Fact based stock research
Bharat Heavy Electricals (BSE:500103)

INE257A01026

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For every stock, we judge its performance against its peers and rank it on a scale of 1 to 100. The higher the rank, the better the stock performs than its peers. And, we do this for six investment strategies:
Value - shows how good of a value the stock is. Green is "inexpensive"; red is "expensive".

Growth - shows a company's growth potential. Green is "high growth" expected; red is "tough times ahead".

Safety - relates to the amount of debt a company has. Green is low debt level; red is high debt level.

Combined Financial - this isn't an average of the first three ranks but rather a consolidated view across several financial indicators. Green = good; red = tread carefully.

(NEW) Sentiment - quantifies professional analyst ratings and holdings as well as market pulse. Green = positive sentiment; red = skepticism (Only available to Premium Subscribers).

(NEW) 360° View - the ultimate rating with all financial and non-financial indicators.

Bharat Heavy Electricals stock research in summary

bhel.com

ANALYSIS: With an Obermatt Combined Rank of 77 (better than 77% compared with investment alternatives), Bharat Heavy Electricals (Heavy Electrical Equipment, India) shares have much better financial characteristics than comparable stocks. Shares of Bharat Heavy Electricals are low in value (priced high) with a consolidated Value Rank of 34 (worse than 66% of alternatives), and are riskily financed (Safety Rank of 46, which means above-average debt burdens) but show above-average growth (Growth Rank of 99). ...read more

RECOMMENDATION: A Combined Rank of 77, is a strong buy recommendation based on Bharat Heavy Electricals's financial characteristics. As the company Bharat Heavy Electricals shows low value with an Obermatt Value Rank of 34 (66% of comparable investments are less expensive), investors should look at the other ranks. In this case, growth is expected to be above-average, better than 99% of comparable companies (Obermatt Growth Rank is 99). This is a typical case. Companies with above average growth tend to cost more than stocks with slower growth expectations. If this is a high-growth company, the low Obermatt Safety Rank of 46 is a good sign. The more debt a well-performing company has, the higher the returns to shareholders. However, if growth turns negative or interest rates increase, high debt may become a burden. If you believe the future is bright for Bharat Heavy Electricals, even a low-value company (in terms of its key financial indicators) can be a good investment. Obermatt Premium subscribers can further check the stock’s Sentiment Ranks, which also flow into the Obermatt 360° View for investors. ...read more

Latest Obermatt Ranks


360° View^new
Sentiment Rank^new
Value Rank	34
Growth Rank	99
Safety Rank	46
Combined Rank	77

Country	India
Industry	Heavy Electrical Equipment
Index
Size class	Medium

31-Jul-2025. Stock data may be delayed. Log in or sign up to get the most recent research.

Further information

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Review the performance ranks of the individual metrics that form each investment strategy.

Research History: Bharat Heavy Electricals

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	45	21	39	34
GROWTH
GROWTH	91	91	97	99
SAFETY
SAFETY	47	30	32	46
SENTIMENT
SENTIMENT	5	4	6	^new
360° VIEW
360° VIEW	37	14	41	^new

Most recent update of the stock research: 31-Jul-2025. Financial reporting date used for calculating ranks: 31-Mar-2025. Stock research history is based on the Obermatt Method. The higher the rank, the better Bharat Heavy Electricals is in the corresponding investment strategy.
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Combined financial peformance in Detail

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	45	21	39	34
GROWTH
GROWTH	91	91	97	99
SAFETY
SAFETY	47	30	32	46
COMBINED
COMBINED	80	43	70	77

Last update of combined financial performance: 31-Jul-2025. Stock analysis on combined financial performance: The higher the rank of Bharat Heavy Electricals the better the performance.

Value Metrics in Detail

ANALYSIS: With an Obermatt Value Rank of 34 (worse than 66% compared with alternatives), Bharat Heavy Electricals shares are more expensive than the average comparable stock. The Value Rank is based on consolidating four value indicators where three out of four are below average for Bharat Heavy Electricals. Only the Price-to-Book Capital ratio (also referred to as market-to-book ratio) indicates good stock value with a Price-to-Book Rank of 50, which means that the stock price is lower compared with invested capital than for 50% of comparable investments. All other value indicators are below the market median. Price-to-Sales is 46 which means the stock price compared with what market professionals expect for future profits is higher than 54% of comparable companies, indicating a low value concerning Bharat Heavy Electricals's revenue levels. The same is valid for the Price-to-Book Capital ratio (also referred to as market-to-book ratio) with a Price-to-Book Rank of 50 and for the dividend yields rank which is lower than for 81% of comparable companies, making the stock more expensive as regards to with the company's expected dividend payouts. ...read more

RECOMMENDATION: The overall picture with a consolidated Value Rank of 34, is a hold recommendation based on Bharat Heavy Electricals's stock price compared with the company's operational size and dividend yields. Why are market participants paying such a high price for Bharat Heavy Electricals, where three out of four value indicators are below par? One reason could be that the company is well financed, indicated by the high book capital level, and has a promising future that is not yet visible in reported revenues and profits. That would also explain the low dividend yield because the company needs the cash to invest in its future. If investors can verify a picture in this sense, the stock may still be a good investment, even though current company-reported financials don't fully explain current stock prices. We recommend further analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks, including the 360° View, before making an investment decision, which is essential in this case, as the financial indicators are inconclusive. ...read more

VALUE METRICS	2022	2023	2024	2025
PRICE VS. REVENUES (P/S)
PRICE VS. REVENUES (P/S)	63	41	45	46
PRICE VS. PROFITS (P/E)
PRICE VS. PROFITS (P/E)	24	10	38	35
PRICE VS. CAPITAL (Market-to-Book)
PRICE VS. CAPITAL (Market-to-Book)	83	41	48	50
DIVIDEND YIELD
DIVIDEND YIELD	37	14	42	19
CONSOLIDATED RANK: VALUE
CONSOLIDATED RANK: VALUE	45	21	39	34

Last update of Value Rank: 31-Jul-2025. Stock analysis on value ratios: The higher the rank, the lower the value ratio of Bharat Heavy Electricals; except for dividend yield where the rank is higher, the higher the yield.

Growth Metrics in Detail

ANALYSIS: With an Obermatt Growth Rank of 99 (better than 99% compared with alternatives) for 2025, Bharat Heavy Electricals shows one of the highest growth dynamics in its industry. Investors also speak of high momentum. The Growth Rank is based on consolidating four value indicators, with all but one indicator above average for Bharat Heavy Electricals. Sales Growth has a value of 100 which means that currently professionals expect the company to grow more than 100% of its competitors. Profit Growth with a value of 98 and Capital Growth with a rank of 98 means that currently, professionals expect the company to grow both profits and invested capital more than of its competitors. But Stock Returns has only a rank of 23, which means that stock returns have recently been below 77% of alternative investments. ...read more

RECOMMENDATION: The overall picture with a consolidated Growth Rank of 99, is a buy recommendation for growth and momentum investors. Bharat Heavy Electricals has only one below-average growth indicator, the stock returns. This is probably the least reliable growth indicator, because it measures company and investor expectations at the same time. The three other growth indicators, which are all positive for Bharat Heavy Electricals, are more reliable measures of growth momentum. For this reason, the company seems to be on a good trajectory, unless you think the current period is not representative, because of unique events that will not be repeated in the future. While momentum is a popular investment factor, the value aspect might be the more important one, in the longer term. We recommend analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks to arrive at a 360° View of the stock purchase case. ...read more

GROWTH METRICS	2022	2023	2024	2025
REVENUE GROWTH
REVENUE GROWTH	96	100	100	100
PROFIT GROWTH
PROFIT GROWTH	69	27	95	98
CAPITAL GROWTH
CAPITAL GROWTH	59	76	82	98
STOCK RETURNS
STOCK RETURNS	73	100	33	23
CONSOLIDATED RANK: GROWTH
CONSOLIDATED RANK: GROWTH	91	91	97	99

Last update of Growth Rank: 31-Jul-2025. Stock analysis on growth metrics: The higher the rank, the higher the growth and returns of Bharat Heavy Electricals.

Safety Metrics in Detail

ANALYSIS: With an Obermatt Safety Rank of 46 (better than 46% compared with alternatives), the company Bharat Heavy Electricals has financing practices on the riskier side, which means that their overall debt burden is above the industry average. This doesn't mean that the business of Bharat Heavy Electricals is also risky, it only means that the company is on the riskier side in respect to bankruptcy in case things turn sour, assuming that public reporting is correct. The Safety Rank is based on consolidating three financing indicators where two out of three are above average for Bharat Heavy Electricals.Leverage is at 56, meaning the company has a below-average debt-to-equity ratio. It has less debt than 56% of its competitors.Refinancing is at a rank of 63, meaning that the portion of the debt that is about to be refinanced is below average. It has less debt in the refinancing stage than 63% of its competitors. Liquidity is at 18, meaning that the company generates less profit to service its debt than 82% of its competitors. This indicates that the company is on the riskier side regarding debt service. ...read more

RECOMMENDATION: With a consolidated Safety Rank of 46 (worse than 54% compared with alternatives), Bharat Heavy Electricals has a financing structure that is riskier than that of its competitors. Low leverage and low refinancing risk mean a safer financing situation. However, low liquidity means that current company cash flows are low in relation to the level of debt. This is a sign of caution in case it is expected for profits to remain low. Investors should compare Obermatt’s Value, Growth, and Sentiment Ranks before deciding. They may also want to investigate why cash flows are expected to be low, making debt service for Bharat Heavy Electricals more challenging. ...read more

SAFETY METRICS	2022	2023	2024	2025
LEVERAGE
LEVERAGE	62	66	54	56
REFINANCING
REFINANCING	72	48	57	63
LIQUIDITY
LIQUIDITY	1	6	10	18
CONSOLIDATED RANK: SAFETY
CONSOLIDATED RANK: SAFETY	47	30	32	46

Last update of Safety Rank: 31-Jul-2025. Stock analysis on safety metrics: The higher the rank, the lower the leverage of Bharat Heavy Electricals and the more cash is available to service its debt.

Sentiment Metrics in Detail

SENTIMENT	2022	2023	2024	2025
ANALYST OPINIONS
ANALYST OPINIONS	n/a	1	3	^new
OPINIONS CHANGE
OPINIONS CHANGE	50	50	50	^new
PRO HOLDINGS
PRO HOLDINGS	49	4	1	^new
MARKET PULSE
MARKET PULSE	15	27	31	^new
CONSOLIDATED RANK: SENTIMENT
CONSOLIDATED RANK: SENTIMENT	5	4	6	^new

Last update of Sentiment Rank: 31-Jul-2025. Stock analysis on sentiment metrics: The higher the rank, the more positive the sentiment for Bharat Heavy Electricals.
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