Income Statement

Revenue

+31%

+101%

10Y

Currency: INR

	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Revenue
Interest Expense	601	614	666	660	814	812	773	781	588	596	599	582	433	324	381	358	354	358	187	268	350	0	0	0	872	0	0	0	3 128	0	0	0	2 322	0	0	0	2 000	0	0	0	3 050	0	0	0	5 994	0	0	0	0	0	0	0
Revenue	86 625 N/A	88 301 +2%	90 498 +2%	96 171 +6%	104 870 +9%	115 759 +10%	124 621 +8%	135 660 +9%	140 369 +3%	151 168 +8%	154 840 +2%	162 758 +5%	176 143 +8%	186 751 +6%	193 249 +3%	198 588 +3%	197 269 -1%	212 046 +7%	225 328 +6%	236 225 +5%	270 120 +14%	59 421 -78%	127 276 +114%	200 687 +58%	304 414 +52%	290 318 -5%	284 732 -2%	268 129 -6%	214 631 -20%	189 215 -12%	163 906 -13%	151 612 -8%	173 087 +14%	182 192 +5%	196 354 +8%	203 199 +3%	212 111 +4%	229 818 +8%	230 722 +0%	231 997 +1%	233 649 +1%	236 964 +1%	236 191 0%	238 595 +1%	238 928 +0%	243 743 +2%	258 331 +6%	276 064 +7%	283 395 +3%	283 415 +0%	292 692 +3%	304 652 +4%
Gross Profit
Cost of Revenue	(42 361)	(46 301)	(47 883)	(51 551)	(58 522)	(54 865)	(61 306)	(68 511)	(81 101)	(73 872)	(73 966)	(76 755)	(98 084)	(101 596)	(106 946)	(110 158)	(109 553)	(116 107)	(126 282)	(133 510)	(169 594)	(33 729)	(73 535)	(119 360)	(192 848)	(175 065)	(174 368)	(164 552)	(148 438)	(127 435)	(112 160)	(105 562)	(124 927)	(124 962)	(135 548)	(140 609)	(154 979)	(160 873)	(163 319)	(165 651)	(170 869)	(165 826)	(166 054)	(169 543)	(175 824)	(171 369)	(178 576)	(184 125)	(196 822)	(188 541)	(196 375)	(209 157)
Gross Profit	44 264 N/A	42 000 -5%	42 615 +1%	44 620 +5%	46 348 +4%	60 894 +31%	63 315 +4%	67 149 +6%	59 268 -12%	77 296 +30%	80 874 +5%	86 003 +6%	78 060 -9%	85 155 +9%	86 303 +1%	88 430 +2%	87 716 -1%	95 939 +9%	99 046 +3%	102 715 +4%	100 526 -2%	25 692 -74%	53 741 +109%	81 327 +51%	111 566 +37%	115 253 +3%	110 365 -4%	103 578 -6%	66 193 -36%	61 782 -7%	51 747 -16%	46 051 -11%	48 160 +5%	57 230 +19%	60 806 +6%	62 590 +3%	57 132 -9%	68 945 +21%	67 403 -2%	66 346 -2%	62 780 -5%	71 138 +13%	70 137 -1%	69 052 -2%	63 104 -9%	72 374 +15%	79 755 +10%	91 939 +15%	86 572 -6%	94 874 +10%	96 317 +2%	95 495 -1%
Operating Income
Operating Expenses	(32 855)	(30 697)	(30 353)	(30 595)	(31 574)	(42 509)	(43 449)	(44 670)	(35 738)	(49 390)	(51 495)	(52 736)	(44 733)	(46 624)	(47 660)	(50 108)	(53 283)	(57 090)	(60 581)	(63 807)	(61 449)	(24 601)	(50 794)	(77 320)	(95 709)	(103 668)	(99 177)	(91 328)	(77 950)	(77 118)	(76 027)	(75 385)	(84 915)	(87 465)	(84 284)	(82 985)	(53 677)	(61 228)	(61 983)	(60 259)	(60 454)	(68 450)	(68 900)	(69 868)	(60 500)	(73 774)	(74 529)	(83 115)	(78 140)	(89 011)	(87 548)	(84 417)
Selling, General & Administrative	(33 666)	(16 478)	(15 509)	(15 605)	(28 103)	(16 680)	(17 267)	(17 681)	(30 486)	(19 380)	(20 379)	(20 957)	(40 290)	(25 020)	(25 656)	(28 015)	(42 519)	(19 356)	(21 958)	(23 696)	(39 330)	(14 275)	(29 772)	(42 867)	(88 314)	(55 353)	(54 578)	(55 208)	(71 336)	(53 572)	(52 679)	(52 758)	(67 522)	(53 583)	(53 677)	(53 926)	(52 770)	(55 589)	(55 873)	(56 114)	(64 565)	(57 219)	(55 833)	(55 959)	(81 737)	(56 437)	(58 287)	(58 687)	(51 745)	(59 510)	(59 638)	(60 125)
Research & Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(1 231)	0	0	0	(750)	0	0	0	(295)	0	0	0	(121)	0	0	0	(128)	0	0	0	(100)	0	0	0	(117)	0	0	0
Depreciation & Amortization	(1 980)	(1 997)	(2 042)	(2 075)	(2 189)	(2 255)	(2 363)	(2 439)	(2 459)	(2 523)	(2 565)	(2 607)	(2 730)	(2 780)	(2 809)	(2 909)	(2 972)	(2 627)	(2 675)	(2 778)	(3 431)	(1 763)	(2 286)	(3 413)	(4 757)	(4 144)	(4 816)	(4 835)	(5 033)	(5 070)	(5 027)	(5 009)	(4 733)	(4 658)	(3 934)	(3 547)	(3 141)	(2 696)	(2 854)	(2 738)	(2 603)	(2 537)	(2 550)	(2 531)	(2 489)	(2 479)	(2 481)	(2 553)	(2 720)	(2 875)	(3 029)	(3 130)
Other Operating Expenses	2 791	(12 223)	(12 803)	(12 916)	(1 283)	(23 574)	(23 819)	(24 550)	(2 792)	(27 487)	(28 551)	(29 172)	(1 714)	(18 825)	(19 197)	(19 184)	(7 792)	(35 108)	(35 947)	(37 331)	(18 688)	(8 563)	(18 736)	(31 041)	(1 407)	(44 173)	(39 783)	(31 287)	(831)	(18 477)	(18 321)	(17 618)	(12 365)	(29 224)	(26 673)	(25 512)	2 355	(2 945)	(3 258)	(1 409)	6 842	(8 694)	(10 517)	(11 378)	23 825	(14 858)	(13 761)	(21 874)	(23 559)	(26 626)	(24 881)	(21 162)
Operating Income	11 409 N/A	11 302 -1%	12 261 +8%	14 024 +14%	14 773 +5%	18 385 +24%	19 866 +8%	22 479 +13%	23 531 +5%	27 906 +19%	29 379 +5%	33 267 +13%	33 326 +0%	38 531 +16%	38 643 +0%	38 321 -1%	34 433 -10%	38 848 +13%	38 465 -1%	38 910 +1%	39 077 +0%	1 091 -97%	2 947 +170%	4 007 +36%	15 857 +296%	11 584 -27%	11 186 -3%	12 248 +9%	(11 757) N/A	(15 338) -30%	(24 282) -58%	(29 337) -21%	(36 755) -25%	(30 237) +18%	(23 479) +22%	(20 395) +13%	3 455 N/A	7 717 +123%	5 420 -30%	6 087 +12%	2 326 -62%	2 688 +16%	1 237 -54%	(816) N/A	2 604 N/A	(1 399) N/A	5 226 N/A	8 824 +69%	8 432 -4%	5 863 -30%	8 768 +50%	11 078 +26%
Pre-Tax Income
Interest Income Expense	(154)	(614)	(667)	(660)	206	(812)	(773)	(780)	1 015	(595)	(598)	(582)	2 748	(324)	(380)	(358)	8 600	(358)	(188)	(269)	7 636	(1 729)	(3 355)	(3 844)	4 102	(4 040)	(3 531)	(4 340)	6 632	(4 900)	(4 607)	(3 984)	2 000	(2 954)	(2 924)	(2 910)	2 346	(3 142)	(3 479)	(4 014)	6 573	(5 327)	(5 881)	(6 358)	624	(6 630)	(6 793)	(6 775)	(760)	(7 093)	(7 054)	(7 061)
Non-Reccuring Items	(2 298)	0	0	0	(180)	(180)	(180)	(180)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3	0	0	0	(49)	0	0	0	(54)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Gain/Loss on Disposition of Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	84	0	0	0	23	0	0	0	93	0	0	0	19	0	0	0	69	0	0	0	78	0	0	0	89	0	0	0	135	0	0	0
Total Other Income	1 191	0	0	0	1 017	0	0	0	1 098	0	0	0	1 286	0	5 557	7 257	1 271	7 258	5 811	5 908	1 583	1 741	3 227	5 452	(1 584)	6 284	6 126	5 370	(1 562)	5 189	4 833	4 174	(1 175)	3 184	3 063	3 093	(1 112)	3 594	4 905	4 971	(1 821)	5 322	4 961	5 013	(891)	5 294	4 605	4 726	(351)	5 396	6 030	7 138
Pre-Tax Income	10 148 N/A	10 689 +5%	11 596 +8%	13 366 +15%	15 816 +18%	17 394 +10%	18 913 +9%	21 518 +14%	25 644 +19%	27 310 +6%	28 780 +5%	32 685 +14%	37 361 +14%	38 206 +2%	43 820 +15%	45 220 +3%	44 304 -2%	45 748 +3%	44 088 -4%	44 549 +1%	48 380 +9%	1 103 -98%	2 819 +156%	5 615 +99%	18 397 +228%	13 829 -25%	13 782 0%	13 279 -4%	(6 591) N/A	(15 048) -128%	(24 055) -60%	(29 146) -21%	(35 959) -23%	(30 008) +17%	(23 341) +22%	(20 213) +13%	4 705 N/A	8 169 +74%	6 845 -16%	7 042 +3%	7 156 +2%	2 681 -63%	316 -88%	(2 160) N/A	2 427 N/A	(2 736) N/A	3 038 N/A	6 775 +123%	7 456 +10%	4 166 -44%	7 744 +86%	11 154 +44%
Net Income
Tax Provision	(3 566)	(3 761)	(4 095)	(4 878)	(6 282)	(6 815)	(7 315)	(8 063)	(8 852)	(9 430)	(9 903)	(11 362)	(13 214)	(13 538)	(15 874)	(16 232)	(15 711)	(16 200)	(15 259)	(15 534)	(17 228)	(703)	(1 566)	(2 397)	(8 373)	(6 393)	(5 989)	(5 833)	(8 093)	(6 377)	(4 104)	(2 810)	8 962	7 460	5 852	5 173	(258)	(1 118)	792	748	(615)	534	397	963	396	1 649	(682)	(1 584)	(2 117)	(1 268)	(2 158)	(3 012)
Income from Continuing Operations	6 582	6 928	7 500	8 487	9 534	10 578	11 598	13 456	16 792	17 881	18 878	21 323	24 147	24 669	27 947	28 989	28 593	29 549	28 830	29 017	31 152	400	1 252	3 216	10 024	7 435	7 793	7 447	(14 684)	(21 425)	(28 159)	(31 956)	(26 997)	(22 548)	(17 490)	(15 041)	4 447	7 049	7 636	7 789	6 541	3 215	713	(1 198)	2 822	(1 087)	2 356	5 191	5 339	2 898	5 585	8 142
Income to Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	7	19	20	27	32	28	36	23	15	11	6	26	30	32	28	13	6	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income (Common)	6 582 N/A	6 928 +5%	7 500 +8%	8 563 +14%	9 534 +11%	10 578 +11%	11 598 +10%	13 456 +16%	16 792 +25%	17 881 +6%	18 878 +6%	21 323 +13%	24 147 +13%	24 669 +2%	27 947 +13%	28 989 +4%	28 593 -1%	29 549 +3%	28 830 -2%	29 017 +1%	31 152 +7%	407 -99%	1 272 +213%	3 237 +154%	10 051 +211%	7 468 -26%	7 820 +5%	7 482 -4%	(14 660) N/A	(21 411) -46%	(28 148) -31%	(31 949) -14%	(26 971) +16%	(22 517) +17%	(17 457) +22%	(15 013) +14%	4 460 N/A	7 055 +58%	7 636 +8%	7 789 +2%	6 541 -16%	3 215 -51%	713 -78%	(1 198) N/A	2 822 N/A	(1 087) N/A	2 356 N/A	5 191 +120%	5 339 +3%	2 898 -46%	5 585 +93%	8 142 +46%
EPS (Diluted)	1.79 N/A	1.89 +6%	2.04 +8%	2.33 +14%	2.6 +12%	2.89 +11%	3.17 +10%	3.67 +16%	4.57 +25%	4.86 +6%	5.08 +5%	5.8 +14%	13.15 +127%	6.71 -49%	7.52 +12%	7.89 +5%	7.79 -1%	8.05 +3%	7.76 -4%	7.91 +2%	8.49 +7%	0.11 -99%	0.34 +209%	0.88 +159%	2.77 +215%	2.16 -22%	2.24 +4%	2.11 -6%	-4.21 N/A	-6.13 -46%	-8.1 -32%	-9.18 -13%	-7.75 +16%	-6.49 +16%	-4.93 +24%	-4.44 +10%	1.28 N/A	2.03 +59%	1.89 -7%	2.23 +18%	1.88 -16%	0.92 -51%	0.2 -78%	-0.34 N/A	0.81 N/A	-0.31 N/A	0.67 N/A	1.49 +122%	1.53 +3%	0.83 -46%	1.6 +93%	2.33 +46%

Income Statement Balance Sheet Cash Flow Statement

Bharat Heavy Electricals Ltd
NSE:BHEL

Income Statement

Earnings Waterfall
Bharat Heavy Electricals Ltd

Income Statement
Bharat Heavy Electricals Ltd

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Bharat Heavy Electricals Ltd NSE:BHEL

Income Statement

Earnings Waterfall Bharat Heavy Electricals Ltd

Income Statement Bharat Heavy Electricals Ltd

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Bharat Heavy Electricals Ltd
NSE:BHEL

Earnings Waterfall
Bharat Heavy Electricals Ltd

Income Statement
Bharat Heavy Electricals Ltd