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Dolat Capital Report
Q1 FY27 marks a structural inflection, the power segment turnaround is driven by operating leverage. Bharat Heavy Electricals Ltd.'s diversified order book of 2,60,300 crore, (~7.2x TTM sales) provide multi-year visibility as execution now becomes the swing factor.
Domestic brokerage firm Dolat Capital expects margins to keep expanding through FY27-29E and upgrade BHEL stocl to Buy from Accumulate with a revised target price of Rs 525, valuing the stock at 35 times Sep-28E EPS (up from Rs 421 at 35x FY28E earlier), while watching execution pace and margin sustainability into H2 FY27 as key monitorables.
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