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Bharat Dynamics

BDL NSE

Key Fundamentals

MidcapEngineeringAerospace & Defense
Market Cap
₹43,016 Cr
Volatility
Moderate
P/E Ratio
83.74
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

Tapetide Score

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

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 10.3 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% lower than 3Y
Net Income Growth
-23.52% lower than 3Y
Cash Flow Change
-59.34% higher than 3Y
ROE
-18.64% lower than 3Y
ROCE
-10.06% lower than 3Y
EBITDA Margin (Avg.)
-68.82% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Bharat Dynamics Ltd is a defence PSU with a market cap of ₹43,016 Cr trading at a PE of 83.8x and PB of 10.29x. The company is virtually debt-free and has delivered a 5-year stock CAGR of 43%, but TTM sales have declined 19% and compounded sales growth over 10 years stands at -5%, reflecting lumpy order execution typical of defence manufacturers.

Bull Case 7
  • Company is almost debt-free, providing strong balance sheet flexibility and low financial risk in a capital-intensive defence sector
  • 5-year stock CAGR of 43% reflects sustained re-rating driven by India's defence indigenisation push and rising order book visibility
  • Healthy dividend payout ratio of 35.1% signals consistent shareholder returns despite cyclical revenue patterns
  • 5-year compounded profit growth of 10% outpaces the 5-year sales growth of ~5%, indicating improving operating leverage or margin expansion over time
  • 3-year compounded profit growth of 6% remains positive even as 3-year sales growth was flat at -1%, suggesting cost discipline and margin resilience
  • 10-year average ROE of 17% demonstrates the company's ability to generate reasonable returns on equity over a full business cycle
  • Company is expected to deliver a good upcoming quarter, which could help reverse the recent TTM sales decline of -19%
Bear Case 8
  • PE of 83.8x is extremely elevated for a company with negative TTM sales growth of -19%, leaving little margin of safety if execution slips
  • PB ratio of 10.29x is very high, meaning the stock trades at over 10 times book value despite a last-year ROE of only 10%
  • TTM sales declined 19% and 10-year compounded sales CAGR is -5%, highlighting persistent revenue lumpiness and lack of consistent top-line growth
  • Earnings quality is a concern as other income of ₹440 Cr forms a material portion of profits, flattering the bottom line beyond core operating performance
  • 3-year average ROE of ~13.9% is modest relative to the premium valuation, and last year's ROE dropped further to 10%
  • 1-year stock return of -19% indicates significant recent price correction, suggesting the market is repricing growth expectations downward
  • 5-year compounded sales growth of only ~5% is well below the stock's 5-year CAGR of 43%, indicating valuation has expanded far ahead of fundamental revenue delivery
  • TTM profit declined 7% alongside the 19% sales drop, showing that cost control alone cannot fully offset revenue volatility

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 1
  • SEBI penalty for regulatory lapses Aug 26

    BDL fined ₹26,07,800 combined by BSE and NSE for non-compliance in Q4FY26. The company plans to seek a waiver citing impossibility of compliance regarding director appointments.

Positives 1
  • RVV-BD missile Su-30 integration Sep 07

    India is preparing to integrate the RVV-BD long-range air-to-air missile with the Su-30 MKI fleet, enhancing beyond-visual-range combat capabilities. BDL is associated with this development, signaling continued relevance in strategic defense programs.

Neutral 4
  • FY26 BRSR report filed Sep 03

    BDL submitted its Business Responsibility and Sustainability Report for FY26, detailing its role as a prime guided missile production agency and plans for new manufacturing facilities in Maharashtra and UP.

  • AGM and ₹0.40 final dividend Sep 03

    BDL's 56th AGM is scheduled for September 28, 2026 to approve FY26 results, a ₹0.40 final dividend, and appoint new independent directors.

  • Three independent directors appointed Aug 18

    Ankush Munjal, Vandana Agarwal, and Pankaj Joshi appointed as independent directors for three years effective August 17, 2026, addressing board composition gaps.

  • Two senior executives retire Sep 01

    Executive Director L. Kishan and General Manager Yalamanchili Ushasri retired on August 31, 2026 due to superannuation.

TL;DR: BDL's near-term news flow is largely routine, dominated by board reconstitution and regulatory filings. The RVV-BD missile integration with the Su-30 MKI fleet is a meaningful positive, reinforcing BDL's strategic position in India's defense ecosystem. The ₹26 lakh SEBI penalty is a minor governance blemish but not material. Overall the trend is stable with defense order pipeline visibility remaining the key catalyst to watch.

Quarterly Results

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 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
Figures in ₹ Crores

Profit & Loss

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
2,218
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%
—
Figures in ₹ Crores

Balance Sheet

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
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
Figures in ₹ Crores

Cash Flow

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
368
Figures in ₹ Crores

Ratios

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
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%

Insights

Beta

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

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Shareholding Pattern

Others1.63%Promot.74.93%FIIs1.69%Public10.23%DIIs11.53%As ofJun 2026

Documents

1
Concall - Nov 2024 Nov 2024
2
Concall - Jun 2024 Jun 2024
3
Concall - Feb 2024 Feb 2024
4
Concall - Nov 2023 Nov 2023
5
Concall - Jun 2023 Jun 2023

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 [1] [2].
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 market capitalisation of Bharat Dynamics Ltd?
Bharat Dynamics Ltd has a market capitalisation of ₹43,016 Cr, which places it in the Large Cap band.
What is the PE ratio of Bharat Dynamics Ltd?
Bharat Dynamics Ltd trades at a PE ratio of 83.74, on earnings per share of ₹15.77, 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 ₹1,086 and ₹1,654.
Does Bharat Dynamics Ltd pay dividends?
Bharat Dynamics Ltd has a dividend yield of 0.41%.
What is the Return on Equity (ROE) of Bharat Dynamics Ltd?
Bharat Dynamics Ltd reported a return on equity of 13.71%. 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 [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

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