BHEL has a record order book of ₹2.60 lakh Cr which provides strong multi-year visibility. Target price is ₹575 (31% upside): ICICI Direct

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We expect the revenues and PAT to grow at a CAGR of ~30.5% and 90% over FY26- FY28E. This will also improve ROCE from mid-single digit to ~16.7% ROCE in FY28E