Bharat Heav Electricals Limited BHEL

What Bharat Heav Electricals Limited BHEL does

Bharat Heavy Electricals Limited (BHEL) is a Government of India-owned Maharatna Public Sector Undertaking, established in 1964 and headquartered in New Delhi, that designs, engineers, manufactures, and commissions heavy electrical equipment for the power, transportation, defense, oil & gas, and industrial sectors. Core products span steam turbines and generators up to 1,000 MW, high-pressure boilers, gas turbines up to 299 MW, hydro turbines up to 400 MW, nuclear turbine generator sets (220–700 MW, the only Indian supplier across all three phases of India's nuclear program), HVDC converter systems up to 800 kV, power transformers, switchgear, traction motors and electric locomotives for Indian Railways (including Vande Bharat), naval defense systems (SRGM, missile launchers, lithium-ion cells), and emerging offerings in hydrogen-ready turbines, battery energy storage, and EV charging.

The company operates 16 manufacturing facilities and 2 repair units across India, supported by 14 Centres of Excellence, 5 specialised research institutes, and over 9,000 engineers in nuclear technology alone, with R&D expenditure of 2.5% of turnover and 664 patents. BHEL holds dominant domestic positions — 55% of India's installed thermal capacity, 48% of nuclear power generation, and 44% of hydro projects as of 2022-2023 — and is the sole nuclear steam turbine provider for 13 of India's 23 operating reactors.

Commercially, BHEL generates revenue through project-based, multi-year EPC contracts with government utilities and public-sector enterprises (NPCIL, NTPC, NHPC, Indian Railways, Indian Navy, DRDO, state electricity boards) and through international exports across 89 countries. For FY2024-25 (ending March 31, 2025), revenue stood at Rs. 27,355 crore, with Order Receipt of Rs. 92,535 crore and Order Book Outstanding of Rs. 1,96,328 crore, reflecting a long-duration, lumpy revenue model tied to large infrastructure orders.

Name

Bharat Heav Electricals Limited BHEL

Legal name

Bharat Heavy Electricals Limited

Website

https://bheledn.com

Company type

Public

Founded year

1964

Operating status

Operating

Headcount range

1–10 employees

Short description

BHEL is a Government of India Maharatna PSU that designs, manufactures, and commissions heavy electrical equipment — steam and nuclear turbines, generators, HVDC systems, traction motors, and defense hardware — for power utilities, Indian Railways, the Indian Navy, and nuclear authorities, holding 48–55% domestic share across thermal, nuclear, and hydro segments.

Ownership category

akta.pro rank

Product category

Heavy Electrical Equipment Manufacturing

NAICS

Turbine and Turbine Generator Set Units Manufacturing (333611), Engine, Turbine, and Power Transmission Equipment Manufacturing (3336), Power Boiler and Heat Exchanger Manufacturing (33241), Mechanical Power Transmission Equipment Manufacturing (333613), Electric Power Generation (22111)

SIC

Engines & Turbines (3510), Motors & Generators (3621), Electrical Industrial Apparatus (3620), Railroad Equipment (3743), Electronic Coils, Transformers & Other Inductors (3677)

akta.pro primary industry

Thermal Power Plant EPC (Gas/Coal/Oil) (EUAEAAAA)

akta.pro secondary industries

HVDC Converter Stations & HVDC Transmission EPC (EUAEABAD), Power Plant I&C / SCADA / DCS EPC (EUAEAAAN), Substation EPC & construction (AIS/GIS, greenfield/brownfield) (EUADAKAC), Balance-of-Plant (BOP) & Civil Works for Power Plants (EUAEAAAL)

Keywords

• Heavy electrical equipment
• Power generation equipment
• Nuclear steam turbines
• Power plant manufacturing
• Defense equipment manufacturing

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices36 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Operations, Technology or R&D, Infrastructure

Revenue model

1. Power Plant Equipment Manufacturing: BHEL engineers, manufactures, constructs, and commissions power generation equipment including steam turbines, generators, boilers, gas turbines, hydro turbines for thermal, nuclear, hydro, and solar power plants. Revenue generated through equipment sales, EPC contracts, and project execution for utilities and industrial customers.
2. EPC (Engineering, Procurement, and Construction): Full-scale EPC solutions for power plants, transmission infrastructure, and industrial projects. BHEL executes complete project packages including BTG (Boiler, Turbine, Generator) packages, UB packages, and downstream oil and gas packages on EPC basis.
3. Transportation Equipment: Supply of traction motors for electric locomotives and trains to Indian Railways, including Semi high speed trains (Vande Bharat), electric locomotives up to 9000 HP, diesel electric locos up to 3000 HP, and EMU coaches.
4. Defense and Aerospace Equipment: Manufacturing Super Rapid Gun Mount (SRGM) systems for Indian Navy, missile launchers for Trishul and Brahmos missiles, naval ships lithium ion cells, space grade batteries, and defense products including upgraded SRGM and missile systems.
5. Transmission and Distribution Equipment: EHV substations up to 765 kV, UHV substations, HVDC converter stations up to 800 kV, power transformers, switchgear, and associated transmission equipment for national grid infrastructure.
6. Services and Maintenance: Provides expert maintenance services, spare parts, and technical services for installed equipment. Includes plant performance improvement through renovation, modernization, flexibility upgrades, and health diagnostics.
7. International Exports: BHEL exports power plants, turbines, transformers, compressors, motors, and provides global maintenance services. Currently operates in 89 countries with 62 import contracts and is pursuing expansion in Middle East markets.
8. Renewable Energy Solutions: EPC solutions for solar and wind power projects, standalone solar PV applications, PV modules up to 400 WP, and EV charging stations with associated electrical systems.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels5 records

Core offering

BHEL engineers, manufactures, and commissions heavy electrical equipment for power generation including steam turbines, generators, boilers, gas turbines, hydro turbines, and nuclear turbine generator sets. It executes turnkey EPC contracts for thermal, nuclear, hydro, and solar power plants, supplies HVDC transmission systems and substations, traction motors and locomotives for Indian Railways, and defense equipment such as Super Rapid Gun Mounts and missile launchers.

Product overview

Bharat Heavy Electricals Limited (BHEL) is India's leading engineering and manufacturing public sector enterprise specializing in heavy electrical equipment. The company operates as a diversified industrial conglomerate offering a comprehensive portfolio of power generation equipment including steam turbines, generators, boilers, gas turbines, hydro turbines, and nuclear turbine generator sets (ranging from 220 MW to 1000 MW units). BHEL's product ecosystem spans power transmission systems (transformers, HVDC converters, switchgear, substations up to 765 kV), industrial products (motors, compressors, oil rig equipment), transportation solutions (electric locomotives, Vande Bharat trains, EMU coaches), defense equipment (Super Rapid Gun Mount systems, missile launchers, naval batteries), and renewable energy products (solar PV modules, EV charging stations). The company provides complete power plant solutions including Boiler-Turbine-Generator (BTG) packages, EPC solutions, and offers smart control systems for automated plant management. BHEL serves sectors including thermal, nuclear, hydro, solar, wind, defense, transportation, oil and gas, and industrial manufacturing, positioning itself as a comprehensive solutions provider for India's energy infrastructure.

Differentiator

Problem solved

Functional benefit

Products and services

• Steam Turbines and Generators
• High-Pressure Boilers
• Gas Turbines and Generators
• Hydro Turbines and Generators
• Nuclear Turbine Generator Sets
• Power Transformers
• HVDC Transmission Systems
• Extra-High Voltage Substations
• Switchgear
• Shunt Reactors
• Traction Motors
• Electric Locomotives
• Diesel Electric Locomotives
• Vande Bharat Semi-High Speed Trains
• EMU Coaches
• Super Rapid Gun Mount (SRGM) Systems
• Missile Systems and Launchers
• Naval and Space-Grade Batteries
• Solar PV Applications and Modules
• EV Charging Stations
• Control Systems
• Electrostatic Precipitators
• Emission Control Equipment
• Oil and Gas Equipment
• Compressors and AC Machines
• EPC Power Plant Solutions
• Plant Maintenance and Modernization Services

Quantifiable outcome

• Kaiga Unit-1 with BHEL technology set world record with 962 days of continuous operation
• +5 more outcomes

Named customers10 records

Segments6 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature10 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Adani Energy SolutionscoreStrategic or Co-development Partner · 1 January 2029BHEL and Adani Energy Solutions are collaborating to build a 6,000 MW HVDC transmission system from Bhadla, Rajasthan to Fatehpur, Uttar Pradesh. This project aims to enhance grid stability and facilitate integration of renewable energy sources into the national grid, supporting India's 2030 target of 500 GW of renewable energy.
• Oil and Natural Gas Corporation (ONGC)coreStrategic or Co-development PartnerBHEL and ONGC have signed a Memorandum of Understanding (MoU) to explore joint projects in renewable energy focusing on battery energy storage systems, fuel cells, and electrolysers. This collaboration aims to advance sustainable energy solutions and support India's National Green Hydrogen Mission.
• Nuclear Power Corporation of India Limited (NPCIL)coreStrategic or Co-development PartnerBHEL has inked a Memorandum of Understanding (MoU) with NPCIL to work together on PHWR (Pressurised Heavy Water Reactor) technology-based nuclear power plants. This collaboration is expected to shorten project gestation times and promote environmental sustainability. BHEL is the only Indian company participating in all three phases of India's nuclear power program.
• Defense Research and Development Organisation (DRDO)coreStrategic or Co-development PartnerBHEL signed a key agreement with a DRDO laboratory to obtain new technology for manufacturing fused silica radar domes domestically. These components help guide missiles accurately and were previously imported. This partnership supports India's defense self-reliance (Atmanirbhar Bharat) in critical technology areas.
• REC Power Development and ConsultancyminorStrategic or Co-development PartnerStrategic collaboration in power development and consulting services for India's power sector projects and transmission infrastructure.
• Indian Institutes of Technology (IITs)coreStrategic or Co-development PartnerBHEL is actively partnering with top universities and institutes like IITs for research collaboration in clean energy, hydrogen technology, carbon capture, AI for equipment maintenance, and advanced manufacturing technologies.

Scale indicators24 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Tata Projects: Indian EPC company within the Tata Group executing power, transmission, rail, and defence infrastructure projects. Direct competitor for large EPC packages where BHEL's equipment and EPC are also bid.
• Siemens India: Indian arm of Siemens operating in power generation equipment, automation, and transmission. Overlaps directly with BHEL in turbines, generators, switchgear, and digital power plant solutions for the same utility customers.
• Mitsubishi Power: Mitsubishi Heavy Industries' power division, supplying gas turbines, steam turbines, and power plant EPC globally. Directly comparable in advanced thermal and hydrogen-ready turbine technology that BHEL is also developing.
• Doosan Enerbility: Korean power OEM and EPC contractor for thermal, combined-cycle, and nuclear-adjacent power plants. Comparable as a non-domestic competitor bidding for Indian and emerging-market power projects alongside BHEL.
• GE Vernova: Global gas, steam, hydro, and nuclear turbine plus grid equipment business spun out of GE. Closest international peer to BHEL's power generation and transmission portfolio, competing head-to-head on large thermal and HVDC tenders globally and in India.
• ABB India: Indian arm of ABB, a global leader in power transmission, HVDC, substations, and industrial automation. Directly overlaps with BHEL's EHV/UHV substation, HVDC converter, and switchgear product lines for Indian utilities.
• Shanghai Electric: Major Chinese power equipment manufacturer producing turbines, generators, boilers, and nuclear reactor equipment. Competes with BHEL in emerging-market EPC bids and represents the import-side competitive threat in Indian tenders.
• Larsen & Toubro: India's largest EPC and heavy engineering conglomerate, directly competing with BHEL across thermal power EPC, hydro turbines, transmission, defence, and railway electrification. Comparable business model of multi-vertical, capital-intensive infrastructure execution.

Broad incumbents

• Siemens Energy: Global parent of Siemens India focused on gas turbines, steam turbines, generators, transmission, and grid technologies. Competes with BHEL on large utility-scale generation and HVDC, but operates a broader portfolio across services and renewables.

Emerging players

• Bharat Dynamics: Indian PSU manufacturing guided missiles, torpedoes, and underwater weapons for the Indian armed forces. Overlaps with BHEL's defence diversification (Trishul/Brahmos launchers, naval batteries), serving the same government defence customer base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/bharat-heav-electricals-limited-bhel

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bharat Heav Electricals Limited BHEL