Bharat Heavy Electricals (500103) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 revenue from operations was ₹5,487 crore, nearly flat year-over-year compared to ₹5,485 crore in Q1 FY25.

• Q1 FY26 reported a consolidated net loss after tax of ₹455 crore, widening from a loss of ₹211 crore in Q1 FY25 and reversing a profit in the previous quarter.

• Board approved unaudited standalone and consolidated financial results for the quarter ended 30 June 2025, with auditor review completed and no material misstatements identified.

• Major operational milestones included commissioning of key power and hydro projects and expansion of global footprint to 92 countries.

Financial highlights

• EBITDA for Q1 FY26 was negative ₹59 crore, compared to positive ₹352 crore in Q1 FY25.

• Profit before tax in Q1 FY26 was a loss of ₹607 crore, versus a loss of ₹213 crore in Q1 FY25.

• Standalone net loss was ₹454.89 crore, compared to a net profit of ₹504.05 crore in the previous quarter and a net loss of ₹212.52 crore year-over-year.

• Basic and diluted EPS (standalone and consolidated) was (₹1.31), compared to ₹1.45 in the previous quarter.

• Revenue remained stable year-over-year, but profitability declined significantly due to lower order execution and delayed customer payments.

Outlook and guidance

• Forward-looking statements caution that actual results may differ due to market, regulatory, and economic factors.

• Customer payments for overdue receivables are in process, with significant amounts received post quarter-end, supporting recoverability assumptions.