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Bharat Dynamics Limited

Bharat Dynamics Limited

BDL.BO
Bharat Dynamics LimitedIN flagBombay Stock Exchange
1,408.45
INR
+19.10
- -
516.71BMarket Cap
Bharat Dynamics Limited
BDL.BO
(Bombay Stock Exchange)

Recent

price

1,408.45

P/E

ratio

- -

div

yld

- -

ROIC.AI

2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
29.36
48.65
75.84
103.29
129.77
113.55
77.6
81.8
49.68
74.66
67.63
64.35
90.63
- -
65.89
Revenue per Share
7.61
9.82
12.1
15.33
14.3
13.33
11.53
14.59
7.03
13.64
9.61
16.72
14.99
- -
11.47
Basic EPS, GAAP
-18.82
2.49
-24.29
1.85
-15.16
-8.62
2.28
12.2
27.59
11.67
55.16
9.03
-3.15
- -
- -
Free Cash Flow per Basic Share
1.28
3.69
1.61
3.36
3.33
5.53
7.24
5.09
4.61
3.96
4.55
3.96
5.91
- -
- -
Dividend per Share
5.83
4.73
6.4
8.1
8.51
8.96
11.93
10.24
6.98
5.73
6.52
7.3
6.53
- -
5
Book Value per Share
28.25
34.15
41.35
46.68
55.48
45.62
57.95
67.36
69.63
79.6
84.68
96.53
102.46
- -
108.79
Tangible Book Value per Share
367
367
367
367
367
396
367
367
367
367
367
367
367
- -
367
Basic Weighted Avg Shares
10,764
17,835
27,799
37,862
47,568
45,005
28,445
29,984
18,209
27,367
24,792
23,589
33,231
24,154
24,154
Sales/Revenue/Turnover
-0.93
6.55
7.56
12.2
10.68
13.45
19.88
22.06
13.78
23.28
13.39
19.93
12.09
6.1
6.1
Operating Margin (%)
415
395
667
532
620
635
825
964
945
904
773
670
707
759
759
Depreciation Expense
2,788
3,601
4,435
5,621
5,241
5,282
4,226
5,349
2,578
4,999
3,522
6,127
5,496
4,203
4,203
Net Income, GAAP
31.86
33.59
31.12
33.19
34.72
31.75
37.06
27.96
24.38
29.58
26.9
26.02
26.59
25.97
25.97
Effective Tax Rate (%)
25.9
20.19
15.96
14.85
11.02
11.74
14.86
17.84
14.16
18.27
14.2
25.98
16.54
17.4
17.4
Profit Margin (%)
7,282
8,330
27,763
21,273
15,697
10,857
13,904
22,594
23,780
29,422
53,942
62,333
60,177
64,111
64,111
Working Capital
- -
- -
- -
- -
- -
- -
- -
77
65
52
37
21
3
- -
- -
LT Debt
10,512
12,760
16,527
18,512
21,950
19,564
22,685
26,068
26,847
30,306
32,115
36,368
40,090
42,410
42,410
Total Equity
- -
6.67
9.88
17.61
16.39
19.75
16.71
19.5
7.15
15.66
7.76
10.14
7.8
2.67
2.67
Return on Invested Capital (%)
- -
186.32
218.16
212.1
172.65
158.75
106.89
130.18
79.92
208.95
153.87
238.16
215.27
198.91
198.91
Return on Capital (%)
- -
186.17
217.5
211.56
172.16
158.36
106.68
131.64
81.68
214.73
156.87
241.86
216.8
198.86
198.86
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
12
- -
3
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
367
- -
367
Market Capitalization
547,264
537,653
402,082

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
116,583
- -
127,570
Cash, Cash Equivalents & STI
49,519
- -
51,894
Accounts Receivable, Net
11,921
- -
4,229
Inventories
32,033
- -
46,256
Total Current Liabilities
50,737
- -
63,458
Payables & Accruals
- -
- -
- -
ST Debt
12
- -
3
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
8.97%
9.62%
5.79%
Free Cash Flow
-84.81%
-65.74%
-425.31%
Net Income, GAAP
5.34%
20.91%
-23.53%
Sales/Revenue/Turnover
-0.08%
9.92%
-27.32%
Total Cash Common Dividend
8.55%
4.98%
-12.16%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
2,957
6,100
5,963
8,569
23,589
2025
1,878
5,355
7,993
18,005
33,231
2026
2,311
11,471
5,486
4,886
24,154

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1.14
4.01
3.68
- -
16.72
2025
0.2
3.34
4.01
7.44
14.99
2026
0.5
5.89
1.99
3.09
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
3.96
2025
- -
- -
- -
- -
5.91
2026
- -
- -
- -
- -
- -
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Business
Bharat Dynamics Limited (BDL), a government-owned enterprise under India's Ministry of Defence, manufactures guided missiles, underwater weapons, airborne products, and allied defence equipment primarily for the Indian Armed Forces. The company produces a comprehensive range of products including surface-to-air missiles such as Akash and MRSAM; air-to-air missiles including Astra; air-to-surface weapons like Helina and Smart Anti-Airfield Weapon; anti-tank guided missiles encompassing Nag, Konkurs-M, Milan-2T, and Invar; underwater weapons such as advanced light weight torpedoes and heavyweight torpedoes; countermeasure dispensing systems; launchers; test equipment; and countermeasure systems; it also provides product life cycle support, refurbishment, and life extension services for vintage missiles. BDL operates manufacturing facilities in Hyderabad and Bhanur in Telangana, Visakhapatnam in Andhra Pradesh, with new units under development at Ibrahimpatnam in Telangana, Amravati in Maharashtra, and Jhansi in Uttar Pradesh to expand capacity; founded in 1970, it maintains headquarters in Hyderabad, Telangana, and collaborates with the Defence Research and Development Organisation and foreign original equipment manufacturers for technology transfer and production. Recent developments include securing defence orders worth Rs 2,461.62 crore in late November 2025 for anti-tank guided missiles and surface-to-air missiles under emergency procurement; signing a memorandum of understanding with PTC Industries to form a joint venture for propulsion systems, guided bombs, and aero-engines for missiles and UAVs; planning a Rs 12 billion investment in a new missile manufacturing unit in Andhra Pradesh; and pursuing exports of lightweight torpedoes alongside interest from foreign nations for additional products while exploring drone-delivered payloads and AI-based systems.