BHEL Share Price in Focus on Securing ₹2,800 Crore Syngas Project from Coal India JV

Bharat Heavy Electricals Ltd (BHEL) has secured a major project order linked to coal gasification in Odisha, strengthening its recent order momentum and project pipeline. 

Project Details and Scope 

Bharat Heavy Electricals Ltd received a letter of acceptance (LoA) from Bharat Coal Gasification and Chemicals Limited (BCGCL) for a project valued at approximately ₹2,800 crore, excluding customs duty and goods and services tax.  

BCGCL is a joint venture between Coal India Limited, which holds a 51% stake, and BHEL, which owns the remaining 49%. The contract relates to the Syngas Purification Plant under the LSTK-2 package for BCGCL’s coal-to-2,000 tonnes per day ammonium nitrate project at Lakhanpur in Odisha’s Jharsuguda district. 

Under the contract, BHEL will undertake design, engineering, supply of equipment, civil works, erection, commissioning, and operations and maintenance services.  

The project is scheduled to achieve preliminary acceptance, including commissioning and performance guarantee tests, within 42 months from the date of the LoA. Operations and maintenance services will continue for a further 60 months after preliminary acceptance.  

Financial Updates and Recent Order Momentum 

Separately, the government is expected to divest up to 5% stake in BHEL through the Offer for Sale route, with the floor price likely to be set in the ₹255–260 per share range.  

The Department of Investment and Public Asset Management is understood to be seeking feedback from bankers, and the stake sale could raise around ₹4,500 crore. 

The latest order adds to BHEL’s recent order momentum. Last week, the company secured an order worth ₹1,200–1,500 crore from Hindalco Industries for the Aditya Expansion Project Phase II in Odisha.  

In its Q3 results announced on January 19, BHEL reported a 16.4% year-on-year increase in revenue to ₹8,473 crore. EBITDA rose 79% to ₹546 crore, with margins improving to 6.4% from 4.2% a year earlier. Net profit for the quarter increased to ₹390 crore, aided by higher other income. 

Read More: BHEL, ABB and Other Capital Goods Share Prices Drop Up to 12% Amid Reports on Government Policy Change! 

BHEL Share Price Performance  

As of February 11, 2026, at 12:53 PM, Bharat Heavy Electricals Ltd share price is trading at ₹260.25 per share, reflecting a decline of 5.74% from the previous closing price. Over the past month, the stock has declined by 2.86%.  

Conclusion 

The ₹2,800 crore BCGCL order strengthens BHEL’s order book and reinforces its role in coal gasification and chemicals projects. Alongside the recent Hindalco win and improving Q3 performance, the deal reflects strong execution momentum. The expected 5% stake sale could further support capital plans. 

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