BHEL OFS: Why JM Financial suggests investors buy the stock while projecting a 40% upside?

The government’s BHEL OFS is priced at Rs 254, offering a valuation of 21x FY28 earnings. Analysts see significant upside, driven by India’s coal capacity roadmap and BHEL’s strong order book. Margin expansion and growth in nuclear and coal gasification further bolster the bullish outlook.