BHEL Shares Jump Over 6% to ₹424 After Bagging Massive ₹28,000-Crore
State-run Bharat Heavy Electricals Limited (BHEL) secured four major thermal contracts worth up to ₹28,000 crore from Adani Power to deliver 6,400 MW of power generation capacity, sending its shares soaring 6.33% to ₹424.75 on Dalal Street amid strong order book expansion.
State-owned engineering and power equipment titan Bharat Heavy Electricals Limited (BHEL) witnessed a sharp surge on Dalal Street during Wednesday morning trade, with its share price climbing over 6 percent after securing four major domestic contracts from private utility major Adani Power Limited. Valued between ₹20,000 crore and ₹28,000 crore, excluding Goods and Services Tax (GST), the landmark order represents one of the largest private sector commitments awarded to the public sector undertaking (PSU) in recent years. Trading on the Bombay Stock Exchange (BSE) saw the counter rally 6.33 percent to reach ₹424.75 by 11:00 AM, as institutional allocators and retail investors responded enthusiastically to the company’s expanding project backlog, which had already touched an all-time record of ₹2,39,057 crore as of March 31, 2026.
Supplying 6,400 MW Capacity: Inside the 8x800 MW Boiler-Turbine-Generator Deal
Under the contractual mandate, BHEL will execute the engineering, manufacturing, and supply of core boiler, turbine, and generator (BTG) packages, along with auxiliary equipment and crucial on-site technical services, across four distinct power installations comprising two 800 MW units each. Together, the four contracts cover eight 800 MW supercritical units, translating into a massive cumulative generation capacity of 6,400 MW. Each individual contract carries an estimated valuation between ₹5,000 crore and ₹7,000 crore, excluding GST, fitting squarely into BHEL’s core Power segment, which logged revenues of ₹25,406.71 crore in fiscal year 2025-26 with a 21.3 percent year-on-year growth. The scale of the order addition is substantial, representing roughly 59 percent to 83 percent of BHEL’s entire FY2025-26 top-line revenue of ₹33,782.18 crore, while instantly expanding its total outstanding order book by 8 to 12 percent. BHEL confirmed that the contracts are strictly domestic and clarified that neither its promoters nor its group companies hold any equity or financial interest in Adani Power.
Stellar Q2 Financial Growth and Multi-Year Revenue Visibility for Dalal Street
The mega order win comes on the heels of robust operational figures recorded during the quarter ended September 2026, wherein BHEL reported a 23.81 percent year-on-year rise in net sales to ₹9,300.35 crore, alongside a healthy profit after tax (PAT) of ₹802.48 crore. With the power segment already representing 81 percent of BHEL’s cumulative order backlog as of March 31, 2026, equity analysts highlight that the Adani Power contract provides sustained, multi-year revenue visibility while maximizing manufacturing and facility utilization across its national fabrication hubs. Bolstered by India’s expanding peak electricity demands and the renewed capital expenditure cycle for domestic baseload power projects, BHEL’s accelerating order inflows reinforce its competitive leadership in supercritical utility engineering and position the state-run manufacturer as a primary beneficiary of the country's ongoing energy expansion.
