Synopsis: India’s flagship engineering and manufacturing PSU has signed a contract with Dangote Petroleum Refinery & Petrochemicals Free Zone Enterprise, Nigeria for the design, manufacturing, supply, and supervision of the erection and commissioning of 8 Gas Turbine Generator packages for a petroleum refinery and polypropylene plant, valued between Rs. 2,000 and Rs. 2,500 crore.
As Indian heavy engineering companies push deeper into global markets, one New Delhi-headquartered public sector giant has just secured one of its most significant international contracts in recent years, taking its engineering capabilities to the world’s largest single-train petroleum refinery.
With a market capitalization of Rs.1,141,790 crore, the shares of Bharat Heavy Electricals Limited were trading at Rs.407 per share, with a 52-week range of Rs.424.90 to Rs.205.12. It is trading at a P/E of approximately 88x.
Order Update
Bharat Heavy Electricals Limited has signed a Contract Agreement with Dangote Petroleum Refinery & Petrochemicals Free Zone Enterprise, Nigeria for the design, manufacture, supply up to Mumbai Port, and supervision of erection and commissioning and performance guarantee test of 8 Gas Turbine Generator packages for their Petroleum Refinery and Polypropylene Plant in Dangote Industries Free Zone, Nigeria.
The contract was signed on June 2, 2026, and is valued at Rs. 2,000 – 2,500 crore. The scope excludes civil work, and the contract is to be completed within 26 months from the effective date. The order is international in nature, with no promoter interest in the awarding entity and no related-party involvement.
The contract marks a meaningful step in BHEL’s international expansion, adding to a growing export order pipeline. The company’s outstanding order book as of March 31, 2026, stood at a highest-ever Rs. Rs.2,40,000 crore, with the power segment accounting for 81% and the industry segment contributing 18%.
The company remains well-positioned to benefit from strong domestic and international demand across the energy and industrial sectors. Order inflow for FY26 stood at Rs.75,916 crore, with the industry segment registering a 50% rise in order inflow during the year.
Financial Snapshot & Business Overview
Bharat Heavy Electricals Limited is India’s flagship engineering and manufacturing central public sector enterprise, operating across power generation, transmission, defense, railways, and industrial segments. Established in 1964, the company operates fifteen manufacturing units, has supplied approximately 214 GW of power-generating equipment in India and abroad, and has commissioned over 1,000 utility sets. It serves 94 countries globally.
On a standalone basis, BHEL reported FY26 revenue of Rs.33,782 crore, up 19% YoY, while EBITDA surged 83% to Rs.3,189 crore and PAT nearly tripled to Rs.1,578 crore. Q4FY26 was particularly strong, with revenue rising to Rs.12,310 crore, EBITDA doubling to Rs.2,005 crore, and PAT jumping to Rs.1,283 crore from Rs.504 crore in Q4FY25.
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