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BHEL Board has approved a further Rs 65 crore equity investment

ICICIdirect Research 15 Sep 2026 DISCLAIMER

News: BHEL’s Board has approved a further ₹65 crore equity investment in its 50:50 JV with NTPC, NTPC BHEL Power Projects (NBPPL), in one or more tranches during FY27. The investment will be made in cash at face value and is primarily intended to settle urgent liabilities and maintain NBPPL as a going concern. NBPPL, incorporated in April 2008 to execute power-plant EPC contracts and manufacture equipment, reported provisional FY26 turnover of ₹1.04 crore, down from ₹3.48 crore in FY25 and ₹18.19 crore in FY24; BHEL’s shareholding will remain at 50%.

View: The ₹65 crore infusion is relatively small in the context of BHEL’s overall operations and should have limited near-term earnings impact. Maintaining NBPPL as a going concern preserves its platform to participate in future power EPC opportunities, while the key monitorable remains a recovery in its business scale.

Impact: Neutral

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