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0 BHEL Q2 FY2027 ResultsSupplementary Information14 October 2026Chief Investor Relations Officer, BHELDRIVINGGROWTHacrossPOWER & INDUSTRY at inflection point
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BHEL | Q2 FY2027 RESULTS | SUPPLEMENTARY INFORMATION •Strong Cash-Generation Potential– Converting a substantial order backlog into cash through steadyexecution, timely billing and collections.•Diversified Business Portfolio– Rail mobility, coal gasification, defence and transmission, alongside corepower businesses spanning thermal, nuclear and hydro.•Expanding International Footprint– Pursuing global opportunities in gas turbines, transformers, sparesand industrial equipment.•Positioned for India’s Energy Upcycle– Benefiting from power upcycle, capex expansion and focus onAtmanirbharta.•Technology and Indigenous Engineering Strength– Leveraging in-house R&D, manufacturing capabilitiesand established engineering credentials to serve strategic sectors. BHEL: Reinforcing the pace of Growth
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BHEL: A leading engineering and manufacturing enterprise serving critical sectors BHEL | Q2 FY2027 RESULTS | SUPPLEMENTARY INFORMATION MANUFACTURING15manufacturing unitsSERVICE NETWORK8service centresDefence55Super Rapid Gun Mounts supplied for Indian NavyPEOPLE~27,300employees; 9,000+ engineersPOWER INSTALLED214+ GWpower equipment installed India & abroadTRANSMISSION8,50,000+ MVAequipment suppliedTECHNOLOGY , R&D AND PEOPLE~2.4% of revenue allocated for R&D4 research institutes and 13 Centres of Excellence6,000+ intellectual assets across patents, copyrights and technical know-how428 patents / copyrights filed in FY 2025-26GLOBAL FOOTPRINT95 countries with references | 14+ GW of power equipment delivered abroadSet up for end to end Engineering and Manufacturing to Commissioning, Renovation, Modernisation, Spares and Lifecycle services —BHEL combines deep engineering and execution capabilities.6 HVDC Projectsexecuted
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BHEL’s competitive position across priority sectors- Established LeadershipScale, installed base and sector-specific credentials support a strong position across established and emerging markets. BHEL | Q2 FY2027 RESULTS | SUPPLEMENTARY INFORMATION THERMAL POWER214+ GW installed476 coal-based utility sets supplied; complete EPC solution across ratings; capabilities across new-build, renovation and lifecycle services.NUCLEAR POWER15 utility sets suppliedLong-standing domestic nuclear-generation experience; turbine-generator sets offered up to 700 MW.TRANSMISSION8,50,000+ MVA supplied6 landmark HVDC projects executed; active in major grid corridors and high-voltage systems.DEFENCE55 SRGMs suppliedSuper Rapid Gun Mounts (SRGMs), Integrated Platform Management Systems (IPMS) and other naval equipment, turret castings for tanks, compact heat exchangers for LCA.TRANSPORTATION850+ locomotivesMajor share in IGBT-based locomotives and traction equipment; executing 80 Vande Bharat Sleeper trainsets.HYDRO & SOLAR431 hydro utility setsHydro electro-mechanical packages, solar PV solutions and floating solar solutionsSPARES & SERVICES~250 GW installed baseA large installed fleet supports renovation, modernisation, maintenance, upgrades and aftermarket services.EXPORTS95 countries18+ GW of power plant equipment contracted globally; export references across power, GTG and industrial equipment.Sector leadership is anchored in installed base, proven credentials, sector specific engineering & manufacturing capabilities, and lifecycle support ecosystem.
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Opportunity landscape from Power Upcycle, Capex Expansion and focus on AtmanirbhartaLarge demand pools create opportunity; BHEL commands competitiveness on prowess of engineering, manufacturing and execution expertise. BHEL | Q2 FY2027 RESULTS | SUPPLEMENTARY INFORMATION POWER & THERMAL270-280 GWProjected peak demand in FY27; ~250 GW installed thermal fleet underpins new-build, renovation, spares and services.TRANSMISSION~ Rs. 9 Lakh CrorePlanned expenditure in 2022-32; National transmission network planned to expand by 2032; RE integration requiring HVDC CorridorsRENEWABLES + HYDROGEN500 GW / 5 MMTIndia’s 2030 non-fossil capacity ambition; green hydrogen mission targets 5 MMT p.a..RAIL MODERNISATIONVande Bharat; KavachVande Bharat trainsets, advanced propulsion and traction systems, comprehensive maintenance, modern signalling and indigenous Kavach collision-avoidance technology.DEFENCE UPGRADATIONIndigenisationModernisation of naval and land systems creates opportunities for specialised equipment, upgrades and lifecycle support.EXPORTSMake in India for worldData-centre expansion, AI-driven power demand, grid modernisation and industrial growth creating export opportunities for power equipment, GTG packages, transformers, etc.The structural drivers are visible: rising electricity demand, grid expansion, upsurge in rail transportation and focus on Atmanirbharta in defence.
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Opportunity captured: Significant order book across diversified sectorsOrder-book scale provides visibility; sector mix and execution quality determine the value realised. BHEL | Q2 FY2027 RESULTS | SUPPLEMENTARY INFORMATION OUTSTANDING ORDER BOOKRs. crore2,19,64130 Sep 20252,57,57130 Sep 2026~17.27%year-on-year growthSignificant outstanding OB in non-thermal areas Details| Rs. crore Growing order book across sectors created potential; conversion in value through disciplined execution.•Nuclear: ~Rs. 12,800 Cr•Transmission: ~Rs. 13,600 Cr•Defense: ~Rs. 7,300 Cr•Transporation: ~Rs. 16,400 Cr•Coal gasification:~ Rs. 9,000•Hydro: ~6,400 Cr•Spares & Service: ~Rs 4,000 CrKey Diversification InitiativesRail Mobility:JV with Titagarh for VB maintenance, Maiden KAVACH order under execution.Coal Gasification: Equity infusion in CIL–BHEL JV for a 2,000 TPD ammonium nitrate plant.Grid Integration: Synchronous condenser design for solar power integration.Green Hydrogen: Technology tie-ups for alkaline and PEM electrolysers.H1 FY27 orders secured totalled ~Rs. 30,000 crore, including ~Rs. 4,000 crore in Q2. Key Q2 orders included Heo and Tato-I hydro packages, 265 main traction transformers, FR6B gas turbine, green-ammonia and recycle-gas compressors.
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Execution discipline: converting orders into profitable growth Disciplined execution enabling targeted topline and marginsBHEL | Q2 FY2027 RESULTS | SUPPLEMENTARY INFORMATIONOverall, 2,260 MW capacity addition achieved during H1 FY27, against a target of 4,790 MW in FY27CAPACITY ADDITION660 MWUnit 1 of Udangudi STPP , TANGEDCO.SYNCHRONISATION199 MW46 MW Panchet HEP; 39 MW Chilla HEP; 36 MW , 60 MW and 18 MW STG for industialapplications.FULL LOAD2 ×20 MWUnits 1 & 2 of RahughatHEP , Nepal.SPECIALISED DELIVERY3 upgraded SRGMsSuccessfully test-fired and delivered to shipyards.Execution milestones achieved during Q2 FY 2026-27
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Financial performance | Q2 and H1 FY 2027 year-on-yearStandalone results | Rs. crore unless otherwise stated | BHEL | Q2 FY2027 RESULTS | SUPPLEMENTARY INFORMATION ParticularsQ2 FY27Q2 FY26YoY %H1 FY27H1 FY26YoY %Revenue from Operations93007512+ 24%1699812999+ 31%Gross Operating Margin—2424+ 46%60654121+ 47%EBITDA1286763+ 69%2020411+ 392%EBITDA Margin (%)13.4%9.9%+ 3.5%11.6%3.1%+ 8.5%Profit Before Tax1078492+ 119%1591(115)-Profit After Tax810368+ 120%1192(87)-Total Customer Collection131799910+ 33%2418318101+ 34%Trade Receivables97189592+ 1.3%97189592+ 1.3%Trade Receivables (no. of days)94120941203549
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New-age BHEL: Capturing India’s infrastructure super cycle BHEL | Q2 FY2027 RESULTS | SUPPLEMENTARY INFORMATIONSTRUCTURAL DEMANDIndia’s power peak demand, grid modernisation, rail transportation & defence modernisationand industrial capex cycle provides a multi-year addressable opportunity.RECORD VISIBILITYRs. 2.57 lakh crore order book provides a strong platform for future revenue conversion.ENGINEERING DIFFERENTIATIONA 214+ GW installed base, deep engineering & manufacturing capability and in-house R&Dare key differentiators.DIVERSIFIED GROWTH ENGINESTransmission, defence, rail, exports, coal gasification and green hydrogen extend the growthrunway.EXECUTION-LED VALUE CREATIONTimely delivery, margin discipline, faster cash collection and productive capex to translatescale into returns.BHEL on the path of sustainable value creation for stakeholders by combining structural demand with differentiated engineering and execution.
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ContextSubsequent to the declaration of the results of Q2 FY 2026-27 on NSE, BSEandwww.bhel.compost approval from the Board, following supplementaryinformation is shared for the interest of broader investor community.Cautionary StatementStatements in this “document” describing the company’s objectives, estimates,expectations or predictions may be “forward looking statements” within themeaning of applicable securities laws and regulations. Actual results could differmaterially from those expressed orimplied. Important factors that could make a difference to the company’soperations include global and Indian demand supply conditions, finished goodsprices, cyclical demand and pricing in the company’s principal markets, changesin government regulations, tax regimes, economic developments within Indiaand the countries within which the company conducts business and otherfactors such as litigation and labour negotiations. The company assumes noresponsibility to publicly amend, modify or revise any forward lookingstatement, on the basis of any subsequent development, information or events,or otherwise.
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