Bharat Heavy Electricals Limited (BHEL) - Net Assets

Latest as of September 2025: Rs244.00 Billion INR ≈ $2.64 Billion USD

Based on the latest financial reports, Bharat Heavy Electricals Limited (BHEL) has net assets worth Rs244.00 Billion INR (≈ $2.64 Billion USD) as of September 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (Rs719.72 Billion ≈ $7.78 Billion USD) and total liabilities (Rs475.72 Billion ≈ $5.14 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check Bharat Heavy Electricals Limited liquid asset ratio to evaluate the company's liquid asset resilience ratio.

Key Net Assets Metrics

Metric	Value
Current Net Assets	Rs244.00 Billion
% of Total Assets	33.9%
Annual Growth Rate	7.61%
5-Year Change	-4.81%
10-Year Change	-25.48%
Growth Volatility	12.32

Bharat Heavy Electricals Limited - Net Assets Trend (2004–2025)

This chart illustrates how Bharat Heavy Electricals Limited's net assets have evolved over time, based on quarterly financial data. Also explore how large is Bharat Heavy Electricals Limited's balance sheet for the complete picture of this company's asset base.

Annual Net Assets for Bharat Heavy Electricals Limited (2004–2025)

The table below shows the annual net assets of Bharat Heavy Electricals Limited from 2004 to 2025. For live valuation and market cap data, see Bharat Heavy Electricals Limited market capitalisation.

Year	Net Assets	Change
2025-03-31	Rs247.22 Billion ≈ $2.67 Billion	+1.16%
2024-03-31	Rs244.39 Billion ≈ $2.64 Billion	-8.91%
2023-03-31	Rs268.28 Billion ≈ $2.90 Billion	+1.21%
2022-03-31	Rs265.07 Billion ≈ $2.87 Billion	+2.06%
2021-03-31	Rs259.72 Billion ≈ $2.81 Billion	-9.35%
2020-03-31	Rs286.52 Billion ≈ $3.10 Billion	-7.17%
2019-03-31	Rs308.66 Billion ≈ $3.34 Billion	-4.53%
2018-03-31	Rs323.31 Billion ≈ $3.50 Billion	-0.18%
2017-03-31	Rs323.88 Billion ≈ $3.50 Billion	-2.37%
2016-03-31	Rs331.73 Billion ≈ $3.59 Billion	-3.03%
2015-03-31	Rs342.09 Billion ≈ $3.70 Billion	+3.16%
2014-03-31	Rs331.61 Billion ≈ $3.59 Billion	+8.59%
2013-03-31	Rs305.37 Billion ≈ $3.30 Billion	+20.19%
2012-03-31	Rs254.08 Billion ≈ $2.75 Billion	+26.06%
2011-03-31	Rs201.55 Billion ≈ $2.18 Billion	+26.79%
2010-03-31	Rs158.96 Billion ≈ $1.72 Billion	+23.01%
2009-03-31	Rs129.23 Billion ≈ $1.40 Billion	+19.94%
2008-03-31	Rs107.74 Billion ≈ $1.17 Billion	+22.60%
2007-03-31	Rs87.88 Billion ≈ $950.42 Million	+20.36%
2006-03-31	Rs73.01 Billion ≈ $789.62 Million	+21.15%
2005-03-31	Rs60.27 Billion ≈ $651.79 Million	+13.80%
2004-03-31	Rs52.96 Billion ≈ $572.74 Million	--

Equity Component Analysis

This analysis shows how different components contribute to Bharat Heavy Electricals Limited's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

Retained earnings have decreased by 217.7% over the analyzed period, potentially due to dividend distributions or operating losses.

Current Equity Component Breakdown (March 2025)

Component	Amount	Percentage
Common Stock	Rs6.96 Billion	2.82%
Other Comprehensive Income	Rs240.26 Billion	97.18%
Other Components	Rs59.43 Billion	24.04%
Total Equity	Rs247.22 Billion	100.00%

Bharat Heavy Electricals Limited Competitors by Market Cap

The table below lists competitors of Bharat Heavy Electricals Limited ranked by their market capitalization.

Company	Market Cap
Focus Media Information Technology Co Ltd SHE:002027	$13.29 Billion
Ovintiv Inc NYSE:OVV	$13.30 Billion
Shengyi Electronics Co. Ltd. A SHG:688183	$13.34 Billion
ALTEOGEN Inc KQ:196170	$13.36 Billion
ARC Resources Ltd. TO:ARX	$13.26 Billion
Toll Brothers Inc NYSE:TOL	$13.24 Billion
Ascendis Pharma AS F:A71	$13.23 Billion
YPF Sociedad Anónima F:YPF	$13.22 Billion

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Bharat Heavy Electricals Limited's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 244,386,500,000 to 247,221,600,000, a change of 2,835,100,000 (1.2%).
Net income of 5,339,000,000 contributed positively to equity growth.
Dividend payments of 874,400,000 reduced retained earnings.
Other comprehensive income increased equity by 243,700,200,000.
Other factors decreased equity by 245,329,700,000.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	Rs5.34 Billion	+2.16%
Dividends Paid	Rs874.40 Million	-0.35%
Other Comprehensive Income	Rs243.70 Billion	+98.58%
Other Changes	Rs-245.33 Billion	-99.23%
Total Change	Rs-	1.16%

Book Value vs Market Value Analysis

This analysis compares Bharat Heavy Electricals Limited's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

Current price-to-book ratio: 4.96x
The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
The price-to-book ratio has decreased from 24.43x to 4.96x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2004-03-31	Rs14.42	Rs352.41	x
2005-03-31	Rs16.42	Rs352.41	x
2006-03-31	Rs19.89	Rs352.41	x
2007-03-31	Rs25.24	Rs352.41	x
2008-03-31	Rs29.35	Rs352.41	x
2009-03-31	Rs35.20	Rs352.41	x
2010-03-31	Rs43.30	Rs352.41	x
2011-03-31	Rs54.90	Rs352.41	x
2012-03-31	Rs69.19	Rs352.41	x
2013-03-31	Rs83.16	Rs352.41	x
2014-03-31	Rs90.31	Rs352.41	x
2015-03-31	Rs93.17	Rs352.41	x
2016-03-31	Rs90.35	Rs352.41	x
2017-03-31	Rs88.22	Rs352.41	x
2018-03-31	Rs88.07	Rs352.41	x
2019-03-31	Rs85.06	Rs352.41	x
2020-03-31	Rs82.31	Rs352.41	x
2021-03-31	Rs74.62	Rs352.41	x
2022-03-31	Rs76.12	Rs352.41	x
2023-03-31	Rs70.01	Rs352.41	x
2024-03-31	Rs70.18	Rs352.41	x
2025-03-31	Rs71.00	Rs352.41	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Bharat Heavy Electricals Limited utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

Current Return on Equity (ROE): 2.16%
The company may be facing challenges in efficiently utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 1.95%
• Asset Turnover: 0.40x
• Equity Multiplier: 2.75x
Recent ROE (2.16%) is below the historical average (11.24%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2004	12.43%	8.21%	0.66x	2.30x	Rs1.29 Billion
2005	15.82%	10.01%	0.63x	2.49x	Rs3.51 Billion
2006	23.00%	12.56%	0.74x	2.49x	Rs9.49 Billion
2007	27.48%	14.01%	0.74x	2.65x	Rs15.36 Billion
2008	26.54%	14.81%	0.63x	2.85x	Rs17.82 Billion
2009	24.11%	11.76%	0.64x	3.22x	Rs18.23 Billion
2010	27.22%	13.05%	0.68x	3.06x	Rs27.37 Billion
2011	30.03%	14.46%	0.70x	2.96x	Rs40.38 Billion
2012	27.90%	14.83%	0.71x	2.65x	Rs45.47 Billion
2013	21.92%	13.82%	0.68x	2.35x	Rs36.40 Billion
2014	10.56%	8.94%	0.52x	2.27x	Rs1.87 Billion
2015	4.25%	4.78%	0.43x	2.07x	Rs-19.68 Billion
2016	-2.12%	-2.76%	0.37x	2.10x	Rs-40.21 Billion
2017	1.41%	1.66%	0.45x	1.89x	Rs-27.82 Billion
2018	1.36%	1.58%	0.44x	1.97x	Rs-27.92 Billion
2019	3.26%	3.41%	0.46x	2.07x	Rs-20.82 Billion
2020	-5.12%	-7.15%	0.34x	2.12x	Rs-43.32 Billion
2021	-10.38%	-16.55%	0.29x	2.13x	Rs-52.95 Billion
2022	1.68%	2.21%	0.36x	2.12x	Rs-22.05 Billion
2023	2.61%	2.88%	0.37x	2.44x	Rs-18.00 Billion
2024	1.15%	1.23%	0.39x	2.41x	Rs-21.62 Billion
2025	2.16%	1.95%	0.40x	2.75x	Rs-19.38 Billion

Industry Comparison

This section compares Bharat Heavy Electricals Limited's net assets metrics with peer companies in the Specialty Industrial Machinery industry.

Industry Context

Industry: Specialty Industrial Machinery
Average net assets among peers: $1,480,782,663
Average return on equity (ROE) among peers: 10.31%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Bharat Heavy Electricals Limited (BHEL)	Rs244.00 Billion	12.43%	1.95x	$13.27 Billion
Aaron Industries Limited (AARON)	$108.01 Million	12.44%	0.77x	$31.35 Million
Ador Welding Limited (ADORWELD)	$3.24 Billion	18.33%	0.40x	$184.52 Million
The Anup Engineering Limited (ANUP)	$2.41 Billion	10.60%	0.28x	$446.74 Million
ATAM VALVES ORD (BSE) (ATAM)	$99.69 Million	8.77%	0.82x	$8.50 Million
Azad Engineering Limited (AZAD)	$2.04 Billion	4.15%	1.89x	$1.51 Billion
Cummins India Limited (CUMMINSIND)	$10.21 Billion	26.25%	0.54x	$15.79 Billion
Diamond Power Infrastructure Limited (DIACABS)	$-5.96 Billion	0.00%	0.00x	$899.30 Million
Diffusion Engineers Ltd (DIFFNKG)	$953.91 Million	11.68%	0.77x	$120.60 Million
Ducon Infratechnologies Limited (DUCON)	$238.32 Million	0.60%	0.42x	$11.42 Million

About Bharat Heavy Electricals Limited

NSE:BHEL India Specialty Industrial Machinery

Market Cap

$13.27 Billion

Rs1.23 Trillion INR

Market Cap Rank

#1776 Global

#66 in India

Share Price

Rs352.41

Change (1 day)

+2.30%

52-Week Range

Rs208.01 - Rs354.71

All Time High

Rs354.71