Shares of Bharat Heavy Electricals (BHEL) surged 35% over the past eight days, hitting a 21-month high of ₹330.65 on the Bombay Stock Exchange (BSE). This increase follows the company's strong financial performance for the fiscal year 2025-26 (FY26), where it reported an 18% year-on-year growth in turnover, reaching ₹32,350 crore. BHEL secured ₹75,000 crore in orders, primarily from the power sector, leading to an order book expansion to ₹2.4 trillion. Analysts highlight that the company is transitioning from an order-led cycle to an execution-led growth phase, with a robust execution pipeline expected to sustain revenue visibility for the next several years. Brokerages like ICICI Securities and JM Financial Institutional Securities have set target prices of ₹343 and ₹345, respectively, emphasizing BHEL's potential for continued growth amid government initiatives to increase thermal capacity by 97 GW by FY35. The government has also facilitated BHEL's import of critical materials to enhance margins and execution capabilities, positioning the company as a key player in the growing high-voltage direct current (HVDC) transmission market.