{"id":308179,"date":"2026-10-14T15:48:23","date_gmt":"2026-10-14T10:18:23","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=308179"},"modified":"2026-10-14T15:48:23","modified_gmt":"2026-10-14T10:18:23","slug":"bhel-q2-results-defence-psu-stock-jumps-5-percent-to-record-high-as-net-profit-soars-120-percent-check-key-highlights-share-trend","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/bhel-q2-results-defence-psu-stock-jumps-5-percent-to-record-high-as-net-profit-soars-120-percent-check-key-highlights-share-trend\/","title":{"rendered":"BHEL Q2 Results: Defence PSU Stock Jumps 5% to Record High as Net Profit Soars 120%; Check Key Highlights, Share Trend"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>BHEL Q2 results (FY27, standalone): net profit Rs 809.62 crore (+120%), revenue Rs 9,300 crore (+23.8%), EBITDA Rs 1,026 crore (+76.6%), EBITDA margin 11.02%. Shares hit a record high of about Rs 463 on 14 Oct 2026, up as much as 5%. Board approved about Rs 500 crore for thermal and nuclear set facilities at Haridwar.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">The BHEL Q2 results beat estimates, with standalone net profit up 120% to Rs 809.62 crore, revenue up 23.8% to Rs 9,300 crore and an EBITDA margin of 11.02%, up from 7.73% a year ago. The shares rose as much as 5% to a record high of about Rs 463 on 14 October 2026 and are up about 61% so far this year. The board also approved about Rs 500 crore for new thermal and nuclear set facilities at the Haridwar plant, though no timeline was given. Other income was about 24% of pre-tax profit (my calculation), and the stock now trades above the Rs 412 consensus target, so the quality of earnings and valuation need watching.<\/p>\n<\/p><\/div>\n<p>Bharat Heavy Electricals Limited, a state-owned maker of power and industrial equipment, reported its September quarter numbers on 14 October 2026, and the BHEL Q2 results lifted the stock to a record. The stock is often grouped with defence and capital goods names, which have led the market in 2026.<\/p>\n<p>This guide explains the BHEL Q2 results, how they compare with estimates, what brokerages say, what the share trend shows and the risks. Where I calculate a figure myself, I label it.<\/p>\n<p>A profit that doubles is eye-catching, so the base year, the mix of income and the order book matter for judging whether the BHEL Q2 results can last.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=bhel-q2-results-defence-psu-stock-jumps-5-percent-to-record-high-as-net-profit-soars-120-percent-check-key-highlights-share-trend\">Click Here &#8211; Get Free Investment Predictions<\/a><\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/bhel-q2-results-defence-psu-stock-jumps-5-percent-to-record-high-as-net-profit-soars-120-percent-check-key-highlights-share-trend\/#BHEL_Q2_Results_Key_Numbers\" title=\"BHEL Q2 Results: Key Numbers\">BHEL Q2 Results: Key Numbers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/bhel-q2-results-defence-psu-stock-jumps-5-percent-to-record-high-as-net-profit-soars-120-percent-check-key-highlights-share-trend\/#BHEL_Q2_Results_Versus_Consensus_Estimate\" title=\"BHEL Q2 Results Versus Consensus Estimate\">BHEL Q2 Results Versus Consensus Estimate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/bhel-q2-results-defence-psu-stock-jumps-5-percent-to-record-high-as-net-profit-soars-120-percent-check-key-highlights-share-trend\/#Share_Trend_After_the_BHEL_Q2_Results\" title=\"Share Trend After the BHEL Q2 Results\">Share Trend After the BHEL Q2 Results<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/bhel-q2-results-defence-psu-stock-jumps-5-percent-to-record-high-as-net-profit-soars-120-percent-check-key-highlights-share-trend\/#Brokerage_View_Order_Book_and_the_Rs_500_Crore_Plan_After_the_BHEL_Q2_Results\" title=\"Brokerage View, Order Book and the Rs 500 Crore Plan After the BHEL Q2 Results\">Brokerage View, Order Book and the Rs 500 Crore Plan After the BHEL Q2 Results<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/bhel-q2-results-defence-psu-stock-jumps-5-percent-to-record-high-as-net-profit-soars-120-percent-check-key-highlights-share-trend\/#What_to_Watch_Next_After_the_BHEL_Q2_Results\" title=\"What to Watch Next After the BHEL Q2 Results\">What to Watch Next After the BHEL Q2 Results<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/bhel-q2-results-defence-psu-stock-jumps-5-percent-to-record-high-as-net-profit-soars-120-percent-check-key-highlights-share-trend\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/bhel-q2-results-defence-psu-stock-jumps-5-percent-to-record-high-as-net-profit-soars-120-percent-check-key-highlights-share-trend\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/bhel-q2-results-defence-psu-stock-jumps-5-percent-to-record-high-as-net-profit-soars-120-percent-check-key-highlights-share-trend\/#What_were_the_BHEL_Q2_results\" title=\"What were the BHEL Q2 results?\">What were the BHEL Q2 results?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/bhel-q2-results-defence-psu-stock-jumps-5-percent-to-record-high-as-net-profit-soars-120-percent-check-key-highlights-share-trend\/#Did_BHEL_beat_estimates_in_Q2\" title=\"Did BHEL beat estimates in Q2?\">Did BHEL beat estimates in Q2?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/bhel-q2-results-defence-psu-stock-jumps-5-percent-to-record-high-as-net-profit-soars-120-percent-check-key-highlights-share-trend\/#What_is_the_BHEL_share_record_high\" title=\"What is the BHEL share record high?\">What is the BHEL share record high?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/bhel-q2-results-defence-psu-stock-jumps-5-percent-to-record-high-as-net-profit-soars-120-percent-check-key-highlights-share-trend\/#What_is_the_Rs_500_crore_investment\" title=\"What is the Rs 500 crore investment?\">What is the Rs 500 crore investment?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/bhel-q2-results-defence-psu-stock-jumps-5-percent-to-record-high-as-net-profit-soars-120-percent-check-key-highlights-share-trend\/#What_do_brokerages_say_about_BHEL\" title=\"What do brokerages say about BHEL?\">What do brokerages say about BHEL?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/bhel-q2-results-defence-psu-stock-jumps-5-percent-to-record-high-as-net-profit-soars-120-percent-check-key-highlights-share-trend\/#How_much_of_the_profit_came_from_other_income\" title=\"How much of the profit came from other income?\">How much of the profit came from other income?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/bhel-q2-results-defence-psu-stock-jumps-5-percent-to-record-high-as-net-profit-soars-120-percent-check-key-highlights-share-trend\/#What_are_the_risks_for_BHEL_shares\" title=\"What are the risks for BHEL shares?\">What are the risks for BHEL shares?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/bhel-q2-results-defence-psu-stock-jumps-5-percent-to-record-high-as-net-profit-soars-120-percent-check-key-highlights-share-trend\/#Is_this_article_investment_advice\" title=\"Is this article investment advice?\">Is this article investment advice?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"BHEL_Q2_Results_Key_Numbers\"><\/span><strong>BHEL Q2 Results: Key Numbers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Item<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Q2 FY27<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Year earlier<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Change<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Net profit (standalone)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 809.62 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 367.70 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">+120%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Revenue from operations<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 9,300 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 7,512 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">+23.8%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">EBITDA<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,026 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 581 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">+76.6%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">EBITDA margin<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">11.02%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">7.73%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">+330 basis points<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Other income<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 259.11 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Not given<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">+43%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Profit before tax<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,077.75 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 492.01 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">+119%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Finance costs<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 124.77 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 195.21 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">-36%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">First half net profit<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,192 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Loss of Rs 87 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Turnaround<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">First half revenue<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 16,998 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 12,999 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">+30.8%<\/td>\n<\/tr>\n<\/table>\n<p>For the BHEL Q2 results, the comparison with Q1 FY27 is useful: Q1 net profit was about Rs 382 crore on revenue of about Rs 7,698 crore, so Q2 profit was roughly 2.1 times Q1 and revenue was about 21% higher (my calculations). One source puts consolidated profit at Rs 821 crore against Rs 375 crore a year earlier.<\/p>\n<p><strong>Risk:<\/strong> A low base from last year flatters the growth rate in the BHEL Q2 results, so look at the margin and cash flow, not only the percentage.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/screeners\">Screen PSU and capital goods stocks on the Univest Screener<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"BHEL_Q2_Results_Versus_Consensus_Estimate\"><\/span><strong>BHEL Q2 Results Versus Consensus Estimate<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Item<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Actual<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Estimate<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Gap (my calculation)<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Net profit<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 810 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 627 crore to Rs 654 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 24% to 29% above<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Revenue<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 9,300 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 9,232 crore to Rs 9,236 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 0.7% above<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">EBITDA<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,026 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 881 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 16% above<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">EBITDA margin<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">11%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">9.5%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 1.5 points above<\/td>\n<\/tr>\n<\/table>\n<p>In the BHEL Q2 results, the profit beat came mostly from margin, since revenue was only slightly above estimates. Two sources give different consensus estimate figures for profit, which is why the table shows a range, and one source lists EBITDA at Rs 1,000 crore, which does not match the 11% margin, so I use Rs 1,026 crore.<\/p>\n<p>In the BHEL Q2 results, other income of Rs 259.11 crore is about 24% of pre-tax profit (my calculation), so a part of the beat came from non-operating items. Finance costs fell by about 36%, which also helped.<\/p>\n<p><strong>Risk:<\/strong> If other income and lower interest costs drive a good part of the profit, the BHEL Q2 results may be harder to repeat.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Share_Trend_After_the_BHEL_Q2_Results\"><\/span><strong>Share Trend After the BHEL Q2 Results<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Item<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Level<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Note<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Intraday record high<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 463<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Reports show Rs 460.90 to Rs 463.60; the headline cites Rs 463.60<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Earlier record<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 455.90<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">7 October 2026<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Price at 2:32 pm<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 457.85<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up about 4%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Gain in 2026 so far<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 61%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Sensex down about 14.6%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">One year<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 100%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Sensex down about 11%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Two week gain<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 10.3%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">One report<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Consensus target<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 412.25<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 10% below Rs 457.85 (my calculation)<\/td>\n<\/tr>\n<\/table>\n<p>The stock has a very strong trend after the BHEL Q2 results, but it is trading above the consensus target of Rs 412.25 from Bloomberg, which one report says implies 9.7% downside and which works out to about 10% on my numbers. A record high with a price above the consensus target means expectations are already high.<\/p>\n<p><strong>Risk:<\/strong> At a record high after the BHEL Q2 results, BHEL shares can fall quickly if order inflow or margins disappoint in the next quarter.<\/p>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track BHEL and get result alerts.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Brokerage_View_Order_Book_and_the_Rs_500_Crore_Plan_After_the_BHEL_Q2_Results\"><\/span><strong>Brokerage View, Order Book and the Rs 500 Crore Plan After the BHEL Q2 Results<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Item<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Detail<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Note<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">ICICI Securities<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Buy, fair value Rs 575 at 35 times FY28E earnings<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 24% to 26% above the price (my calculation); based on the Q1 update, so may be stale<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">FY27 order inflow<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Over Rs 70,000 crore expected<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">ICICI Securities<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">EBITDA margin path<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">6.9% in FY26 to 11.5% in FY28E<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">ICICI Securities<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Return on capital employed<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">To about 16.7% in FY28E<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">From mid single digits<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Order book<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Not reliably reported<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">One report writes Rs 2.6 trillion crore, a unit error<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Capex plan<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 500 crore for thermal and nuclear sets at Haridwar<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Approved on 14 October; no timeline or funding given<\/td>\n<\/tr>\n<\/table>\n<p>The BHEL Q2 results show a company that is delivering from a large order book, but I could not confirm the order book figure because one source printed it with a unit error. It is probably about Rs 2.6 lakh crore, but check BHEL&#8217;s own filing.<\/p>\n<p>The Rs 500 crore plan announced with the BHEL Q2 results adds capacity for thermal and nuclear sets, which links to the power and defence themes behind the rally. One source also mentions merging the Mumbai repair plant into the Bengaluru electronics division, which is not covered in other reports.<\/p>\n<p><strong>Risk:<\/strong> Government project timing, execution delays and working capital can all slow the conversion of the order book into profit after the BHEL Q2 results.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_to_Watch_Next_After_the_BHEL_Q2_Results\"><\/span><strong>What to Watch Next After the BHEL Q2 Results<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>Order inflow and order book disclosed after the BHEL Q2 results<\/li>\n<li>Whether the EBITDA margin holds near 11% in Q3 FY27<\/li>\n<li>The share of other income in profit before tax after the BHEL Q2 results<\/li>\n<li>Details and timing of the Rs 500 crore Haridwar investment<\/li>\n<li>The share price against the Rs 455.90 earlier high and the Rs 463 record<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The BHEL Q2 results were strong on profit, margin and growth, and the stock hit a record high, but part of the profit came from other income and the price is above the consensus target. Watch the order book and margin before assuming the pace can continue.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> 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).<\/p>\n<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"What_were_the_BHEL_Q2_results\"><\/span><strong>What were the BHEL Q2 results?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Standalone net profit was Rs 809.62 crore, up 120%, on revenue of Rs 9,300 crore, up 23.8%, with an EBITDA margin of 11.02%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Did_BHEL_beat_estimates_in_Q2\"><\/span><strong>Did BHEL beat estimates in Q2?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Yes. Profit was about 24% to 29% above estimates of Rs 627 crore to Rs 654 crore, while revenue was only slightly above.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_BHEL_share_record_high\"><\/span><strong>What is the BHEL share record high?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> BHEL shares hit an intraday record of about Rs 463 on 14 October 2026, above the earlier high of Rs 455.90.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_Rs_500_crore_investment\"><\/span><strong>What is the Rs 500 crore investment?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The board approved about Rs 500 crore for new facilities to make thermal and nuclear sets at the Haridwar unit. No timeline was given.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_do_brokerages_say_about_BHEL\"><\/span><strong>What do brokerages say about BHEL?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> ICICI Securities has a Buy with a fair value of Rs 575, while the Bloomberg consensus target is Rs 412.25, below the current price.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_much_of_the_profit_came_from_other_income\"><\/span><strong>How much of the profit came from other income?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Other income was Rs 259.11 crore, about 24% of profit before tax, my calculation.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_risks_for_BHEL_shares\"><\/span><strong>What are the risks for BHEL shares?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> A high base, other income in profit, a price above the consensus target, order book timing and execution delays.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_this_article_investment_advice\"><\/span><strong>Is this article investment advice?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No. It is educational and not a recommendation.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What were the BHEL Q2 results?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Standalone net profit was Rs 809.62 crore, up 120%, on revenue of Rs 9,300 crore, up 23.8%, with an EBITDA margin of 11.02%.\"}},{\"@type\":\"Question\",\"name\":\"Did BHEL beat estimates in Q2?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Yes. Profit was about 24% to 29% above estimates of Rs 627 crore to Rs 654 crore, while revenue was only slightly above.\"}},{\"@type\":\"Question\",\"name\":\"What is the BHEL share record high?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"BHEL shares hit an intraday record of about Rs 463 on 14 October 2026, above the earlier high of Rs 455.90.\"}},{\"@type\":\"Question\",\"name\":\"What is the Rs 500 crore investment?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The board approved about Rs 500 crore for new facilities to make thermal and nuclear sets at the Haridwar unit. No timeline was given.\"}},{\"@type\":\"Question\",\"name\":\"What do brokerages say about BHEL?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"ICICI Securities has a Buy with a fair value of Rs 575, while the Bloomberg consensus target is Rs 412.25, below the current price.\"}},{\"@type\":\"Question\",\"name\":\"How much of the profit came from other income?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Other income was Rs 259.11 crore, about 24% of profit before tax, my calculation.\"}},{\"@type\":\"Question\",\"name\":\"What are the risks for BHEL shares?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"A high base, other income in profit, a price above the consensus target, order book timing and execution delays.\"}},{\"@type\":\"Question\",\"name\":\"Is this article investment advice?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No. It is educational and not a recommendation.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>BHEL Q2 results show net profit up 120% and a record high for the shares. See estimates, brokerage views, the Rs 500 crore plan and the risks.<\/p>\n","protected":false},"author":36,"featured_media":308178,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[842],"tags":[11923,4143,12150,12149,11315],"class_list":["post-308179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bhel-q2-results","tag-bhel-share-price","tag-capital-goods","tag-defence-psu-stocks","tag-record-high"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["308178"],"rank_math_title":["BHEL Q2 Results: Profit Up 120%, Record High, Share Trend"],"rank_math_description":["BHEL Q2 results: net profit up 120% to Rs 810 crore, revenue up 24%, EBITDA margin 11% and a Rs 500 crore plant plan. See the record high, estimates, targets and risks."],"rank_math_focus_keyword":["BHEL Q2 results"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/10\/bhel-q2-results-defence-psu-stock-jumps-5-to-record-high-as-net-profit-soars-120.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/308179","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=308179"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/308179\/revisions"}],"predecessor-version":[{"id":308180,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/308179\/revisions\/308180"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/308178"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=308179"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=308179"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=308179"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}