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Bharat Dynamics

BDL NSE
₹1,075.00 +58.00 (+5.70%)
P/E
75.65
View as Markdown
MCP
Close 4 Nov 2026 ₹1,075.00 −363.10 −25.2% 1Y
Start ₹1,438.10

Key Fundamentals

SmallcapAerospace & DefenseCapital Goods

Price-based figures as of · EPS basis: Standalone · TTM

ROCE
13.90%
Debt to Equity
0.00
EPS (TTM)
₹14.21
Book Value
₹115.70
Market Cap
—
P/E (TTM)
75.65
P/B
9.29
ROE
10.20%
Dividend Yield
0.48%
EBITDA
₹647 Cr
52W High
₹1,633.40
52W Low
₹974.00
Day Range
₹1,005.05 – ₹1,082.90
Volume
19,62,471

Peer Comparison

Industrials › Aerospace & Defense › Engineering › Aerospace & Defense

Bharat Dynamics peer comparison
Hindustan Aeronautics
₹5,079.1036.44₹3,35,230 Cr8.280.91%24.00%32.00%₹33,785 Cr₹9,322 Cr
Bharat Electronics
₹398.0045.49₹2,84,935 Cr11.080.66%27.40%36.40%₹30,253 Cr₹6,401 Cr
Bharat Dynamics (this company)
₹1,075.0075.65₹37,987 Cr9.290.48%10.20%13.90%₹2,766 Cr₹521 Cr
Garden Reach Shipbuilders
₹2,143.4030.66₹24,395 Cr9.350.92%31.60%42.80%₹7,507 Cr₹801 Cr
Data Patterns
₹4,078.0085.21₹22,179 Cr13.150.25%15.20%21.90%₹941 Cr₹267 Cr
Sigma Advanced System
₹938.70103.38₹17,375 Cr18.900.00%−4.03%11.70%₹861 Cr₹166 Cr
Aequs
₹219.59—₹14,236 Cr10.570.00%−9.96%1.69%₹1,370 Cr−₹171 Cr
Median 7 companies₹1,075.0060.57₹24,395 Cr10.570.48%15.20%21.90%₹2,766 Cr₹521 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

41 Weak

Data confidence 100/100

Category scores

Quality
56
Good
Returns, margins, earnings quality 22% weight
Valuation
42
Weak
Cheap vs sector & own history 24% weight
Growth
8
Poor
Sales & profit trajectory 9% weight
Financial Health
61
Good
Solvency, leverage, coverage 9% weight
Momentum
12
Poor
Trend strength, vol-adjusted 12% weight
Ownership
42
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 9.47 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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish856
OscillatorsNeutral252
Moving AveragesStrong Bearish604

Key readings

RSI (14)
50.30
Neutral
MACD (12,26,9)
−35.81
Bullish
SMA (50)
1,145.27
Bearish
SMA (200)
1,274.76
Bearish

As of

Analyst Rating

Based on 16 analysts
TIED38%

6 of 16 analysts rate Buy, 4 Hold, 6 Sell.

As of

BUY
6
38%
HOLD
4
25%
SELL
6
38%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y−5.00%
5Y+4.99%
3Y−0.63%
1Y−27.00%
TTM−18.69%

Net profit

Net profit growth by window
10Y−2.87%
5Y+10.24%
3Y+6.06%
1Y−23.64%
TTM−7.13%

Operating cash flow

Operating cash flow growth by window
10Y+7.84%
5Y−10.77%
3Y−34.30%
1Y+261.68%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−3.42 pp
5Y−8.87 pp
3Y−7.22 pp
1Y−4.93 pp
TTM−1.38 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹4,887 Cr
Mar 2018₹4,588 Cr
Mar 2019₹3,069 Cr
Mar 2020₹3,105 Cr
Mar 2021₹1,914 Cr
Mar 2022₹2,817 Cr
Mar 2023₹2,489 Cr
Mar 2024₹2,369 Cr
Mar 2025₹3,345 Cr
Mar 2026₹2,442 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹524 Cr
Mar 2018₹528 Cr
Mar 2019₹423 Cr
Mar 2020₹535 Cr
Mar 2021₹258 Cr
Mar 2022₹500 Cr
Mar 2023₹352 Cr
Mar 2024₹613 Cr
Mar 2025₹550 Cr
Mar 2026₹420 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹707 Cr +9.2% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk high

Bharat Dynamics Ltd trades at ₹1,075 as of 2026-11-04 with a market cap of ₹37,987 Cr. The company is virtually debt-free (debt-to-equity of 0) and has delivered a strong stock CAGR of 43% over five years, but TTM sales have declined 19% and TTM profit has contracted 7%, while the stock trades at a PE of 75.65x and 9.29x book value.

Bull Case 7
  • The company is virtually debt-free with a debt-to-equity ratio of 0, providing a clean balance sheet and financial flexibility for future order execution.
  • Stock has delivered a 5-year CAGR of 43% and a 3-year CAGR of 30%, reflecting sustained re-rating driven by India's defence indigenisation push.
  • BDL has maintained a healthy dividend payout of 35.1%, translating to a dividend yield of 0.48% at the current price of ₹1,075.
  • Compounded profit growth over five years stands at 10%, showing the company has been able to grow earnings over a medium-term horizon despite lumpy revenue recognition.
  • The company is expected to deliver a good upcoming quarter, which could re-accelerate earnings and narrow the gap between the elevated PE of 75.65x and underlying fundamentals.
  • As a key defence PSU focused on missiles and allied defence equipment, BDL is a direct beneficiary of India's rising capital defence expenditure and policy emphasis on self-reliance.
  • The company has actively reduced debt over time, resulting in the current zero-debt status, which insulates it from rising interest rate cycles.
Bear Case 6
  • TTM sales have declined 19%, indicating significant near-term revenue pressure and potential order execution delays.
  • Price-to-book ratio stands at 9.29x, well above typical manufacturing company valuations, suggesting the stock prices in substantial future growth that is yet to materialise.
  • TTM profit has contracted by 7%, reversing the medium-term growth trend and raising questions about near-term earnings visibility.
  • Compounded sales growth over ten years is negative at -5%, and even the five-year figure is a modest 5%, highlighting structurally lumpy and slow top-line expansion.
  • ROE has trended down from a 10-year average of 17% to 10% last year, signalling declining capital efficiency despite a debt-free balance sheet.
  • Earnings include other income of ₹440 Cr, meaning a meaningful portion of reported profits is non-operational, which flatters the headline EPS of ₹14.21.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Bharat Dynamics is on a positive trajectory with a fresh ₹1,307 crore order win and a strategically significant board appointment linking DRDO's advanced weapons expertise directly into company leadership. The order book appears healthy with deferred orders transitioning to execution phase. No material headwinds are visible in recent news. The trend is improving, and the combination of growing orders, export potential, and enhanced technical leadership positions BDL well for near-term revenue growth.

Positives 3
  • ₹1,307 crore order secured Oct 15

    Bharat Dynamics won a new contract worth ₹1,307 crore, bolstering its defence order book and providing additional revenue visibility.

  • DRDO scientist joins board Oct 08

    Dr. Jagannath Nayak, with 35+ years in defence R&D including India's first Directed Energy Weapon system and Fibre Optic Gyro guidance for Akash missiles, appointed as Part-Time Official Director effective upon DIN allotment. His expertise in inertial navigation and DEW systems strengthens BDL's indigenous missile guidance capabilities.

  • Healthy missile and export pipeline Oct 08

    Execution visibility is supported by a robust missile pipeline and export opportunities, with deferred orders expected to move into execution and improve near-term earnings.

Quarterly Results

₹ Cr
BDL quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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 (₹)
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

₹ Cr
BDL profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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
2,217
2,414
Operating Profit
277
515
569
669
623
756
346
727
409
537
473
225
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
3.31
5
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 (₹)
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
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

₹ Cr
BDL balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
5
Other Liabilities
6,759
7,786
6,208
4,697
3,250
3,128
3,334
3,595
5,535
6,781
7,795
10,080
Total Liabilities
8,412
9,641
8,407
6,657
5,523
5,750
6,030
6,636
8,756
10,426
11,811
14,326
Fixed Assets
518
697
757
868
957
932
915
874
809
824
857
878
CWIP
142
126
136
130
47
42
22
41
74
73
230
299
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
10,719
13,145
Total Assets
8,412
9,641
8,407
6,657
5,523
5,750
6,030
6,636
8,756
10,426
11,811
14,326

Cash Flow

₹ Cr
BDL cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
366

Ratios

BDL financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
590
1,400
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
353
617
Working Capital Days
−126
−106
−11
44
128
195
169
144
237
322
207
264
ROCE %
—
48%
40%
37%
32%
31%
13%
26%
16%
24%
20%
14%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Bharat Dynamics insights

59 extracted metrics across FY10–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 74.93%
  • Public 11.03%
  • DIIs 10.80%
  • FIIs 1.76%
  • Others 1.49%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

  • Concall · Jun 2026
    PPT
  • Concall · Nov 2024
    PPT
  • Concall · Jun 2024
    PPT
  • Q3 FY24 concall · Feb 2024
    PPT
  • Concall · Nov 2023
    PPT

Frequently Asked Questions about Bharat Dynamics

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.
Where is Bharat Dynamics Ltd (BDL) listed?
Bharat Dynamics Ltd trades as BDL on the NSE and under code 541143 on the BSE.
Which sector does Bharat Dynamics Ltd belong to?
Bharat Dynamics Ltd is classified under the Aerospace & Defense sector, in the Engineering industry.
What is the PE ratio of Bharat Dynamics Ltd?
Bharat Dynamics Ltd trades at a PE ratio of 75.65 as of 4 Nov 2026, on earnings per share of ₹14.21, against a book value of ₹115.7 per share.
What is the 52-week high and low of Bharat Dynamics Ltd?
Over the last 52 weeks Bharat Dynamics Ltd has traded between ₹974 and ₹1,633.4 as of 4 Nov 2026.
Does Bharat Dynamics Ltd pay dividends?
Bharat Dynamics Ltd has a dividend yield of 0.48%.
What is the Return on Equity (ROE) of Bharat Dynamics Ltd?
Bharat Dynamics Ltd reported a return on equity of 10.20%. Its debt-to-equity ratio is 0.00.

Company Information

Bharat Dynamics (BDL), is a Government of India Enterprise. It is engaged in the manufacturing of guided missiles and allied defence equipments.

Website bdl-india.in/Home-Page
CEO Commodore A. Madhavarao
Employees 2,269
Listed 23 Mar 2018
Face Value ₹5

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