BHEL reports strong Q3 FY 2025–26 earnings growth
Author: PPD Team Date: January 20, 2026
Bharat Heavy Electricals Limited (BHEL) has reported a sharp year on year improvement across key financial metrics for the quarter ended December 31, 2025. The unaudited results were approved by the board on January 19, 2026.
For Q3 FY 2025–26, BHEL posted standalone revenue from operations of Rs 8,473 crore, up 16.4% from Rs 7,277 crore in the corresponding quarter last year. Net profit for the quarter rose to Rs 390 crore, compared to Rs 134.7 crore year on year. Earnings Per Share (EPS) for the quarter was Rs 1.10.
Other income increased to Rs 219 crore during the quarter, compared to Rs 108 crore in the same period last year. EBITDA rose 79% year on year to Rs 545 crore from Rs 304.5 crore. EBITDA margin improved to 6.4%, up from 4.2% in Q3 FY 2024–25. For the nine month period ended December 31, 2025, BHEL reported standalone revenue of Rs 21,472 crore and a PAT of Rs 285 crore.
During the quarter, BHEL achieved several operational milestones, including the capacity addition of the 800 MW Unit-1 at the Patratu Super Thermal Power Project (STPP) and the synchronisation of the 800 MW Unit-3 at the Yadadri Thermal Power Station (TPS). The company also reported full load achievement at other thermal units. In the oil and gas segment, BHEL commissioned its first fully executed Engineering, Procurement and Construction (EPC) project downstream, a Sulphur Recovery Unit at Indian Oil Corporation Limited (IOCL)’s Paradip Refinery.
BHEL stated that its order book remained strong, supported by fresh orders across thermal and hydro power, oil and gas, transmission, railways, defence, and space sectors.
The statutory auditors issued a limited review report on both standalone and consolidated results. The report carried an Emphasis of Matter on an overdue receivable of Rs 211 crore, equivalent to USD 25.5 million, from customer STPG (formerly NEC Sudan). The auditors also noted potential financial implications arising from India’s New Labour Codes, which came into effect on November 21, 2025, with the accounting impact to be determined after final rules are notified.