Shares of Bharat Heavy Electricals Ltd (BHEL) have continued their impressive rally, marking gains for the sixth consecutive trading session on Thursday. The stock was last seen trading 0.93% higher at ₹228.05, bringing its total monthly gain to a robust 16.77%. This sharp uptrend is largely attributed to a strategic development — BHEL recently signed a Technology Transfer Agreement (TTA) with the Bhabha Atomic Research Centre (BARC). The partnership aims at the complete indigenous development of alkaline electrolyser systems for hydrogen production, a move that aligns with India’s push toward clean energy and self-reliance.
According to BHEL, the technology acquired from BARC — Mixed-Matrix Membrane Diaphragm Technology — will effectively replace asbestos-based diaphragms in electrolyser systems. More importantly, it will serve as a low-cost, domestic alternative to Zirfon membranes, which are currently imported for use in water electrolysis. This initiative is expected to significantly boost BHEL’s role in the National Green Hydrogen Mission while reinforcing the government’s ‘Make in India’ initiative, promoting domestic innovation and reducing import dependency in critical technology.
From a technical standpoint, the stock has attracted positive sentiment among market analysts. SEBI-registered analyst Mitesh Panchal noted that the stock has shown strength in recent sessions and recommended a stop-loss at ₹220, with potential upside targets in the ₹235–240 range. Similarly, Osho Krishan, Senior Analyst – Technical & Derivatives at Angel One, observed that BHEL has witnessed a strong revival with encouraging chart indicators. He emphasized that the ₹210–215 zone should offer solid support in the event of a pullback, while resistance could emerge near the ₹245–250 level.
Technically, BHEL is trading above its 5-, 10-, 20-, 30-, 50-, and 100-day simple moving averages (SMAs), although it remains below its 150-day and 200-day SMAs. The stock’s 14-day Relative Strength Index (RSI) currently stands at 66.88, suggesting strong momentum but still below the overbought threshold of 70.
Looking at valuation, BSE data shows the stock’s price-to-earnings (P/E) ratio at 160.07, and the price-to-book (P/B) value at 3.22. The earnings per share (EPS) comes in at ₹1.42, with a modest return on equity (RoE) of 2.01%. Furthermore, BHEL carries a one-year beta of 2, indicating high volatility. On the trading volume front, around 3.3 lakh shares changed hands on the BSE, which is lower than its two-week average of 6.76 lakh shares. The turnover stood at ₹7.48 crore, while the company’s market capitalisation is pegged at ₹79,338.81 crore.
BHEL continues to be a dominant player in India’s heavy engineering and manufacturing sector. The public sector enterprise offers more than 180 product lines, catering to the diverse and evolving demands of core industries such as power, transportation, transmission, and defence. As of March 2025, the government promoters held a 63.17% stake in the company, reinforcing its status as a strategic state-owned enterprise.
