BHEL, SWREL, Borosil post strong Q1 FY27 numbers
Bharat Heavy Electricals Ltd (BHEL), Sterling and Wilson Renewable Energy Limited (SWREL) and Borosil Renewables reported updates on their order books and financial performance for the first quarter of FY27, highlighting continued activity across power equipment, renewable engineering, and solar manufacturing.
BHEL sees growth in non-thermal businesses
BHEL reported new order inflows of Rs 26,745 crore during Q1FY27, with the power sector accounting for Rs 22,625 crore, or around 84.5% of the total. The industry segment contributed 6.6%, while exports accounted for the remaining 8.8%, equivalent to Rs 2,353 crore.
In its investor presentation, the company highlighted sustained traction in non-thermal businesses, including nuclear power, power transmission, defence, oil & gas, and transportation.
BHEL classifies power transmission activities under its industry segment. During the quarter, it secured orders for 29 power transformers with a cumulative capacity of 5,430 MVA from power and industrial utilities.
As of June 30, 2026, BHEL’s outstanding order book stood at Rs 2,60,255 crore. Non-thermal businesses continue to represent a sizeable portion of the executable order pipeline, including approximately Rs 15,000 crore in transportation, Rs 14,000 crore in power transmission, Rs 12,000 crore in nuclear and Rs 8,000 crore in coal gasification projects.
The company stated that areas such as nuclear energy, coal gasification, green hydrogen, HVDC-based green energy corridors, defence and rail mobility are expected to support future growth and reduce dependence on any single sector.
Compared with the corresponding period last year, total order inflows in Q1FY27 were nearly double, while the order book was approximately 27% higher than the level reported on June 30, 2025. The quarter’s performance was aided by a thermal power order worth over Rs 21,000 crore for the Meja power project in Uttar Pradesh.
SWREL reports highest backlog since Covid-19
SWREL reported an unexecuted order value of approximately Rs 13,000 crore as of June 30, 2026, representing its largest order backlog since the Covid-19 pandemic.
The company posted consolidated net profit of Rs 53.27 crore for Q1FY27, up 38% from Rs 38.69 crore in the corresponding quarter of the previous year. Revenue from operations stood at Rs 1,590.13 crore, compared to Rs 1,761.63 crore in Q1FY26.
Engineering, procurement and construction (EPC) remained the largest business segment, contributing Rs 1,503.91 crore. Operations and maintenance (O&M) services contributed Rs 84.80 crore, while other operating income stood at Rs 1.42 crore.
SWREL’s domestic EPC business continued to drive growth, with an order book of approximately Rs 7,900 crore. The company indicated that this provides revenue visibility and supports gross margins in the range of 9-10%.
During the quarter, SWREL, through its 50:50 joint venture with Hassan Allam Construction, secured an order worth approximately USD 560 million for the West Minya Solar Power Project in Egypt. The project comprises a 1,000 MW AC solar photovoltaic plant integrated with a 600 MWh battery energy storage system and is expected to become one of Egypt’s largest utility-scale renewable energy projects.
The company also reported 40% year-on-year growth in O&M revenue, a reduction of approximately Rs 160 crore in term debt through scheduled repayments, and a bid pipeline exceeding 27.7 GW across solar, wind, battery storage and third-party O&M services.
Borosil returns to profit
Borosil Renewables reported revenue from operations of Rs 405.69 crore during Q1FY27, an increase of 17.06% compared to Rs 346.58 crore in the corresponding quarter of the previous year.
The company recorded a consolidated net profit of Rs 86.64 crore during the quarter, compared to a net loss of Rs 203.48 crore in Q1FY26, reflecting a turnaround driven primarily by the domestic market.
On a sequential basis, revenue declined 7.78% from Rs 439.92 crore in the quarter ended March 31, 2026, while profit declined from Rs 169.11 crore reported in Q4FY26.
Domestic operations contributed Rs 391.40 crore to revenue during the quarter, while overseas operations accounted for Rs 14.29 crore. In comparison, domestic revenue stood at Rs 297.64 crore in Q1FY26, while overseas revenue was Rs 48.94 crore.
The company’s recent performance follows a recovery trend that began during FY26, supported by stronger domestic demand, improved pricing and a decline in lower-cost imports. In Q4FY26, Borosil Renewables had reported a net profit of Rs 169.14 crore, compared to Rs 100.10 crore in the corresponding quarter of the previous year.
For the full year ended March 31, 2026, Borosil Renewables reported revenue from operations of Rs 1,555.84 crore, comprising Rs 1,421.54 crore from domestic operations and Rs 134.30 crore from overseas markets.
