Bharat Heavy Electricals (500103) Q2 25/26 earnings summary

Executive summary

• Revenue from operations for Q2 FY2025-26 rose to ₹7,512 crore, up from ₹6,584 crore in Q2 FY2024-25, reflecting strong growth year-over-year.

• EBITDA for Q2 FY2025-26 increased to ₹763 crore from ₹393 crore in the same quarter last year.

• Profit after tax for Q2 FY2025-26 reached ₹368 crore, a significant rise from ₹97 crore in Q2 FY2024-25.

• Unaudited standalone and consolidated financial results for the quarter and half-year ended 30th September 2025 were approved on 29th October 2025.

• The review reports confirm compliance with SEBI regulations and no material misstatements were found.

Financial highlights

• Standalone Q2 FY26 revenue from operations: ₹7,511.8 Cr; total income: ₹7,693.55 Cr.

• Standalone net profit for Q2 FY26: ₹367.67 Cr, up from a loss of ₹454.89 Cr in Q1 FY26 and profit of ₹96.67 Cr in Q2 FY25.

• Consolidated Q2 FY26 revenue from operations: ₹7,511.8 Cr; net profit: ₹374.89 Cr.

• EPS (standalone) for Q2 FY26: ₹1.06; consolidated EPS: ₹1.08.

• Total assets (consolidated) as of 30.09.2025: ₹71,972.29 Cr; net worth: ₹24,399.95 Cr.

Segment performance

• Power sector accounted for 73% of order inflow in Q2 FY2025-26, with industry and exports contributing 27%.

• Outstanding order book as of 30-09-2025 exceeded ₹2,19,600 crore, with 80% from power and 20% from industry and exports.

• Power segment Q2 FY26 revenue: ₹5,675.64 Cr; Industry segment: ₹1,836.16 Cr (standalone and consolidated).

• Power segment Q2 FY26 profit before tax & finance cost: ₹593.76 Cr; Industry: ₹280.04 Cr.