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BHEL is not a power generator like NTPC or NHPC: it makes and executes power-sector equipment and projects. A fair comparison starts with business model, then matches financial and operating measures for the same year and reporting basis. Official FY2025–26 figures show BHEL’s provisional turnover and order book alongside NTPC’s audited profit and coal-station performance—but they do not establish which stock is better, because comparable FY26 financials and same-date valuation data for the wider peer group are not available here.
Which companies belong in a power-sector PSU comparison?
“Power-sector PSU stocks” covers more than electricity generators. The Ministry of Power’s FY2025–26 annual report includes NTPC, Power Grid, PFC, REC, NHPC, NEEPCO and Grid Controller of India in its PSU section, and lists SJVN and THDC among joint-venture corporations. These companies face different operating and financial drivers, so grouping them together does not make their earnings or valuation measures interchangeable.
| Company or group | Broad business profile | Useful comparison measures |
|---|---|---|
| BHEL | Power-sector engineering, manufacturing, equipment supply and project execution | Order inflows, order-book conversion, execution, commissioning and working-capital collection |
| NTPC | Power generation | Generation, capacity additions, availability or plant load factor, fuel exposure and commissioning |
| Power Grid | Power transmission | Transmission investment and regulated asset or return measures |
| NHPC and SJVN | Hydro generation and development | Capacity additions, generation, project commissioning and hydrology-related operating conditions |
| PFC and REC | Power-sector finance | Loan growth, asset quality and funding costs |
This is a broad comparison map, not a substitute for checking each company’s current segment descriptions in its annual report. The Ministry report’s classification establishes the range of entities in the sector; it does not provide a matched investment comparison of them.
What the FY2025–26 figures show for BHEL and NTPC
The latest figures in the cited company releases measure different things. BHEL’s release focuses on turnover, orders and project activity; NTPC’s reports audited profit and operating performance. Reading the figures side by side is informative about their distinct business models, but it is not a like-for-like profitability comparison.
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| Measure | BHEL | NTPC |
|---|---|---|
| FY2025–26 turnover or revenue | About ₹32,350 crore turnover, provisional and unaudited, up 18% year on year, according to BHEL’s 17 April 2026 release | Not stated in the cited 23 May 2026 results release; the cited audited profit figures are below |
| FY2025–26 profit after tax | Not stated in the cited 17 April 2026 release | ₹23,162 crore standalone PAT, up 18%; ₹27,546 crore consolidated group PAT, up 15%, according to NTPC’s 23 May 2026 release |
| Orders and order book | About ₹75,000 crore order inflows; about ₹2.4 lakh crore outstanding order book at FY-end; about ₹59,000 crore in power-sector order wins, per BHEL’s 17 April 2026 release | Not stated in the cited 23 May 2026 results release |
| Operating activity | About 8.9 GW of power capacity commissioned or synchronized, per BHEL’s 17 April 2026 release | Coal-station PLF of 72.04%, compared with 63.20% for the rest of India’s coal fleet, per NTPC’s 23 May 2026 release |
Keep the reporting bases distinct: NTPC’s standalone PAT is the company-only figure, while consolidated PAT covers its group. BHEL’s cited turnover is provisional and unaudited; it should not be described as an audited final result. The figures above are attributed to the releases and dates stated in the table.
How to read BHEL’s order book
BHEL’s roughly ₹2.4 lakh crore year-end order book indicates work available for execution, not revenue or profit already earned. For an engineering and project-execution business, the next questions are how quickly orders convert into completed milestones and recognized revenue, whether collections keep pace with execution, and what happens to working capital while projects are underway. The cited release supplies order and activity totals, but not the matched cash-flow, margin, receivable or conversion analysis needed to answer those questions.
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How to read NTPC’s operating figures
NTPC’s reported coal-station PLF compares utilization of its coal fleet with the rest of India’s coal fleet for FY2025–26. It is an operating measure, not a valuation measure or a direct comparison with BHEL’s commissioned-capacity figure. A fuller generator comparison would also examine capacity additions, availability, fuel exposure and commissioning on consistent definitions and periods.
Keep older NTPC revenue in its own year
For context 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. These are FY2024–25 figures, not FY2025–26 revenue, and should not be placed in a current-year comparison as if they belonged to the same period as BHEL’s FY26 release.
Is BHEL better than NTPC or Power Grid?
There is no evidence-based single answer without specifying what “better” means. BHEL, NTPC and Power Grid do different jobs in the power system: BHEL supplies and executes projects, NTPC generates electricity, and Power Grid transmits it. A reader prioritizing order execution would assess BHEL’s conversion and cash collection; a generator comparison would focus on operations and capacity; a transmission comparison would examine investment and regulated returns.
“Which stock is best?” also requires current market prices, valuation multiples calculated on a consistent basis, dividend history, and comparable audited financial and risk information. Those inputs are not established for the full peer group here. The FY2025–26 Ministry report provides a sector map, while the cited BHEL and NTPC releases provide selected company figures; neither is enough to rank all the stocks or make an individualized recommendation.
A practical framework for comparing power-sector PSU stocks
- Set the peer group by business. Compare BHEL primarily with businesses whose revenue depends on equipment, engineering or project execution. Compare generators with generators, transmission companies with transmission companies, and lenders with lenders. Use a cross-sector comparison only when explaining different exposures, not when treating metrics as equivalent.
- Match year and reporting basis. Use FY2025–26 figures for every company, and do not mix standalone results with consolidated group results. Mark provisional or unaudited values clearly. If a peer’s audited FY26 report is not in hand, do not substitute an older year without labeling it.
- Choose measures that fit the business. For BHEL, inspect order inflow and backlog alongside execution, working capital and cash collection. For generators, examine capacity additions, availability or PLF, fuel exposure and commissioning. For transmission, focus on investment and regulated asset or return measures. For power-sector lenders, examine loan growth, asset quality and funding costs.
- Check financial resilience. Compare profit trends, operating cash flow, leverage, receivables and capital spending. These measures help distinguish a large announced pipeline or strong operating utilization from the ability to fund growth and turn activity into cash.
- Assess company-specific execution and policy exposures. Depending on the business, relevant factors can include project delays, fuel or hydrology conditions, tariff and regulatory frameworks, government capital-spending priorities, tendering, and technology or transition risk. Establish each specific risk from that company’s disclosures or relevant regulatory evidence rather than assuming it applies equally across the sector.
- Compare shareholder returns and valuation using one date. Use same-date share prices and consistently calculated earnings for market capitalization and valuation multiples; assess dividends and payout history from company disclosures. Without common-date inputs, apparent differences can be stale or misleading.
Where to find fuller FY2025–26 disclosures
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. Those publication dates establish that reports are listed, not what their detailed figures show; use the reports themselves to build a complete peer comparison. For Power Grid, NHPC, SJVN, PFC, REC and other peers, collect each issuer’s FY26 audited statements and presentations before calculating comparative ratios.
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