Bharat Heavy Electricals Ltd - Company Profile
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Business Description
Bharat Heavy Electricals Ltd (BHEL) designs, engineers, constructs, tests, commissions and executes power projects. It offers its products and services across power generation, transportation, oil and gas, energy storage, and defense and aerospace industries.
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R&D Overview
BHEL has undertaken several R&D initiatives focused on innovation, indigenization, and cost optimization across various sectors. Key areas include clean coal technologies, hydropower and pumped storage, defense and aerospace, transmission, rail transportation, high-efficiency thermal power plants, and technology collaborations. Notable achievements include the development of advanced compressor casing designs, weight reduction in condensers, upgraded turbine supervisory systems, and the indigenization of planetary gearboxes and other components. BHEL is also advancing in areas such as EV charging solutions, rotary frequency converters for defense applications, and high-strength retaining rings for motors and alternators. The R&D units of BHEL are responsible for managing the company's R&D activities, focusing on strengthening indigenous technologies, driving innovation, and aligning R&D efforts with market needs to enhance competitiveness and create long-term value. BHEL has filed a total of 428 patents and copyrights during the year, bringing the cumulative Intellectual Property portfolio to 6,068 as of 31 March 2026. The company has 18 active Technology Collaboration Agreements (TCAs) as of the same date. In FY2026, the company's R&D expenditure stood at INR1,348.6 million, which as a percentage of revenue stood at 0.4% and grew 4.8% YoY.
Business Segments
Overview
Manufactures diversified industrial systems and products in transportation, renewables, e-mobility, defense and aerospace, water and–power transmission. - In transportation, it provides IGBT based propulsion equipment (traction converter/auxiliary converter/VCU), EMU coaches, 25 KV locomotive bushings, electric locomotives from 6,000 HP to 9,000 HP and diesel electric locos upto 1400 HP - Offers EPC solutions from concept to commissioning for grid connected and standalone PV applications, ranging from KW to MW sized plants, space grade solar panels and space grade batteries - Provides electric vehicle chargers, electric power train, electric vehicles, power conditioning system, lithium ion battery packs, containerized solutions for energy storage systems, emery management system and EPC solutions for railway rack electrification. - Equipment for Indian defense forces: Super Rapid Gun Mount & Integrated Platform Management System for naval ships, Heat exchangers for LCA, castings for ships and simulators. - Manufactures EHV & UHV substations up to 765 KV, HVDC converter stations up to ±800 KV, shunt reactors, vacuum & SF6 switchgear, power transformers, ceramic insulators, gas insulated switchgears and Flexible AC Transmission system devices. - Manufactures and supplies electrical AC machines, mechanical packages, wellheads & Christmas tree valves, oil rigs, fabricated equipment & boiler feed pumps and compressors & AC machines. In FY2026, the segment incurred a capital expenditure of INR2,424.9 million, which grew 65.6% YoY.
Performance
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Overview
Designs, develops and supplies the comprehensive range of power plant equipment for executing thermal, hydro, gas and nuclear power projects. - Provides steam turbines, generators, boilers and auxiliary equipment for fossil-fuel applications upto 1,000 MW unit size including 660/ 700/ 800 MW. - Also provides emission control equipment, including flue gas desulphurisation systems for SOx emission control, electrostatic prs for particulate emission control and selective catalytic reduction systems for NOx emission control. - Offers renovation, modernization, uprating, residual life assessment, health diagnostics and plants' life extension services. In FY2026, the segment incurred a capital expenditure of INR3,849.5 million, which grew 14.6% YoY.
Performance
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Geographical Segments
Performance
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Performance
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