BHEL secures Rs 6,500 crore order from Adani Power for thermal units

Bharat Heavy Electricals Ltd (BHEL) on Friday announced that it has received a Letter of Award (LoA) from Adani Power Ltd for a major thermal power project. The order, valued at Rs 6,500 crore, involves the construction of six thermal power units with a capacity of 800 MW.

As part of the contract, BHEL will supply key equipment including steam turbine generators and associated auxiliaries. In addition to equipment supply, the state-owned engineering major will also undertake supervision and commissioning responsibilities for the six thermal units.

The development was announced after market hours. Earlier in the day, BHEL’s stock ended marginally lower by 0.21 per cent at Rs 264.05 on BSE.

Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets, recommended investors to hold BHEL shares with a stop loss of Rs 239, citing potential upside towards Rs 272–283 levels in the next few weeks.

Technically, the scrip trades above its 5-day, 10-, 20-, 30-, 50-, 100-, 150-day, and 200-day simple moving averages (SMAs). The 14-day Relative Strength Index (RSI) stood at 63.36. RSI values above 70 are considered overbought, while those below 30 suggest oversold conditions.

According to data from the BSE, the stock currently commands a price-to-earnings (P/E) ratio of 179.63 and a price-to-book (P/B) value of 3.74. It reported earnings per share (EPS) of 1.47 and a return on equity (RoE) of 2.09. Trendlyne data shows a one-year beta of 1.71, pointing to high stock volatility.

BHEL is among India’s largest engineering and manufacturing enterprises, catering to the design, construction, testing, and servicing of a wide array of products and solutions for critical sectors of the economy. The company offers more than 180 products.

As of March 2025, promoters held a 63.17 per cent stake in the state-run player.