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BHEL is not a direct equivalent of NTPC, Power Grid or NHPC: it makes power equipment and executes projects, while those companies generate electricity, transmit it or finance the sector. BHEL’s FY2025–26 release reports provisional, unaudited turnover of about ₹32,350 crore; NTPC’s FY2025–26 results report audited profit after tax. Those figures measure different things, so they cannot by themselves show which stock is better.
How BHEL differs from other power-sector PSUs
“Power-sector PSU stocks” covers companies with different sources of revenue, operating risks and financial measures. The Ministry of Power’s FY2025–26 annual report places NTPC, Power Grid, PFC, REC, NHPC, NEEPCO and Grid Controller of India in its PSU section; it lists SJVN and THDC among joint-venture corporations. The label therefore includes more than electricity generators.
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| Company or group | Business model | Measures that best fit the model | FY2025–26 figure established in the cited material |
|---|---|---|---|
| BHEL | Engineering, equipment manufacturing and project execution for the power sector | Order inflows and backlog, execution and commissioning, margins, cash collection and working capital | About ₹32,350 crore provisional, unaudited turnover; about ₹75,000 crore order inflows; about ₹2.4 lakh crore year-end order book; about ₹59,000 crore power-sector order wins; roughly 8.9 GW commissioned or synchronized. BHEL release, 17 April 2026. |
| NTPC | Electricity generation | Capacity and generation, availability or plant load factor (PLF), fuel costs, new capacity and profit | ₹23,162 crore audited standalone PAT, up 18%, and ₹27,546 crore consolidated group PAT, up 15%; coal-station PLF of 72.04%, compared with 63.20% for the rest of India’s coal fleet. NTPC release, 23 May 2026. |
| Power Grid | Electricity transmission | Transmission investment, assets commissioned, regulated returns, cash flow and borrowing | Not stated in the Ministry of Power’s FY2025–26 annual report taxonomy. |
| NHPC and SJVN | Hydro generation and development | Capacity and project commissioning, generation, hydrology, project costs and financing | Not stated in the Ministry of Power’s FY2025–26 annual report taxonomy. |
| PFC and REC | Power-sector financing | Loan growth, asset quality, funding costs, capital adequacy and collections | Not stated in the Ministry of Power’s FY2025–26 annual report taxonomy. |
The last column is deliberately not a full peer comparison: the Ministry report supplies a company taxonomy, not the matched operating and financial statistics needed to rank these businesses.
What the latest disclosed figures do—and do not—show
BHEL: orders and execution matter alongside turnover
BHEL’s 17 April 2026 release describes FY2025–26 turnover of about ₹32,350 crore as provisional and unaudited, with 18% year-on-year growth. It also reports about ₹75,000 crore in order inflows and an outstanding order book of about ₹2.4 lakh crore at year-end. Power-sector order wins were about ₹59,000 crore, and roughly 8.9 GW of capacity was commissioned or synchronized. These figures indicate business won and activity reported; an order book is not the same as revenue, profit or cash already collected. To judge conversion, an investor would also need audited margins, execution schedules, receivables and operating cash flow.
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NTPC: distinguish standalone from consolidated results
NTPC’s 23 May 2026 release reports audited FY2025–26 standalone PAT of ₹23,162 crore, up 18%, and consolidated group PAT of ₹27,546 crore, up 15%. These are separate reporting bases and should not be compared as though they were one number. NTPC also reported a 72.04% PLF at its coal stations versus 63.20% for the rest of India’s coal fleet. PLF measures actual output relative to the output possible at full capacity over the period; it is not a profit margin or a direct measure of shareholder return.
For historical scale only, NTPC’s FY2024–25 annual report lists revenue from operations of ₹1,70,037.37 crore standalone and ₹1,88,138.06 crore consolidated. Those are FY2024–25 figures, not FY2025–26 revenue, and should not be paired with BHEL’s FY2025–26 turnover as a same-period comparison.
Annual reports are available, but this is not a matched peer dataset
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. The figures above do not include a matched FY2025–26 audited set for every company in the peer group. A full comparison needs each issuer’s detailed annual statements and presentations, with the same reporting period and a consistent standalone or consolidated basis.
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Start by comparing each company with businesses that earn revenue in similar ways. Then use common reporting periods and the right operating indicators for each model. A practical checklist is:
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- Match the period and accounting basis. Use FY2025–26 against FY2025–26, and compare standalone with standalone or consolidated with consolidated. Mark provisional or unaudited figures clearly.
- Test BHEL’s order conversion. Look beyond inflows and backlog to execution, commissioning, margins, working-capital requirements and collection of receivables.
- Assess generators on operating performance. Review capacity additions, availability or PLF, generation, fuel exposure and commissioning progress. For hydro-focused companies, hydrology and project development also matter.
- Assess transmission on network investment and returns. Examine assets commissioned, regulated-asset measures, cash generation and financing rather than comparing its operating profile directly with a manufacturer’s order book.
- Assess lenders as lenders. For PFC and REC, relevant measures include loan growth, asset quality, funding costs, capital and collections—not generator PLF or BHEL order wins.
- Check financial resilience and execution. Across the peer set, consider profit trends, operating cash flow, leverage, receivables and planned capital spending. Policy priorities, project delays, fuel or hydrology conditions, tariffs and technology changes can affect businesses differently; evaluate specific claims against company or regulatory disclosures.
- Compare shareholder returns and valuation on one date. Use dividend and payout history, market capitalization and valuation multiples based on same-date prices and consistently defined earnings. The cited figures do not establish current peer valuations or dividend yields.
Is BHEL better than NTPC or Power Grid?
There is no evidence here to call one of them “better” overall. BHEL’s disclosed order pipeline and execution activity answer different questions from NTPC’s profit and generation measures; Power Grid’s transmission business needs its own operating and financial comparison. The right choice depends on which business model an investor wants exposure to, the company’s audited performance and valuation, and the investor’s risk tolerance and time horizon. These disclosures alone do not support a stock ranking or personal recommendation.
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