BHEL rallies 6% on securing large project works from Adani Power
ICICI Securities rate stocks including Bharat Heavy Electricals and Adani Power.
· Business Standard Mkts
As of September 30, 2026, BHEL's outstanding order book stood at ₹2.58 trillion. Brokerages are upbeat on the stock, with ICICI Securities pegging a target price of over ₹600 per share.
Key facts
- Dates in focus
- September 30
The analysis
Where the names start from: Bharat Heavy Electricals (BHEL) is 9% below its 52-week high, -2.7% over three months; Adani Power is 20% below its 52-week high, -8.5% over three months. A rating is set against the price on the day the note is written, so how far a stock has already run is the part of the case the headline upside leaves out.
This is an Order book / contract win event. Order inflow is the only forward-looking number most capital-goods and infrastructure companies disclose. What matters is execution pace and margin on the book, not the headline value. On the day the stock is +6.0%, so the tape moved decisively on this.
Market context
- Brokerage calls from ICICI Securities, with ratings on the stocks named. The stocks: Bharat Heavy Electricals (BHEL) and Adani Power.
- On the day, 2 of 2 are higher: Bharat Heavy Electricals (BHEL) leads at +6.0% and Adani Power trails at +2.1%.
- Over three months: Bharat Heavy Electricals (BHEL) -2.7% against Capital Goods & Engineering -6.2% (3.5 points ahead); Adani Power -8.5% against Power -13.4% (4.9 points ahead).
| Company | Price | Day | 1M | 3M | From 52-wk high | Volume vs 20-day | Market cap |
|---|---|---|---|---|---|---|---|
| Bharat Heavy Electricals (BHEL)BHEL · Capital Goods & Engineering | ₹423.90 | +6.0% | -5.0% | -2.7% | -8.6% | 0.8× | — |
| Adani PowerADANIPOWER · Power | ₹199.55 | +2.1% | -0.4% | -8.5% | -19.8% | 0.5× | — |
Capital Goods & Engineering
1M -8.9% · 3M -6.2%
Bharat Heavy Electricals (BHEL)
Power
1M -4.1% · 3M -13.4%
Adani Power
Prices as of 4 Nov 2026, 11:07 IST. Sector moves are the average of the stocks we track in each sector.
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