Bharat Dynamics Ltd
BDL NSE
Bharat Dynamics Ltd
Aerospace & Defense F&ONSE: BDL BSE: 541143 Engineering
Key Fundamentals
MidcapEngineeringAerospace & DefenseMarket Cap
₹50,355 Cr
Volatility
Moderate
P/E Ratio
98.03
EBITDA
₹197 Cr
Return on Equity
13.71%
Debt to Equity
0
Book Value
₹115.7
EPS
₹15.77
52W High
₹1,654
52W Low
₹1,086
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Bharat Dynamics Ltd insights
39 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
4- Company has reduced debt.
- Company is almost debt free.
- Company is expected to give good quarter
- Company has been maintaining a healthy dividend payout of 35.1%
Weaknesses
4- Stock is trading at 12.0 times its book value
- The company has delivered a poor sales growth of 4.99% over past five years.
- Company has a low return on equity of 13.9% over last 3 years.
- Earnings include an other income of Rs.440 Cr.
Growth Rate
Revenue Growth
-34.64% ↘
Net Income Growth
-23.52% ↘
Cash Flow Change
-59.34% ↘
ROE
-18.64% ↘
ROCE
-10.06% ↘
EBITDA Margin (Avg.)
-68.82% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 1d agoAI opinion · based on fundamentals
Risk high
Bharat Dynamics Ltd is a debt-free defence PSU trading at a market cap of Rs.51,157 Cr with a PE of 122x and PB of 12.1x. The company has delivered a 5-year profit CAGR of 10% but TTM sales have declined 19%, reflecting lumpy order execution typical of defence manufacturers.
Bull Case 8
- Company is virtually debt-free, providing financial flexibility to fund capacity expansion and working capital needs without leverage risk
- 5-year stock CAGR of 48% reflects strong market confidence in India's defence indigenisation push and BDL's role as a key missile systems integrator
- Compounded profit growth of 10% over 5 years demonstrates ability to grow earnings despite lumpy revenue recognition cycles
- Healthy dividend payout ratio of 35.1% provides consistent income stream and signals management confidence in cash generation
- 3-year stock CAGR of 36% indicates sustained re-rating driven by India's rising defence capital expenditure and order pipeline visibility
- 10-year average ROE of 17% shows the business has historically generated respectable returns on shareholder equity over a full cycle
- Debt reduction track record strengthens the balance sheet and reduces financial risk in a sector with long working capital cycles
- Company is expected to deliver a good upcoming quarter, suggesting near-term order execution momentum may be improving
Bear Case 8
- PE ratio of 122x is extremely elevated, implying the stock prices in years of flawless execution with no room for disappointment
- TTM sales have declined 19%, indicating significant revenue contraction and potential order execution delays
- 5-year compounded sales growth of only 5% is poor for a company valued at 122x earnings, suggesting topline struggles
- Price-to-book of 12.1x is very high for a PSU manufacturer, leaving substantial downside risk if growth expectations are not met
- Last year ROE dropped to 10% from a 5-year average of 14%, showing declining capital efficiency and earnings quality pressure
- Earnings include other income of Rs.440 Cr, meaning a material portion of profit is non-operational and potentially non-recurring
- 10-year compounded sales CAGR of -5% reveals structural topline stagnation over a long period despite India's rising defence spend
- Dividend yield of just 0.32% offers negligible income cushion given the elevated valuation and execution risks
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 6h ago Positives 3
- Q1FY26 profit surges 556% YoY Aug 14
Net profit jumped 556% YoY to ₹1,187.9 million in Q1FY26, with revenue rising 128% to ₹5,722.4 million, signaling strong execution momentum.
- EBITDA swings to positive Aug 14
EBITDA turned positive at ₹831 million versus a loss in the year-ago quarter, reflecting significant operating leverage improvement.
- Final dividend of ₹0.40 declared Aug 14
Board recommended a final dividend of ₹0.40 per share for FY26, indicating confidence in cash flow sustainability.
TL;DR: BDL delivered a blowout Q1FY26 with profit up 556% and revenue more than doubling, driven by strong order execution in the defense segment. EBITDA turning positive from a loss highlights improving operational efficiency. No visible headwinds emerged from the reported quarter. The trend is clearly improving, with defense order pipelines likely to sustain momentum if execution continues at this pace.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 298 | 616 | 602 | 854 | 191 | 545 | 832 | 1,777 | 248 | 1,147 | 567 | 480 | 572 |
| Expenses | 330 | 482 | 483 | 538 | 243 | 446 | 705 | 1,478 | 293 | 960 | 541 | 425 | 489 |
| Operating Profit | -33 | 134 | 119 | 316 | -52 | 99 | 127 | 299 | -45 | 188 | 26 | 55 | 83 |
| OPM % | -11% | 22% | 20% | 37% | -27% | 18% | 15% | 17% | -18% | 16% | 4.6% | 12% | 15% |
| Other Income | 107 | 78 | 88 | 88 | 80 | 86 | 84 | 100 | 87 | 121 | 97 | 119 | 103 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 17 | 17 | 16 | 16 | 16 | 18 | 18 | 20 | 18 | 19 | 19 | 20 | 20 |
| PBT | 57 | 194 | 189 | 388 | 11 | 166 | 193 | 378 | 23 | 288 | 103 | 154 | 166 |
| Tax % | 27% | 24% | 29% | 26% | 36% | 26% | 24% | 28% | 21% | 25% | 29% | 26% | 28% |
| Net Profit | 42 | 147 | 135 | 289 | 7 | 123 | 147 | 273 | 18 | 216 | 73 | 113 | 119 |
| EPS in Rs | 1.14 | 4.01 | 3.68 | 7.88 | 0.2 | 3.34 | 4.01 | 7.44 | 0.5 | 5.89 | 1.99 | 3.09 | 3.24 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,841 | 4,079 | 4,887 | 4,588 | 3,069 | 3,105 | 1,914 | 2,817 | 2,489 | 2,369 | 3,345 | 2,442 | 2,766 |
| Expenses | 2,564 | 3,564 | 4,317 | 3,919 | 2,446 | 2,349 | 1,568 | 2,090 | 2,080 | 1,832 | 2,872 | 2,218 | 2,414 |
| Operating Profit | 277 | 515 | 569 | 669 | 623 | 756 | 346 | 727 | 409 | 537 | 473 | 223 | 352 |
| OPM % | 10% | 13% | 12% | 15% | 20% | 24% | 18% | 26% | 16% | 23% | 14% | 9% | 13% |
| Other Income | 439 | 385 | 300 | 173 | 136 | 88 | 95 | 78 | 155 | 362 | 350 | 424 | 440 |
| Interest | 5 | 5 | 4 | 4 | 5 | 5 | 5 | 5 | 6 | 4 | 4 | 3 | 3 |
| Depreciation | 67 | 53 | 62 | 63 | 82 | 96 | 95 | 90 | 77 | 67 | 71 | 76 | 79 |
| PBT | 644 | 841 | 803 | 774 | 671 | 742 | 341 | 710 | 482 | 828 | 749 | 568 | 710 |
| Tax % | 31% | 33% | 35% | 32% | 37% | 28% | 24% | 30% | 27% | 26% | 27% | 26% | — |
| Net Profit | 444 | 562 | 524 | 528 | 423 | 535 | 258 | 500 | 352 | 613 | 550 | 420 | 521 |
| EPS in Rs | 1,928 | 2,810 | 2,184 | 14.41 | 11.53 | 14.59 | 7.03 | 13.64 | 9.61 | 16.71 | 14.99 | 11.47 | 14.21 |
| Div. Payout % | 19% | 30% | 30% | 25% | 30% | 30% | 52% | 30% | 49% | 32% | 31% | 43% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 115 | 98 | 122 | 183 | 183 | 183 | 183 | 183 | 183 | 183 | 183 | 183 |
| Reserves | 1,538 | 1,753 | 2,073 | 1,773 | 2,085 | 2,424 | 2,501 | 2,847 | 3,028 | 3,454 | 3,826 | 4,058 |
| Borrowings | 0 | 4 | 4 | 4 | 5 | 15 | 11 | 10 | 9 | 8 | 7 | 0 |
| Other Liabilities | 6,759 | 7,786 | 6,208 | 4,697 | 3,250 | 3,128 | 3,334 | 3,595 | 5,535 | 6,781 | 7,798 | 10,020 |
| Total Liabilities | 8,412 | 9,641 | 8,407 | 6,657 | 5,523 | 5,750 | 6,030 | 6,636 | 8,756 | 10,426 | 11,814 | 14,262 |
| Fixed Assets | 518 | 697 | 757 | 868 | 957 | 932 | 915 | 874 | 809 | 824 | 857 | 1,003 |
| CWIP | 142 | 126 | 136 | 130 | 47 | 42 | 22 | 41 | 74 | 73 | 230 | 174 |
| Investments | 3 | 3 | 3 | 239 | 4 | 4 | 5 | 0 | 0 | 0 | 4 | 4 |
| Other Assets | 7,749 | 8,815 | 7,511 | 5,420 | 4,516 | 4,771 | 5,089 | 5,721 | 7,873 | 9,530 | 10,723 | 13,081 |
| Total Assets | 8,412 | 9,641 | 8,407 | 6,657 | 5,523 | 5,750 | 6,030 | 6,636 | 8,756 | 10,426 | 11,814 | 14,262 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -765 | 284 | -420 | -342 | 84 | 504 | 1,068 | 530 | 2,130 | 412 | 167 | 604 |
| Investing | 239 | 149 | 3 | 1,047 | 170 | -33 | -734 | -573 | -1,171 | -722 | -407 | 320 |
| Financing | -72 | -324 | -166 | -769 | -268 | -191 | -173 | -149 | -171 | -148 | -220 | -194 |
| Net Cash Flow | -598 | 109 | -583 | -63 | -15 | 280 | 162 | -192 | 788 | -459 | -460 | 729 |
| Free Cash Flow | -943 | 68 | -556 | -510 | -5 | 447 | 1,012 | 428 | 2,022 | 331 | -115 | 375 |
| CFO/OP | -197 | 109 | -15 | -13 | 61 | 90 | 332 | 101 | 574 | 106 | 78 | 368 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 43 | 13 | 12 | 61 | 63 | 40 | 62 | 39 | 27 | 48 | 90 | 63 |
| Inventory Days | 286 | 302 | 276 | 254 | 380 | 222 | 636 | 534 | 584 | 841 | 591 | 1,381 |
| Days Payable | 100 | 202 | 186 | 129 | 115 | 83 | 322 | 171 | 142 | 325 | 328 | 846 |
| Cash Conversion Cycle | 230 | 114 | 101 | 186 | 328 | 178 | 375 | 403 | 469 | 564 | 354 | 598 |
| Working Capital Days | -126 | -106 | -11 | 44 | 128 | 195 | 169 | 144 | 237 | 322 | 207 | 254 |
| ROCE % | — | 48% | 40% | 37% | 32% | 31% | 13% | 26% | 16% | 24% | 20% | 14% |
Documents
1
Announcement under Regulation 30 (LODR)-Change in Directorate
18 Aug - MoD approved three independent directors on BDL board for three years from 17 August 2026. 18 Aug - MoD approved three independent directors on BDL board for three years from 17 August 2026.
2
Announcement under Regulation 30 (LODR)-Change in Directorate
30 Apr - Cmde. A. Madhavarao retired on 30 Apr 2026; D. V. Srinivas Rao gets additional CMD charge till 31 Jul 2026. 30 Apr - Cmde. A. Madhavarao retired on 30 Apr 2026; D. V. Srinivas Rao gets additional CMD charge till 31 Jul 2026.
3
Announcement under Regulation 30 (LODR)-Press Release / Media Release
25 Apr - BDL delivered first indigenous Wire Guided Heavy Weight Torpedo to NSTL on 23 April 2026. 25 Apr - BDL delivered first indigenous Wire Guided Heavy Weight Torpedo to NSTL on 23 April 2026.
4
Announcement under Regulation 30 (LODR)-Change in Directorate
23 Apr - Shri Chetan Bansilal Kankariya’s independent director cessation is effective 22 April 2026. 23 Apr - Shri Chetan Bansilal Kankariya’s independent director cessation is effective 22 April 2026.
5
Announcement under Regulation 30 (LODR)-Change in Directorate
30 Apr - Cmde. A. Madhavarao retired on 30 Apr 2026; D. V. Srinivas Rao gets additional CMD charge till 31 Jul 2026. 30 Apr - Cmde. A. Madhavarao retired on 30 Apr 2026; D. V. Srinivas Rao gets additional CMD charge till 31 Jul 2026.
1
Board Meeting Outcome for Unaudited Financial Results For The Quarter Ended 30 June 2026 14 Aug 2026
Outcome
2
Board Meeting Intimation for Unaudited Financial Results For The Quarter Ended 30 June 2026 31 Jul 2026
Intimation
Frequently Asked Questions about Bharat Dynamics Ltd
What does Bharat Dynamics Ltd do?
Bharat Dynamics (BDL), is a Government of India Enterprise. It is engaged in the manufacturing of guided missiles and allied defence equipments [1] [2].
Where is Bharat Dynamics Ltd (BDL) listed?
Bharat Dynamics Ltd is listed on the Indian stock exchanges. It is listed on NSE: BDL and BSE: 541143. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Bharat Dynamics Ltd belong to?
Bharat Dynamics Ltd operates in the Aerospace & Defense sector within the Engineering industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Bharat Dynamics Ltd?
Bharat Dynamics Ltd has a market capitalisation of approximately ₹50354.69 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Bharat Dynamics Ltd?
The Price-to-Earnings (PE) ratio of Bharat Dynamics Ltd is 98.03. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Bharat Dynamics Ltd?
Over the past 52 weeks, Bharat Dynamics Ltd has traded between a low of ₹1,086 and a high of ₹1,654. This range helps investors understand the stock's price volatility and recent trading levels.
Does Bharat Dynamics Ltd pay dividends?
Yes, Bharat Dynamics Ltd has a dividend yield of 0.33%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Bharat Dynamics Ltd?
Bharat Dynamics Ltd has a Return on Equity (ROE) of 13.71%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Bharat Dynamics Ltd on Tapetide?
On Tapetide, you can view Bharat Dynamics Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
Bharat Dynamics (BDL), is a Government of India Enterprise. It is engaged in the manufacturing of guided missiles and allied defence equipments [1] [2].
Website bdl-india.in/Home-Page
CEO Commodore A. Madhavarao
Employees 2,269
Listed 2018-03-23
Face Value ₹ 5
Issued Size 36,65,62,500