BHEL is not a power generator like NTPC, nor a transmission utility like Power Grid. It is an engineering, manufacturing and project-execution company, so its order book and execution matter more than a direct comparison of its turnover with a generator’s profit. To compare BHEL with Indian power-sector PSU stocks, first group companies by business model, then compare financial and operating measures for the same year and on the same reporting basis. The official FY2025–26 figures available here illustrate the difference, but do not establish which stock is best or better value.
Which companies belong in a comparison with BHEL?
“Power-sector PSU stocks” covers businesses with very different sources of revenue and risk. The Ministry of Power’s FY2025–26 annual report lists central power companies across generation, transmission, financing and system operations; it also lists SJVN and THDC among joint-venture corporations. A comparison that treats all of them as electricity generators can obscure what drives their results.
| Company or group | Business profile | What to examine |
|---|---|---|
| BHEL | Engineering, manufacturing and project execution for the power sector and other markets. | Order inflows, outstanding order book, execution and commissioning, collections and working capital. |
| NTPC | Power generation. | Generation, capacity additions, plant availability or load factor, fuel exposure, earnings and capital spending. |
| Power Grid | Power transmission. | Transmission investment, regulated assets and returns, project commissioning and financing needs. |
| NHPC and SJVN | Hydro generation and project development. | Capacity and project commissioning, generation, hydrology, project costs and funding. |
| PFC and REC | Power-sector financing. | Loan growth, asset quality, funding costs, collections and capital adequacy. |
| NEEPCO, THDC and Grid Controller of India | Other central power-sector companies identified in the Ministry’s report; their activities are not interchangeable with BHEL’s. | Use each company’s current annual report to identify its segments and the operating measures relevant to them. |
This is a business-model map, not a claim that every company listed is a direct competitor to BHEL or has the same ownership classification. For instance, the Ministry’s report groups SJVN and THDC among joint-venture corporations, while its PSU section includes companies such as NTPC, Power Grid, PFC, REC, NHPC, NEEPCO and Grid Controller of India.
What do the FY2025–26 figures show?
The official releases provide useful but different measures: BHEL reports turnover and project activity, while NTPC reports profit and generation performance. Those figures describe each company; they are not like-for-like performance rankings.
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| Company and period | Reported figure | How to interpret it |
|---|---|---|
| BHEL, FY2025–26 | About ₹32,350 crore turnover, up 18% year on year; provisional and unaudited. | Turnover is not profit. BHEL’s 17 April 2026 release also reports about ₹75,000 crore of order inflows, an outstanding order book of about ₹2.4 lakh crore at year end, about ₹59,000 crore of power-sector order wins and roughly 8.9 GW commissioned or synchronized. |
| NTPC, FY2025–26 | ₹23,162 crore standalone PAT, up 18%; ₹27,546 crore consolidated group PAT, up 15%. | Keep standalone and consolidated profit separate. NTPC’s 23 May 2026 release also reports a 72.04% coal-station PLF, compared with 63.20% for the rest of India’s coal fleet. |
These are company-reported figures: BHEL’s turnover and activity figures are from its 17 April 2026 release, and NTPC’s profit and PLF figures are from its 23 May 2026 release. BHEL labels turnover provisional and unaudited; do not treat it as an audited full-year result. BHEL’s order book is future work to execute, not cash already collected or guaranteed profit. Commissioned or synchronized capacity is an execution indicator, not a measure equivalent to NTPC’s profit or fleet PLF.
Older NTPC revenue figures are not FY2025–26 results
For scale only, NTPC’s FY2024–25 annual report gives revenue from operations of ₹1,70,037.37 crore standalone and ₹1,88,138.06 crore consolidated. These are FY2024–25 figures, not FY2025–26 revenue, and should not be set beside BHEL’s FY2025–26 turnover as though the period and reporting context matched.
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How should you compare BHEL with a generator, transmission company or lender?
Use measures that follow the way each business earns and spends money. A large order book is meaningful for BHEL only alongside evidence that orders are being executed, billed and collected. A generator’s PLF is an operating measure, while a lender’s asset quality addresses a different business risk.
- BHEL: compare order inflows with execution, order-book conversion, commissioning, margins, working-capital requirements, receivables and operating cash flow. Check how much of the order book is executable and how promptly completed work turns into cash.
- Generators such as NTPC and NHPC: examine capacity additions, generation, availability or PLF, fuel or hydrology exposure, project commissioning, cash generation and capital spending. Do not treat one year’s PLF as a complete profitability measure.
- Transmission businesses such as Power Grid: examine transmission investment, regulated asset and return measures, commissioning progress, cash flow and the financing needed for expansion.
- Power-sector lenders such as PFC and REC: examine loan growth, asset quality, collections, funding costs and the strength of the balance sheet. Their lending book is not comparable to a generator’s capacity or BHEL’s unexecuted orders.
Across all companies, compare profit trends, operating cash flow, leverage, receivables, capital expenditure and ability to fund planned growth. Include company-specific execution and policy exposures—such as delays, fuel or hydrology conditions, tariff regulation, tendering, government investment priorities and technology transition—only when the relevant company or regulatory evidence supports the claim.
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Are the available figures enough to decide which PSU stock is best?
No. They help explain business models and illustrate selected FY2025–26 results, but they do not provide a matched, complete peer comparison. BHEL’s surfaced FY2025–26 turnover is provisional and unaudited, and the figures above do not supply the same set of audited operating and financial measures for Power Grid, NHPC, SJVN, PFC and REC.
For a current stock comparison, use each issuer’s FY2025–26 audited statements and relevant operating disclosures. Keep standalone figures beside standalone figures and consolidated figures beside consolidated figures; use the same financial year and define any adjustment consistently. BHEL’s official index lists its FY2025–26 annual report as published on 10 July 2026. NTPC’s official page lists its FY2025–26 annual report, and its announcements page dates the integrated-report listing to 4 August 2026. A listing’s availability is not a substitute for checking the report contents and using equivalent figures for every peer.
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Valuation and shareholder return require another matched set of inputs: dividends and payout history, market capitalization, and valuation multiples calculated using share prices from one specified date and consistently defined earnings. Current same-date prices, valuation multiples and dividend yields for the peer group are not established by the figures cited here, so a defensible “best stock” ranking cannot be drawn from them.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Is BHEL better than NTPC or Power Grid?
There is no universal answer from the reported figures. BHEL’s order inflows and execution indicators speak to an engineering and project-execution business; NTPC’s profit and PLF relate to generation; Power Grid’s relevant comparison would center on transmission investment and regulated asset or return measures. “Better” depends on the business exposure an investor wants, the company’s financial performance and valuation, and the investor’s risk tolerance and time horizon. These distinctions are a comparison framework, not a personal investment recommendation.
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