BHEL’s order backlog now stands at ₹2.4 trillion, equal to seven times FY26 revenue, providing strong revenue visibility. With continued investment in thermal power capacity addition to meet growing demand, analysts expect strong inflows for BHEL. Also, about 50 GW of old thermal units, operating on high-cost and high-emissions sub-critical technology, would be more than 40 years old by 2032, as per ICICI Securities.
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