BHEL Bags Mega Order from Adani Power for Four 2x800 MW Supercritical Projects

Key numbers

Max Project Value	₹7,000 CrExcluding GST
Market Cap	₹1,39,283 CrLarge Cap
PE Ratio	48.39Sector PE 51.86
RSI	43.9Neutral Zone
Order from	Adani Power Limited
Execution period	As per Customer's project requirements

Key highlights

• Contract involves the supply of equipment for 4 projects of 2x800 MW each, totalling 6,400 MW capacity
• Individual project values range from ₹5,000 crore to ₹7,000 crore, excluding GST
• Total potential contract value is estimated between ₹20,000 crore and ₹28,000 crore
• Scope includes Boiler, Turbine, and Generator (BTG) packages along with auxiliaries and agreed services
• Order execution will be aligned with the customer’s specific project requirements

Strategic Supply for Large-Scale Supercritical Projects

Bharat Heavy Electricals Limited (BHEL) has entered into a major agreement with Adani Power Limited to bolster India's thermal energy infrastructure. The contract covers four distinct projects, each featuring a 2x800 MW configuration, representing a massive 6,400 MW of power generation capacity. BHEL's scope of work is comprehensive, involving the supply of critical Boiler, Turbine, and Generator (BTG) packages along with their necessary auxiliaries.

Furthermore, the agreement includes agreed-upon services to support the installation and commissioning phases. This domestic order highlights BHEL's technical expertise in supercritical technology, which is essential for modern, high-efficiency power plants.

Financial Performance and Order Book Strength

• The cumulative value of these four contracts could reach up to ₹28,000 crore, significantly impacting future revenue streams.
• BHEL reported a total outstanding order book of ₹2,57,571 crore as of September 30, 2026.
• In the latest quarter ending September 2026, the company achieved a net profit of ₹820.94 crore, reflecting a 118.98% year-on-year growth.
• The company's quarterly operating revenue rose 23.81% to ₹9,300.35 crore, outperforming the sector's revenue growth of 20.87%.
• Operating profit margins improved to 11.03% in the most recent quarter, up from 7.7% in the same period last year.

Comparison with Recent Major Contract Wins

This latest award from Adani Power follows a series of high-value contract wins for BHEL throughout 2026. On June 5, 2026, the company secured a ₹21,000 crore EPC package from Meja Urja Nigam for a 3x800 MW supercritical project. Earlier in March 2026, BHEL received a ₹13,500 crore notification of award from NTPC for the Telangana Stage-II project.

The consistent flow of supercritical thermal power orders aligns with India's thermal capacity addition targets, where 2,260 MW was completed in the first half of FY27 alone. This order further solidifies BHEL's market share in the private sector alongside its established public sector project pipeline.

What to watch next

• Integration and merger of Mumbai and Bengaluru manufacturing units taking effect from November 1, 2026
• Progress toward the annual thermal power capacity addition target of 4,790 MW for FY 2026-27
• Announcement of specific execution timelines for the 4 Adani Power projects
• Upcoming financial results for the quarter ending December 31, 2026

Bharat Heavy Electricals · financial snapshot

Share price	₹400
Market capitalisation	₹1.39L Cr
Revenue (annual)	₹33,782.18 Cr
Net profit (annual)	₹1,600.26 Cr
Revenue (latest quarter)	₹9,300.35 Cr+20.82% vs previous quarter
Net profit (latest quarter)	₹820.94 Cr+117.92% vs previous quarter
P/E (TTM)	48.39×Sector 51.86×
Promoter holding	58.17%0.00% QoQ
FII holding	9.94%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.