Advanced International Journal for Research

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Fundamental Analysis of India’s Capital Goods & Engineering Sector: BHEL & KEC International Limited

Author(s) Ms. Hitakshi Gautam Maniar, Dr. Shyamsundar Das
Country India
Abstract Goods and Engineering sector—Bharat Heavy Electricals Limited (BHEL) and KEC International Limited.
Relying exclusively on secondary data, the study examines the financial performance, operational
efficiency, and long-term investment outlook of both firms during a period of strong national infrastructure
expansion. The analysis incorporates profitability, liquidity, solvency, and efficiency ratios, along with
assessment of order book strength, business diversification, and multi-year performance trends. Valuation
techniques including EV/EBITDA, EV/Sales, and Discounted Cash Flow (DCF) are applied to estimate
the intrinsic value of both companies. Findings indicate that BHEL is supported by robust order inflows
across thermal, hydro, nuclear, and renewable segments, while KEC International benefits from strong
domestic and global T&D opportunities, improved execution, and a healthy order pipeline. Both firms
demonstrate solid growth visibility driven by rising government capex and expanding infrastructure needs.
Based on the combined fundamental and valuation insights, the study recommends a BUY rating for both
BHEL and KEC International, highlighting their favourable long-term prospects within the evolving
engineering and EPC landscape of India.
Keywords Capital Goods Sector, BHEL, KEC International, Fundamental Analysis, Financial Ratios, Order Book, Infrastructure Development, Valuation Models, DCF, EV/EBITDA, EPC Sector, Investment Recommendation, Indian Engineering Industry.
Published In Volume 6, Issue 6, November-December 2025
Published On 2025-12-04
DOI https://doi.org/10.63363/aijfr.2025.v06i06.2331
Short DOI https://doi.org/hbdsr5
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