BHEL Adani Power Deal: New Orders Secured for 800 MW Thermal Power Units

BHEL Adani Power Deal

BHEL Adani Power Deal: Major Boost with ₹6,500 Crore Order for 800 MW Thermal Units

In a landmark development for India’s power infrastructure, Bharat Heavy Electricals Limited (BHEL) has bagged a massive order from Adani Power Limited under the banner of the latest BHEL Adani Power Deal. This order involves the supply, erection, and commissioning of six advanced thermal power units, each with a capacity of 800 MW.

BHEL Adani Power Deal Marks a Turning Point

The new BHEL Adani Power Deal has come at a crucial time when BHEL is re-establishing itself as a dominant force in the thermal power segment. After facing several years of limited project inflows, BHEL has shown an impressive turnaround. The Letter of Award (LoA) from Adani Power is not just another order—it signifies renewed confidence in BHEL’s capabilities to deliver high-capacity power solutions at scale.

Scope and Details of the BHEL Adani Power Deal

According to regulatory filings made with the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), BHEL confirmed that it has received a LoA worth ₹6,500 crore from Adani Power Limited. The contract involves the manufacturing and supply of steam turbine generators and auxiliaries for six thermal power units of 800 MW each, totaling 4,800 MW.

These turbines will be manufactured in BHEL’s state-of-the-art facilities and will also be supervised during erection and commissioning by the company’s technical teams.

Surging Order Book Strengthens Market Position

The BHEL Adani Power Deal significantly strengthens the company’s growing order book. As of March 31, 2025, BHEL reported a record total order book of ₹1,96,328 crore. Power projects alone contributed ₹1,57,922 crore—nearly 80% of the total. With the Adani Power order included, the value has now crossed ₹2 lakh crore, highlighting BHEL’s strong rebound in the power sector.

BHEL recorded its highest-ever order inflow in FY25, amounting to ₹92,535 crore—an increase of 19% compared to ₹77,907 crore in FY24. Notably, Q4FY25 alone contributed ₹44,588 crore in fresh orders.

Adani Power Emerges as Top Client in BHEL’s Portfolio

Adani Power has become the largest private-sector client for BHEL with this recent deal. The private conglomerate has now placed orders for a total of 14 boilers and 6 turbines, all of 800 MW capacity, under the BHEL Adani Power Deal. This represents a significant partnership and underlines the growing private sector trust in BHEL’s engineering capabilities.

Other major clients include public sector undertakings like NTPC with 11 boiler orders, and state utilities from Chhattisgarh, Gujarat, and Maharashtra. Orders from Neyveli Lignite Corporation (NLC) and Damodar Valley Corporation (DVC) bring the total count of boiler orders to 39—31 for 800 MW and 8 for 660 MW.

BHEL’s Financial Performance Reflects Revival

The financial performance of BHEL in Q4FY25 has further confirmed the company’s growth trajectory. Revenue rose to ₹8,993 crore, an 8.9% YoY growth from ₹8,260 crore in Q4FY24 and a 23.6% QoQ increase from ₹7,277 crore in Q3FY25. The company has maintained a revenue CAGR of 10% over the past three years.

Net profit also witnessed a solid boost, reaching ₹504 crore in Q4FY25—up from ₹490 crore in Q4FY24 and sharply higher than ₹135 crore in Q3FY25. BHEL continues to maintain a steady profit CAGR of 7% and an ROE CAGR of 2%, ensuring long-term financial stability.

Impact of BHEL Adani Power Deal on Stock Market

The announcement of the BHEL Adani Power Deal triggered a noticeable surge in BHEL’s share prices. On June 30, shares climbed nearly 3%, reaching ₹272.10 on the BSE from the previous close of ₹264.10. This upward movement underscores investor confidence in the company’s renewed growth prospects.

Despite some volatility in the past year, the fresh order win has revitalized interest among institutional and retail investors alike. The ₹6,500 crore deal not only expands BHEL’s backlog but also enhances visibility in the thermal energy sector.

Strategic Importance of the Deal for India’s Energy Sector

Thermal power continues to play a pivotal role in meeting India’s growing energy demand. The BHEL Adani Power Deal comes at a time when India is expanding its base-load power infrastructure, which requires robust and scalable solutions. The six 800 MW units will add nearly 5 GW of power generation capacity, thereby supporting industrial and residential energy needs.

Moreover, this deal reaffirms BHEL’s standing as a backbone of India’s engineering and manufacturing excellence in the public sector. It also signals a shift toward public-private collaboration in enhancing national energy security.

Future Outlook: BHEL Riding High on Momentum

With multiple high-value deals in the pipeline, including the ongoing BHEL Adani Power Deal, the future looks promising for BHEL. The company is focusing on technological upgrades, diversification into nuclear and renewable energy, and expanding exports—thereby reducing dependency on any one segment.

Analysts believe that BHEL’s strong order book, consistent financials, and deep-rooted presence in India’s power ecosystem make it a resilient stock for long-term growth.

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Conclusion

The BHEL Adani Power Deal represents more than just another order—it is a strategic milestone for both companies and a vital boost to India’s power generation capacity. As BHEL continues to execute such large-scale projects, its role in the country’s infrastructure development is becoming more significant than ever. This deal not only revives BHEL’s fortunes but also highlights the importance of indigenous engineering talent and public-private partnerships in shaping India’s energy future.

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