Overview

Detailed Summary

Bharat Dynamics Limited (BDL) is a leading defense PSU in India, specializing in the manufacture of Surface to Air missiles, Anti-Tank Guided Missiles, torpedoes, and related defense equipment.
The company is the sole supplier of crucial missile systems like SAMs and ATGMs to the Indian Armed Forces, indicating its strategic importance to national defense.
BDL has expanded its manufacturing footprint by setting up new facilities aimed at increasing production capacity and diversifying its product range.
Recent initiatives demonstrate BDL’s focus on indigenization, including collaborations with DRDO for advanced weapon systems like the ASTRA MK-1.
Over the years, BDL has demonstrated consistent financial growth and modernization, evident from its increasing revenues, strategic acquisitions, and facility upgrades.

Sector: Aerospace & Defense
Industry: Aerospace & Defense
Market Cap: 50,181 Cr
Volatility: High Risk
P/E Ratio: 86.5
Industry P/E: 46.8
PEG Ratio: 1.6
P/B Ratio: 11.9
52W High: 2,096.00
52W Low: 1,090.00

Sales CAGR

1Y: 41.18%
3Y: 5.89%
5Y: 1.50%
10Y: -2.39%

Profit CAGR

1Y: -10.29%
3Y: 3.21%
5Y: 0.55%
10Y: -0.30%

ROE

TTM: 15.51%
3Y: 13.95%
5Y: 13.71%
10Y: 17.69%

ROCE

TTM: 11.07%
3Y: 9.77%
5Y: 10.93%
10Y: 16.37%

Technicals

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Forecasts

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Peers

Industrials Capital Goods Aerospace & Defense Aerospace & Defense

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BDL		1368.95	50,181 Cr	86.53	11.90	0.34	15.51	11.07	4.44
GRSE		2712.10	30,558 Cr	45.09	13.31	0.52	26.85	36.26	6.27
DATAPATTNS		3346.55	19,414 Cr	128.02	12.62	0.23	15.18	20.88	14.10
MTARTECH		4844.15	15,209 Cr	234.70	20.44	0.00	6.01	9.08	5.41
ZENTEC		1525.00	14,824 Cr	52.14	8.25	0.12	13.80	21.19	13.88
AEQUS		151.30	13,098 Cr	-84.06	7.69	0.00	-8.62	0.85	0.00
APOLLO		197.55	10,335 Cr	81.50	7.79	0.07	7.59	11.15	4.74
Median: 7 Co.	—	1525.00	15,209 Cr	81.50	11.90	0.12	13.80	11.15	5.41

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	616	602	854	191	545	832	1,777	248	1,147	567
Expenses	482	483	538	243	446	705	1,478	293	960	541
Operating Profit	134	119	316	-52	99	127	299	-45	188	26
OPM %	21.76	19.74	37.04	-27.37	18.14	15.25	16.82	-18.30	16.35	4.59
Other Income	78	88	88	80	86	84	100	87	121	97
Interest	0.78	0.77	0.77	1.16	0.73	0.71	0.71	0.70	1.35	0.67
Depreciation	17	16	16	16	18	18	20	18	19	19
Profit Before Tax	194	189	388	11	166	193	378	23	288	103
Tax %	24.22	28.59	25.55	35.80	26.40	23.72	27.87	20.67	24.94	29.33
Net Profit	147	135	289	7.22	123	147	273	18	216	73
EPS in Rs	4.02	3.69	7.88	0.29	3.34	4.01	7.44	0.50	5.89	1.99

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	4,887	4,588	3,069	3,105	1,914	2,817	2,489	2,369	3,345	3,402
Expenses	4,318	3,920	2,447	2,349	1,569	2,091	2,081	1,833	2,873	2,923
Operating Profit	569	668	622	755	345	726	408	537	472	479
OPM %	11.64	14.56	20.27	24.33	18.01	25.77	16.40	22.65	14.12	14.09
Other Income	300	173	136	88	95	78	155	362	350	357
Interest	3.68	3.28	4.23	4.66	3.91	3.42	4.54	3.11	3.31	2.85
Depreciation	62	63	83	96	95	90	77	67	71	73
Profit Before Tax	803	774	671	742	341	710	482	828	749	761
Tax %	34.72	31.75	37.06	27.96	24.38	29.58	26.90	26.02	26.59	26.28
Net Profit	524	528	423	535	258	500	352	613	550	561
EPS in Rs	—	23.42	11.53	14.60	7.03	13.64	9.61	16.61	15.08	15.82
Dividend Payout %	5,246.84	32.46	30.01	30.16	52.28	30.43	97.29	63.10	31.02	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	98	122	183	183	183	183	183	183	183	183
Reserves	1,702	2,073	1,773	2,085	2,424	2,501	2,847	3,028	3,454	3,826
Borrowings	0.00	0.00	0.00	1.82	11	7.71	6.53	5.21	3.74	2.12
Other Liabilities	7,860	6,185	4,642	3,198	3,067	3,269	3,527	5,456	6,699	7,731
Total Liabilities	9,660	8,380	6,598	5,468	5,685	5,962	6,564	8,672	10,340	11,742
Fixed Assets	693	757	868	957	932	915	874	809	824	857
CWIP	126	136	130	47	42	21	41	74	73	230
Investments	2.96	2.96	239	3.73	3.91	4.53	0.01	0.01	0.01	3.92
Other Assets	8,838	7,484	5,361	4,461	4,707	5,021	5,649	7,790	9,444	10,651
Total Assets	9,660	8,380	6,598	5,468	5,685	5,962	6,564	8,672	10,340	11,742

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	289	-420	977	84	504	1,068	530	2,130	412	167
Cash from Investing Activity	149	2.68	-271	170	-33	-734	-573	-1,171	-722	-407
Cash from Financing Activity	-324	-166	-769	-268	-191	-173	-149	-171	-148	-220
Net Cash Flow	114	-583	-63	-15	280	162	-192	788	-459	-460

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%
FIIs	3.36%	3.09%	3.10%	2.95%	3.05%	2.94%	3.09%	3.26%	3.77%	2.43%	2.30%	2.02%
DIIs	13.79%	12.81%	13.32%	12.40%	9.52%	8.42%	8.71%	9.46%	10.10%	11.30%	10.95%	10.97%
Public	7.92%	9.17%	8.65%	9.72%	12.50%	13.71%	13.28%	12.36%	11.21%	11.34%	11.83%	12.09%
Total Shareholders	1,67,183	1,96,566	2,05,887	2,48,158	4,98,630	5,90,374	5,94,284	5,67,591	5,41,535	5,37,004	5,51,090	5,68,164

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Projection

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q3 FY24

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