Bharat Dynamics Ltd
BDL NSE
Bharat Dynamics Ltd
Aerospace & Defense F&ONSE: BDL BSE: 541143 Engineering
Key Fundamentals
MidcapEngineeringAerospace & DefenseMarket Cap
₹50,406 Cr
Volatility
Moderate
P/E Ratio
98.38
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 12.1 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 5d agoAI opinion · based on fundamentals
Risk high
Bharat Dynamics Ltd is a defence PSU with a market cap of Rs.47,037 Cr trading at a PE of 112.8x and 11.18x book value. The company is virtually debt-free but has seen TTM sales decline of 27% and TTM profit decline of 24%, while its 3-year stock CAGR of 32% reflects strong prior momentum driven by India's defence spending narrative.
Bull Case 7
- Company is almost debt-free, providing significant financial flexibility and low balance sheet risk in a capital-intensive defence sector
- Healthy dividend payout ratio of 35.1% demonstrates shareholder return commitment despite being a government entity
- 5-year stock CAGR of 47% reflects sustained investor confidence in India's indigenous defence manufacturing push
- 5-year compounded profit growth of 10% shows the company has been able to grow earnings over a medium-term horizon
- 3-year compounded profit growth of 6% indicates continued, if slower, earnings expansion despite revenue headwinds
- 10-year average ROE of 17% demonstrates historically respectable capital efficiency for a defence PSU
- Company has actively reduced debt, strengthening its balance sheet positioning for future large order execution
Bear Case 8
- PE ratio of 112.8x is extremely elevated, implying the stock prices in years of aggressive growth that current financials do not support
- TTM sales have declined 27%, signalling significant near-term revenue execution challenges or order delivery lumpiness
- TTM profit has declined 24%, compounding concerns about operational momentum and near-term earnings trajectory
- Trading at 11.18x book value is expensive for a company with last-year ROE of only 10%, implying poor return on the premium paid
- 5-year compounded sales growth of only 4.99% is weak for a company commanding a 112x earnings multiple
- 3-year ROE of only 13.9% is below what would typically justify an 11x price-to-book valuation
- Earnings include other income of Rs.424 Cr, meaning core operating profitability is weaker than headline numbers suggest
- 10-year compounded sales growth is negative at -5% and profit growth is -3%, raising questions about long-term structural revenue scalability
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h 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 order 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 announced 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 a sharp EBITDA turnaround, reflecting accelerating defense order execution. No immediate headwinds are visible from the reported data. The trend is clearly improving, and sustained order inflows from India's rising defense capex could keep momentum strong through FY26.
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
Board Meeting Outcome for Unaudited Financial Results For The Quarter Ended 30 June 2026
14 Aug - Bharat Dynamics reported Q1 FY27 standalone profit of ₹118.79 crore; board approved results on 14 Aug 2026. 14 Aug - Bharat Dynamics reported Q1 FY27 standalone profit of ₹118.79 crore; board approved results on 14 Aug 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 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 ₹50406.01 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 98.38. 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