BHEL Q4 Results Review: ICICI Securities Maintains 'Buy' On Strong Order Inflow, Sees 30% Upside

BHEL reported a good set of result in Q4 FY25 and FY25. Revenue in Q4 FY25 grew 9% YoY to Rs 90 billion. Ebitda grew to Rs 8.3 billion (+14% YoY) with margin of 9.2% (+40bps YoY) and PAT grew to Rs 5 billion (+4% YoY). This marked a fairly good close to FY25; full-year revenue/Ebitda/PAT grew by 19%/103%/97% YoY. Notably, gross margin/ Ebitda margin in FY25 improved to 33.5% (+310bps YoY)/4.4% (+180bps YoY).