Bhel rides thermal revival, but must keep up with demand

Tall order

- Ashish Agrawal

Bharat Heavy Electricals Ltd (Bhel) shares have risen 3% since Friday, when it announced a ₹7,500 crore order win for an 800 MW thermal power generation project. This brings the company's total order book to ₹1.7 trillion—5x the trailing twelve-month revenue.

With a swelling order book and a renewed focus on thermal power capacity additions, timely execution will be key to meeting deadlines and maintaining a competitive edge. Power generation equipment accounts for over three-fourths of Bhel's total orders, while exports remain marginal at 2% and industry-related orders make up the rest.