Synopsis: A major power sector contract worth over Rs. 21,000 crore lands with India’s engineering heavyweight, adding fresh momentum to an already record-breaking order backlog.
India’s state-owned engineering conglomerate has secured one of its largest single power project contracts in recent memory, reinforcing its dominant position in the country’s thermal power expansion drive. The Notification of Award (NOA), received on June 4, 2026, marks a significant milestone not just for the company but for India’s push to add large-scale baseload generation capacity ahead of peak demand cycles.
Shares of Bharat Heavy Electricals Limited, with a market capitalization of Rs. 1,37,402 crore, are trading at a price of Rs.396 i.e. 1.74% up from its previous closing price of Rs.389.2. It is trading at a P/E ratio of 88.05.
BHEL Bags Rs. 21,000 Crore Meja Supercritical Power Project
Bharat Heavy Electricals Limited (BHEL) has received a Notification of Award (NOA) from Meja Urja Nigam Private Ltd. (MUNPL) for the EPC package of the 3×800 MW Meja Supercritical Thermal Power Project (STPP) Stage-II, located in Prayagraj, Uttar Pradesh. MUNPL is a joint venture between NTPC Ltd. and Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd. (UPRVUNL). The contract, valued at over Rs. 21,000 crore (excluding GST), was awarded through International Competitive Bidding, underscoring BHEL’s competitiveness even against global players.
The scope of work is comprehensive – covering design, engineering, manufacturing, supply, construction, erection, testing, and commissioning of the full EPC package. BHEL is required to achieve Completion of Facilities (COF) within 70 months from the date of the NOA, placing the project completion target around early 2032. The project adds 2,400 MW of supercritical thermal capacity to India’s power grid, a technology known for higher efficiency and lower emissions compared to older sub-critical units.
Record Order Book and Strong FY26 Financials
This win comes on the back of a strong order-building and revenue growth year. As of March 31, 2026, BHEL’s outstanding order book stood at approximately Rs. 2,40,000 crore – the highest ever in its history – with the power segment accounting for 81% of the backlog. Total order inflow for FY26 stood at Rs. 75,916 crore, with the industry segment seeing a particularly sharp 50% rise during the year.
On the financial front, BHEL’s revenue from operations for FY26 grew 19% year-on-year to Rs. 33,782 crore. EBITDA more than doubled to Rs. 3,189 crore from Rs. 1,745 crore in FY25, reflecting improved operating leverage as execution picked up pace. Profit before tax rose to Rs. 2,116 crore compared to Rs. 725 crore in the previous year, while profit after tax came in at Rs. 1,578 crore against Rs. 513 crore in FY25 – a near three-fold jump.
On the operational side, BHEL commissioned or synchronized approximately 8.9 GW of power capacity during FY26, including 800 MW units at Yadadri TPS and North Chennai Stage-III. The Meja Stage-II NOA, arriving just days into FY27, suggests the order momentum is carrying forward strongly into the new financial year.
About the Company
Bharat Heavy Electricals Limited (BHEL) is India’s largest engineering and manufacturing central public sector enterprise (CPSE), incorporated in 1964. The company designs, manufactures, and supplies equipment across power generation, transmission, transportation, and defence sectors. With fifteen manufacturing units and over 9,000 engineers, BHEL has supplied approximately 214 GW of power generating equipment in India and abroad, and holds a cumulative intellectual capital of over 6,000 patents and copyrights.
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