Bharat Heavy Electricals Limited

BSE:500103 Stock Report

Market Cap: ₹787.1b

Bharat Heavy Electricals Valuation

Is 500103 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 500103 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 500103 (₹227.95) is trading above our estimate of fair value (₹21.78)

Significantly Below Fair Value: 500103 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 500103?

Key metric: As 500103 is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 500103. This is calculated by dividing 500103's market cap by their current revenue.
What is 500103's PS Ratio?
PS Ratio3.1x
Sales₹258.33b
Market Cap₹787.12b

Price to Sales Ratio vs Peers

How does 500103's PS Ratio compare to its peers?

The above table shows the PS ratio for 500103 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average11.2x
SUZLON Suzlon Energy
11.4x38.5%₹849.1b
POWERINDIA Hitachi Energy India
8.3x25.7%₹497.1b
522275 GE Vernova T&D India
12.7x27.9%₹484.0b
500002 ABB India
12.4x16.2%₹1.4t
500103 Bharat Heavy Electricals
3.1x20.1%₹787.1b

Price-To-Sales vs Peers: 500103 is good value based on its Price-To-Sales Ratio (3.1x) compared to the peer average (11.2x).

Price to Sales Ratio vs Industry

How does 500103's PS Ratio compare vs other companies in the IN Electrical Industry?

8 CompaniesPrice / SalesEstimated GrowthMarket Cap
SHERA Shera Energy
0.4xn/aUS$59.17m
512296 Bhagyanagar India
0.2xn/aUS$37.32m
532930 BGR Energy Systems
0.3xn/aUS$31.51m
CORDSCABLE Cords Cable Industries
0.3xn/aUS$29.79m
500103 3.1xIndustry Avg. 3.5xNo. of Companies17PS02.44.87.29.612+
8 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 500103 is good value based on its Price-To-Sales Ratio (3.1x) compared to the Indian Electrical industry average (3.5x).

Price to Sales Ratio vs Fair Ratio

What is 500103's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

500103 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio3.1x
Fair PS Ratio5.2x

Price-To-Sales vs Fair Ratio: 500103 is good value based on its Price-To-Sales Ratio (3.1x) compared to the estimated Fair Price-To-Sales Ratio (5.2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 500103 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current₹227.95
₹231.82
+1.7%
47.6%₹425.00₹72.00n/a17
Nov ’25₹242.10
₹235.12
-2.9%
47.7%₹425.00₹72.00n/a17
Oct ’25₹280.30
₹241.69
-13.8%
48.4%₹425.00₹72.00n/a16
Sep ’25₹290.55
₹233.38
-19.7%
48.6%₹425.00₹72.00n/a16
Aug ’25₹308.35
₹213.76
-30.7%
54.7%₹425.00₹72.00n/a17
Jul ’25₹302.15
₹207.72
-31.3%
53.4%₹400.00₹72.00n/a18
Jun ’25₹298.95
₹206.72
-30.9%
54.3%₹400.00₹55.00n/a18
May ’25₹281.65
₹168.00
-40.4%
48.4%₹301.00₹55.00n/a17
Apr ’25₹253.85
₹160.32
-36.8%
51.2%₹300.00₹38.00n/a19
Mar ’25₹235.20
₹156.68
-33.4%
49.3%₹300.00₹38.00n/a19
Feb ’25₹227.50
₹127.33
-44.0%
59.8%₹300.00₹34.00n/a18
Jan ’25₹198.35
₹101.58
-48.8%
63.3%₹230.00₹34.00n/a19
Dec ’24₹170.40
₹90.80
-46.7%
53.5%₹165.00₹34.00n/a20
Nov ’24₹121.50
₹87.45
-28.0%
56.1%₹165.00₹34.00₹242.1020
Oct ’24₹130.95
₹83.85
-36.0%
59.1%₹165.00₹34.00₹280.3021
Sep ’24₹136.10
₹72.36
-46.8%
54.8%₹158.00₹34.00₹290.5519
Aug ’24₹104.65
₹64.64
-38.2%
45.7%₹125.00₹32.00₹308.3520
Jul ’24₹87.69
₹61.49
-29.9%
43.9%₹110.00₹32.00₹302.1520
Jun ’24₹81.97
₹59.62
-27.3%
42.3%₹110.00₹32.00₹298.9519
May ’24₹78.36
₹56.20
-28.3%
45.4%₹110.00₹30.00₹281.6519
Apr ’24₹70.13
₹51.58
-26.4%
42.3%₹100.00₹30.00₹253.8518
Mar ’24₹72.76
₹51.58
-29.1%
42.3%₹100.00₹30.00₹235.2018
Feb ’24₹75.60
₹50.50
-33.2%
43.2%₹100.00₹30.00₹227.5019
Jan ’24₹79.20
₹49.71
-37.2%
44.0%₹100.00₹30.00₹198.3519
Dec ’23₹84.70
₹49.61
-41.4%
44.3%₹100.00₹30.00₹170.4019
Nov ’23₹76.05
₹45.77
-39.8%
44.6%₹100.00₹25.00₹121.5020

Analyst Forecast: Target price is less than 20% higher than the current share price.

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