Prabhudas Lilladher Recommends 'Hold' on BHEL, Sets Rs 250 Target

• Prabhudas Lilladher maintains a 'HOLD' rating on BHEL with a target price of Rs 250.
• BHEL expects strong order intake momentum across thermal, HVDC, railways, and renewable energy segments.
• The company anticipates delivering ~9GW in FY26 and projects execution ramp-up from FY27 due to large secured orders.
• BHEL is increasing thermal manufacturing capacity from 10GW to 12GW annually and scaling electrical equipment capabilities.
• Improved receivable quality and closure of legacy projects are expected to enhance BHEL's working capital and support margin expansion.

Why It Matters: It provides an investment outlook and target price for BHEL.