Annexure-I to the Boards Report
1.1 Economic and Business Overview
Indian economy has demonstrated remarkable resilience amid global geopolitical challenges, with a robust growth of around 6.5% for FY 2024-25. The governments continued emphasis on capital expenditure, coupled with increased consumer spending stimulated by tax reductions, is expected to sustain this positive momentum in the coming years. Financial institutions and corporations maintain healthy balance sheets, creating a strong foundation to support capital expenditure.
After facing headwind for a prolonged period, Thermal Power business environment has turned around. Subsequent to peak demand and energy deficit scenario in FY 2022-23, Government of India (GoI) proposed to set up an additional minimum 80 GW coal-based capacity by 2031-32. The current policy environment has resulted into a robust tendering of coal based power projects, from both central and state power utilities and leading private power utilities. BHEL being the leading player in coal based power projects, has received orders for 14.6 GW during FY 2024-25. Power Utilities in hydro and nuclear based power projects are active with capacity expansion plans, driven by countrys net-zero goal by 2070 and Nuclear Energy Mission of achieving 100 GW of nuclear power capacity by 2047. In the hydro power business, the company received order for the Renovation and Modernization (R&M) works of one unit of Pumped Hydro Power Plant for Pump Mode Operation. In Industry Sector, substantial business opportunities are available on account of capex drive by GoI and capacity expansion by companies operating in core sectors of the economy. On one hand, there exists sti_ competition and pricing pressure in markets, on the other hand customers are demanding products based on latest technologies. Transmission business is seeing renewed interest as demand for power transformation capacity is expected to nearly double during 2024-2032 period in accordance with National Electricity Plan (NEP) projections. The rapid growth in installed renewable energy (RE) capacity has generated significant opportunities in the Power Transmission segment. BHEL has received a major order for Khavda-Nagpur HVDC Project during the year. In defence business, GoIs focus on modernization and indigenization has resulted into sizable opportunities, including those from new defence programs by all the three armed forces. The company has been supplying Super Rapid Gun Mounts to the Indian Navy for three decades, and have upgraded manufacturing facilities to address further opportunities in this segment. BHEL is one of the few select firms in the world with the capability to design and manufacture compact heat exchanger and pump modules for military aircrafts/ helicopters, and is currently developing the same for various airborne platforms.
In areas of Coal Gasification and Advanced Ultra Supercritical (AUSC) coal based power plants, BHEL is well positioned with its indigenous technologies. In Coal Gasification, BHEL has already established Joint Venture company with Coal India Ltd (CIL) for which Letter of Award for Governments financial incentive has been received by the JV company Bharat Coal Gasification and Chemicals Ltd (BCGCL). While in AUSC, efforts to establish the worlds first 800 MW Technology Demonstration Plant based on AUSC technology are underway after the Union Budget 2025-26 announcement on AUSC program.
1.2 Opportunities and Threats
A renewed thrust on energy security has brought coal-based electric power back to the forefront of energy planning. The ordering of more than 25 GW thermal power projects in the last two years stands as a testament to this trend. This momentum is expected to continue, and the company is well positioned to leverage its expertise and scale in power plant equipment manufacturing and EPC execution to capitalize on this substantial opportunity.
Hydro-electric capacity, both conventional (large and small hydro plants) as well as pumped storage generating stations, needs expansion for grid balancing and stabilizing requirements, necessitated by the inherent variability of Renewable Energy Sources (RES) based power systems. Furthermore, as over 30% of Indias hydropower plants have exceeded 30 years of life, a potential demand for Renovation and Modernization (R&M) for life extension, performance and efficiency upgrades is emerging. The company is geared up to address these upcoming opportunities.
The world is increasingly acknowledging the importance of nuclear power as a viable alternative to fossil based thermal power plants, as well as to captive usage like data centers. Recent Union Budget announcements for operationalizing 5 indigenously developed Small Modular Reactor by 2033 and 100 GW of nuclear power capacity by 2047, represent significant opportunities for indigenous manufacturing and technology development in this domain. Having supplied numerous nuclear power equipment for both primary and secondary sides, the company is strategically positioned to address these emerging opportunities. Further, amendments to the Atomic Energy Act and the Civil Liability for Nuclear Damage Act are on the cards, which would lead to private sector participation and foreign investments, thereby increasing business prospects in the nuclear segment. In view of rapid growth in renewable energy (RE) and consequent increase in transformation capacity, significant opportunities in the Power Transmission segment are expected. Leading transmission utilities, both central and private, are pursuing for more AIS, GIS and HVDC projects as demand for transmitting renewable power from large capacity solar parks to distant consumption centres is growing. As a result, a number of HVDC projects are in the pipeline for which BHEL is well prepared.
The upgradation and indigenization of equipment for Indian Armed Forces is expected to continue, offering BHEL opportunities in various segments including Guns, Marine Gas Turbines, and other defence systems. The Company has upgraded manufacturing facilities to address Indian Navys growing demand for Super Rapid Gun Mounts.
Indian Railways ongoing modernization and infrastructure upgradation presents significant opportunities in High-Horsepower Locomotives, Trainsets, Signalling Systems, and other rail technologies. These opportunities complement BHELs strength in propulsion systems and electric locomotives, allowing to further expand footprint in the railway sector.
The expansion and technological upgradation in core industries—including steel, fertilizers, refineries, and cement—continues to offer good opportunities for industrial products, allowing BHEL to leverage manufacturing capabilities and technological expertise.
The company relies on a complex supply chains for raw materials, components, and specialized manpower. Any disruptions in the supply chains, whether stemming from geopolitical tensions, trade barriers, or natural disasters, could lead to delays in project execution and increase in operational costs.
The company is actively reaching out to various domestic and global suppliers to increase the supplier pool for addressing supply chain issues. Empowering and facilitating vendors by several means like liquidity infusion, installing efficient payment systems, unifying procurement and subcontracting processes etc., are other key initiatives for strengthening the companys vendor ecosystem.
1.3 Profile and Performance of Businesses
The company has two business segments i.e. Power and Industry. These segments are driven by the three business divisions i.e. Power Sector, Industry Sector and International Operations. The Power Segment comprises equipment supplies and EPC works for coal and lignite, gas, hydro and nuclear power plant businesses and spares & services business, apart from new business of coal to chemicals.
The Industry Segment caters to major equipment supplies and EPC works for a number of industries including transportation, transmission, defence & aerospace, captive power plants, process industries, renewables, upstream and downstream oil & gas, e-mobility and energy storage, among others.
1.3.1 Power Sector
As the economic growth of the country remains strongly correlated with the growth of Power sector, availability of reliable and quality power at affordable rates becomes imperative for sustaining the pace of economic growth. As on March 31, 2025, India has installed power capacity of ~475 GW and an annual electricity generation of around 1,829 Billion Units (BUs). Notably, the electricity generation has witnessed a growth rate of 5% year-on-year basis, a trend which is expected to continue in near-to-medium term.
Business Environment
Power demand continues to surge, with India registering an all-time high peak electricity demand of 250 GW in FY 2024-25. Looking ahead, Government projects that the nations annual peak demand to grow by ~16 - 18 GW until FY2029-30. In line with this, Government has renewed its focus on thermal capacity addition of around 80 GW by 2032 to ensure nations energy security. In response to the nations growing power appetite, the central and state governments are pushing fresh thermal ordering to ensure power adequacy, grid stability, and long-term reliability. As a result, FY 2024-25 witnessed a robust ordering of thermal power projects, and the company expects this momentum to continue in FY 2025-26 also, sustaining strong demand for thermal equipment.
To meet the demand for power, highly efficient coal based supercritical power plants are expected to play a crucial role, especially till other alternative reliable technology options become commercially viable. Hydro power will play a key role for management of peak power requirements due to the variability of renewable energy generation.
Nuclear power will form an essential part of countrys overall power mix as it is globally accepted as a clean fuel technology. India has about 8 GWe of installed Nuclear power capacity and has huge potential to provide the long-term energy security in a sustainable manner.
Achievements during the Year Order Booking
In FY 2024-25, BHEL has secured orders aggregating to D81,349 Crores (excl. taxes) in Power Sector which includes BHELs highest ever order booking in Thermal Power Segment. Order bookings in standalone Thermal segment rose to D76,930 Crores (excl. taxes) in FY 2024-25, with a 58% y-o-y growth. This unprecedented growth was driven by orders, totalling 14,640 MW from both public and private utilities. BHEL retained its market leadership in the Indian thermal power sector by securing EPC orders from key utilities like NTPC, GSECL, SCCL, DVC and CSPGCL. Private sector utilities also contributed around 25% of thermal orders, awarding around 8,000 MW orders to BHEL for supply of Boiler, Turbine and Generator (BTG) equipment, along with associated auxiliaries and supervision of erection and commissioning. With these orders, BHEL has secured contracts for 90 numbers Supercritical Steam Generators (SGs) and 83 numbers Supercritical Turbine Generators (TGs) in the country as on March 31, 2025, of which, 37 SGs and 29 TGs have been commissioned as of FY 2024-25. In the hydro power business, the company received order for the Renovation and Modernization (R&M) works of one Unit of GSECL Kadana Pumped Hydro Power Plant (4x60 MW) for Pump Mode Operation. This adds to BHELs extensive hydro portfolio, which includes over 550 hydroelectric generating sets with a cumulative capacity exceeding 35,000 MW across the world.
In addition, some of the significant orders in Spares, Services and R&M business segment booked in FY 2024-25 includes Boiler modification with flexibilization for GSECL Wanakbori (2x210 MW), GSECL Ukai (1x210, 1x200 MW), ESP Retrofit of APPDCL Krishnapatnam (800 MW), R&M of existing C&I system of APGENCO Vijaywada (210 MW) and Re-heater replacement for PSPCL Ropar (210 MW).
BHEL has received the first ever order to demonstrate methanol firing in a Gas Turbine at the 350 MW NTPC Kayamkulam Combined Cycle Power Plant (CCPP) at Alappuzha district in Kerala. This will be the first such demonstration project of its kind in India. This project is aligned with the Make in India initiative and aims to revive idle gas-based power assets nationwide.
Project Execution
Since its inception in 1964, BHEL has supplied 469 coal-based utility sets, 23 diesel sets, 430 hydro utility sets, 105 gas-based utility sets and 14 nuclear based utility sets in India up to FY 2024-25. Through its concerted efforts, BHEL achieved a capacity addition of 3,850 MW in FY 2024-25 in utility power projects, including 3,150 MW of thermal projects and 700 MW of hydro projects. Further to capacity addition, synchronization of 1,500 MW and full load in 2,260 MW has been achieved during FY 2024-25 in utility power projects. Additionally, the commissioning of three units at the Punatsangchhu-II Hydroelectric Project in Bhutan has added 510 MW to overseas Hydro capacity in BHELs portfolio. Further, BHEL is supplying large size Francis type Pump-motors sets for Lift Irrigation Schemes, and is currently executing the Pump–Motor Sets for the worlds largest lift irrigation project at Kaleswaram, Telangana.
Flexibilization study of non-BHEL machine (Chinese make) was carried out for GMR Warora (300 MW) and GMR Kamalanga (350 MW). This was the first of its kind study for Non-BHEL set. BHELs recommendations in the feasibility study reports are under consideration of customer. BHEL maintained its lions share of 54% in the countrys total installed thermal capacity of utility scale power projects, along with 56% of nuclear power installed capacity (secondary side) and 46% of hydro power installed capacity in the country, by end of FY 2024-25. Overall at utility scale, including thermal, nuclear and hydro segment, BHEL enjoys 53% share in total installed conventional capacity of the country.
Performance of Equipment
During FY 2024-25, 56.44% (751.71 BUs) of the countrys total power generation of 1,331.86 BUs from Coal and Lignite based sets has been contributed by BHEL supplied sets.
In FY 2024–25, BHEL-supplied thermal power sets delivered strong operational performance with an average Plant Load Factor (PLF) of 70.2%, surpassing the all-India thermal PLF of 69.45%. The overall Operational Availability (OA) of BHEL thermal sets stood at 86.9%. A total of 104 thermal sets recorded PLF of 80% and above, including 32 sets with PLF over 90%, while 188 sets achieved OA of 90% and above. Notably, Bakreshwar Unit-2 (210 MW) recorded PLF of 99.3%, along with 100% OA.
BHEL-supplied nuclear power equipment demonstrated robust performance with an overall Operational Availability (OA) of 82.7% in FY 2024-25. Six nuclear sets achieved OA of 90% and above, while five sets recorded a Plant Load Factor (PLF) exceeding 90%. Kaiga Unit-2 achieved uninterrupted run of 607 days.
The consistently high PLF, Operational Availability, and low outage rates across both thermal and nuclear plants reafirm the robustness of BHELs engineering, design excellence, and manufacturing quality. These achievements are a strong testimonial to BHELs pivotal role in powering Indias energy infrastructure.
Digital offerings and solutions
BHEL is progressing ahead with Industry 4.0 Initiatives; like Remote Monitoring and Diagnostic Services (RMDS), Remote Vibration and Diagnostic System (RVDS) and Plant Automation and Live Monitoring (PALM). During FY 2024-25, BHEL successfully executed RMDS for BPCL Mumbai Refinery. RVDS (KAMPAN 1.0) was successfully executed for TVNL and PALM for NHPC.
Coal Gasification Business
The Joint Venture company of BHEL and CIL, "Bharat Coal Gasification and Chemicals Limited" (BCGCL), was incorporated in May 2024. CIL holds 51% and BHEL holds 49% equity in this JV company. BCGCL has been set up to harness business of coal gasification to produce Syn-Gas, Ammonia and Nitric acid as intermediate products and Ammonium Nitrate as end product, utilizing the inhouse coal gasification technology developed by BHEL.
Future perspective
Rising domestic consumption, along with the Governments push for manufacturing and infrastructure development is expected to drive the energy demand in the near future. This, coupled with thrust on energy security and a_ordability, is expected to propel the addition of thermal based power which offers reliable base-load generation. The company is working towards catering to this upcoming demand by strengthening EPC capabilities, facilitating vendors, standardizing drawings etc. The company is also committed to offer equipment and solutions that reduces environmental footprint, such as emission control solutions, air-cooled condensers, which significantly reduce water consumption.
BHEL has taken proactive steps for business expansion of spares and services through long term spares supply and service agreements with customers, faster supply of spares, and offering flexiblisation solutions for BHEL and non-BHEL sets for dealing with grid stability issues due to fluctuations in renewable power generation. Given Indias reserves of around 375+ billion tonnes of coal and the fact that international technologies are not available for high ash coals, the development of indigenous technology by BHEL for gasification of Indian high ash coal is a major step forward in reducing nations dependence on imports and is expected to open up major business potential for conversion of coal to chemicals. The gasification technology can also be used for electricity production through "Integrated Gasification Combined Cycle" technology, which has lower environment footprint. Nuclear power is likely to play an important role in catering to base loads in the coming decades. The company holds a strong position as the only Indian supplier for nuclear steam turbines and generators, giving it a unique strategic advantage in the domestic market. BHEL is closely associated with the countrys three-stage nuclear programme and has been a partner for five decades in the development of the indigenous Nuclear Power Programme. The company is further working with various stakeholders to indigenize and increase its offerings in the sector.
BHEL is the market leader in E&M packages for new hydro projects and is a lead player for R&M of old hydro sets. With its own NABL accredited hydro lab for in-house hydro profiles development, the company aims to provide turbine profile upgrade solutions — for both BHEL and non-BHEL make equipment — and help hydropower producers enhance the reliability, efficiency, and lifespan of their assets. Further, BHEL aims to maintain its leadership in large size pump-motors required in Lift Irrigation Scheme (LIS) projects.
1.3.2 Industry Sector
Industry Sector, comprising of market-focused business groups, offers comprehensive and customised solutions for Rail Transportation, Defence & Aerospace, Transmission, Oil & Gas, Captive Power Plant, Industrial Products, and Renewables businesses like Solar, Green Hydrogen, Battery Energy Storage, and e-Mobility. Complete business offerings are available at ‘Product Profile section of the Annual Report. In FY 2024-25, Industry Sector secured orders worth D11,001 Crores (excluding taxes) from various business segments, including the largest ever order in Power Transmission business.
1.3.2.1 Transportation
BHEL has been playing a pivotal role in supporting the journey of Indian Railways (IR) towards modernization and indigenization. The company has consistently met the rolling stock requirements of Indian Railways by manufacturing "Made in India" systems and equipment, ensuring self-reliance in the sector. The company has been at the forefront of delivering world-class solutions in electric propulsion technology, helping Indian Railways transition to more energy-effcient, reliable, and eco-friendly rail transportation options. The company, in consortium with M/s Titagarh Rail Systems Limited (TRSL), is currently executing the prestigious order for manufacturing and supply of 80 numbers Vande Bharat trains, along with 35 years of maintenance.
Indian Railways is transforming and modernizing its infrastructure, with a strong focus on improving safety standards, enhancing productivity, and increasing operational efficiency. BHEL is actively working towards development of technology and solutions needed for advanced signaling systems, train control systems, and maintenance solutions that will enable the railway network to operate at optimal performance levels.
Achievements during the year
• Honble Prime Minister of India inaugurated MEMU Rake for Abhanpur-Raipur-Abhanpur route of South East Central Railways. This MEMU rake is equipped with BHELs supplied Electrics.
• Secured largest quantity order from Chittaranjan Locomotive Works (CLW) for supply of 177 sets of Main Transformer 6531 kVA for WAG-9 Locomotives.
• Secured the largest quantity order from Banaras Locomotives Works (BLW), Varanasi, for supply of 160 sets of IGBT based Complete Propulsion System.
• Largest ever order secured in Diesel Electric Shunting Locomotive Segment (DESL) from M/s Arcelor Mittal and Nippon Steel (AMNS), Hazira for supply of 9 numbers 700 HP DESL and spares.
• Entered into Technology Partnership agreement with M/s HIMA Middle East FZE for development of SIL4 certified Train Collision Avoidance System for Indian Railways (also known as KAVACH). This will enable BHEL to address the huge business opportunity arising out of Indian Railways plans for modernization of its signaling and safety infrastructure.
• Successfully completed Passenger Trial of first EMU Rake, equipped with BHELs Electrics, at Barasat- Hasnabad-Barasat route.
Future perspective
National Rail Plan (NRP) of Indian Railways plans to enhance rail infrastructure, aiming to increase capacity and boost the railways share in freight tra_c. In the current fiscal year, Indian Railways has allocated over D2.65 lakh crores for modernization projects, emphasizing capacity expansion and improved safety measures. New generation rolling stock viz. High Horse Power Electric locomotives for freight movement and semi high speed "Vande Bharat" trains for passenger trafic have been introduced by IR, with further plans to introduce variants like Vande metro within the next three years.
The company aims to strengthen its in-house capabilities for designing and manufacturing advanced mechanical and electrical systems for all types of rolling stock, aligning with the IRs modernization objectives. To capitalize on the aggressive deployment of KAVACH system by Indian Railways, the company has undertaken its development through both in-house measures and strategic partnership.
The company is also working with OEMs/ collaborators to address upcoming businesses, especially of High HP Locomotives, Battery/ Hydrogen Powered Locomotives, High Speed Rail, and Push-Pull Locomotives.
1.3.2.2 Transmission
Indian landscape of energy is undergoing a profound change with unprecedented demand and shift towards cleaner and more sustainable sources of energy. As Indias power capacity makes transition to cleaner energy, which is expected to constitute 50% of the power mix by 2030, the country is witnessing massive investments towards creation of new High Voltage Transmission corridors, including augmentation of the existing ones, as per the National Electricity Plan (NEP). Accordingly, Air Insulated Substation (AIS) and Gas Insulated Substation (GIS) projects shall continue to see robust demand in the future. Apart from this, multiple HVDC projects are in various stages of planning and implementation for power evacuation from far-flung generation centres.
BHEL has its presence across all the major segments, and offers a wide spectrum of products and systems to cater to the varied needs of Transmission Utilities. BHEL is well poised to further enhance its presence in the emerging areas like EHV GIS Substation, Digital Substation, HVDC projects, Ultra HVAC (1200 kV) etc. Also, the company is catering to the growing demand for transmission products like Transformers, reactors etc.
BHEL has established state-of-the-art manufacturing facilities for wide range of transmission equipment both for EHV and UHV (AC/DC) applications, including Converter Transformers, Thyristor Valves, Filter Capacitors, Instrument Transformers, Composite Insulators, Control and Protection Systems etc.
Achievements during the year
• Secured order from POWERGRID for ?800kV, 6,000 MW HVDC Link between Khavda KPS2 (Gujarat) and Nagpur (Maharashtra).
• LoI received from Rajasthan Part-I Power Transmission Ltd (SPV under Adani Energy Solutions Ltd) for establishment of ?800kV, 6,000 MW HVDC terminal Stations at Bhadla (Rajasthan) and Fatehpur (UP) along with associated 765/ 400 kV AC substations.
• Received orders through competitive bidding for following TBCB projects of POWERGRID: o 765kV/400kV/220kV Mandsaur New Substation and Extension of 765kV Indore Substation in the state of Madhya Pradesh. o 765kV/400kV/220kV/132kV Kurawar New Substation and Extension of Mandsaur, Astha and Sujalpur Substations in the state of Madhya Pradesh. o 765kV/400kV/220kV Barmer New Substation and Extension of Sirohi and Fatehgarh-III Substations in the state of Rajasthan.
• Orders for 60+ numbers 400kV and 765kV voltage class Transformers and Reactors.
• Orders for 50 numbers 220kV voltage class Transformers from State Transmission Utilities.
Future perspective
India is witnessing a rise in Power demand, driven by economic development, urbanization, and rising consumption. The country has planned a cumulative power generation capacity of more than 990 GW by 2032. In order to evacuate and transmit power from generating centres to load centres, Government has planned to add 12.7 Lakh MVA of Transformation capacity and 32 GW of HVDC system by the year 2032 which will comprise of creation and expansion of High capacity AC transmission corridors and multiple High Voltage DC (HVDC) systems. BHEL has a strong footprint in Indias Transmission landscape with capabilities in both projects as well as products segments, and is well placed to capitalize on the emerging business opportunities.
1.3.2.3 Defence and Aerospace
BHEL has over five-decade long track record of supporting the countrys defence forces. BHEL has designed and developed wide range of specialized equipment and weapon systems.
The company is currently supplying state-of-the-art upgraded SRGMs – frontline weapon system on-board Indian Naval vessels and is actively augmenting its production capacity to meet the future requirements. BHEL has proven expertise in permanent magnet motor technology and is fully geared up for the indigenous design and development of electric propulsion systems for naval application. Further, BHEL also offers Overhauling and Product Life Extension services of various equipment to the Indian Navy.
BHEL is one of the few select firms in the world with the capability to design and manufacture Compact Heat Exchangers and Pump Modules for military aircraft/ helicopters, and is currently developing the same for various airborne platforms.
BHEL is also working in close coordination with defence development establishments such as CASDIC, HAL, ADA, NAL etc., for developing a diverse range of equipment and services. BHEL has a long-standing association with ISRO and its various centres for various space related requirements.
Achievements during the year
• Orders for supply and services of Integrated Platform Management System (IPMS) for Next-Generation O_shore Patrol Vessels (NGOPVs).
• Order for Strategic equipment.
• Order for supply of Heat Exchangers and Environment Control System (ECS) Water Injectors for Aerospace applications.
• Development order for Cooling System for Electronic Warfare application.
• Supplied and commissioned first Upgraded SRGM on board INS Nilgiri.
Future perspective
Ministry of Defence (MoD) is focusing to achieve self-reliance in Defence sector, and is promoting domestic manufacturing to meet GoI vision of ‘Viksit Bharat @ 2047.
For FY 2025-26, MoD has earmarked ~D1,12,000 Crores, i.e. 75% of modernisation budget, for procurement through domestic sources. Increased defence spending on modernization and procurement may boost indigenous technology development and create opportunities for domestic players. BHEL with its proven design, engineering and manufacturing capabilities is well placed to play a much wider role in supporting GoIs initiative of Atmanirbhar Bharat in defence business.
1.3.2.4 Captive Power and Process Plant
BHEL has been successfully catering to the Captive Power and Process requirements in the country for more than four decades encompassing all major industries viz. Metal and Mining, Process, Refinery and Petro-chemicals. With Sulphur Recovery Unit (SRU) package at IOCL Paradip
Refinery, Odisha, presently under final stages of execution, the company is geared up for addressing more business opportunities for Process EPC solutions in the Downstream Oil and Gas Sector (DSOG).
Achievements during the year
• Received orders for 8 numbers STG Packages.
• Extension of Technical Collaboration Agreement (TCA) signed with M/s Vogt Power International Inc., USA (VPI), for Heat Recovery Steam Generators (HRSG)
Future perspective
Industries are poised for capacity expansions, thereby driving demand for Captive Power and Process Plants. The Steel Industry, in line with the National Steel Policy (NSP), is on track to achieve a steel production capacity of 300 MTPA by 2030, a substantial increase from the current capacity of ~179 MTPA. Major players such as SAIL, JSW, JSL, AMNS etc. are expected to be key contributors. In the Oil & Gas Sector, Refinery expansion of ~60 MTPA (by 2030) is underway. Additionally, domestic Aluminium and Zinc Industries are also poised for significant growth, with major players including HINDALCO, NALCO, Vedanta and Hindustan Zinc announcing expansion plans. BHEL, leveraging its established expertise and continued relationship with the customers, is well positioned to address the prospective business arising from the growth across the Industry.
1.3.2.5 Industrial Products (including Oil and Gas and Electrical Machines)
BHEL has been serving both upstream as well as downstream Oil and Gas sector for more than five decades. The company is a major supplier of static and rotating equipment to most of the refineries and petro-chemical plants in India.
BHEL has supplied 430+ Centrifugal Compressors, 90 Oil Drilling Rigs, 15,000+ Wellheads and Christmas Trees and contributed immensely to the sector and strengthened the energy security of the country.
In view of the expansion in Refineries and petrochemical businesses, opportunities for Industrial Products such as Centrifugal Compressors, Fired Heaters, Valves, high tonnage Columns and Vessels etc. are expected to remain steady in the coming years.
Achievements during the year
• Order from Haldia Petrochemicals Ltd. for Propylene Refrigerant Compressor against sti_ competition from foreign players.
• Secured order for 40 numbers Vertical Squirrel Cage Induction Motors for Badnawar Lift Irrigation Project.
• Entered into three-year Rate Contract (2024-27) with ONGC for Supply of Well Heads and X-mas Trees Valves.
• Successfully handed over the Main Fractionator Column (MFC) of HRRL Barmer Refinery, weighing ~750 tonnes. The MFC column is unique, having three types of metallurgy of construction in single column. This is the highest tonnage column supplied by BHEL.
• Successfully completed Performance Guarantee Test of additional Lean Gas Compressor package for ONGC Uran, which is the first ever Compressor project on EPC basis by BHEL in Oil & Gas Sector. With this, BHEL has acquired PQR to participate in future tenders of compressor on EPC basis in Oil & Gas Sector.
• Successfully developed and supplied Triple Module Redundancy (TMR) Governor for the Compressor Package of GAIL Usar Propane Dehydrogenation (PDH) Propylene Project. This achievement has reduced reliance on foreign make components.
• Successfully tested 1600 kW/6.6 kV/ 2 Pole Flameproof Motor, manufactured as per IS/IEC standards. This development aligns with the ‘Make in India initiative, enabling BHEL to manufacture upto 2,000 kW/6.6 kV/2P high-rating flameproof motors for hazardous applications in refineries, petrochemical and related industries.
Future perspective
In the Oil & Gas Sector, refinery expansion is underway. Several petrochemical projects have been launched in line with GoIs vision of becoming net exporter of petrochemicals. Leading companies like IOCL, BPCL, GAIL and Nayara Energy have already announced projects in this segment. Further, various industry players have proposed investments in Green Hydrogen and Ammonia Plants, thus increasing market potential.
BHEL has established footprint through product and system offerings in various sectors viz. Oil & Gas (Downstream and Upstream), Steel, Fertilizers, Petrochemicals and other Process Industries, and is well placed to capitalize on the upcoming opportunities.
1.3.2.6 New and Renewable Energy Business Areas
GoI is planning to reach 500GW of RE capacity by 2030. This ambitious plan of renewable power adoption is giving impetus to the Solar Energy and Energy Storage market, alongside giving a boost to business areas like EV chargers, green hydrogen etc., where BHEL is targeting to diversify. National Green Hydrogen Mission is also providing impetus towards robust infrastructure creation in hydrogen value chain.
BHEL is working to capitalize on its experience, along with engineering and execution strength in Solar Power Projects. The company has entered into a MoU with M/s REC Power Development Corporation Limited (RECPDCL – a subsidiary of REC) for exploring business in this domain.
Under the National Green Hydrogen Mission, GoI is targeting to make India a global hub of Green Hydrogen production and Electrolyser manufacturing. In line with the national commitments, BHEL is targeting Electrolyser manufacturing and EPC of Green Hydrogen Generation Projects. BHEL has entered into technology licensing agreement with Bhabha Atomic Research Centre (BARC) for 50kW Alkaline Electrolyser system and is further exploring opportunities for collaboration in the area of Electrolysers, Fuel cells, and Biomass Gasification. BHEL has developed 5kW PEM Fuel Cell (PEMFC), and has successfully completed capacity test of the 25kW PEMFC suitable for stationary power backup applications. Under the National Electric Mobility Mission Plan (NEMMP), Ministry of Heavy Industries (MHI) launched PM e-drive scheme (PM Electric Drive Revolution in Innovative Vehicle Enhancement), ACC PLI, Auto-PLI etc. to develop the supply chain ecosystem for EVs as well as demand creation, enabling faster adoption of EVs in India, thereby providing business opportunities in this sector.
BHEL has successfully developed and received certification of 122kW EV charger and 60kW EV charger. First in-house manufactured 60kW EV charger is commissioned at BPCL retail outlet BKC Complex, Mumbai, and further EV chargers at various BPCL retail outlets across India have been supplied against commercial order. Initiatives for in-house development and manufacturing of higher ratings EV chargers (240kW and above) are at advance stages. As per the National Electricity Plan – 2032 released by Ministry of Power (MoP), installed BESS capacity in India is likely to reach 8.6GW/ 34GWh by 2027 and further to 47GW/ 236GWh by 2032. Further, Government has also issued advisory on co-locating energy storage systems equivalent to 10% of the installed solar project capacities. This is expected to spurt the BESS demand through enhanced allocation for VGF-linked BESS projects.
BHEL is planning to address the rise in BESS demand by offering integrated solutions and capitalizing on its vast experience in system engineering and project execution.
1.3.3 International Operations
Overview
BHEL has been in export business for over four decades, and is continually expanding its global footprint. Our references encompass 91 countries, with over 13 GW installed capacity and around 3.5 GW capacity under execution overseas. Presently, major projects under execution in the overseas markets include Punatsangchhu-I (6x200MW) and Punatsangchhu-II (6x170 MW) hydro projects in Bhutan; Arun-3 (4x225 MW) hydro project and Rahughat (2x20 MW) hydro project in Nepal; and 1.3 MW Kaduna Solar Mini grid project in Nigeria, and a host of orders for products, spares and services for various countries.
The companys efforts in the overseas business for products, after-sales and services are reaping positive results.
Achievements during the year
• Entry into new countries: Secured prestigious order for supply of 4 numbers of 175 MW Synchronous Generators for Mmamabula Thermal Power Project, Botswana (90th country) from Doosan Skoda Power, Czech Republic. Further, secured an order for supply of valves for Costa Rica (91st country).
• First-ever order for generator for Russian Federation:
Secured an order for Supply and Supervision of 95 MW Generator.
• Commissioning of 3 no. Hydro sets: 3 units of 6x170MW Punatsangchhu-II hydro project in Bhutan have been commissioned in FY 2024-25.
• BHEL team has successfully carried out the technical supervision of overhauling works of Steam Turbine and Boiler Valves at 125 MW Sendou Thermal Power Project, Senegal. CES Senegal (Customer) has appreciated the technical expertise and efforts of BHEL in completing the works within the tight outage (shutdown) schedule.
Future perspective
Exports continues to be an avenue for value creation and diversification in BHEL. The company is innovating existing offerings to meet the market requirements and is striving for increased business. Few major opportunities in hydro segment are expected to be finalized in coming years and the company is well-positioned to address such opportunities.
1.4 Comprehensive Analysis of Financial Performance
1.4.1 BHEL Standalone
A. Financial Results
1. Total Income
(Rs. Crores)
Particulars |
2024-25 | 2023-24 |
| Revenue from contract with customers | 27,355 | 22,921 |
| Other operational Income | 984 | 972 |
| Other Income | 504 | 588 |
Total Income |
28,843 | 24,481 |
The resurgence of the thermal business, combined with enhanced project execution, strategic re-orientation of business processes, and extended liquidity support to vendors, have significantly strengthened the companys operations. These initiatives have collectively driven an ~18% increase in total income compared to the previous financial year.
2. Expenses
2.1 Material consumption, erection and engineering expenses
(Rs. Crores)
Particulars |
2024-25 | 2023-24 |
Direct Material (incl. |
19,955 | 16,894 |
Subcontracting Cost) |
||
Revenue Accretion/(Decretion) in inventories of finished goods, work in progress and scrap |
27,355 1,542 | 22,921 437 |
Gross Revenue (Value of Production) |
28,897 | 23,358 |
| Direct Material cost as % of Gross | 69.1% | 72.3% |
| Revenue |
The Company achieved a 3.27% reduction in direct material costs by redefining systems and processes to optimize procurement efficiencies and implement cost-saving initiatives. Key measures included bulking and consolidation of procurements, streamlining product specifications, standardization efforts, developing and expanding vendor base and engineering optimization. In addition, the timely release of payments to suppliers will further contribute to material cost efficiency.
2.2 Employee benefits expenses
(Rs. Crores)
Particulars |
2024-25 | 2023-24 |
| Employee benefits expenses | 5,923 | 5,629 |
| No. of Employees | 27,800 | 28,673 |
| Revenue per Employee | 0.98 | 0.80 |
Although overall costs increased during the year, revenue per employee improved, reflecting better workforce productivity and operational efficiency.
2.3 Other expenses
(Rs. Crores)
Particulars |
2024-25 | 2023-24 |
| a) Other expenses of Mfg., Admn., | 1,815 | 1,534 |
| Selling & Distribution | ||
| b) Power & Fuel | 491 | 452 |
Sub-total |
2,306 | 1,986 |
| As % of Revenue | 8.4% | 8.7% |
| c) Provisions (net) | 158 | (1,037) |
| d) Exchange Rate Variations | (135) | (105) |
Total |
2,329 | 844 |
Cost optimisation, process efficiencies and budgetary control contributed to reduction in other expenses to 8.4% of revenue, despite an increase of 19% in operational volume/ revenue.
Details of Provisions (net) and Write-o_s:
(Rs. Crores)
Particulars |
2024-25 | 2023-24 |
| Doubtful debts (incl. ECL), liquidated damages, loans, advances & deposits and others | (2,796) | 1,481 |
| Bad debts, LD, Investment & losses written off | 3,151 | 66 |
| Contractual obligations | (197) | (2,584) |
Total |
158 | (1,037) |
The company has changed its practice to vacate provision against contractual obligations wherever Performance Guarantee (PG) test is not a pre-requisite condition as per contract. Accordingly, provisions to the tune of D118.47 Crores have been vacated during the year 2024-25.
In addition to the above, the company placed strong emphasis on enhancing debtor realization and timely settlements. It also undertook a prudent clean-up of the books by writing off non-recoverable dues. The strategic focus remained on driving provision withdrawals through customer settlements and improved cash collections.
3. Finance costs
(Rs. Crores)
Particulars |
2024-25 | 2023-24 |
Discount & exp. on commercial papers |
5 | 9 |
| Interest expense | 709 | 601 |
| Un- winding of provisions | 34 | 121 |
Total |
748 | 731 |
Finance cost has increased marginally compared to the previous year due to higher interest rates on borrowings and an overall increase in borrowing levels.
4. Depreciation & amortization expenses
(Rs. Crores)
Particulars |
2024-25 | 2023-24 |
| Depreciation & amortisation | 272 | 249 |
Depreciation costs vary based on the timing of asset capitalization and the mix of asset classes. During the year, there was an overall increase in depreciation expense compared to the previous financial year, primarily due to higher capitalization.
5. Tax expenses
(Rs. Crores)
Particulars |
2024-25 | 2023-24 |
| Current tax - Current year | 8 | 31 |
| - Earlier years | 15 | (143) |
| Deferred tax -Current year | 196 | 59 |
| - Earlier years | (7) | 13 |
Total |
212 | (40) |
The Current tax expense for the Last year was lower, mainly due to reversal of tax expense on account of adjustment of Income Tax refunds pertaining to earlier assessment years.
6. Profitability
The company posted Profit Before Tax of D725 Crores and post-tax profit at D513 Crores for FY 2024-25, with EBITDA of D1,745 Crores (~6%).
7. Other comprehensive income
(Rs. Crores)
Particulars |
2024-25 | 2023-24 |
Re-measurement of defined employee benefits gain/(loss) |
(219) | (110) |
Less: Income tax related to above item |
(55) | (28) |
Total |
(164) | (82) |
Other Comprehensive Income represents re-measurement gain/ (loss) on defined benefit plans such as Gratuity, PF, Post-Retirement Medical Benefit etc.
B. Financial position
8. Property, plant and equipment (PPE), intangible assets and capital WIP
(Rs. Crores)
Particulars |
March 31, 2025 | March 31, 2024 |
| Gross carrying value | 7,748 | 7,236 |
| Less: Accumulated depreciation / amortisation | 4,801 | 4,662 |
Net carrying value (net block) |
2,947 | 2,574 |
| CWIP & intangible assets under development | 195 | 308 |
Total |
3,142 | 2,882 |
9. Investment Property
(Rs. Crores)
Particulars |
March 31, 2025 | March 31, 2024 |
| Gross carrying value | 1.2 | - |
Less: Accumulated depreciation / amortisation |
0.7 | - |
Net carrying value (net block) |
0.5 | - |
During the year, the Company has entered into operating lease on its investment property portfolio consisting of certain Land and Building. The Fair value of the investment property has been assessed at D112 Crores by registered valuer as at March 31, 2025 for various properties located at Bhopal and Mumbai.
10. Equity investments
(Rs. Crores)
| March 31, 2025 | March 31, 2024 | |||||
Particulars |
Investment | Impairment / FV adj. | Net | Investment | Impairment / FV adj. | Net |
| Investment in joint ventures | 722 | (50) | 672 | 718 | (52) | 667 |
| Investment in other equity instruments | 1 | (1) | - | 1 | 0 | 1 |
Total |
723 | (51) | 672 | 719 | (51) | 668 |
Investment in joint ventures (JVs) were accounted at cost after considering impairment loss, if any, in line with Ind AS. Investment in other equity are accounted at fair value through profit & loss account and changes in carrying value have been made based on fair value on the reporting date. Investment includes deemed investment (BCGCL) of D5.29 Crores which denotes the fair value of Corporate guarantees fee towards financial guarantee given without any consideration.
11. Trade receivables (Net)
(Rs. Crores)
Particulars |
March 31, 2025 | March 31, 2024 | ||||
| Non- Current | Current | Total | Non- Current | Current | Total | |
| Gross | 11,826 | 7,260 | 19,086 | 15,284 | 5,889 | 21,173 |
| Receivables | ||||||
| Less: | 8,779 | 1,375 | 10,155 | 12,059 | 1,104 | 13,163 |
| Allowances for | ||||||
Bad & doubtful debts |
||||||
Trade receivables (net) |
3,047 | 5,884 | 8,931 | 3,225 | 4,785 | 8,010 |
Trade Receivables stood at D 8,931 Crores as of March 31, 2025, compared to D8,010 Crores as of March 31, 2024. The increase is primarily attributable to increase in level of operations.
12. Cash & cash equivalents and bank balances
Particulars |
March 31, 2025 | March 31, 2024 |
| Cash & cash equivalents | 439 | 1,835 |
| Deposits having maturity more than 3 months but not more than 12 months | 6,618 | 3,740 |
| Earmarked bank balances & FD against margin money | 555 | 582 |
Total |
7,612 | 6,157 |
The companys renewed focus on cash collections, following the restructuring of its receivable management, led to a nearly 40.5% increase in cash collection over the previous year, including customer advances. The intermittent Cash surplus was placed as short-term deposit for operational liquidity management.
13. Deferred tax assets (Net)
(Rs. Crores)
Particulars |
March 31, 2025 | March 31, 2024 |
| Deferred tax assets (net) | 4,068 | 4,201 |
The reduction in Deferred Tax Assets during the year is mainly attributable to the utilization of brought forward losses.
14. Other assets
| March 31, 2025 | March 31, 2024 | |||||
Particulars |
Non- Current | Current | Total | Non- Current | Current | Total |
Contract assets (Net) |
13,666 | 15,779 | 29,444 | 13,296 | 13,452 | 26,748 |
Input tax credit receivable |
- | 1,652 | 1,652 | - | 1,301 | 1,301 |
Claim recoverable |
695 | 1,232 | 1,927 | 570 | 951 | 1,521 |
Deposit with tax authorities & others |
89 | 481 | 569 | 105 | 409 | 515 |
Advances & others |
193 | 99 | 293 | 142 | 65 | 207 |
| Less: Provision | 567 | 288 | 855 | 423 | 269 | 692 |
Total |
14,075 | 18,955 | 33,030 | 13,690 | 15,910 | 29,599 |
The major component is pertaining to Contract Assets, which represent unbilled revenue not yet due for payment as per contract terms. The increase of contract assets is mainly due to double-digit (19%) revenue growth over previous year.
15. Inventories
(Rs. Crores)
Particulars |
March 31, 2025 | March 31, 2024 |
| Raw material & components | 4,085 | 3,069 |
| WIP | 5,369 | 3,918 |
| FG | 606 | 503 |
| Stores & spare parts | 270 | 215 |
| Other inventory | 305 | 298 |
Sub total |
10,635 | 8,003 |
Less: Provision for non-moving inventory |
766 | N=RIGHT>782 |
Total |
9,869 | 7,221 |
The inventories are carried at optimised levels keeping in view the future production needs of higher order inflows.
16. Current tax assets /(liabilities) – Net
(Rs. Crores)
Particulars |
March 31, 2025 | March 31, 2024 |
| Current tax assets/(liabilities)-net of provisions | 137 | 229 |
The amount mainly represents TDS (net of provision for tax), which is due for refund in near future.
17. Share Capital
(Rs. Crores)
Particulars |
March 31, 2025 | March 31, 2024 |
| Authorised share capital | 2,000 | 2,000 |
| Issued, subscribed & paid up share capital | 696 | 696 |
There has been no change in the share capital during the current financial year. The shareholding of promoter [GOI] stands unchanged at 63.17%.
18. Other equity
(Rs. Crores)
Particulars |
March 31, 2025 | March 31, 2024 |
| Opening balance | 24,154 | 24,116 |
| Reinstatement due to change in policies or prior period errors | - | - |
| Add: Total Comprehensive income/(loss) for the year | 349 | 177 |
| Less: Dividend (incl. interim dividend) paid during the year | 87 | 139 |
Closing balance |
24,417 | 24,154 |
Change in net worth is due to total comprehensive income during the year and dividend for FY 2023-24 paid during the year. Dividend @12.5% for the year 2023-24 was approved by the Shareholders in the AGM held on August 22, 2024 and subsequently paid during the year 2024-25.
After the reporting date final dividend @25% was proposed by the Directors for FY 2024-25, subject to the approval of shareholders, at the Annual General Meeting. The dividend has not been recognized as liability.
19. Borrowings & Lease Liabilities
(Rs. Crores)
| March 31, 2025 | March 31, 2024 | |||||
Particulars |
Non- Current | Current | Total | Non- Current | Current | Total |
| Borrowings | - | 8,795 | 8,795 | - | 8,808 | 8,808 |
| Lease Liabilities | 162 | 57 | 220 | 23 | 25 | 48 |
Total |
162 | 8,852 | 9,015 | 23 | 8,833 | 8,856 |
Borrowing levels of the company were maintained at almost same levels despite increase in level of operations by 19% owing to better funds management. The company has continued to ensure repayment of its borrowings on or before the due date.
20. Financial liabilities
(Rs. Crores)
| March 31, 2025 | March 31, 2024 | |||||
Particulars |
Non- Current | Current | Total | Non- Current | Current | Total |
| Trade payables | 2,171 | 9,541 | 11,712 | 2,293 | 8,539 | 10,832 |
Other financial liabilities |
423 | 1,246 | 1,669 | 408 | 1,493 | 1,901 |
Total |
2,594 | 10,787 | 13,380 | 2,701 | 10,032 | 12,733 |
Trade Payables increased as of March 31, 2025, compared to the previous year, primarily driven by increase in level of operations.
21. Provisions
| March 31, 2025 | March 31, 2024 | |||||
Particulars |
Non- Current | Current | Total | Non- Current | Current | Total |
Provision for contractual obligation |
1,349 | 422 | 1,772 | 1,373 | 449 | 1,822 |
Provision for employee benefits |
1,028 | 856 | 1,884 | 904 | 1,228 | 2,132 |
| Other provisions | 206 | 534 | 740 | 212 | 639 | 851 |
| Provision for CSR | 2 | 3 | 5 | - | 2 | 2 |
Total |
2,586 | 1,815 | 4,401 | 2,489 | 2,318 | 4,807 |
The provision for employee benefits is based on actuarial valuation of leave, medical and gratuity benefits. For contractual obligations provisions (Refer Sl. No. 2.3). Accordingly, provisions to the tune of D118.47 Crores have been vacated during the year 2024-25. Other provisions mainly include provisions for loss making contracts.
22. Other liabilities
(Rs. Crores)
Particulars |
March 31, 2025 | March 31, 2024 | ||||
| Non- Current | Current | Total | Non- Current | Current | Total | |
Advances from customers (incl. valuation adjustments) |
9,743 | 5,551 | 15,294 | 4,063 | 3,070 | 7,133 |
| Statutory dues | - | 1,221 | 1,221 | - | 990 | 990 |
| Govt. grants | 51 | 5 | 56 | 39 | 4 | 43 |
Total |
9,794 | 6,777 | 16,571 | 4,102 | 4,064 | 8,166 |
The company had its highest ever order booking during the year 2024-25, which has also led to increase in Advances progressively adjustable during execution of the projects. Statutory dues are mainly on account of GST liability regularly being discharged on due dates as disclosed under "other assets" (Refer Sl. No. 14).
C. Fund Position
23. Fund flow position and liquidity
(Rs. Crores)
Particulars |
2024-25 | 2023-24 |
| Cash generated from Operations before working capital changes | 381 | (490) |
| Net cash inflow / (outflow) from working capital changes | 1,729 | (3,445) |
| Net cash inflow / (outflow) from operating activities | 2,192 | (3,713) |
| Net cash inflow / (outflow) from investing activities | (2,731) | 1,331 |
| Net cash inflow / (outflow) from financing activities | (857) | 2,656 |
The liquidity position improved in FY 2024–25, supported by initial milestone advances from new projects and milestone achievements in ongoing ones. These factors positively impacted overall cash flow.
D. Key Financial Ratios
In compliance with the requirement of listing regulations, the key financial ratios along with explanations, wherever required, have been provided in Note [43] of the financial statements.
E. Segment performance
The company has two operating segments, power and industry. Both segments have reported growth in revenue with a positive bottom line. The performance of segments is given below:
| 2024-25 | 2023-24 | |||
Particulars |
Power | Industry | Power | Industry |
Segment revenue from Operations |
20,937 | 7,402 | 18,436 | 5,457 |
| Segment results | 1,216 | 1,262 | 1,657 | 137 |
| Segment capital employed | 16,379 | 2,206 | 18,891 | 2,337 |
1.4.2 Financial Review of Joint Venture Companies a. BHEL-GE Gas Turbine Services Private Limited (BGGTS):
BHEL-GE Gas Turbine Services Private Limited (BGGTS) is a Joint Venture Company of BHEL and GE, USA, formed to take up repair and servicing of GE designed gas turbines. The financials in brief are as below: (Rs. Crores)
Particulars |
2024-25* | 2023-24 |
| BHEL share (%) | One share less than 50% | One share less than 50% |
| BHELs investment in equity | 2.38 | 2.38 |
| Revenue from operations | 1,052.58 | 1,054.74 |
| Profit/(Loss) after tax | 118.02 | 127.95 |
| Net worth | 551.15 | 508.97 |
* based on provisional unaudited figures
In FY 2024-25, BGGTS paid final dividend of 550% (for FY 2023-24) and interim dividend of 1050% on the equity share capital of D4.76 Crores.
b. NTPC BHEL Power Projects Private Limited (NBPPL):
NTPC BHEL Power Projects Private Limited (NBPPL) is a JV Company of BHEL and NTPC Limited, promoted to execute EPC contracts for power plants and manufacture power plant equipment. The JVC has a manufacturing facility for Balance of Plant (BoP) equipment at Mannavaram in Andhra Pradesh. The brief financials are tabulated below: (Rs. Crores)
Particulars |
2024-25* | 2023-24 |
| BHEL share (%) | 50% | 50% |
BHELs investment in equity |
50.00 | 50.00 |
| Revenue from operations | 3.48 | 18.19 |
| Profit/(Loss) for the year | (17.01) | (0.80) |
* based on provisional unaudited figures
The provision for impairment in value of investment in NTPC-BHEL Power Projects Private Limited has been made to the extent of D50.00 Crores (same as last year) based on the net financial position. BHEL Board of Directors in its 566th meeting held on January 28, 2025 approved the annulment of in-principle approval for pursuing the winding up of NBPPL accorded by BHEL Board of Directors in its 494th meeting held on February 08, 2018 and accorded in-principle approval for taking up the implementation of 1?800 MW AUSC Technology based Technology Demonstration Plant (TDP) by NBPPL.
c. Raichur Power Corporation Limited (RPCL):
Raichur Power Corporation Limited (RPCL) is a Joint Venture Company of BHEL and Karnataka Power Corporation Limited (KPCL) promoted for setting up of 800 MW supercritical thermal power plants in Karnataka on build, own and operate basis. The paid-up equity capital as on March 31, 2025 was D2,999.76 Crores with contribution of D2,335.72 Crores from KPCL and D664.04 Crores from BHEL. The financials of the Company are as under:
(Rs. Crores)
Particulars |
2024-25* | 2023-24 |
| BHEL share (%) | 22.14% | 22.14% |
| BHELs investment in equity | 664.04 | 664.04 |
| Revenue from operations | 4,296.02 | 3,910.74 |
| Profit/(Loss) for the year | (1,486.64) | (1,735.48) |
* based on provisional unaudited figures
Though at PBT level the company had losses in FY 2024-25, however, the company had positive EBITDA. With improved power demand, the operations of the plant are expected to improve, aiding the bottom-line of the company.
d. Bharat Coal Gasification and Chemicals Limited (BCGCL):
Bharat Coal Gasification and Chemicals Limited (BCGCL) was incorporated as a Joint Venture Company (JVC) of BHEL and CIL on May 21, 2024 to undertake coal to chemicals business by initially setting up a coal to 2000 TPD Ammonium Nitrate Project at Lakhanpur, Odisha by utilizing BHELs "Pressurized Fluidized Bed Gasification (PFBG)" technology. The paid-up equity capital as on March 31, 2025 was D1 Lakh with contribution of D0.51 Lakh from M/s Coal India Ltd. and D0.49 Lakh from BHEL. Investment includes deemed investment of D5.29 Crores which denotes the fair value of Corporate Guarantees fee towards financial guarantee given without any consideration. The financials of the Company are as under: (Rs. Crores)
Particulars |
2024-25* | 2023-24 |
| BHEL share (%) | 49% | |
| Revenue from operations | Nil | NA |
| Profit/(Loss) for the year | (2.26) |
* based on Audited figures
The Company is yet to commence its business.
e. Powerplant Performance Improvement Private Limited (PPIL):
Powerplant Performance Improvement Private Limited (PPIL) is a Joint Venture Company of BHEL and Siemens AG, Germany promoted for performance improvement of old fossil fuel power plants. Since sufficient business to ensure viability of the company was not forthcoming, the promoter partners mutually agreed to gradually wind up the Company. All the pending contracts of the JVC were closed and the process of winding up was initiated during FY 2018-19. M/s Powerplant Performance Improvement Private Limited is still under liquidation. As per the liquidation process, BHEL has received an amount of D0.87 Crore in FY 2024-25.
1.4.3 Consolidated Financial Statements (CFS)
Consolidated Financial Statements have been prepared in accordance with Ind AS 110 on "Consolidated Financial Statements" and Ind AS 28 "Investments in Associates and Joint Ventures".
In the financial statements, for joint ventures, Equity Method is adopted in line with Ind AS. M/s PPIL was not considered for CFS as it is under liquidation.
A summary of the results on financial performance, in line with the aforementioned Ind AS are as under
Financial performance
(Rs. Crores)
Particulars |
For the year ended | |
| March 31, 2025 | March 31, 2024 | |
| Revenue from operations | 28,339 | 23,893 |
| Profit/(loss) before tax | 746 | 243 |
| Profit/(loss) after tax | 534 | 282 |
| Other comprehensive income/(loss) | (163) | (83) |
| Total comprehensive income/(loss) | 371 | 200 |
The share of profit in respect of joint venture - BGGTS was D59.01 Crores in FY 2024-25 as against profit of D63.98 Crores in FY 2023-24. The joint venture companies (NBPPL and RPCL) have incurred losses in FY 2024-25. The accumulated losses equal to the cost of investment in these two JVs have already been recognized in the consolidated financial results, in FY 2018-19. BCGCL is yet to commence its business, so incurred losses in FY 2024-25.
Financial position
(Rs. Crores)
Particulars |
March 31, 2025 | March 31, 2024 |
Assets |
||
Property, plant and equipment, intangible assets and CWIP (net carrying value) (Including investment property) |
3,143 | 2,882 |
Investment accounted for using equity method |
276 | 254 |
| Non-current financial assets | 3,763 | 3,432 |
| Deferred tax assets (net) | 4,068 | 4,201 |
| Non-current other assets | 14,075 | 13,690 |
| Current assets | 42,760 | 34,542 |
Total |
68,083 | 59,002 |
Equity and Liabilities |
||
| Equity share capital | 696 | 696 |
| Other equity | 24,026 | 23,742 |
| Non-current liabilities | 15,135 | 9,316 |
| Current liabilities | 28,226 | 25,247 |
Total |
68,083 | 59,002 |
The share of capex in respect of joint ventures – BGGTS, NBPPL, RPCL and BCGCL was D25.83 Crores (provisional) in FY 2024-25.
1.5 Capital investment
In the year 2024-25, the Company made a capital expenditure of D536 Crores. During the period, the major investment thrust was towards enhancing the facilities in key strategic areas like Defence, Transportation etc., and also toward upgradation of IT infrastructure across the company. BHEL continued to prioritize the modernization and upgradation of the existing facilities in core business areas such as Power Generation, Transmission, Industrial equipment etc., to drive sustainable growth, productivity, improve energy efficiency and power conservation.
1.6 Internal Financial Control System
The Internal Financial Control (IFC) system of BHEL is founded on well documented policies and procedures for ensuring orderly and efficient conduct of its businesses, including adherence to the companys policies, safeguarding of assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records, and timely preparation of reliable financial information. The source of implementation and maintenance of IFC are manuals, guidelines, delegation of powers and IT system and controls, and are effected through well-defined organizational structure i.e. people operating in various departments at different levels at each stage of the processes. BHEL has Internal Audit department, commensurate with its size of operations and nature of its business, spread across its units/divisions to cover internal audit activities at all locations of the company. To assess the adequacy and effectiveness of IFC, regular reviews of risk focused areas and critical appraisal of the functioning of the processes and systems is conducted at respective units/divisions/location by internal audit department. Based on the report of internal audit, process owners undertake corrective action(s) in their respective area(s) to ensure effective internal financial controls. Audit is conducted as per Annual Audit Plan, approved by Board Level Audit Committee (BLAC). Observations and recommendations of Internal Audit are shared with respective units/divisions and material Internal Audit observations and CAG audit paragraphs are reviewed by BLAC. Independent auditors report on the IFC of the company in terms of Clause (i) of sub-section 3 of section 143 of the Companies Act, 2013 by the statutory auditors is placed along with the financial statements. Statutory auditors in their report expressed an unmodified opinion on the adequacy and operating effectiveness of the Companys IFC over financial reporting.
1.7 Quality focus
A well-established Quality Management System (QMS) is functioning across the organization. Several initiatives are underway to enhance effectiveness of the QMS and drive continual improvement in the companys products and services. BHELs Business Excellence journey is aligned with European Foundation for Quality Management (EFQM) 2020 framework. In this regard, BHEL Quality Maturity Model (BQMM) is deployed to assess maturity of quality systems across BHEL. Additionally, to gauge the effectiveness of quality systems and practices, a comprehensive Quality Health Index (QHI) model is in place. Furthermore, Quality Systems are digitalized, leading to effective data analytics and, improved traceability and product quality. The best practices in quality are shared across the organization through quality conversation platform, known as ‘Qonverse.
These focused efforts have yielded significant results and have been recognized. In the Business Excellence (BE) journey, one BHEL unit received the coveted CII EXIM Bank Award 2024, with five other BHEL units received "Platinum" recognition. In other significant achievements, BHEL was conferred with the Gold Award in the 4th edition of the EEPC India Quality Awards 2024 under the PSU category. Also, eight Quality Circle teams of BHEL bagged Gold Award (highest category) at the 49th International Convention on Quality Control Circles (ICQCC) held at Colombo, Sri Lanka. These recognitions are a testament to the companys unwavering commitment to excellence in the field of Quality.
Quality Month with the theme ‘Ownership at every step means Quality is always met, was observed across BHEL in November 24
1.8 Human resource
1.8.1 Learning and Development
BHEL places importance on continuous improvement in technical and behavioural competencies of its entire workforce. The changing business environment is pushing the company to put significant emphasis on fostering a culture of unlearning and relearning. The aim is to build an agile and future-ready workforce, equipped to meet evolving business challenges. The training programs in Technical, Functional, Behavioural and Managerial, and Safety areas have been conducted across the organisation. The e-learning portal has been enriched with diverse learning opportunities, offering employees access to over 140 online training modules. An average training man-days of 4.23 per employee was achieved during FY 2024-25. In FY 2024-25, BHEL successfully conducted structured induction programs for newly joined Engineer Trainees (ETs) and Supervisor Trainees (STs) across multiple locations. Additionally, several strategic learning interventions were introduced, including Leadership Coaching for Senior Management,
Behaviour based Safety at sites, and specialized programs like PRISM Workshop for the Vande Bharat Project and "Executive Presence" for the Power Sector employees. The 9th edition of BHEL Learning Week was organised from September 5-11, 2024 with the theme of "Align-Act-Achieve".
Furthermore, BHEL engaged 1,582 apprentices across its various units. Among them, 1,139 were Trade (ITI) Apprentices, while the remaining 443 comprised Graduate, Diploma, Vocational, and non-technical apprentices. The apprentices gained valuable hands-on learning experiences within our state-of-the-art engineering facilities, enabling them to develop essential skills for thriving in the manufacturing sector as they prepare for their future.
Inter-Organisation Meet was conducted on Learning and Development on March 21, 2025, bringing together Learning and Development professionals from both Public and Private Sector companies to share best practices and foster collaboration in capability-building initiatives.
1.8.2 Performance and Career Development
BHEL has Board approved Succession and Leadership Development Plan (SLDP) framework in line with the mandate of Department of Public Enterprise (DPE). The plan framework is hinged around developing BHELs internal talent pool. It offers a structured approach which outlines the steps to identify, nurture and promote internal talent to build a robust leadership pipeline.
Employee Satisfaction and Engagement Survey in BHEL
Employee Satisfaction and Engagement Survey (ESES) was conducted online for all BHEL employees through a centrally administered online platform. The Employee Engagement Survey (Goonj-The Echo) was facilitated by an experienced third-party agency with the aim to understand employees motivation, commitment and connection to their work and organization. The identities of survey participants were masked while data processing to maintain the anonymity and confidentiality.
The opportunities identified for development through the survey will be addressed in a structured way after due diligence, either through policy support or improvement in operational framework.
Disclosure under section 134 (3)(p) of the Companies Act
As per Section 134 (3) (p) of the Companies Act 2013, the Boards Report of a Listed Company shall include a statement indicating the manner of formal annual evaluation of Board, individual directors etc. Ministry of Corporate Affairs has, vide its notification dated 5th June, 2015, notified the exemptions to Government Companies from the provisions of the Companies Act, 2013 which inter-alia provides that Sec. 134(3) (p) regarding statement on formal annual evaluation shall not apply to Government Companies in case the directors are evaluated by the Ministry which is administratively in-charge of the company as per its own evaluation methodology. Further, in line with above exemptions, Sub-Sections (2), (3) & (4) of Sec. 178 regarding appointment, performance evaluation and remuneration shall not apply to Directors of Government Companies.
In a CPSE, the MoU signed between the company and the Government of India (GoI) details out the parameters and initiatives that the company is required to undertake during that financial year. This MoU is evaluated at the end of the year by the GoI and a performance rating is assigned to BHEL based on its performance on the spelt-out parameters. Further, there is a well laid down procedure for performance evaluation of CMD and Functional Directors. Department of Public Enterprises (DPE) has designed a format and laid down a procedure for evaluation of the Functional Directors performance. The tenure of the Functional Directors as spelt out in their terms and conditions of appointment is five years or the date of their superannuation, whichever is earlier. The terms of reference of Board Level Committees are approved by the Board. The minutes of the Board Level Committees are placed before the Board for its perusal. Appointment of Independent Directors and their tenure (normally three years) is decided by the GoI. However, pursuant to Ministry of Heavy Industries (MHI), BHELs Administrative Ministry, notification dated 28.03.2025, two new Independent Directors on the Board of BHEL have been appointed for a period of one year. DPE, through MHI, has been periodically evaluating/ assessing the performance of the Independent Directors on the board of the company.
1.8.3 Industrial Relations
"Participation of All" is the guiding principle of companys industrial relations journey. The principle is upheld through policy of open and continuous communication with every section of the workforce. By actively engaging with diverse employee groups and fostering a participatory culture, the company has played a key role in cultivating a congenial and harmonious industrial relations environment. During the year, BHELs manufacturing units, divisions, and offices reported harmonious and peaceful industrial relations. Zero man-days were lost during the year on account of strike against company policies, bearing testimony to the concerted efforts undertaken by the management, as well as the employee groups to work jointly towards the companys goal. In line with BHELs commitment to fostering a participatory culture, two meetings of the apex-level bipartite forum, the Joint Committee for BHEL, were held during the year. Additionally, a special meeting was convened with representatives from all Central Trade Union Organizations, with limited participation from Units. At the manufacturing units, 39 Plant Council meetings and 620 Shop Council meetingswereconductedacrossBHEL.Theseforumsfocused onstrategiestoenhancethecompanysoverallperformance—emphasizing productivity, quality, safety, timely delivery, and cost reduction measures aimed at strengthening BHELs financial health. Through these collaborative efforts, BHEL continues to work towards sustainable growth, improved competitiveness, and profitability, thereby delivering value to all stakeholders, including its employees.
1.8.4 Manpower Strength
The Manpower Strength of BHEL as on March 31, 2025 is 27,800 consisting of 10,375 Executives, 4,093 Supervisors and 13,332 Workers.
1.8.5 Status on Presidential Directives
No Presidential Directives have been received w.r.t (A) Reservation policy for reserved category persons (B) Safeguard of women at workplace during the years 2022-23, 2023-24 and 2024-25.
1.8.5.1 Directives on Reservation Policy for Reserved Category Persons
Presidential Directives on reservation policy issued by Central Government from time to time provide for certain percentages of reservation in direct recruitment as well as promotion in specified posts and for specified reserved category of candidates, i.e SCs, STs, OBCs and Persons with Disabilities (PwD). Besides, the Directives also contain provision for certain concessions and relaxations for specified category of employees in direct recruitment and promotion. The Presidential Directives on the subject are being strictly complied with and reservation percentages are ensured through maintenance of Post Based Roster system as prescribed by Government. However, there is no direct impact of these guidelines on the financial position of the company.
Other relevant information on the subject is furnished below: i. Representation of SC/ST/OBC/EWS employees
The overall representation of SC/ST/OBC employees in total manpower as on December 31, 2024 was 20.74%, 7.57% and 38.46% for SCs, STs and OBCs respectively. The Annual Statement in the prescribed format showing the representation of SCs, STs, OBCs and EWS as on December 31, 2024 and number of appointments made during the calendar year, is given at Annexure - 1A. ii. Manpower strength of PwD employees as on December 31, 2024
Total number of PwD employees as on December 31, 2024 was 815. During the year 2024, 06 employees were recruited in PwD Category. The group wise manpower strength of PwD employees in the company as on December 31, 2024 is given at Annexure - 1B.
1.8.5.2 Safeguard of Women at Workplace
An Act, to provide protection against sexual harassment of women at workplace and for the prevention and redressal of complaints of sexual harassment and for matters connected therewith or incidental thereto, called "The Sexual Harassment of Women at Workplace (Prevention, ProhibitionandRedressal)Act,2013",hascomeintoforcefrom December 9, 2013 with notification of rules by Government of India, Ministry of Women and Child Development called "The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Rules, 2013".
The provisions of the Act and the rules thereunder are being strictly complied with. In accordance with the Act, Internal Complaints Committee (ICC) has been constituted in all units of BHEL and their constitution and contact details have been hosted on the units website. Posters highlighting the key provisions of the Act, Duties of the Employer, Complaints Redressal Mechanism, Action for Malicious Complaints and various misconceptions about Sexual Harassment have been displayed at conspicuous places in all units in Hindi, English and regional languages. The Act requires companies to conduct orientation sessions or training for the ICC annually. ICC must have knowledge and sensitivity to redress the grievances of women. This is mandatory not just legally but also for the workplace safety. In line with the Act, a workshop for ICC Members was organized on PAN BHEL basis. At unit level, 46 workshops/ awareness programmes were conducted on Sexual Harassment Act and Gender Sensitization.
During the year 2024-25, 5 cases have been reported out of which 4 cases have been disposed. As on April 01, 2025, 1 case is pending.
Annexure – 1A
Annual Statement showing the representation of SCs, STs, OBCs and EWS as on December 31, 2024 and appointments made during the calendar year 2024
Groups |
Representation of SCs/STs/OBCs/EWS (As on December 31, 2024) | No. of appointments made during the calendar year 2024 |
|||||||||||||||
| By Direct Recruitment | By Promotion* | By Deputation/ Absorption | |||||||||||||||
| Total No. of Employees | EWS | SCs | STs | OBCs | Total | EWS | SCs | STs | OBCs | Total | SCs | STs | Total | SCs | STs | OBCs | |
1 |
2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 |
Group A |
11730 | 21 | 2169 | 992 | 3446 | 154 | 15 | 24 | 11 | 40 | 0 | 0 | 0 | 0 | |||
Group B |
2786 | 0 | 547 | 354 | 695 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Group C |
13430 | 8 | 3075 | 773 | 6599 | 73 | 8 | 9 | 6 | 30 | 0 | 0 | 0 | 0 | |||
| NA | |||||||||||||||||
Group D |
|||||||||||||||||
| 61 | 0 | 9 | 3 | 36 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
(Excl. SW) |
|||||||||||||||||
Group D |
|||||||||||||||||
| 12 | 0 | 12 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
(SW) |
|||||||||||||||||
Total |
28019 | 29 | 5812 | 2122 | 10776 | 227 | 23 | 33 | 17 | 70 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
* In BHEL there are no appointments at induction level by promotion
Annexure – 1B Annual Statement showing the representation of Persons with Disabilities as on December 31, 2024 and appointments made during the calendar year 2024
| Number of Employees | Direct Recruitment | Promotion* |
|||||||||||||||||
| Total number of employees | VH | HH | OH | No. of vacancies reserved |
Total | No. of appointments made | Total | No. of appointments made | |||||||||||
| Group | No. of Vacancies reserved |
||||||||||||||||||
VH |
HH |
OH | VH |
HH |
OH |
VH | HH | OH | VH | HH | OH | ||||||||
1 |
2 | 3 | 4 | 5 | 6 |
7 |
8 | 9 | 10 |
11 |
12 |
13 | 14 | 15 | 16 | 17 | 18 | 19 | |
Group A |
11730 | 3 | 16 | 325 | 0 | 0 | 4 | 4 | 0 | 0 |
4 | ||||||||
Group B |
2786 | 2 | 4 | 79 | 0 | 0 | 0 | 0 | 0 | 0 |
0 | ||||||||
Group C |
13430 | 16 | 26 | 342 | 0 | 0 | 2 | 2 | 0 | 0 |
2 | NA | |||||||
Group D |
73 | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
0 | ||||||||
Total |
28019 | 22 | 46 | 747 | 0 |
0 |
6 | 6 | 0 |
0 |
6 |
||||||||
Note:
(i) VH stands for Visually Handicapped (persons su_ering from blindness or low vision) (ii) HH stands for Hearing Handicapped (persons su_ering from hearing impairment)
(iii) OH stands for Orthopaedically Handicapped (persons su_ering from locomotor disability or cerebral palsy) * In BHEL there are no appointments at induction level by promotion
1.9 Capacity Building for the Country
BHEL is a major contributor towards engineering and manufacturing capacity building for the Country. The company is carrying out following initiatives with support from Ministry of Heavy industries (MHI) under the Capital Goods Scheme Phase II:
• Company established a "Common Engineering Facility Centre (CEFC)" for skill development in Welding Technology at WRI Trichy along with its extension centers at Varanasi, Ranipet, Bhopal, Jhansi and Haridwar units of BHEL. Till March 31, 2025, the facilities trained more than 7,500 welders across the country.
• Company established a Test Lab for Pumps at its Hyderabad unit. This lab shall be one of its kind in the country and shall allow for High Flow and High Temperature test which were earlier carried out abroad only.
• Company established a testing facility comprising both Hardware in the Loop (HIL) and Software in the Loop (SIL) functionalities in the area of Industrial related processes at its Corporate R&D, Hyderabad. This will help industries to vet the designs at different stages and aid the start-ups / MSME / Process Industries / Defence establishments to develop new designs and test their performance in line with Governments thrust on Make in India.
• Company augmented the test facilities of existing Technical Services Division Lab to develop a state-of-the-art NABL accredited test lab with facilities for testing the chemical, electrical, mechanical properties under a single roof at its Bhopal Unit. This lab is strategically located in Central India and will specifically cater the requirements of capital goods industry.
1.10 Right to Information
In consonance with the provisions of the Right to Information Act, 2005 (the Act), BHEL works towards promoting transparency and accountability. A Central Public Information Officer (CPIO) at Corporate Office, along with one Nodal Officer at Corporate Office and 25 other CPIOs at each of the major administrative units are functioning in the company. 25 First Appellate Authorities also function in the company to dispose-o_ first appeals filed against the orders of the CPIO(s), as provided under the Act. As a measure to facilitate citizens in filing their RTI applications and first appeals online, BHEL has adopted the online RTI web portal (https://rtionline. gov.in) launched by Department of Personnel and Training. Consequently, RTI applications and RTI first appeals filed on the portal are being replied through online mode. Section
4 (1) (b) disclosures have been made available on BHELs website. In addition, certain guidelines and proforma(s) indicating procedure for obtaining information and for filing RTI first appeals under the Act have been placed on BHELs website. The CPIOs and other internal stakeholders involved are sensitized about their obligations under the Act through training and workshops. BHEL being a member of Steering Committee on RTI constituted by Standing Conference of Public Enterprise (SCOPE) actively participates in its meetings and discussions related to RTI matters organized by SCOPE. Quarterly RTI Returns have been timely submitted to the Central Information Commission. During FY 2024-25, 550 applications and 95 appeals were received online, and 480 applications and 86 appeals were disposed-o_.
1.11 Risks and Concerns
BHELs business operations have exposure to various types of internal and external risks related to financial, operational, sectoral, technological obsolescence, ESG specific, cyber security, evolving business dynamics, meeting of project timelines and challenges in providing on-site product/ service support in adverse conditions.
BHEL has identified a need for an efficient and effective Risk management process within the company for ensuring the conduct of the business in a risk conscious manner.
The company has in place a Risk Management Charter and Policy to implement a structured and comprehensive Enterprise Risk Management system. The charter is intended to establish a common understanding, language and methodology for identifying, assessing, responding, monitoring and report risks. This ensures that key risks are being properly identified, reported in time to management and effectively managed. The process for risk identification is consciously guided by the companys growth objectives, external environment, Industry reports as well as internal and external stakeholders, amongst others.
The key risks faced by the company are:
1. Delivery: Delayed delivery of Projects leads to LDs, penalties, customer dissatisfaction and impacts companys image.
2. Liquidity Risk: High demand for liquidity due to rising debtors.
3. Material Cost: Rising direct material cost affecting profitability.
4. Cyber Security: Online data and information security breach leading to loss and critical information infrastructure breakdown.
5. Availability of technology: Non- availability of technologies to meet current/ future market requirements.
6. Order Booking: Order Booking reduction and increasing competition for non-coal based business.
The mitigation measures against the above mentioned six identified key risks are in place.
1.12 Data and Cyber Security
Company has implemented advanced security measures to safeguard BHEL from cyber threats and protect its IT assets. Some measures like Perimeter security comprising of Next Generation Firewalls, Intrusion Prevention System (IPS), Zero Trust Network Access (ZTNA), Network Private Access (NPA), Secure Email Gateway etc. have been implemented. Access to critical IT services are now through multi-factor authentication, this has helped augment network and data security.
Furthermore, a centralized endpoint protection solution with Endpoint Detection and Response (EDR) capabilities has been deployed organization-wide. This solution incorporates advanced features like Anti-Bot, Threat Hunting, Anti-Ransomware, and Compliance features. A centralized Cyber Security Operations Centre (SOC) is functional in BHEL, equipped with advanced functionalities such as User and Entity Behaviour Analysis (UEBA), Security Orchestration Automation and Response (SOAR), and Web Application Firewall (WAF). This SOC monitors security logs from various devices round-the-clock and is integrated with threat intelligence from NCIIPC, CERT-In, and third-party agencies. A 24x7 helpdesk at the SOC addresses cybersecurity and endpoint-related issues promptly.
A Cyber Crisis Management Plan is in place to swiftly act and recover from any cyber-attack. A thorough security review of all internet facing applications, devices and servers are carried out by professional external agencies as part of an exercise to review the security posture of the organization. Recommendations and observations from these reviews are duly addressed.
Quarterly penetration testing of all internet-facing applications and devices is conducted by a CERT-In empanelled agency, ensuring that any vulnerabilities identified are closed immediately. BHEL collaborates closely with CERT-In, NCIIPC, and other government agencies, taking prompt action on any input received from them to enhance the organizations cyber security posture.
BHEL has maintained its certification of Information Security Management System (ISMS) since 2005 as per ISO/ IEC 27001 standard. At present, BHEL is in the process of transitioning to the latest version of ISO/IEC 27001 standard, i.e., ISO/IEC 27001:2022. BHEL is committed to maintain and upgrade its cyber security posture in line with the evolving threat landscape.
For and on behalf of the Board of Directors of
BHARAT HEAVY ELECTRICALS LTD.
K. Sadashiv Murthy
Chairman & Managing Director
Place: New Delhi
Date: July 25, 2025
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