Bharat Heavy Electricals Limited

BSE:500103 Stock Report

Market Cap: ₹819.2b

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 (₹235.25) is trading above our estimate of fair value (₹21.74)

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 Ratio3.2x
Sales₹258.33b
Market Cap₹819.16b

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 Average12x
SUZLON Suzlon Energy
11.2x38.5%₹875.2b
522275 GE Vernova T&D India
14.4x27.9%₹549.4b
POWERINDIA Hitachi Energy India
9.6x25.6%₹564.4b
500002 ABB India
12.7x16.2%₹1.5t
500103 Bharat Heavy Electricals
3.2x20.1%₹819.2b

Price-To-Sales vs Peers: 500103 is good value based on its Price-To-Sales Ratio (3.2x) compared to the peer average (12x).

Price to Sales Ratio vs Industry

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

10 CompaniesPrice / SalesEstimated GrowthMarket Cap
532930 BGR Energy Systems
0.7xn/aUS$72.43m
SHERA Shera Energy
0.4xn/aUS$52.42m
539984 Hindusthan Urban Infrastructure
0.6xn/aUS$42.32m
512296 Bhagyanagar India
0.2xn/aUS$36.90m
500103 3.2xIndustry Avg. 3.7xNo. of Companies19PS02.85.68.411.214+
10 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 500103 is good value based on its Price-To-Sales Ratio (3.2x) compared to the Indian Electrical industry average (3.7x).

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 Ratio3.2x
Fair PS Ratio5.2x

Price-To-Sales vs Fair Ratio: 500103 is good value based on its Price-To-Sales Ratio (3.2x) 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₹235.25
₹228.06
-3.1%
48.2%₹425.00₹72.00n/a17
Dec ’25₹251.10
₹228.06
-9.2%
48.2%₹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₹34.00₹251.1020
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

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/21 02:33
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2024/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Bharat Heavy Electricals Limited is covered by 64 analysts. 16 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Nitin BhasinAmbit Capital
Amol RaoAnand Rathi Shares and Stock Brokers Limited
Puneet BambhaAngel Broking Private Limited