BHEL, Nuovo Pignone Sign 10-Year Deal for Compressor Revamps

15 Apr 2025 CW Team

Bharat Heavy Electricals Ltd (BHEL) has entered into a strategic Memorandum of Understanding (MoU) with Italy-based Nuovo Pignone International s.r.l. to jointly explore compressor revamp opportunities in India’s fertiliser sector. The agreement, signed on April 9, 2025, will remain in force for 10 years, with a provision for extension by mutual consent.

Under the MoU, BHEL will take the lead role in bidding for targeted compressor train revamp projects, while Nuovo Pignone will serve as the nominated vendor with a clearly defined scope of work. The agreement does not involve any equity transfer or the formation of a joint venture, and no upfront payments have been exchanged.

The collaboration is expected to enhance BHEL’s market share in the fertiliser sector’s maintenance and repair segment, with the company targeting up to 50 per cent of the business share in financial terms.

Financially, BHEL reported strong year-on-year growth in the third quarter. Net profit rose 170 per cent to ?124 crore, while revenue climbed 32 per cent to Rs 72.77 billion. While revenue exceeded analyst expectations, net profit fell short of the Rs 1.75 billion estimate.

EBITDA rose 40 per cent to Rs 3.04 billion, with margins improving to 4.2 per cent from 3.9 per cent a year ago. However, gains were tempered by a sharp increase in other expenses.

Order inflow during the quarter surged by 167 per cent to Rs 68.60 billion, and BHEL’s total order book rose 47 per cent year-on-year to Rs 1600 billion. Revenue from the power segment increased by 32 per cent to Rs 55.88 billion, while industrial segment revenue was up 33 per cent at Rs 16.88 billion. Both segments reported margin expansions on an annual basis.

Shares of BHEL closed at Rs 211.80 on the BSE, up 0.40 per cent for the day.

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