Highlights

• BHEL received a ₹5,400 crore domestic order for a coal gasification project in Odisha from its joint venture entity, BCGCL.
• The company commenced supply of underslung traction converters for the Vande Bharat Sleeper Train project under a BHEL-led consortium.
• BHEL shares traded 1.53% higher at the time of writing on 9 January 2026.

Shares of Bharat Heavy Electricals Limited (NSE:BHEL) were trading at ₹275.90, up 1.53%, on 9 January at 11:19 am, after seeing a sharp fall in the previous session. Including recent movement, weekly decline reached 8.14%.

Investor attention has pivoted to new order wins and Vande Bharat program updates, positioning these developments as potential catalysts for a sustained rally.

Can the Rally Sustain?

Bharat Heavy Electricals Limited (BHEL) is holding above a well-defined horizontal support zone that was tested during the previous session’s decline, indicating near-term stability. The 14-period RSI at 43.46 suggests a recovery from lower levels, though momentum remains moderate. Prices continue to trade below the 50-period Simple Moving Average, which is acting as dynamic resistance. On the levels, resistance is seen near INR 290 and INR 310, while supports are placed around INR 260 and INR 225, indicating a neutral-to-range-bound setup.

Details of ₹5,400 Crore Coal Gasification Project Order

In a regulatory filing, BHEL announced the receipt of a Letter of Acceptance (LOA) on 8 January 2026 from Bharat Coal Gasification and Chemicals Limited (BCGCL). BCGCL is a joint venture between Coal India Limited (51%) and BHEL (49%).

The order pertains to the Coal Gasification and Raw Syngas Cleaning Plant (LSTK-1 Package) for BCGCL’s Coal-to-2000 TPD Ammonium Nitrate Project located at Lakhanpur, Jharsuguda district, Odisha. The contract has been awarded on a domestic nomination basis.

The scope of work includes design, engineering, supply of equipment, civil works, erection, commissioning, and operations and maintenance services. The preliminary acceptance, including commissioning and performance guarantee testing, is scheduled within 42 months from the date of LOA, followed by 60 months of O&M services. The estimated value of the contract is approximately ₹5,400 crore, excluding GST.

Promoter Interest and Project Execution

BHEL clarified that it is one of the promoter entities of BCGCL and will also act as the executing agency for the coal gasification package, in accordance with the provisions of the joint venture agreement.

Rail Transportation Update: Vande Bharat Sleeper Project

In a separate development announced on 8 January, BHEL marked a milestone in the rail transportation segment by commencing the supply of underslung traction converters for the Vande Bharat Sleeper Train project. The project is being executed by a BHEL-led consortium with TRSL.

A flag-off ceremony was held at BHEL’s Bengaluru plant, marking the dispatch of the first set of traction converters to Kolkata for final train assembly. The converters are designed for semi-high-speed operations and are equipped with IGBT-based technology. Additional propulsion equipment, including traction motors and transformers, has been manufactured at BHEL’s Bhopal and Jhansi units.

Disclaimer:

The information available on this article is provided for education and informational purposes only. It does not constitute or provide financial, investment or trading advice and should not be construed as an endorsement of any specific stock or financial strategy in any form or manner. We do not make any representations or warranties regarding the quality, reliability, or accuracy of the information provided. This website may contain links to third-party content. We are not responsible for the content or accuracy of these external sources and do not endorse or verify the information provided by third parties. We are not liable for any decisions made or actions taken based on the information provided on this website.

Copyright 2025 Krish Capital Pty. Ltd. All rights reserved. No part of this website, or its content, may be reproduced in any form without our prior consent.