Bharat Heavy Electricals Share Price Target 2027: Base and Bull Targets Built on FY26 Earnings
- October 9, 2026
- Posted by: Harsh Piplani
- Category: Market
Bharat Heavy Electricals share price Rs 433.60 (9 October 2026). Base target Rs 517, bull Rs 619, downside risk Rs 344. PE 61.59. 52W range Rs 229.54 to Rs 455.95.
Quick Answer
The Bharat Heavy Electricals share price target for 2027 is Rs 517, about 19.2% above the current price of Rs 433.60. The bull case is Rs 619, and the downside risk level, which is not a target, is Rs 344. The base case assumes earnings per share grow 20.0% a year, a cap applied because the FY24 to FY26 pace was 138.3%, with the stock holding its PE of 61.59. These are model-based estimates built from reported financials, not guaranteed outcomes.
Investors weighing a Bharat Heavy Electricals target price for 2027 should start with where the stock sits today. At Rs 433.60 on 9 October 2026, it is 4.9% below its 52-week high of Rs 455.95 and 88.9% above its 52-week low of Rs 229.54. That range spans 99% from low to high, so the entry point matters as much as the Bharat Heavy Electricals price forecast itself.
This article builds the Bharat Heavy Electricals share price target from reported numbers only: five years of annual results, the last five quarters, the latest shareholding pattern and current valuation ratios from company filings and exchange data. Each scenario shows its assumptions, so you can see exactly how the Rs 517 base case and the Rs 619 bull case were reached, along with a downside risk level of Rs 344.
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Bharat Heavy Electricals Stock Analysis: Company Overview and Key Stats
Bharat Heavy Electricals (NSE: BHEL) has a market capitalisation of Rs 1,49,903 crore. In FY26 it reported revenue of Rs 34,590 crore and net profit of Rs 1,600 crore. The table collects the figures the Bharat Heavy Electricals share price target is built on.
| Metric | Value |
|---|---|
| Company | Bharat Heavy Electricals |
| NSE Ticker | BHEL |
| CMP (9 October 2026) | Rs 433.60 |
| 52-Week High | Rs 455.95 |
| 52-Week Low | Rs 229.54 |
| Market Cap | Rs 1,49,903 crore |
| PE Ratio (TTM) | 61.59 |
| Industry PE | 47.09 |
| Price to Book | 5.73 |
| Return on Equity | 6.12% |
| Debt to Equity | 0.31 |
| EPS (TTM) | Rs 6.99 |
| Dividend Yield | 0.33% |
| 12-Month Base Target | Rs 517 |
| Bull Case | Rs 619 |
| Downside Risk Level (not a target) | Rs 344 |
Why Is Bharat Heavy Electricals Share Price Target Set at Rs 517 for 2027?
The base-case Bharat Heavy Electricals stock target of Rs 517 applies a PE multiple of 61.59 to a forward EPS estimate of Rs 8.39. That EPS assumes 20.0% yearly growth, the pace from FY24 to FY26, and puts the target 19.2% above the current price. The bull case adds faster earnings growth and a higher multiple, while the downside risk level assumes flat earnings and a lower multiple.
Earnings Growth Behind the Bharat Heavy Electricals Target Price: Five Years of Results
Bharat Heavy Electricals grew revenue from Rs 21,566 crore in FY22 to Rs 34,590 crore in FY26, a compound annual growth rate of 12.5%. Net profit grew faster, from Rs 444.71 crore to Rs 1,600 crore (37.7% a year), which shows margin gains did part of the work and not just higher sales.
| Financial Year | Revenue (Rs Cr) | Net Profit (Rs Cr) | EPS (Rs) | Dividend per Share (Rs) |
|---|---|---|---|---|
| FY22 | 21,565.63 | 444.71 | 1.28 | 0.40 |
| FY23 | 23,853.57 | 654.12 | 1.88 | 0.40 |
| FY24 | 24,439.05 | 282.22 | 0.81 | 0.25 |
| FY25 | 28,804.79 | 533.90 | 1.53 | 0.50 |
| FY26 | 34,589.83 | 1,600.26 | 4.60 | 1.40 |
FY26 revenue growth was 20.1%, faster than the four-year average of 12.5%, and net profit moved up 199.7%. EPS rose from Rs 0.81 in FY24 to Rs 4.60 in FY26. The FY27 outlook depends on whether that EPS estimate keeps compounding.
Margins and the Latest Quarter
Bharat Heavy Electricals converted 4.6% of FY26 revenue into net profit, against 1.9% in FY25, within a five-year range of 1.2% to 4.6%. EBITDA margin was 9.3% in FY26 versus 6.1% in FY25.
Balance Sheet and Cash Flow
Debt to equity stands at 0.31, and shareholders’ equity grew from Rs 26,507 crore in FY22 to Rs 26,147 crore in FY26. Operating cash flow in FY26 was Rs 5,837 crore against capital expenditure of Rs 589.04 crore, leaving free cash flow of Rs 5,248 crore, or 3.5% of the current market capitalisation. In FY25 free cash flow was Rs 1,888 crore.
Valuation Check for the Bharat Heavy Electricals Stock Target: PE, Price to Book and ROE
At a PE of 61.59 against an industry PE of 47.09, Bharat Heavy Electricals trades at a premium to its industry. Price to book is 5.73 on a book value of Rs 75.09 per share, and return on equity is 6.12%. A PE of 61.59 equals an earnings yield of 1.6%, and the FY26 dividend of Rs 1.40 per share gives a yield of 0.33%.
Shareholding Pattern and Institutional Holding
Promoters held 58.17% of Bharat Heavy Electricals in June 2026, and promoter holding fell from 63.17% in June 2025 to 58.17% in June 2026. Foreign institutional investors (FII) held 9.51% and domestic institutions (DII) held 22.44%, which puts total institutional holding at 31.95%. FII holding rose from 6.36% in June 2025 to 9.51% in June 2026. Public shareholders own the remaining 9.88%. A meaningful institutional holding adds a layer of research coverage and trading depth.
Bharat Heavy Electricals Share Price Targets for the Short Term and 12 Months
Short Term Bharat Heavy Electricals Stock Target Levels: Technical Setup
At Rs 433.60 on 9 October 2026, Bharat Heavy Electricals trades above its 50-day simple moving average of Rs 422.19 and above its 200-day exponential moving average of Rs 365.26. The 14-day RSI reads 46.9, which is neutral territory, and the MACD line sits above its signal line. The nearest resistance level is Rs 455.95 (52-week high) and the nearest support is Rs 422.19 (50-day simple moving average). A sustained move above Rs 455.95 would improve the short-term setup, while a close below Rs 422.19 would shift attention to the next support.
12 Month Bharat Heavy Electricals Target Price for 2027
The 12-month target for Bharat Heavy Electricals is Rs 517: forward EPS of Rs 8.39 at a PE of 61.59. That is 19.2% above Rs 433.60. It would also push the stock above its 52-week high of Rs 455.95.
How EPS Growth and PE Multiple Change the Bharat Heavy Electricals Target Price
| EPS Growth | PE 49.27 | PE 61.59 | PE 70.83 |
|---|---|---|---|
| 0.0% (EPS Rs 6.99) | Rs 344 | Rs 431 | Rs 495 |
| 20.0% (EPS Rs 8.39) | Rs 413 | Rs 517 | Rs 594 |
| 25.0% (EPS Rs 8.74) | Rs 431 | Rs 538 | Rs 619 |
Each cell multiplies the forward EPS estimate by the PE shown. Reading across a row shows what a de-rating or re-rating does to the Bharat Heavy Electricals price forecast, and reading down a column shows what earnings growth is worth at a fixed multiple.
Bull Case and Downside Risk for Bharat Heavy Electricals Stock Target in 2027
Bull Case Rs 619
The bull case Bharat Heavy Electricals price target needs EPS growth of 25.0%, which lifts forward EPS to Rs 8.74, and a PE multiple that rises 15% to 70.83. That gives Rs 619, 42.8% above the current price and above the 52-week high of Rs 455.95, so the stock would have to set a fresh 52-week high.
Downside Risk Level Rs 344
The downside risk level is not a target. It assumes EPS stays flat at Rs 6.99 and the PE falls 20% to 49.27. That gives Rs 344, 20.7% below the current price and above the 52-week low of Rs 229.54.
| Scenario | EPS Growth | PE Multiple | Price (Rs) | Change vs CMP |
|---|---|---|---|---|
| Bull Case | 25.0% | 70.83 | Rs 619 | +42.8% |
| Base Case | 20.0% | 61.59 | Rs 517 | +19.2% |
| Downside Risk | 0.0% | 49.27 | Rs 344 | -20.7% |
Key Risks to the Bharat Heavy Electricals Target Price for 2027
Growth Slowdown Risk for the Bharat Heavy Electricals Price Target
FY26 revenue growth was 20.1% and net profit moved up 199.7%. If growth slows from here, the base case EPS estimate will need revising.
Liquidity and Size Risk
Bharat Heavy Electricals has a market capitalisation of Rs 1,49,903 crore. Institutional holding is 31.95%, and promoters hold 58.17%. A company of this size trades with deep liquidity, so entry and exit are rarely a problem, and the larger risk is paying too much for slow earnings growth.
Valuation and Margin Risk
Net margin was 4.6% in FY26, so a small slip in costs moves profit noticeably. At a PE of 61.59 versus an industry PE of 47.09, a de-rating toward the downside-risk PE of 49.27 would cut the price even if earnings hold.
Market and Technical Risk
The stock trades 4.9% below its 52-week high, with an RSI of 46.9 and a MACD reading above its signal line. Broader market weakness can override company fundamentals in the short term.
How to Invest in Bharat Heavy Electricals
Start with the live price and volume. Any Bharat Heavy Electricals share price target is only as current as the data behind it, and the data here is as of 9 October 2026, so refresh the Rs 433.60 price before acting on any level.
Next, review the fundamentals yourself. The Univest Screener lets you check Bharat Heavy Electricals’ PE, ROE, debt and shareholding in one place.
Check Bharat Heavy Electricals fundamentals on the Univest Screener
Then compare the three Bharat Heavy Electricals target price scenarios with your own view. If you expect EPS growth below 20.0%, the base case is too optimistic for you; if you expect more, the bull case deserves weight.
Decide your position size and exit levels before you buy. The support and resistance levels above can serve as reference points, but they are not recommendations.
Finally, place the order through a SEBI-registered broker or the Univest app, and review the position after each quarterly result. Consult a SEBI-registered advisor if you are unsure.
Download the Univest iOS App or Univest Android App to track Bharat Heavy Electricals live price and get daily stock recommendations.
Conclusion
The Bharat Heavy Electricals share price target for 2027 is Rs 517 in the base case, with Rs 619 as the bull case. The support for that view is arithmetic you can check: EPS grew 138.3% a year over FY24 to FY26, and the stock trades at a PE of 61.59. The risks are equally concrete, including a stock that sits 4.9% below its 52-week high and a downside scenario that cuts the price 21% if earnings stall. Use these numbers as a framework, check them against the latest filings, and size any position to your own risk appetite.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
FAQs on Bharat Heavy Electricals Share Price Target 2027
What is the Bharat Heavy Electricals share price target for 2027?
Ans. The base-case Bharat Heavy Electricals share price target for 2027 is Rs 517, with Rs 619 as the bull case. The downside risk level, which is not a target, is Rs 344. These are model estimates from reported earnings and the current PE, not guaranteed outcomes.
What is the Bharat Heavy Electricals share price today?
Ans. As of 9 October 2026, 12:52 PM IST, Bharat Heavy Electricals trades at Rs 433.60, up 0.93% on the day. The 52-week range is Rs 229.54 to Rs 455.95.
Is Bharat Heavy Electricals a buy or sell at the current price?
Ans. The data is mixed rather than one-sided: EPS has grown 138.3% a year over FY24 to FY26, but the stock is 4.9% below its 52-week high. Whether Bharat Heavy Electricals fits your portfolio depends on your time horizon and risk appetite, so consult a SEBI-registered advisor before investing. This article is not investment advice.
What are the bull case target and downside risk level for Bharat Heavy Electricals shares?
Ans. The bull case target is Rs 619, which assumes 25.0% EPS growth and a PE of 70.83. The downside risk level is Rs 344, which assumes flat EPS and a PE of 49.27. It marks a risk, not a target.
What are the main risks to the Bharat Heavy Electricals price target?
Ans. The main risks are slower revenue growth, a small market capitalisation of Rs 1,49,903 crore, a PE de-rating and short-term weakness in the broader market. Each is covered in the risk section above.
What is the PE ratio of Bharat Heavy Electricals and how does it compare with the industry?
Ans. The PE ratio of Bharat Heavy Electricals is 61.59 against an industry PE of 47.09. Price to book is 5.73 and return on equity is 6.12%. The base case in the Bharat Heavy Electricals price target holds this PE constant.
Who owns Bharat Heavy Electricals, and what is the promoter holding?
Ans. Promoters held 58.17% of Bharat Heavy Electricals in June 2026. FII held 9.51%, DII held 22.44% and the public held 9.88%.
