Shares of Bharat Heavy Electricals Limited (BHEL) opened higher on Thursday but reversed course in early trade even as the state-owned engineering giant disclosed a major international contract with Nigeria’s Dangote Petroleum Refinery & Petrochemicals Free Zone Enterprise.
The stock opened at ₹410.40 on the NSE, touching an intraday high of ₹411, before slipping to ₹405.65 as of 10.01 AM — down 0.16 per cent from its previous close of ₹406.30. Sell orders were outpacing buys, with 56.98 per cent of total traded quantity on the sell side against 43.02 per cent on the buy side. Traded volume stood at 38.54 lakh shares, with a traded value of ₹156.74 crore.
The disclosure filed with the exchanges on Wednesday, revealed that BHEL had signed a contract on June 2, 2026 for the design, manufacture, supply up to Mumbai Port and supervision of erection and commissioning of eight Gas Turbine Generator packages for Dangote’s petroleum refinery and polypropylene plant in Nigeria’s Dangote Industries Free Zone. Civil work is excluded from the scope. The contract is valued between ₹2,000 and ₹2,500 crore and is to be completed within 26 months from the effective date.
The contract was awarded through an international tender. BHEL confirmed no related-party interests are involved.
Despite the early softness today, BHEL’s broader performance remains strong. The stock has gained nearly 60 per cent over the past year and is up over 39 per cent year-to-date, significantly outperforming the Nifty Midcap 50 index. Its 52-week high of ₹424.90 was recorded just last week on May 29. The stock trades at a P/E of 91.91, well above typical sector multiples, reflecting elevated investor expectations around BHEL’s order pipeline.
Total market capitalisation stands at approximately ₹1,41,285 crore.