BHEL Q2 Results: Defence PSU Stock Jumps 5% to Record High as Net Profit Soars 120%; Check Key Highlights, Share Trend

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.

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.

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.

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BHEL Q2 Results: Key Numbers

Item	Q2 FY27	Year earlier	Change
Net profit (standalone)	Rs 809.62 crore	Rs 367.70 crore	+120%
Revenue from operations	Rs 9,300 crore	Rs 7,512 crore	+23.8%
EBITDA	Rs 1,026 crore	Rs 581 crore	+76.6%
EBITDA margin	11.02%	7.73%	+330 basis points
Other income	Rs 259.11 crore	Not given	+43%
Profit before tax	Rs 1,077.75 crore	Rs 492.01 crore	+119%
Finance costs	Rs 124.77 crore	Rs 195.21 crore	-36%
First half net profit	Rs 1,192 crore	Loss of Rs 87 crore	Turnaround
First half revenue	Rs 16,998 crore	Rs 12,999 crore	+30.8%

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.

Risk: 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.

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BHEL Q2 Results Versus Consensus Estimate

Item	Actual	Estimate	Gap (my calculation)
Net profit	Rs 810 crore	Rs 627 crore to Rs 654 crore	About 24% to 29% above
Revenue	Rs 9,300 crore	Rs 9,232 crore to Rs 9,236 crore	About 0.7% above
EBITDA	Rs 1,026 crore	Rs 881 crore	About 16% above
EBITDA margin	11%	9.5%	About 1.5 points above

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.

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.

Risk: If other income and lower interest costs drive a good part of the profit, the BHEL Q2 results may be harder to repeat.

Share Trend After the BHEL Q2 Results

Item	Level	Note
Intraday record high	About Rs 463	Reports show Rs 460.90 to Rs 463.60; the headline cites Rs 463.60
Earlier record	Rs 455.90	7 October 2026
Price at 2:32 pm	Rs 457.85	Up about 4%
Gain in 2026 so far	About 61%	Sensex down about 14.6%
One year	About 100%	Sensex down about 11%
Two week gain	About 10.3%	One report
Consensus target	Rs 412.25	About 10% below Rs 457.85 (my calculation)

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.

Risk: At a record high after the BHEL Q2 results, BHEL shares can fall quickly if order inflow or margins disappoint in the next quarter.

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Brokerage View, Order Book and the Rs 500 Crore Plan After the BHEL Q2 Results

Item	Detail	Note
ICICI Securities	Buy, fair value Rs 575 at 35 times FY28E earnings	About 24% to 26% above the price (my calculation); based on the Q1 update, so may be stale
FY27 order inflow	Over Rs 70,000 crore expected	ICICI Securities
EBITDA margin path	6.9% in FY26 to 11.5% in FY28E	ICICI Securities
Return on capital employed	To about 16.7% in FY28E	From mid single digits
Order book	Not reliably reported	One report writes Rs 2.6 trillion crore, a unit error
Capex plan	About Rs 500 crore for thermal and nuclear sets at Haridwar	Approved on 14 October; no timeline or funding given

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's own filing.

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.

Risk: Government project timing, execution delays and working capital can all slow the conversion of the order book into profit after the BHEL Q2 results.

What to Watch Next After the BHEL Q2 Results

1. Order inflow and order book disclosed after the BHEL Q2 results
2. Whether the EBITDA margin holds near 11% in Q3 FY27
3. The share of other income in profit before tax after the BHEL Q2 results
4. Details and timing of the Rs 500 crore Haridwar investment
5. The share price against the Rs 455.90 earlier high and the Rs 463 record

Conclusion

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.

Frequently Asked Questions

What were the BHEL Q2 results?

Ans. 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%.

Did BHEL beat estimates in Q2?

Ans. Yes. Profit was about 24% to 29% above estimates of Rs 627 crore to Rs 654 crore, while revenue was only slightly above.

What is the BHEL share record high?

Ans. BHEL shares hit an intraday record of about Rs 463 on 14 October 2026, above the earlier high of Rs 455.90.

What is the Rs 500 crore investment?

Ans. The board approved about Rs 500 crore for new facilities to make thermal and nuclear sets at the Haridwar unit. No timeline was given.

What do brokerages say about BHEL?

Ans. 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.

How much of the profit came from other income?

Ans. Other income was Rs 259.11 crore, about 24% of profit before tax, my calculation.

What are the risks for BHEL shares?

Ans. A high base, other income in profit, a price above the consensus target, order book timing and execution delays.

Is this article investment advice?

Ans. No. It is educational and not a recommendation.