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Nuvama views BHEL and power peers after stretched FY28 valuations

Bharat Heavy Electricals Limited logoBharat Heavy Electricals Limited
Sig0.60Sen+1.30Env0.00Soc0.00Gov0.00
CG Power and Industrial Solutions logoCG Power and Industrial Solutions
Sig1.35Sen+1.80Env0.00Soc0.00Gov0.00
Larsen & Toubro logoLarsen & Toubro
Sig1.15Sen+1.35Env0.00Soc0.00Gov0.00
Voltamp Transformers logoVoltamp Transformers
Sig1.55Sen+2.60Env0.00Soc0.00Gov0.00
Siemens Energy logoSiemens Energy
Sig1.22Sen+1.98Env0.00Soc0.00Gov0.00

Nuvama said valuations across power and non-power peers remain stretched at 50 to 60 times estimated FY28 earnings and preferred Voltamp at 25 times and Bharat Heavy Electricals (BHEL) at 30 times, citing recovering margins and execution-led growth. It also stayed positive on Siemens Energy and CG Power, but flagged capped near-term upside as orders plateau and HVDC visibility looks limited.

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