BHEL Q2 Results 2025 LIVE: BHEL turns profitable in Q2 with ₹375 crore net profit, revenue up 14% YoY

Power segment revenue rose sharply to ₹5,675.64 crore, marking a robust 45.6% increase from ₹3,898.86 crore in the June 2025 quarter and a 12.9% growth from ₹5,028.28 crore in the year-ago period (September 2024 quarter).

Operating performance improved sharply, with EBITDA doubling to ₹580.8 crore. Margins expanded to 7.7% in Q2FY26 from 4.2% in the same period last year, reflecting better cost efficiency and improved project execution.

The state-owned company reported a net profit of ₹375 crore, marking a massive 253% surge from ₹106 crore in the corresponding quarter of the previous fiscal year. In the preceding June quarter, the company had posted a net loss of ₹455.50 crore, primarily due to higher operating expenses.

Domestic brokerage firm JM Financial expects BHEL to post robust year-on-year growth in the September quarter, projecting revenue at ₹7,242 crore, up 10% YoY and 32% QoQ. At the operating level, the brokerage estimates EBITDA to rise 31% YoY to ₹360.1 crore, while net profit is likely to surge 103% YoY to ₹215.2 crore.

Brokerages expect BHEL to post a healthy performance for the September quarter, driven by robust execution and a recovery in the power equipment segment. Analysts foresee strong year-on-year growth across key financial metrics, with the company likely to swing back to profit after posting a loss in the previous quarter.

Estimates from leading brokerages suggest that BHEL’s revenue could rise between 10% and 29% YoY, while sequential growth is seen in the range of 32% to 55%, supported by higher project execution.

Operating profit (EBITDA) is projected to improve 24–39% YoY, with margins expected around 5%. Net profit forecasts vary between ₹130 crore and ₹215 crore, marking a sharp turnaround from the loss reported in Q1.

BHEL Q2 Results LIVE: CEA has revised thermal capex targets to 97GW by FY35 (from 80GW earlier), with scope for further upgrades from replacement of aging thermal assets (~37GW > 35 years by FY32).

Against this backdrop, BHEL stands well-positioned, supported by a record backlog of ₹2.2 lakh crore and 18.4GW of thermal orders won in FY25, reinforcing confidence in the thermal revival cycle. Hence we find BHEL best positioned to gain from thermal capex revival coupled with its operating leverage led turnaround from FY27E, Nuvama said.

BHEL Q2 Results LIVE: BHEL is expected to report a net profit of ₹207 crore in Q2FY26, registering a sharp jump of 114.2% from ₹96.7 crore, YoY, and from a loss of ₹454.9 crore in Q1FY26. Revenue is expected to grow 28.8% to ₹8,483 crore from ₹6,584 crore, YoY. EBITDA is estimated to increase by nearly 39% YoY to ₹381 crore, while EBITDA margin may improve to 4.5% from 4.2% YoY, according to estimates by Nuvama Institutional Equities.

BHEL Q2 Results LIVE: BHEL is expected to see the lingering impact of legacy low margin projects - Patratu and Ennore - which may keep results and margins depressed for Q2FY26 and Q3FY26. However, from Q4FY26 onwards, analysts expect the newer projects to enter the sale recognition phase, which will post a turnaround by FY27.

BHEL Q2 Results LIVE: BHEL is expected to report strong revenue growth on a year-on-year (YoY) basis as well as and on a sequential basis, leading to the company turning profitable after posting a loss in the previous quarter.

BHEL Q2 Results LIVE: BHEL share price traded over 3% higher on Wednesday ahead of the announcement of Q2 results today. BHEL shares opened flat at ₹237.30 apiece as against its previous close of ₹237.35 apiece on the BSE. The PSU stock rallied as much as 3.09% to ₹244.70 apiece.

BHEL Q2 Results LIVE: State-run Bharat Heavy Electricals Ltd (BHEL) will announce its Q2 results today. The board of directors of the PSU defence and capital goods company will meet on Wednesday, 29 October 2025, to consider and approve the financial results for the second quarter of FY26.