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BHEL 'bear' says strong execution in the price but stock jumps on 18% revenue growthBHEL's industrial segment growth was led by an order worth ₹8,200 crore that the company received from Bharat Coal Gasification and Chemicals Ltd.By Vinnii Motiwala   |  Hormaz Fatakia   April 20, 2026, 9:25:23 AM IST (Updated)2 Min ReadShares of Bharat Heavy Electricals Ltd. (BHEL) gained up to 3% on Monday, April 20, after the company came out with its business update for the full financial year after market closing hours last Friday.

The company's total turnover for the full financial year stood at ₹32,350 crore, which implies a growth of 18% from the year gone by.

As per the update, BHEL's total order inflows stood at ₹75,000 crore, down 19% from the previous year's figure of ₹92,535 crore.

For the power sector, BHEL's order inflows declined by 27.5% from last year to ₹59,000 crore, while industrial segment orders grew by 45% on a year-on-year basis to ₹16,000 crore.

BHEL's industrial segment growth was led by an order worth ₹8,200 crore that the company received from Bharat Coal Gasification and Chemicals Ltd.

Brokerage firm Axis Capital maintained its "sell" rating on the stock with a price target of ₹188, which implies a downside potential of 41% from current levels.

Axis Capital stated in its note that better execution by BHEL in the fourth quarter is already in the price, and that the financial year 2027's estimated order inflows of ₹80,600 crore is still below the financial year 2025 peak that it saw.

The brokerage went on to add that the recent run-up seen in the stock price is disconnected from its fundamentals. The stock is already up 30% so far in the month of April, which is turning out to be the best month for the stock since November 2023, when the stock had surged 41%.

20 analysts have coverage on BHEL, of which nine each have a "buy" and "sell" rating, while two others have a "hold" rating on the stock.

Shares of BHEL ended 2.2% higher on Friday at ₹316.21, having gained 22% over the last one month.Continue ReadingFirst Published: Apr 20, 2026 8:58 AM ISTTagsBharat Heavy Electricals BHELBHELBHEL Share priceBHEL stockshare market today