BHEL

** India's Bharat Heavy Electricals BHEL.NS posted more than a twofold y/y increase in its fourth-quarter profit to 12.9 billion rupees ($135.31 million)

** Shares of BHEL rise as much as 2.89%, last up 1.13% at 381.30 rupees

STRONG EXECUTION, BUT SUSTAINABILITY IN QUESTION

** Kotak Institutional Equities ("sell"; TP: 140 rupees) says margin expansion was aided by one-offs such as provision write-backs and forex gains, even as execution improved

** JPMorgan ("underweight"; TP: 220 rupees) sees limited upside after the recent rally, saying the power equipment ordering cycle has peaked and inflows may decline further

** CLSA ("underperform"; TP: 282 rupees) says order inflows have likely peaked, while margin gains were driven by non-cash items, raising concerns on earnings quality

** BofA Securities ("underperform"; TP: 217 rupees) says strong margin-led beat was largely priced in, with elevated valuations and limited visibility on sustained margin expansion

($1 = 95.3400 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru)

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** Shares of India's Bharat Heavy Electricals BHEL.NS up 9.99% to 387.65 rupees, set for biggest intraday pct gain since March 4, 2024

** State-owned co posted a quarterly profit of 12.9 billion rupees ($135.92 million) more than 2.5 times YoY

** Revenue from operations rose to 123.1 billion rupees from about 90 billion rupees a year earlier

** BHEL rated "hold" on avg by 19 analysts; median TP 267 rupees- LSEG data

** YTD stock up 22.6%

($1 = 94.9100 Indian rupees)

(Reporting by Devika Nair in Bengaluru)

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April 28 (Reuters) - Bharat Heavy Electricals Ltd BHEL.NS:

• BHEL - ENTERS INTO LATOT WITH M/S NSTL-DRDO, VISHAKHAPATNAM FOR GT-IRSS FOR NAVAL VESSELS

Source text: ID:nBSEbh8qqf

Further company coverage: BHEL.NS

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April 17 (Reuters) - Bharat Heavy Electricals Ltd BHEL.NS:

• BHEL- WITHDRAWN ACCEPTANCE OF LOI FROM MB POWER FOR SUPPLY OF EQUIPMENT FOR 1X800 MW ANUPPUR THERMAL POWER PROJECT

Source text: ID:nNSE3DY4SJ

Further company coverage: BHEL.NS

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April 9 (Reuters) - Bharat Heavy Electricals Ltd BHEL.NS:

• SIGNS TECHNOLOGY COLLABORATION AGREEMENT WITH E2S COMPANY LIMITED, REPUBLIC OF KOREA

• SIGNED TECHNOLOGY COLLABORATION AGREEMENT FOR EXCITATION SYSTEM FOR SYNCHRONOUS MACHINES

Source text: ID:nBSE1ZtFJd

Further company coverage: BHEL.NS

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April 1 (Reuters) - Bharat Heavy Electricals Ltd BHEL.NS:

• EARLIER TAX DEMAND REDUCED TO 109.2 MILLION RUPEES AND PENALTY TO 108 MILLION RUPEES

Source text: ID:nnAZN4SOGDF

Further company coverage: BHEL.NS

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March 31 (Reuters) - Bharat Heavy Electricals Ltd BHEL.NS:

• BHEL - RECEIVES FIVE-YEAR RELAXATION FOR PROCUREMENT OF 21 ITEMS FROM LAND BORDER COUNTRIES

Source text: ID:nBSE19CG42

Further company coverage: BHEL.NS

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Repeats March 27 story with no changes to text

By Sarita Chaganti Singh and Nikunj Ohri

NEW DELHI, March 27 (Reuters) - India authorised some state firms including Bharat Heavy Electricals BHEL.NS and Steel Authority of India SAIL.NS on Friday to procure critical equipment from China, according to a government source and document, after easing restrictions.

Reuters reported last month that India would relax restrictions on buying Chinese equipment imposed after a deadly 2020 border clash, allowing state-run power and coal companies to start limited imports as shortages and project delays mounted. India has since then also eased investment curbs on China.

Under the relaxation of the rules, India's largest state-run power equipment maker Bharat Heavy Electricals can procure 21 types of critical equipment from China, the government order said. A similar authorisation has been given to Steel Authority of India for certain critical components, and for sourcing of coal-gasification equipment by other state-run firms, a government source said.

The deadly clashes in 2020 between Indian and Chinese troops along the Himalayan frontier prompted New Delhi to tighten rules on Chinese procurement and investments, but a global realignment of trade sparked by ​U.S. tariffs ⁠has prompted India to consider a calibrated reset with China to keep supply chains steady and attract investments.

Last August, Indian Prime Minister Narendra Modi visited China for the first time in seven years, meeting Chinese President Xi Jinping to discuss improving ties, after which the two countries resumed direct flights and New Delhi eased visa procedures for Chinese business professionals.

The government order issued this month, seen by Reuters, exempts Chinese bidders participating in state contracts from registration with a government committee to obtain political and security clearances.

Earlier this month, New Delhi also eased restrictions on Chinese investments in select sectors to help ease a capital squeeze, marking a significant reset of economic ties.

(Reporting by Sarita Changanti Singh and Nikunj Ohri; writing by Shivangi Acharya; Editing by Jan Harvey and Susan Fenton)

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Recasts first paragraph, adds details throughout

By Sarita Chaganti Singh and Nikunj Ohri

NEW DELHI, March 27 (Reuters) - India authorised some state firms including Bharat Heavy Electricals BHEL.NS and Steel Authority of India SAIL.NS on Friday to procure critical equipment from China, according to a government source and document, after easing restrictions.

Reuters reported last month that India would relax restrictions on buying Chinese equipment imposed after a deadly 2020 border clash, allowing state-run power and coal companies to start limited imports as shortages and project delays mounted. India has since then also eased investment curbs on China.

Under the relaxation of the rules, India's largest state-run power equipment maker Bharat Heavy Electricals can procure 21 types of critical equipment from China, the government order said. A similar authorisation has been given to Steel Authority of India for certain critical components, and for sourcing of coal-gasification equipment by other state-run firms, a government source said.

The deadly clashes in 2020 between Indian and Chinese troops along the Himalayan frontier prompted New Delhi to tighten rules on Chinese procurement and investments, but a global realignment of trade sparked by ​U.S. tariffs ⁠has prompted India to consider a calibrated reset with China to keep supply chains steady and attract investments.

Last August, Indian Prime Minister Narendra Modi visited China for the first time in seven years, meeting Chinese President Xi Jinping to discuss improving ties, after which the two countries resumed direct flights and New Delhi eased visa procedures for Chinese business professionals.

The government order issued this month, seen by Reuters, exempts Chinese bidders participating in state contracts from registration with a government committee to obtain political and security clearances.

Earlier this month, New Delhi also eased restrictions on Chinese investments in select sectors to help ease a capital squeeze, marking a significant reset of economic ties.

(Reporting by Sarita Changanti Singh and Nikunj Ohri; writing by Shivangi Acharya; Editing by Jan Harvey and Susan Fenton)

(([email protected];))

March 19 (Reuters) - Bharat Heavy Electricals Ltd BHEL.NS:

• BHEL - APPROVES JV FORMATION WITH TITAGARH RAIL SYSTEMS FOR VANDE BHARAT SLEEPER TRAINS MAINTENANCE

• BHEL - APPROVES INVESTMENT OF 30.64 BILLION RUPEES IN BCGCL OVER FOUR YEARS

Source text: ID:nNSEbjPgQc

Further company coverage: BHEL.NS

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By Mridula Kumar and Nikunj Ohri

Feb 24 (Reuters) - India said on Tuesday it will divest an up to 4% stake in Indian Railway Finance Corp INID.NS through an offer for sale on Wednesday.

The government currently owns an 86.36% stake in the financing arm of the Indian Railways.

The Indian government will sell 2% equity in the financier over the next two days, with an option to additionally sell another 2% based on investor response, Divestment Secretary Arunish Chawla said in a post on X.

The financing arm of the Indian Railways will sell the shares at a floor price of 104 rupees per share. The price represents an over 5% discount to the share closing price on Tuesday, according to its disclosure to stock exchanges.

Bids will open for non-retail investors on February 25 and for retail investors on February 26.

Earlier this month, the government offloaded its 5% stake in state-run BHEL BHEL.NS and garnered 44.6 billion rupees ($490.77 million).

In the ongoing financial year, India has raised 132 billion rupees through stake sales in state-run companies, according to government data.

($1 = 90.8770 Indian rupees)

(Reporting by Mridula Kumar and Nikunj Ohri in Delhi; Editing by Devika Syamnath)

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** Bharat Heavy Electricals Ltd BHEL.NS falls as much as 2.4% to 255.3 rupees; extends fall to second day

** Reuters reported Indian government has eased procurement of critical power transmission equipment from China for government contracts

** This is the first significant easing of 5-year-old curbs that have largely shut Chinese firms out of India's government contract market

** Stock rated "hold" on avg; median PT is 250 rupees, per data compiled by LSEG

** YTD, BHEL down ~9%

(Reporting by Meenakshi Maidas in Bengaluru)

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By Nikunj Ohri and Sarita Chaganti Singh

NEW DELHI, Feb 18 (Reuters) - India has begun easing its restrictions on buying Chinese equipment after a deadly 2020 border clash, allowing state-run power and coal companies to start limited imports as shortages and project delays mount, two government officials told Reuters.

This is the first significant easing of five-year-old curbs that have largely shut Chinese firms out of India's $700 billion-$750 billion government contract market.

Reuters reported in January that India is examining broader relaxations on Chinese bidders for government contracts as border tensions ease.

Since the 2020 clash, New Delhi has required Chinese bidders to register with a government panel and secure political and security clearances before competing for any state contract.

INTER-MINISTERIAL PANEL TO DECIDE FUTURE EXEMPTIONS

India has now allowed state-run entities to procure a power-transmission component from China without government approval.

It is weighing a similar, time-bound exemption for key coal-sector equipment, the two officials said.

The exemption was granted in the "national interest," as blocking Chinese imports would hurt India's manufacturing capability, one of the officials said.

A panel of top bureaucrats has approved the waiver, with a formal order expected soon, the two sources said.

The easing follows repeated requests from government departments facing shortages and project delays under the 2020 restrictions, both officials said.

India may allow case‑by‑case imports of critical Chinese equipment rather than fully reopen procurement, the officials said.

STRICT RULES HIT CAPACITY ADDITION

Since the border standoff, strained India-China ties have slowed the exchange of capital, technology and talent.

New project awards to Chinese bidders fell 27% to $1.67 billion in 2021 from a year earlier, a 2024 Observer Research Foundation report said.

India aims to add 500 GW of non‑fossil capacity by 2030, but execution delays and transmission bottlenecks persist.

Power transmission projects face a roughly 40% shortfall in transformers and reactors over the next three years, the second official said.

SHIFT COMES AS INDIA, CHINA REBUILD COMMERCIAL TIES

Such time‑bound exemptions would follow talks with ministries and security agencies, given concerns that low Chinese bids could undercut domestic firms, they added.

The finance, external affairs, industries, home, power and coal ministries did not immediately respond to Reuters' requests for comment.

The calibrated shift comes as India and China work to rebuild commercial ties, after U.S. President Donald Trump imposed a 50% tariff on Indian goods.

(Reporting by Nikunj Ohri and Sarita Chaganti Singh in New Delhi; Editing by Bernadette Baum)

(([email protected]; +91 90284 60730; Reuters Messaging: twitter.com/nikunj_ohri))

Feb 17 (Reuters) - Bharat Heavy Electricals Ltd BHEL.NS:

• BHEL - RECEIVES LETTER OF ACCEPTANCE FROM SAIL

• BHEL - ORDER VALUED IN THE RANGE OF 12 BILLION RUPEES TO 15 BILLION RUPEES

Source text: ID:nBSE1s74GR

Further company coverage: BHEL.NS

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** Shares of state-run Bharat Heavy Electricals Ltd BHEL.NS decline 5.4% to 261 rupees

** The Indian government announces a proposal to sell up to 104.5 million shares in the heavy electrical equipment maker at a floor price of 254 rupees per share

** Floor price is at a 8% discount to BHEL's Tuesday close of 276.10 rupees per share

** Government owned 63.17% stake in co as of Dec-end - exchange data

** Stock, on an avg, rated "Hold" by 20 analysts covering it, median TP 250 rupees - data compiled by LSEG

** YTD stock down 9%

(Reporting by Hritam Mukherjee in Bengaluru)

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Feb 10 (Reuters) - Bharat Heavy Electricals Ltd BHEL.NS:

• RECEIVES LETTER OF ACCEPTANCE FROM BHARAT COAL GASIFICATION AND CHEMICALS

• ORDER VALUED AT ABOUT 28 BILLION RUPEES

Source text: ID:nBSE1vZFLf

Further company coverage: BHEL.NS

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Feb 4 (Reuters) - Bharat Heavy Electricals Ltd BHEL.NS:

• BHEL - RECEIVES LOI FROM HINDALCO INDUSTRIES

• BHEL - ORDER SIZE VALUED AT ABOUT 12 TO 15 BILLION RUPEES

Source text: ID:nBSE2kg1Y5

Further company coverage: BHEL.NS

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** Shares of India's Bharat Heavy Electricals Ltd's (BHEL) drop 3% to 255 rupees, on track for third straight session of losses

** On Monday, power equipment maker reported third-quarter consol rev rose16% yoy; PAT more than doubled

** JM Financial ("Buy", PT at cuts PT to 355 rupees from 363 rupees) says co missed its expectations on revenue, EBITDA margin

** Adds co's current focus on completion of 10.2GW of pre-Talcher projects in 2026, impacting margins

** Brokerage Nuvama ("Buy", PT at 353 rupees) says co missed the PAT estimate by 26% as gross margins fell to 30.8% on the accelerated execution of low-margin legacy projects

** We are slashing FY26E EPS (earnings per share) by 21% on an operating profit margin cut to 6%, to reflect the bunched execution of legacy projects in H2FY26- Nuvama

** BHEL rated "Hold" on avg by 19 analysts covering it; median PT at 250 rupees- data compiled by LSEG

** In 2025, BHEL gained 25%

(Reporting by Komal Salecha in Bengaluru)

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Jan 19 (Reuters) - India's state-owned Bharat Heavy Electricals Ltd's (BHEL) BHEL.NS reported a 16% rise in third-quarter revenue on Monday, as limited competition in the power products category ensured strong sales despite weak electricity demand.

The manufacturer's revenue from operations rose to 84.73 billion rupees ($931.56 million) for the quarter ended December 31, up from 72.77 billion rupees a year ago.

A healthy order pipeline due to limited competition in the power equipment industry has helped BHEL mitigate weak power demand in India during the quarter.

The New Delhi-based company, which accounts for 55% of India's total installed power generation capacity, posted a profit of 3.90 billion rupees for the quarter, up from 1.35 billion rupees a year ago. The jump in profit was driven by "other income", which nearly doubled to 2.19 billion rupees during the quarter.

Project orders boosted revenue at its power equipment segment, its biggest business, by 13% to 63.22 billion rupees.

However, BHEL's expenses rose 13% to 81.88 billion rupees.

($1 = 90.9550 Indian rupees)

(Reporting by Komal Salecha in Bengaluru; Editing by Harikrishnan Nair)

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Jan 15 (Reuters) - Bharat Heavy Electricals Ltd BHEL.NS:

• BHEL - BEGINS SUPPLY FOR VANDE BHARAT SLEEPER TRAIN PROJECT

Source text: ID:nBSE17Fylc

Further company coverage: BHEL.NS

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** Shares of Bharat Heavy Electricals (BHEL) BHEL.NS rise 3.4% to 281 rupees

** State-owned manufacturer's JV with Coal India COAL.NS wins order worth 54 billion rupees ($599.80 million) to design, supply equipment and commission coal-to-ammonium nitrate project in East India's Odisha

** COAL up 0.3%

** BHEL logged 10.5% decline on Thursday after Reuters reported that India's finance ministry plans to scrap restrictions on Chinese firms bidding for government contracts

** Stock rated "hold" on avg by 19 analysts; median PT is 250 rupees - data compiled by LSEG

** In 2025, BHEL rose about 25%, COAL advanced nearly 4%

($1 = 90.0300 Indian rupees)

(Reporting by Urvi Dugar in Bengaluru)

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Jan 8 (Reuters) - Bharat Heavy Electricals Ltd BHEL.NS:

• RECEIVES ORDER FOR ABOUT 54 BILLION RUPEES

Source text: ID:nBSE1zb6GV

Further company coverage: BHEL.NS

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Jan 2 (Reuters) - Bharat Heavy Electricals Ltd BHEL.NS:

• TAX DEPARTMENT ORDER FAVORS BHEL, DROPS DEMAND OF 1.84 BILLION RUPEES

Source text: ID:nBSEKp8Sx

Further company coverage: BHEL.NS

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Adds official details in paragraphs 3, 5-6

Sept 30 (Reuters) - Nine workers were killed in an accident at a thermal power plant that is under construction in the southern Indian city of Chennai, officials said on Tuesday.

The incident occurred when a steel arch collapsed at a construction site at the Ennore SEZ Supercritical Thermal Power Project, said J. Radhakrishnan, secretary of the Tamil Nadu Electricity Board and chairman of the plant's owner, Tamil Nadu Generation and Distribution Corporation.

Radhakrishnan said one person was injured in the accident, in addition to the nine deaths.

Officials at BHEL BHEL.NS, which is the contractor of the project, are present at the accident site, Radhakrishnan told reporters in a video posted on X by ANI, in which Reuters has a minority stake.

Tamil Nadu Chief Minister M.K. Stalin confirmed the deaths in an X post and said the nine workers were from the eastern state of Assam.

"Saddened by the mishap due to the collapse of a building in Chennai, Tamil Nadu," Prime Minister Narendra Modi said in a post on X.

(Reporting by Shubham Kalia and Yazhini MV in Bengaluru, Chris Thomas in Mexico City; Additional reporting by Surbhi Misra in Bengaluru;
Editing by David Goodman and Gareth Jones)

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Sept 3 (Reuters) - Bharat Heavy Electricals Ltd BHEL.NS:

• ACCEPTS LOI FROM MB POWER FOR 800 MW PROJECT

• ORDER SIZE ABOUT 26 BILLION RUPEES

Source text: ID:nBSE1FQ46s

Further company coverage: BHEL.NS

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Sept 2 (Reuters) - Bharat Heavy Electricals Ltd BHEL.NS:

• RECEIVES FAVOURABLE ORDER FROM COMMISSIONER TAX

Source text: ID:nBSE794Zk0

Further company coverage: BHEL.NS

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Sept 1 (Reuters) - RPP Infra Projects Ltd RPPI.NS:

• AWARDED CONTRACT BY BHEL

• CONTRACT VALUED AT 11.26 BILLION RUPEES

Source text: ID:nNSE9cjdKg

Further company coverage: RPPI.NS

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Aug 25 (Reuters) - Gandhar Oil Refinery (INDIA) Ltd GADH.NS:

• GANDHAR OIL REFINERY (INDIA) LTD - RECEIVES TWO-YEAR CONTRACT FROM BHEL VALUED AT 246 MILLION RUPEES

Source text: ID:nBSEmBSG1

Further company coverage: GADH.NS

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Aug 6 (Reuters) - India's state-owned Bharat Heavy Electricals Ltd (BHEL) BHEL.NS reported a wider first-quarter loss on Wednesday, hurt by lower demand for its power and industrial equipment products and rising costs.

The manufacturer's net loss more than doubled to 4.55 billion rupees ($52 million) in the quarter ended June 30, from 2.13 billion rupees a year earlier.

India's power demand fell 1.8% year-on-year to 481 billion units in the April-June period as early monsoons hampered construction activity and reduced air conditioning requirements.

That led to a slowdown in project orders for power equipment. BHEL's revenue from that segment, its biggest, fell 5.6% to 38.99 billion rupees.

The company, which accounts for 55% of India's total installed power generation capacity, said its revenue from operations was nearly flat at 54.87 billion rupees in the quarter.

BHEL's expenses, however, rose nearly 7% to 62.80 billion rupees, driven by a jump of 10.8% in the cost of raw materials and services.

BHEL's rival, Tata Power TTPW.NS missed quarterly profit estimates, weighed down by weak electricity demand.

Shares of the company closed 3.4% lower, ahead of results.

($1 = 87.6400 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru; Editing by Savio D'Souza)

(([email protected]; +91 8697274436;))

June 27 (Reuters) - Bharat Heavy Electricals Ltd BHEL.NS:

• BHEL- GOT LETTER OF AWARD (LOA) FROM ADANI POWER FOR SIX (6) THERMAL UNITS OF 800 MW

• BHEL- ORDER VALUE AT 65 BILLION RUPEES

Source text: ID:nnAZN41VU8F

Further company coverage: BHEL.NS

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