Bharat Heavy Electricals Limited / Estimates

Fiscal Year	Revenue	Net income	Net margin	Free cash flow	FCF margin
2025	€2.76B +23.6%	€51.94M +89.2%	1.9% +0.0065 pp	€240.64M -171.1%	8.7% +0.24 pp
2024	€2.23B +3.5%	€27.46M -40.9%	1.2% -0.0093 pp	-€338.60M +529.2%	-15.2% -0.13 pp
2023	€2.15B +9.8%	€46.44M +7.0%	2.2% -0.00057 pp	-€53.81M -166.7%	-2.5% -0.066 pp
2022	€1.96B +23.7%	€43.39M -116.5%	2.2% +0.19 pp	€80.71M +2.2%	4.1% -0.0087 pp
2021	€1.59B -20.5%	-€262.40M +84.0%	-16.6% -0.094 pp	€78.99M -133.0%	5.0% +0.17 pp
2020	€1.99B -30.2%	-€142.63M -244.9%	-7.2% -0.11 pp	-€239.04M -29.0%	-12.0% -0.0021 pp
2019	€2.86B +5.0%	€98.44M +129.4%	3.4% +0.019 pp	-€336.65M -372.4%	-11.8% -0.16 pp
2018	€2.72B -1.0%	€42.92M -3.5%	1.6% -0.00042 pp	€123.59M +42.5%	4.5% +0.014 pp
2017	€2.75B +8.0%	€44.49M -151.0%	1.6% +0.050 pp	€86.76M -46.9%	3.2% -0.033 pp
2016	€2.54B -14.0%	-€87.16M -161.7%	-3.4% -0.082 pp	€163.37M +46.4%	6.4% +0.026 pp
2015	€2.96B -22.4%	€141.30M -58.5%	4.8% -0.042 pp	€111.57M -81.2%	3.8% -0.12 pp
2014	€3.81B -19.1%	€340.79M -47.7%	8.9% -0.049 pp	€595.03M +74.4%	15.6% +0.084 pp
2013	€4.71B +1.8%	€651.19M -5.6%	13.8% -0.011 pp	€341.14M +296.3%	7.2% +0.054 pp
2012	€4.63B +13.7%	€689.53M +17.1%	14.9% +0.0043 pp	€86.09M -81.9%	1.9% -0.098 pp
2011	€4.07B +26.2%	€588.92M +39.9%	14.5% +0.014 pp	€475.27M +45.5%	11.7% +0.015 pp
2010	€3.23B +25.2%	€420.96M +38.9%	13.1% +0.013 pp	€326.70M -30.3%	10.1% -0.081 pp
2009	€2.58B +37.2%	€303.07M +8.9%	11.8% -0.031 pp	€468.87M +15.3%	18.2% -0.035 pp
2008	€1.88B +12.0%	€278.18M +18.4%	14.8% +0.0080 pp	€406.75M +28.1%	21.7% +0.027 pp
2007	€1.68B +28.9%	€234.92M +43.8%	14.0% +0.015 pp	€317.52M +69.5%	18.9% +0.045 pp
2006	€1.30B +40.4%	€163.36M +76.1%	12.6% +0.025 pp	€187.31M +90.7%	14.4% +0.038 pp
2005	€926.88M +18.8%	€92.76M +44.9%	10.0% +0.018 pp	€98.25M -45.9%	10.6% -0.13 pp
2004	€780.16M	€64.03M	8.2%	€181.73M	23.3%