The annual award is presented by the Instititute of Cost and Works Account of India (ICWAI) to corporate entities for excellence in cost, quality and delivery.
During the year, Bhel recorded the highest-ever turnover of Rs 21,608 crore, crossing the Rs 20,000 crore mark for the first time, the company said in a release.
The company aims to become a Rs 45,000-crore firm by 2011-12 and has unveiled a 'Strategic Plan 2012' that would enable it to grow at an annual growth rate of 20 per cent.
Recently it joined hands with country's largest power producer, NTPC Ltd, to set up a joint venture to carry out engineering-procurement-construction (EPC) contracts for power Infrastructure projects as well as manufacture and supply of equipment in India and abroad.