Integrated Filing-Governance



General information about company

Scrip Code 500103
NSE Symbol BHEL
MSEI Symbol NOTLISTED
ISIN INE257A01026
Name of the entity BHARAT HEAVY ELECTRICALS LIMITED
Date of start of financial year 01-Apr-2025
Date of end of financial year 31-Mar-2026
Reporting Quarter Yearly
Date of Quarter Ending 31-Mar-2026
Type of company Equity
Whether Annexure I (Part A) of the SEBI Circular dated December 31, 2024 related to Compliance Report on Corporate Governance is applicable to the entity? Yes
Whether Annexure I (Part B) of the SEBI Circular dated December 31, 2024 related to Investor Grievance Redressal Report is Applicable to the entity? Yes
Whether Annexure I (Part C) of the SEBI Circular dated December 31, 2024 related to Disclosure of Acquisition of Shares or Voting Rights in Unlisted Companies is Applicable to the entity? Yes
Whether Annexure I (Part D) of the SEBI Circular dated December 31, 2024 related to Disclosure of Imposition of Fine or Penalty is Applicable to the entity? Yes
Whether Annexure I (Part E) of the SEBI Circular dated December 31, 2024 related to Disclosure of Updates to Ongoing Tax Litigations or Disputes is Applicable to the entity? Yes
Whether Annexure I (Part F) of the SEBI Circular dated December 31, 2024 related to Disclosure Of Loans / Guarantees / Comfort Letters / Securities Etc. is Applicable to the entity? No
Reason For Part F Of Annexure I Disclosure Of Loans Or Guarantees Or Comfort Letters Or Securities Etc Is Not Applicable To The Entity During the quarter, there is NIL information related to disclosure of Loans/Guarantees/Comfort Letters/Securities etc.
Risk management committee Yes
Market Capitalisation as per immediate previous Financial Year Top 500 listed entities
Is SCORE ID Available ? Yes
SCORE Registration ID BOO133
Reason For No SCORE ID
Type of Submission Original
Remarks (website dissemination)



Annexure I
Annexure I to be submitted by listed entity on quarterly basis
I. Composition of Board of Directors
Disclosure of notes on composition of board of directors explanatory 1.Shri K S Murthy is Chairman cum Managing Director of BHEL w.e.f. 01-11-2023. 2. Shri Asit Gopal is appointed as Govt Nominee Director w.e.f. 03-02-2026. 5. Shri Ashok Kumar Aseri, Independent Director ceased to be Director on the Board of BHEL consequent to completion of his tenure on 27.03.2026. 6. Shri Aashish Chaturvedi, Independent Director ceased to be Director on the Board of BHEL consequent to completion of his tenure on 27.03.2026. 7. Shri Krishna Kumar Thakur, Director (HR) relinquished his charge from BHELs Board of Directors w.e.f. 19.03.2026 (F/N) consequent to his selection as Director (Personnel) in NMDC Limited. Accordingly, he ceased to be Director on the Board of BHEL w.e.f. 19.03.2026 (F/N). 8. Shri Tajinder Gupta, Director (Power), has been entrusted with the additional charge of the post of Director (HR) w.e.f. 19.03.2026 (F/N).
Whether the listed entity has a Regular Chairperson Yes
Whether Chairperson is related to MD or CEO Yes Disqualification of Directors under section 164 of the Companies Act, 2013
Sr Title (Mr / Ms) Name of the Director PAN DIN Category 1 of directors Category 2 of directors Category 3 of directors Date of Birth Whether the director is disqualified? Start Date of disqualification End Date of disqualification Details of disqualification Current status Whether special resolution passed? [Refer Reg. 17(1A) of Listing Regulations] Date of passing special resolution Initial Date of appointment Date of Re-appointment Date of cessation Tenure of director (in months) No of Directorship in listed entities including this listed entity (Refer Regulation 17A of Listing Regulations) No of Independent Directorship in listed entities including this listed entity [with reference to proviso to regulation 17A(1) & 17A(2)] Number of memberships in Audit/ Stakeholder Committee(s) including this listed entity (Refer Regulation 26(1) of Listing Regulations) No of post of Chairperson in Audit/ Stakeholder Committee held in listed entities including this listed entity (Refer Regulation 26(1) of Listing Regulations) Reason for Cessation Notes for not providing PAN Notes for not providing DIN
1 Mr. K S Murthy 09184201 Executive Director Chairperson MD 14-Feb-1967 No Active NA 01-Nov-2023 1 0 0 0
2 Mr. Asit Gopal 08548124 Non-Executive - Nominee Director Not Applicable 01-Jul-1966 No Active NA 03-Feb-2026 4 0 0 0
3 Mr. Vijay Mittal 09548096 Non-Executive - Nominee Director Not Applicable 02-Aug-1967 No Active NA 25-Mar-2022 2 0 0 0
4 Mr. Ramesh Patlya Mawaskar 10194932 Non-Executive - Independent Director Not Applicable 06-Jul-1969 No Active NA 08-Jun-2023 08-Jun-2023 33.23 1 1 2 2
5 Mr. Ashok Kumar Aseri 09405164 Non-Executive - Independent Director Not Applicable 01-Jun-1971 No Active NA 29-Mar-2025 29-Mar-2025 27-Mar-2026 11.3 1 1 2 1 Tenure Completion
6 Mr. Aashish Chaturvedi 00534621 Non-Executive - Independent Director Not Applicable 16-Nov-1977 No Active NA 29-Mar-2025 29-Mar-2025 27-Mar-2026 11.3 1 1 1 0 Tenure Completion
7 Mr. Krishna Kumar Thakur 10172666 Executive Director Not Applicable 11-Nov-1973 No Active NA 04-Jul-2023 19-Mar-2026 1 0 1 0 Others
8 Mr. Tajinder Gupta 10327530 Executive Director Not Applicable 01-Mar-1967 No Active NA 20-Sep-2023 1 0 1 0
9 Ms. Bani Varma 10337787 Executive Director Not Applicable 29-Dec-1967 No Active NA 09-Oct-2023 1 0 1 0
10 Mr. Rajesh Kumar Dwivedi 10048893 Executive Director Not Applicable 19-Jan-1968 No Active NA 19-Jun-2024 1 0 1 0
11 Mr. S M Ramanathan 11084884 Executive Director Not Applicable 22-Jan-1967 No Active NA 30-Apr-2025 1 0 0 0



Annexure 1

II. Composition of Committees
Disclosure of notes on composition of committees explanatory Shri Ashok Kumar Aseri ceased to be member of Audit Committee consequent to completion of his tenure on 27.03.2026..Shri Aashish Chaturvedi ceased to be member of Audit Committee consequent to completion of his tenure on 27.03.2026..



Audit Committee Details
Whether the Audit Committee has a Regular Chairperson Yes
Sr DIN Number Name of Committee members Category 1 of directors Category 2 of directors Date of Appointment Date of Cessation Remarks
1 10194932 Ramesh Patlya Mawaskar Non-Executive - Independent Director Chairperson 13-Jul-2023
2 09405164 Ashok Kumar Aseri Non-Executive - Independent Director Member 29-Mar-2025 27-Mar-2026 Textual Information(1)
3 00534621 Aashish Chaturvedi Non-Executive - Independent Director Member 01-Oct-2025 27-Mar-2026 Textual Information(2)



Text Block
Textual Information(1) Shri Ashok Kumar Aseri ceased to be member of Audit Committee consequent to completion of his tenure on 27.03.2026.
Textual Information(2) Shri Aashish Chaturvedi ceased to be member of Audit Committee consequent to completion of his tenure on 27.03.2026.



Nomination and remuneration committee
Whether the Nomination and remuneration committee has a Regular Chairperson Yes
Sr DIN Number Name of Committee members Category 1 of directors Category 2 of directors Date of Appointment Date of Cessation Remarks
1 10194932 Ramesh Patlya Mawaskar Non-Executive - Independent Director Chairperson 13-Apr-2024
2 09548096 Vijay Mittal Non-Executive - Nominee Director Member 25-Mar-2022
3 09405164 Ashok Kumar Aseri Non-Executive - Independent Director Member 29-Mar-2025 27-Mar-2026 Textual Information(1)

Text Block
Textual Information(1) Shri Ashok Kumar Aseri ceased to be member of Nomination and Remuneration Committee consequent to completion of his tenure on 27.03.2026.






Stakeholders Relationship Committee
Whether the Stakeholders Relationship Committee has a Regular Chairperson Yes
Sr DIN Number Name of Committee members Category 1 of directors Category 2 of directors Date of Appointment Date of Cessation Remarks
1 09405164 Ashok Kumar Aseri Non-Executive - Independent Director Chairperson 29-Mar-2025 27-Mar-2026 Textual Information(1)
2 10194932 Ramesh Patlya Mawaskar Non-Executive - Independent Director Chairperson 13-Jul-2023 Textual Information(2)
3 10172666 Krishna Kumar Thakur Executive Director Member 02-Nov-2024 19-Mar-2026 Textual Information(3)
4 10327530 Tajinder Gupta Executive Director Member 19-Mar-2026 Textual Information(4)
5 10337787 Bani Varma Executive Director Member 09-Oct-2023
6 10048893 Rajesh Kumar Dwivedi Executive Director Member 17-May-2025



Text Block
Textual Information(1) Shri Ashok Kumar Aseri ceased to be Chairperson of Stakeholders Relationship Committee consequent to completion of his tenure on 27.03.2026.
Textual Information(2) Shri Ramesh Patlya Mawaskar was member of Stakeholders Relationship Committee from 13.07.2023 to 01.11.2024, chairperson from 02.11.2024 to 28.03.2025, member from 29.03.2025 to 27.03.2026 and thereafter became chairperson w.e.f. 28.03.2026.
Textual Information(3) Shri Krishna Kumar Thakur, Director (HR) ceased to be Director on the Board of BHEL w.e.f. 19.03.2026 (F/N). Consequently he ceased to be member of Stakeholders Relationship Committee.
Textual Information(4) Shri Tajinder Gupta, Director (Power), has been entrusted with the additional charge of the post of Director (HR) w.e.f. 19.03.2026 (F/N). Consequently, he became member of Stakeholders Relationship Committee.



Risk Management Committee
Whether the Risk Management Committee has a Regular Chairperson Yes
Sr DIN Number Name of Committee members Category 1 of directors Category 2 of directors Date of Appointment Date of Cessation Remarks
1 09548096 Vijay Mittal NED,ND Chairperson 01-Oct-2025
2 00534621 Aashish Chaturvedi ID Member 29-Mar-2025 27-Mar-2026 Textual Information(1)
3 10194932 Ramesh Patlya Mawaskar ID Member 28-Mar-2026 Textual Information(2)
4 10172666 Krishna Kumar Thakur ED Member 04-Jul-2023 19-Mar-2026 Textual Information(3)
5 10327530 Tajinder Gupta ED Member 20-Sep-2023 Textual Information(4)
6 10337787 Bani Varma ED Member 09-Oct-2023
7 10048893 Rajesh Kumar Dwivedi ED Member 19-Jun-2024
8 11084884 S M Ramanathan ED Member 17-May-2025
9 99999999 Jitendra Das Chairman Risk Management Steering Committee Member 23-Nov-2023 Textual Information(5)
10 99999999 Shyamala Venkataraman  Chief Risk Officer Member 26-Mar-2026 Textual Information(6)



Text Block
Textual Information(1) Shri Aashish Chaturvedi ceased to be member of Risk Management Committee consequent to completion of his tenure on 27.03.2026.
Textual Information(2) Shri Ramesh Patlya Mawaskar is new member of Risk Management Committee w.e.f. 28-03-2026.
Textual Information(3) Shri Krishna Kumar Thakur, Director (HR) ceased to be Director on the Board of BHEL w.e.f. 19.03.2026 (F/N).Consequently he ceased to be member of Risk Management Committee.
Textual Information(4) Shri Tajinder Gupta, Director (Power), has been entrusted with the additional charge of the post of Director (HR) w.e.f. 19.03.2026 (F/N).Consequently, he became member of Risk Management Committee.
Textual Information(5) Shri Jitendra Das is non-director member in Risk Management Committee.
Textual Information(6) Ms Shyamala Venkataramanhas been appointed as Chief Risk Officer w.e.f 26.03.2026.She is non-director memeber in Risk Management Committee. Ms Aruna Gulati was non-director member of the Committee up to 25.03.2026.



Annexure 1
III. Meeting of Board of Directors
Disclosure of notes on meeting of board of directors explanatory
Sr Date(s) of meeting (Enter dates of Previous quarter and Current quarter in chronological order) Maximum gap between any two consecutive (in number of days) Notes for not providing Date Whether requirement of Quorum met (Yes/No) Total Number of Directors as on date of the meeting Number of Directors present* (All directors including Independent Director) No. of Independent Directors attending the meeting*
1 29-Oct-2025 Yes 10 10 3
2 19-Jan-2026 81 Yes 10 10 3
3 04-Feb-2026 15 Yes 11 11 3
4 19-Mar-2026 42 Yes 10 10 3



Annexure 1
IV. Meeting of Committees
Disclosure of notes on meeting of committees explanatory Maximum gap between two consecutive meetings is coming as 14 days in row number 3 for Audit Committee which is auto calculated. The same may be considered as blank.
Sr Name of Committee Date(s) of meeting (Enter dates of Previous quarter and Current quarter in chronological order) Maximum gap between any two consecutive (in number of days) Name of other committee Reson for not providing date Whether requirement of Quorum met (Yes/No) Total Number of Directors in the Committee as on date of the meeting Number of Directors Present (All Directors including Independent Director) No. of Independent Directors attending the meeting* No. of members attending the meeting (other than Board of Directors)
1 Nomination and remuneration committee 14-Oct-2025 Yes 3 3 2 0
2 Audit Committee 29-Oct-2025 14 Yes 3 3 3 0
3 Audit Committee 19-Jan-2026 81 Yes 3 3 3 0
4 Audit Committee 04-Feb-2026 15 Yes 3 3 3 0
5 Audit Committee 19-Mar-2026 42 Yes 3 3 3 0
6 Risk Management Committee 25-Feb-2026 Yes 7 6 1 2
7 Stakeholders Relationship Committee 29-Oct-2025 Yes 5 5 2 0
8 Stakeholders Relationship Committee 19-Jan-2026 81 Yes 5 5 2 0



Annexure 1
VI. Affirmations
Sr Subject Compliance status (Yes/No)
1 The composition of Board of Directors is in terms of SEBI (Listing obligations and disclosure requirements) Regulations, 2015 No
2 The composition of the following committees is in terms of SEBI(Listing obligations and disclosure requirements) Regulations, 2015 a. Audit Committee No
3 The composition of the following committees is in terms of SEBI(Listing obligations and disclosure requirements) Regulations, 2015. b. Nomination & remuneration committee No
4 The composition of the following committees is in terms of SEBI(Listing obligations and disclosure requirements) Regulations, 2015. c. Stakeholders relationship committee Yes
5 The composition of the following committees is in terms of SEBI(Listing obligations and disclosure requirements) Regulations, 2015. d. Risk management committee (applicable to the top 1000 listed entities) Yes
6 The committee members have been made aware of their powers, role and responsibilities as specified in SEBI (Listing obligations and disclosure requirements) Regulations, 2015. Yes
7 The meetings of the board of directors and the above committees have been conducted in the manner as specified in SEBI (Listing obligations and disclosure requirements) Regulations, 2015 Yes
8 This report and/or the report submitted in the previous quarter has been placed before Board of Directors. Yes
9 Any comments/observations/advice of Board of Directors may be mentioned here: The Board of Directors has an appropriate mix of Functional Directors, Government Nominee Directors and Non-Executive Independent Directors. BHEL's Board structure consists of 16 (sixteen) directors comprising Chairman & Managing Director, 5 (five) Whole-time Directors (Functional Directors), 2 (two) Government Nominees and 8 (eight) Non-Executive Independent Directors (IDs). It is submitted that as on 31.03.2026, BHEL Board consists of 7 (seven) Non-IDs and 1 (one) ID. Based upon actual strength,there is a shortfall of 6 (six) IDs on the Board of BHEL. The composition of Audit Committee and Nomination & Remuneration Committee was in terms of SEBI (LODR) Regulations, 2015 up to 27.03.2026. On completion of tenure of two IDs on 27.03.2026, there is only 1 (one) ID on the Board of BHEL. The matter of filling up of these vacancies is under process at the end of Government of India.



Annexure 1
Sr Subject Compliance status
1 Name of signatory Yogesh R Chhabra
2 Designation Company Secretary and Compliance Officer



Details of Cyber security incidence
Whether as per Regulation 27(2)(ba) of SEBI (LODR) Regulations, 2015 there has been cyber security incidents or breaches or loss of data or documents during the quarter No
Other details of cyber security incidence or breaches or loss of data event
Number of cyber security incidence or breaches or loss of data event occurred during the quarter
Sr Date of the event Brief details of the event



Annexure II to be submitted by listed entity at the end of the financial year (for the whole of financial year)
I. Disclosure on website in terms of LODR Regulation
Sr Item Compliance status (Yes/No/NA) If status is No details of non-compliance may be given here. Web address
1.1 Details of business Yes https://www.bhel.com/business-profile
1.2 Memorandum of Association and Articles of Association Yes https://www.bhel.com/sites/default/files/2025-12/MOA_AOA_BHEL_dec253012.pdf
1.3 Brief profile of board of directors including directorship and full time positions in body corporates Yes https://www.bhel.com/board-of-directors
2 Terms and conditions of appointment of independent directors Yes https://www.bhel.com/terms-conditions-appointment-independent-directors
3 Composition of various committees of board of directors Yes https://www.bhel.com/composition-of-board-level-committees
4 Code of conduct of board of directors and senior management personnel Yes https://www.bhel.com/codes-conduct
5 Details of establishment of vigil mechanism or whistle blower policy Yes https://www.bhel.com/whistle-blower-policy
6 Criteria of making payments to non-executive directors Yes https://www.bhel.com/terms-conditions-appointment-independent-directors
7 Policy on dealing with related party transactions Yes https://www.bhel.com/policy-regard-related-party-transactions-0
8 Policy for determining material subsidiaries Yes https://www.bhel.com/policy-regard-related-party-transactions-0
9 Details of familiarization programmes imparted to independent directors Yes https://www.bhel.com/2025-26
10 Contact information of the designated officials of the listed entity who are responsible for assisting and handling investor grievances Yes https://www.bhel.com/contact-details-investor-grievance-redressal
11 Email address for grievance redressal and other relevant details Yes https://www.bhel.com/contact-details-investor-grievance-redressal
12 Financial results Yes https://www.bhel.com/financial-information
13 Shareholding pattern Yes https://www.bhel.com/distribution-shareholding-pattern
14 Details of agreements entered into with the media companies and/or their associates NA
15.1 Schedule of analyst or institutional investor meet and presentation prepared by listed entity for analyst or institutional investor meet Yes https://www.bhel.com/conference-calls-notices https://www.bhel.com/conferences-calls-transcripts-supplementary-information
15.2 Audio or video recordings and transcripts of post earnings/quarterly calls Yes https://www.bhel.com/audio-or-video-recording-and-transcripts-post-earningsquarterly-calls-0
16 New name and the old name of the listed entity NA
17 Advertisements as per regulation 47 (1) Yes https://www.bhel.com/notice-announcement
18 Credit rating or revision in credit rating obtained Yes https://www.bhel.com/credit-rating-other-disclosure
19 Separate audited financial statements of each subsidiary of the listed entity NA
20 Secretarial compliance report Yes https://www.bhel.com/secretarial-compliance-report
21 Materiality policy as per regulation 30 (4) Yes https://www.bhel.com/policy-determination-materiality-events-information
22 Disclosure of contact details of KMP who are authorized for the purpose of determining materiality as required under regulation 30(5) Yes https://bhel.com/contact-details-key-managerial-personnel-authorized-determining-materiality-event-information
23 Disclosures under regulation 30(8) Yes https://www.bhel.com/notice-announcement
24 Statements of deviation(s) or variations(s) as specified in regulation 32 NA
25 Dividend distribution policy as specified in regulation 43A (1) Yes https://www.bhel.com/dividend-distribution-policy-bhel-0
26.1 Annual return as provided under section 92 of the Companies Act 2013 Yes https://www.bhel.com/annual-return
26.2 Employee benefit scheme documents framed in terms of SEBI (SBEB) regulations 2021
27 Confirmation that the above disclosures are in a separate section as specified in regulation 46(2) Yes https://www.bhel.com/disclosure-under-regulation-46-sebi-lodr-regulations
28 Compliance with regulation 46(3) with respect to accuracy of disclosures on the website and timely updation Yes https://www.bhel.com/disclosure-under-regulation-46-sebi-lodr-regulations
29 Disclosure of notes on website in terms of Listing Regulations explanatory


Annexure II
II. Annual Affirmations
Sr Particulars Regulation Number Compliance status (Yes/No/NA) If status is No details of non-compliance may be given here.
1 Independent director(s) have been appointed in terms of specified criteria of independence and/or eligibility 16(1)(b) Yes
2 Board Composition 17(1), 17(1A) & 17(1C), 17(1D) & 17(1E) No The Board of Directors has an appropriate mix of Functional Directors, Government Nominee Directors and Non-Executive Independent Directors. BHEL's Board structure consists of 16 (sixteen) directors comprising Chairman & Managing Director, 5 (five) Whole-time Directors (Functional Directors), 2 (two) Government Nominees and 8 (eight) Non-Executive Independent Directors (IDs). It is submitted that as on 31.03.2026, BHEL Board consists of 7 (seven) Non-IDs and 1 (One) ID. Based upon actual strength, there is a shortfall of 6 (Six) IDs on the Board of BHEL. The matter of filling up of these vacancies is under process at the end of Government of India.
3 Meeting Of Board Of Directors 17(2) Yes
4 Quorum of board meeting 17(2A) Yes
5 Review of Compliance Reports 17(3) Yes
6 Plans for orderly succession for appointments 17(4) Yes
7 Code of Conduct 17(5) Yes
8 Fees/compensation 17(6) Yes
9 Minimum Information 17(7) Yes
10 Compliance Certificate 17(8) Yes
11 Risk Assessment & Management 17(9) Yes
12 Performance Evaluation of Independent Directors 17(10) NA
13 Recommendation of Board 17(11) Yes
14 Maximum number of Directorships 17A Yes
15 Composition of Audit Committee 18(1) No The composition of Audit Committee was in terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 up to 27.03.2026. On completion of tenure of 2 (two) Independent Directors (IDs) on 27.03.2026, there is only 1 (one) ID on the Board of BHEL. The matter of filling up of these vacancies of Independent Directors is under process at the end of Government of India.
16 Meeting of Audit Committee 18(2) Yes
17 Role of Audit Committee and information to be reviewed by the audit committee 18(3) Yes
18 Composition of nomination & remuneration committee 19(1) & (2) No The composition of Nomination and Remuneration Committee was in terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 up to 27.03.2026. On completion of tenure of 2 (two) IDs on 27.03.2026, there is only 1 (one) Independent Director on the Board of BHEL. The matter of filling up of these vacancies of Independent Directors is under process at the end of Government of India.
19 Quorum of Nomination and Remuneration Committee meeting 19(2A) Yes
20 Meeting of Nomination and Remuneration Committee 19(3A) Yes
21 Role of Nomination and Remuneration Committee 19(4) Yes
22 Composition of Stakeholder Relationship Committee 20(1), 20(2) & 20(2A) Yes
23 Meeting of Stakeholders Relationship Committee 20(3A) Yes
24 Role of Stakeholders Relationship Committee 20(4) Yes
25 Composition and role of risk management committee 21(1),(2),(3),(4) Yes
26 Meeting of Risk Management Committee 21(3A) Yes
27 Quorum of Risk Management Committee meeting 21(3B) Yes
28 Gap between the meetings of the Risk Management Committee 21(3C) Yes
29 Vigil Mechanism 22 Yes
30 Policy for related party Transaction 23(1), (1A), (5), (6), & (8) Yes
31 Prior or Omnibus approval of Audit Committee for all related party transactions 23(2), (3) Yes
32 Approval for material related party transactions 23(4) Yes
33 Disclosure of related party transactions on consolidated basis 23(9) Yes
34 Composition of Board of Directors of unlisted material Subsidiary 24(1) NA
35 Other Corporate Governance requirements with respect to subsidiary of listed entity 24(2),(3),(4),(5) & (6) NA
36 Alternate Director to Independent Director 25(1) NA
37 Maximum Tenure 25(2) Yes
38 Appointment, Re-appointment or removal of an Independent Director through special resolution or the alternate mechanism 25(2A) Yes
39 Meeting of independent directors 25(3) & (4) Yes
40 Familiarization of independent directors 25(7) Yes
41 Declaration from Independent Director 25(8) & (9) Yes
42 Directors and Officers insurance 25(10) Yes
43 Confirmation with respect to appointment of Independent Directors who resigned from the listed entity 25(11) Yes
44 Memberships in Committees 26(1) Yes
45 Affirmation with compliance to code of conduct from members of Board of Directors and Senior management personnel 26(3) Yes
46 Policy with respect to Obligations of directors and senior management 26(2) & 26(5) Yes
47 Approval of the Board and shareholders for compensation or profit sharing in connection with dealings in the securities of the listed entity 26(6) NA
48 Vacancies in respect Key Managerial Personnel 26A(1) & 26A(2), 26A(3) Yes
Any other information to be provided - Add Notes



Annexure II
III. Affirmations
Sr Particulars Compliance status (Yes/No/NA)
1 The Listed Entity has approved Material Subsidiary Policy and the Corporate Governance requirements with respect to subsidiary of Listed Entity have been complied NA
Any other information to be provided Textual Information(1)



Text Block
Textual Information(1) BHEL has an approved Material Subsidiary policy. However, currently BHEL does not have any subsidiaries.



Annexure II
1 Name of signatory Yogesh R Chhabra
2 Designation Company Secretary and Compliance Officer



Additional Half yearly Disclosure
Any Other Information for Disclosure of Loans / Guarantees / Comfort Letters / Securities Etc.
I. Disclosure of Loans/ guarantees/comfort letters /securities etc.refer note below
(A)Any loan or any other form of debt advanced by the listed entity directly or indirectly to
Entity Aggregate amount advanced during six months Balance outstanding at the end of six months
Promoter or any other entity controlled by them
Promoter Group or any other entity controlled by them
Directors (including relatives) or any other entity controlled by them
KMPs or any other entity controlled by them
(B) Any guarantee / comfort letter (by whatever name called) provided by the listed entity directly or indirectly, in connection with any loan(s) or any other form of debt availed By
Entity Type (guarantee, comfort letter etc.) Aggregate amount of issuance during six months Balance outstanding at the end of six months(taking into account any invocation)
Promoter or any other entity controlled by them
Promoter Group or any other entity controlled by them
Directors (including relatives) or any other entity controlled by them
KMPs or any other entity controlled by them
(C) Any security provided by the listed entity directly or indirectly, in connection with any loan(s) or any other form of debt availed by
Entity Type of security (cash, shares etc.) Aggregate value of security provided during six months Balance outstanding at the end of six months
Promoter or any other entity controlled by them
Promoter Group or any other entity controlled by them
Directors (including relatives) or any other entity controlled by them
KMPs or any other entity controlled by them
(D) Additional Information
II. Affirmations
Affirmations Compliance Status Company Remarks
All loans (or other form of debt), guarantees, comfort letters (by whatever name called) or securities in connection with any loan(s) (or other form of debt) given directly or indirectly by the listed entity to promoter(s), promoter group, director(s) (including their relatives), key managerial personnel (including their relatives) or any entity controlled by them are in the economic interest of the company. $intratedCg.get("CG_YN_$!integratedFillingMasterDto.cgMasterVO.anx4aAffirmComplStatus")
Name
Designation
Place
Date



Signatory Details
Name of signatory Yogesh R Chhabra
Designation of person Company Secretary and Compliance Officer
Place New Delhi
Date 23-Apr-2026


Investor Grievance Details
No. of investor complaints pending at the beginning of Quarter 0
No. of investor complaints received during the Quarter 1
No. of investor complaints disposed off during the Quarter 1
No. of investor complaints those remaining unresolved at the end of the Quarter 0


Disclosure of Acquisition of Shares or Voting Rights in Unlisted Companies-
The details of acquisition of shares or voting rights in unlisted companies during the quarter in terms of sub-para 1 of para A of Part A of Schedule III are given below
Any Other Information for Disclosure of Acquisition of Shares or Voting Rights in Unlisted Companies
Sr. No. Name of the unlisted company in which shares or voting rights have been acquired Date of acquisition Aggregate holding (% shares or voting rights) as at the end of the previous quarter % shares or voting rights acquired during the quarter Aggregate holding (% shares or voting rights) as at the end of the quarter
1 Bharat Coal Gasification and Chemicals Limited (BCGCL) 23-Mar-2026 49.00 0 49.00


Disclosure of Imposition of Fine or Penalty
The details of imposition of fine or penalty during the quarter in terms of sub-para 20 of para A of Part A of Schedule III are given below:
Any Other Information for Disclosure of Imposition of Fine or Penalty
Sr. No. Name of the authority Nature and details of the action(s) taken or order(s) passed Date of receipt of direction or order, including any ad interim or interim orders, or any other communication from the authority Details of the violation(s)/ contravention(s) committed or alleged to be committed Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible
1  Assistant Commissioner/GSTO, Delhi Order In Original dt 31-12-2026 passed u/s. 73 of CGST Act 2017 01-Jan-2026 ITC Disallowed in the cases where GST Registration of suppliers cancelled retrospectively or Nil Tax liabilities discharged by the suppliers, However BHEL has not claimed any ITC form the transaction of these parties.   Penalty imposed amounting to Rs. 1,24,386/-. The subject order is under rectification before the Authority.


Disclosure of Updates to Ongoing Tax Litigations or Disputes
The updates on tax litigations or disputes in terms of sub-para 8 of para B of Part A of Schedule III read with corresponding provisions of Annexure 18 of the Master Circular are given below:

Any Other Information for Disclosure of Updates to Ongoing Tax Litigations or Disputes
Sr. No. Name of the opposing party Date of initiation of the litigation / dispute Status of the litigation / dispute as per last disclosure Current status of the litigation / dispute
1 Maharashtra Sales Tax Department 15-Dec-2016 Sales Tax Demand amounting to Rs. 99.37 Cr. against disallowance of Sale in course of Import benefit u/s. 5(2) of CST Act, Pending Concessional Forms, ITC disallowed, consequential Interest & Penalty. Appeal Order received in Dec'25, as per which liability reduced to Rs. 1.36 Cr. For balance liability of Rs. 1.36 Cr., settlement under Amensty Scheme has been applied, resulting in final payment of Rs. 0.29 Cr. for closure of the case. Case closed under Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee (Payable by Public Sector Undertaking Companies) Act, 2025.
2 Assistant Commissioner, Circle-A, Kota 15-May-2013 Sales Tax demand amounting to Rs. 44.58 Cr. on account of: 1. Inter-State Sales wrongly disallowed, 2. Turnover of other Mfg. Units treated as local sale & wrongly tax charged on the same. 3. Wrongly Tax charged on Turnover mentioned in WCT TDS certificate while the same was already considered in earlier Years. Appeal filed by Deptt. and pending before Rajasthan Tax Board, Ajmer. Last hearing held on 28.11.2024. Hearing held on 20.01.2026, however case not yet decided.
3 Commissioner Central Excise & CGST, Noida 23-Mar-2018 Service Tax demand amounting to Rs. 31.55 Cr. on Freight and Insurance Income. Appeal filed by BHEL and pending before CESTAT, Allahabad. Case heard by CESTAT, Allahabad, order reserved, still not issued by CESTAT.
4  Asst. Commissioner (State Tax), Telangana        18-Sep-2025 A Show Cause Notice was issued by Tax Authorities for the financial years 2021-22 to 2023-24, involving an amount of Rs. 586 Cr. based on Books of Accounts and GST Returns. Out of three years, i.r.t. SCN for FY 2021-22, Adjudication has been completed and Demand dropped for an amount of Rs.183.77 Cr. out of Rs. 184.55 Cr. For the balance of Rs.0.78 Cr., an appeal shall be filed before Appellate Authorities. FY 2022-23 & 2023-24 will be taken up in similar way. Appeal filed for FY 2021-22. For F.Y 2022-23, replies submitted and adjudication under process.
5 Additional Commissioner of Central Tax, Mysuru Audit 30-Sep-2025 Show Cause Notices issued by Tax Authorities subsequent to Audit of the FY 2019-20 to 2022-23. Total Amount involved is Rs.65.75 Cr. The Company is in the process of filing detailed reply with facts, figures and justification along with required evidences substantiating its tax position before the concerned authority within the prescribed timelines. Adjudication has been completed and demand amounting to Rs. 54.83 Cr. dropped out of total demand of Rs. 65.75 Cr. For the balance demand of Rs.10.92 Cr., an appeal shall be filed before Appellate Authorities.