BHEL Share Price Target 2026, 2030, and 2040: Future Growth Outlook & Analysis

This article examines the BHEL share price targets for 2026, 2030 and 2040 and also the factors used to determine these targets as put out by various banks, institutional trading entities and retail blogs. BHEL was delisted from the Nifty 50 index in 2017, and is now listed in the Nifty Midcap 500 index instead.

The BHEL share price today stands at INR 281.50, the closing price as of December 26, 2025. With just four trading days left in the year, the BHEL share price on the NSE lacks the momentum to regain its recent highs above INR 290.

However, the BHEL share price NSE quote looks on course to close the year higher, having started the year below INR 240. For market watchers, a 25% increase in BHEL Limited’s share price in 2025 is not a bad performance, especially given the stock’s strong prospects for the years ahead.

Live Chart

The BHEL share price history indicates that the stock has been on an uptrend after hitting pandemic lows of just below INR 19.00. The current share price of BHEL indicates a 20X growth in the stock’s value.

The upbeat performance of the stock has made it the toast of investors, prompting a barrage of BHEL share price target forecasts for 2026, 2030 and 2040.

BHEL Share Price Target 2026

The most recent BHEL share price target forecasts for 2026 fall within the 12-month window of price forecasts made in 2025 by several institutional entities. These BHEL share price targets comr from firms such as ICICI Securities, UBS, Macquarie, Kotak, and JPMorgan.

JPMorgan has an Underweight/Sell rating on the stock, with a BHEL share price target of INR 185. This was made during its September 2025 guidance call and implies a 34% downside potential in the stock’s value, due to the bank’s view that order inflows could decelerate amid market overpricing. Kotak and Macquarie also agree that the stock will pull back by 56% and 25%, respectively, in 2026. While Kotak maintains a Sell rating with a share price target of INR 125, Macquarie has a Sell/Underperform rating and a 2026 BHEL share price target of INR 210.

UBS and ICICI Securities both have a contrarian view, as both firms have a Buy rating for BHEL. UBS has a BHEL share price target of INR 340, set in October 2025. The driver for this forecast is the Indian government’s thermal buildout, with an 80 GW new thermal capacity target for FY2032. ICICI Securities has the latest price forecasts for BHEL, predicting an INR 370 share price target with an implied upside of 31%. ICICI Securities clearly notes execution ramp-up and a stronger multi-year order book, with expected improvement in delivery, as the drivers of its BHEL share price targets.

BHEL Share Price Target 2030

Institutions hardly broadcast share price targets for 2030. The BHEL share price targets for 2030 are pooled from quant model forecast sites and retail blogs.

WalletInvestor has a 2030 BHEL share price target of INR 587, set for December 2030. It used an algorithmic forecasting method to arrive at this price target. FincoPanda has a more optimistic price target, forecasting the BHEL future share price to reach INR 674 in 2030. Gov.Capital has published month-by-month projections for the BHEL share price, calling for a price of INR 1964 by 28 December 2030.

Shubham Digital’s LinkedIn page calls for INR 300 – INR 400 by 2030.  

BHEL Share Price Target 2040

The current non-institutional BHEL share price targets for 2040 come from SharePrice-Target.com (INR 3600), SharesPrediction (INR 1400-INR 1500) and MoneyMintIdea (INR 6000-INR 9000). These targets are quite optimistic and due to the long-term nature of these price calls, cannot be given too much credence.

Order Book Analysis and Execution Trends

The FY2025 order book stood at an all-time high of INR 1,96,238 crore. as of 31 March 2025. The order book for Q1 and Q2 2026 currently stands at INR 2,04,375 crore and INR 2,19,600 crore, respectively. The component attributable to Power has remained constant at 80%,while Industrials retain their 18% component mix. Exports stand at 2%.

The figures indicate that the order book is not only growing but looks set to hit new highs by the time the FY2026 figures are compiled.

The FY2025 execution outcome shows revenue from operations coming in at INR 28,339 crore. This represents 19% YoY growth in the company’s business deck. Revenue in Q1 2026 was flat, as stronger industry EBIT offset losses from the power segment. However, there was a vast improvement in Q2 2026. EBITDA margins and revenue climbed 7.7% YoY due to an apparent uptick in executions. Clearly, the financials are still being shaped by which project vintages are executed each quarter.

The legacy projects, which are older but produce lower margins, continue to constitute a margin overhang. If FY2026 completes these projects, they would constitute a smaller execution factor from FY2027 onward. Within the FY2027 time frame, the new thermal-based projects currently attracting strong demand would be the primary margin drivers. Due to the higher margins and better economics of these newer projects, the company is expected to see a positive shift in its order book dynamics.

Investors should watch out for the following metrics that are expected to dictate price action in the next five years:

• Execution run-rate per quarter
• Power-Industry mix (industry component has shown better profitability in down periods)
• Trend of EBITDA margins, which becomes more relevant when the older projects are completed.
• Contract assets
• Conversion ratio of thermal power bids to awards.

Technical Outlook & Market Performance

The daily chart shows an evolving triangle pattern amid the uptrend. The bias favours the uptrend, which needs a price break of the 295.90 resistance and the prior high of 2 December 2025 to re-establish a bullish move targeting the 335.50 resistance, formed by the high of 10 July 2024.

On the flip side, a breakdown of the triangle’s lower border and the 268.55 support (29 May and 30 June 2025 highs) invalidates the bullish bias, targeting the 246.85 support and prior high of 7 October 2025. Below this level, the lows of 26 September and 24 October 2025 form an additional support target at 230.14.

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