appointments and the proposed waiver request

NBPPL investment and strategic partnerships

Board approved a Rs. 65 Cr equity investment in NBPPL on 14 September 2026, targeted for completion in FY 2026-27, to settle urgent liabilities and maintain the JV as a going concern
Seek implementation milestones for the Hystar AS PEM electrolyser collaboration (signed 13 August 2026) and the Titagarh Rail Systems 50:50 JV for Vande Bharat sleeper trainset maintenance over a 35-year service life

Frequently Asked Questions

Is BHEL's revenue growing?

Q1 FY27 standalone revenue was Rs. 7,697.72 Cr, up 40.29% YoY, though down 37.47% QoQ from the seasonally strong Q4 FY26 figure of Rs. 12,310.37 Cr. The record order book of Rs. 2,60,255 Cr, up 27% YoY, supports the revenue funnel ahead.

How large is BHEL's order book and what is driving new orders?

The outstanding order book stood at Rs. 2,60,255 Cr at Q1 FY27, up 27% YoY, with Q1 inflow of Rs. 26,745 Cr led by the Power segment at Rs. 22,625 Cr. Non-thermal orders include Transportation of approximately Rs. 15,000 Cr, Transmission approximately Rs. 14,000 Cr, and Nuclear approximately Rs. 12,000 Cr.

Is BHEL on track with its non-fossil order book target?

BHEL has a 50% non-fossil-sector order-book target for FY23-FY27, but the annual report's BRSR table records progress of 22% in four years (FY23-FY26). With FY27 the final year, the company has not provided a current measured share confirming the target is on track.

What electrolyser partnerships has BHEL signed for green hydrogen?

BHEL signed a Strategic Collaboration Agreement with Norway's Hystar AS on 13 August 2026 for PEM electrolyser systems, complementing a July 2026 tie-up with thyssenkrupp nucera India for alkaline electrolysers. The company is also targeting electrolyser manufacturing and EPC of green hydrogen generation projects, with no completion date guided.