Bharat Heavy Electricals Limited (BHEL) shares climbed 2.86% to ₹400.35 intraday on Friday, 5 June, after the state-owned engineering giant secured an order worth over ₹21,000 crore from Meja Urja Nigam Pvt Ltd (MUNPL) for the 3x800 MW Meja supercritical thermal power project Stage-II at Prayagraj, Uttar Pradesh. The contract, awarded through international competitive bidding, marks one of the largest single EPC orders in BHEL's recent order history.

What the Order Covers

The contract is a full engineering, procurement and construction (EPC) package, encompassing design, engineering, manufacturing, supply, construction, erection, testing and commissioning of the supercritical thermal plant. BHEL confirmed the project is to be completed within 70 months from the notification of award — translating to approximately six years.

MUNPL is a joint venture between NTPC Ltd and Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd. BHEL clarified that the order does not fall under related-party transactions, allaying any governance concerns for investors.

Nigeria Order Adds to the Momentum

The Prayagraj win follows closely on the heels of another international contract. On 2 June, BHEL signed an agreement with Dangote Petroleum Refinery & Petrochemicals Free Zone Enterprise in Nigeria for a deal valued between ₹2,000 crore and ₹2,500 crore. The Nigerian contract covers the design, manufacturing, supply, and supervision of erection and commissioning of eight gas turbine generator packages for a petroleum refinery and polypropylene plant in the Dangote Industries Free Zone. Execution is scheduled within 26 months from the effective date of the agreement.

Stock Performance and Trading Activity

BHEL's stock has been among the stronger performers in the capital goods space. The share price has surged 55.75% over the past 12 months and is up 36.55% year-to-date. Trading volumes on Friday were notably elevated, with total traded volume reaching 19.19 times the 30-day average. The relative strength index stood at 44.17, indicating the stock has room before entering overbought territory.

BHEL's Financial Health and Order Book

The order wins come against a backdrop of sharply improving financials. BHEL reported a 155.8% jump in consolidated net profit to ₹1,290.47 crore for the January–March quarter of FY 2025–26. Full-year provisional turnover stood at approximately ₹32,350 crore, reflecting 18% growth over the previous year.

The company secured total order inflows of around ₹75,000 crore during FY 2025–26. With the latest additions, BHEL's total outstanding order book at the close of the financial year stands at approximately ₹2.4 lakh crore — a figure that provides strong revenue visibility for the years ahead. This comes amid renewed government emphasis on domestic power capacity addition and energy security, positioning BHEL as a key execution partner for India's thermal and industrial infrastructure buildout.