ICICI Securities: Buy Bharat Heavy Electricals, target Rs 370 on strong orders

• ICICI Securities recommends a "Buy" for Bharat Heavy Electricals with a target price of Rs 370.
• BHEL's order inflow significantly increased from INR 230bn in FY23 to INR 800bn in FY24 and INR 923bn in FY25, with FY26E expected to exceed INR 900bn.
• The company has accumulated a strong order book, projected to reach INR 2.4trn by FY26E.
• Execution, previously slow, is expected to ramp up sharply in FY27E as initial issues are resolved.
• Fundamentals are improving due to a strong new build-up pipeline and demand for coal and nuclear plants in India.

Why It Matters: It recommends buying Bharat Heavy Electricals stock.