BHEL shares jump 6% on Adani Power contracts that could be worth 28,000 crore rupees
Key Facts
Shares of Bharat Heavy Electricals Limited (BHEL) rose about 6% in trading on November 4, 2026, after the company announced it had secured work for Adani Power thermal projects, according to Financial Express. The deal comprises four domestic contracts, each valued at between 5,000 and 7,000 crore rupees, excluding goods and services tax. This puts the contracts’ potential combined value at 28,000 crore rupees, the upper end of the announced range rather than a single final value. The work relates to Adani Power projects and will be carried out according to the requirements of the project owner. The deal adds new orders to BHEL’s workload, while the company had an existing order book worth 2.58 trillion rupees as of September 30, 2026, according to Business Standard.
The scope of work includes supplying boilers, turbines, generators and auxiliary equipment to Adani Power, along with agreed services, Financial Express reported. These items comprise the equipment and services package BHEL will provide for the four projects. The company said the contracts are “domestic in nature and will be executed as per the requirements of Adani Power projects.” The quote did not specify an execution schedule or how the value would be allocated among the projects. Nor did the contract scope give separate values for equipment or services. Based on the published information, each contract remains within the announced range of 5,000 to 7,000 crore rupees before goods and services tax.
BHEL said the projects do not involve related-party transactions and that promoter groups have no interest in the entity awarding the work, according to Financial Express. The company said the “projects do not involve any related party transactions, and the promoter groups have no interest in the awarding entity.” The disclosure forms part of the details of the announced deal, alongside its description as domestic contracts and the scope of equipment and services. It provided no further details on the contract terms or how the work would be allocated among the projects. The potential contract value remains tied to the stated range for each project, with goods and services tax excluded from the estimates. The company’s published information did not cite a confirmed value beyond this range.
The announcement came as BHEL’s results for July to September of fiscal 2027 showed net profit rising to 821 crore rupees, from 375 crore in the previous quarter, according to Financial Express. Quarterly revenue also rose about 24% sequentially to 9,300 crore rupees, from 7,512 crore in the first quarter, which ran from April to June. The comparison shows an improvement between consecutive quarters, as the company compared profit and revenue with the immediately preceding period. In a broader context, BHEL said new order inflows during fiscal 2025–2026 were close to 75,000 crore rupees. The company said its outstanding order book stood at about 2.4 trillion rupees at the end of that fiscal year. It also reported preliminary, unaudited annual sales of about 32,350 crore rupees for the same year, up 18% from the previous year.
As of September 30, 2026, BHEL’s outstanding order book stood at about 2.58 trillion rupees, according to Business Standard, compared with about 2.4 trillion rupees at the end of fiscal 2025–2026, according to a company disclosure. The figures show the order book at two different dates, while the announced Adani Power contracts added new work for the company. On the customer side, Adani Power said in March 2026 that it had won five tenders for long-term power purchase agreements during fiscal 2025–2026. The tenders had a combined capacity of 10,400 megawatts, according to the company’s statement. The data provide context on Adani Power’s activity in winning power supply agreements, while the current deal involves equipment and services work that BHEL will carry out for its thermal projects.
In intraday trading on November 4, BHEL shares rose 6% to 423.10 rupees on the Bombay Stock Exchange, according to Business Standard, while Financial Express described the gain as about 6%. Market coverage linked the move to the announcement of new work from Adani Power. The quoted price was a level the shares reached during trading, not the session’s closing price. The deal combines four domestic contracts with a potential total value of up to 28,000 crore rupees before goods and services tax. Detailed execution schedules and equipment delivery dates were not included in the published contract information.