Bharat Heavy Electricals (BHEL) shares rose over 3% recently after the company signed a 10-year exclusive memorandum of understanding (MoU) with Singapore-based Horizon Fuel Cell Technologies. The partnership marks BHEL’s entry into the hydrogen fuel cell market.

Under the agreement, both companies will jointly develop hydrogen fuel cell-powered rolling stock and collaborate on business sharing and operations. The move is expected to strengthen BHEL’s presence in clean energy and sustainable transport.

Earlier this month, BHEL also signed a License Agreement for Transfer of Technology (LAToT) with DRDO’s Defence Metallurgical Research Laboratory (DMRL), Hyderabad. The deal enables BHEL to manufacture fused silica radar domes using advanced pressing and sintering technology.

In Q1 FY26, the company reported consolidated revenue of Rs 548.69 crore, largely unchanged from Rs 548.49 crore a year earlier. However, net loss widened to Rs 455.5 crore from Rs 211.4 crore in Q1 FY25 due to a 10.8% rise in raw material and service costs. BHEL’s market capitalisation stands at Rs 75,891.57 crore.