BHEL Bags Four Adani Power Orders Worth Up To ₹28,000 Crore For 2x800 MW Thermal Power Projects; Shares Gain

Bharat Heavy Electricals Ltd (BHEL) has received four orders from Adani Power Ltd, with the combined value estimated at ₹20,000 crore to ₹28,000 crore.

The contracts are for four power projects with a capacity of 2x800 megawatt (MW) each. The development comes as BHEL looks to build on its order book of over ₹2.57 lakh crore.

What Will BHEL Supply Under The Contracts?

The orders cover the supply of boilers, turbines and generators, along with auxiliary equipment and related services. BHEL disclosed the contract details in a regulatory filing on Wednesday, 4 November.

Each of the four projects is valued at ₹5,000 crore to ₹7,000 crore, excluding GST.

For BHEL, the orders come at a time when fresh business has slowed down. The company received orders worth ₹4,000 crore in Q2 FY27. This was considerably lower than the ₹26,700 crore recorded in the first quarter and ₹30,000 crore in Q4FY26.

By 30 September 2026, BHEL's order book stood at ₹2,57,571 crore. It had secured fresh orders worth ₹30,000 crore between April and September.

BHEL Shares Rise 6% After Order Win

BHEL shares climbed over 6% intraday on Wednesday to trade at around ₹424. The stock has gained 45% so far in 2026, although it is still below its 52-week high of ₹464, touched on 14 October.

At 12:00 PM on Wednesday, it was trading at ₹422, up 5.50% on the National Stock Exchange (NSE).

What Were BHEL Q2 FY27 Results?

BHEL also reported strong numbers for the September quarter. Revenue from operations increased 23.81% year-on-year to ₹9,300 crore. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 76.4% to ₹1,025.8 crore, with margins improving to 11% from 7.7%.

Net profit came in at ₹809 crore, up 120% from ₹368 crore a year earlier.

The industrial segment reported a 45% rise in revenue to ₹2,662.5 crore, while revenue from the power segment increased 17% to ₹6,637.9 crore.

Analysts subsequently raised their earnings estimates for the next two years by around 20% to 25%, following the company's better-than-expected performance.

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