Bharat Dynamics Ltd

₹ 1,966 0.93%

10 Jun 4:01 p.m.

bdl-india.in/Home-Page BSE: 541143 NSE: BDL

About

Bharat Dynamics (BDL), is a Government of India Enterprise. It is engaged in the manufacturing of guided missiles and allied defence equipments ^[1] ^[2].

Key Points

Products Offerings
The company manufactures and supplies guided missiles, underwater weapons, airborne products, and allied defense equipment for the Indian Armed Forces. It also provides product life cycle support for all equipment supplied, as well as refurbishment and life extension services for vintage missiles already in the Indian Armed Forces' inventory. ^[1]

Website BSE NSE

Market Cap ₹ 72,096 Cr.
Current Price ₹ 1,966
High / Low ₹ 2,097 / 890
Stock P/E 131
Book Value ₹ 109
Dividend Yield 0.27 %
ROCE 19.6 %
ROE 14.4 %
Face Value ₹ 5.00

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Pros

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 46.0%

Cons

Stock is trading at 18.0 times its book value
The company has delivered a poor sales growth of 1.50% over past five years.
Earnings include an other income of Rs.350 Cr.
Debtor days have increased from 55.0 to 90.2 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Aerospace & Defense Aerospace & Defense

Part of BSE 500 BSE Capital Goods BSE PSU Nifty 500 BSE SmallCap Nifty Midcap 100 Nifty 200 Nifty Alpha 50 BSE CPSE BSE Allcap BSE Industrials BSE SmallCap Select Index BSE 150 MidCap Index BSE 250 LargeMidCap Index BSE 400 MidSmallCap Index Nifty LargeMidcap 250 Nifty Midcap 150 Nifty MidSmallcap 400 Nifty Midcap150 Quality 50 Nifty 500 Multicap 50:25:25 Nifty Total Market Nifty India Defence Nifty Midcap150 Momentum 50

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	1,381	695	535	462	798	298	616	602	854	191	545	832	1,777
	977	653	441	373	615	330	482	483	538	243	446	705	1,478
Operating Profit	404	42	94	89	183	-33	134	119	316	-52	99	127	299
OPM %	29%	6%	18%	19%	23%	-11%	22%	20%	37%	-27%	18%	15%	17%
	-5	37	45	36	37	107	78	88	88	80	86	84	100
Interest	1	2	1	1	1	1	1	1	1	1	1	1	1
Depreciation	21	23	21	19	14	17	17	16	16	16	18	18	20
Profit before tax	378	53	117	106	206	57	194	189	388	11	166	193	378
Tax %	30%	25%	35%	21%	26%	27%	24%	29%	26%	36%	26%	24%	28%
	264	40	76	84	153	42	147	135	289	7	123	147	273
EPS in Rs	7.21	1.09	2.07	2.28	4.17	1.14	4.01	3.68	7.88	0.20	3.34	4.01	7.44
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Profit & Loss

Figures in Rs. Crores

	Mar 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	1,076	2,841	4,079	4,887	4,588	3,069	3,105	1,914	2,817	2,489	2,369	3,345
	1,088	2,564	3,564	4,317	3,919	2,446	2,349	1,568	2,090	2,080	1,832	2,873
Operating Profit	-12	277	515	569	669	623	756	346	727	409	537	472
OPM %	-1%	10%	13%	12%	15%	20%	24%	18%	26%	16%	23%	14%
	464	439	385	300	173	136	88	95	78	155	362	350
Interest	1	5	5	4	4	5	5	5	5	6	4	3
Depreciation	42	67	53	62	63	82	96	95	90	77	67	71
Profit before tax	409	644	841	803	774	671	742	341	710	482	828	749
Tax %	32%	31%	33%	35%	32%	37%	28%	24%	30%	27%	26%	27%
	279	444	562	524	528	423	535	258	500	352	613	550
EPS in Rs	1,212.13	1,928.48	2,810.35	2,183.58	14.41	11.53	14.59	7.03	13.64	9.61	16.71	14.99
Dividend Payout %	21%	19%	30%	30%	25%	30%	30%	52%	30%	49%	32%	58%

Compounded Sales Growth
10 Years:	2%
5 Years:	2%
3 Years:	6%
TTM:	41%

Compounded Profit Growth
10 Years:	2%
5 Years:	1%
3 Years:	2%
TTM:	-10%

Stock Price CAGR
10 Years:	%
5 Years:	75%
3 Years:	68%
1 Year:	39%

Return on Equity
10 Years:	19%
5 Years:	14%
3 Years:	15%
Last Year:	14%

Balance Sheet

Figures in Rs. Crores

	Mar 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	115	115	98	122	183	183	183	183	183	183	183	183
Reserves	936	1,538	1,753	2,073	1,773	2,085	2,424	2,501	2,847	3,028	3,454	3,826
	0	0	4	4	4	5	15	11	10	9	8	2
	6,199	6,759	7,786	6,208	4,697	3,250	3,128	3,334	3,595	5,535	6,781	7,731
Total Liabilities	7,251	8,412	9,641	8,407	6,657	5,523	5,750	6,030	6,636	8,756	10,426	11,742
	277	518	697	757	868	957	932	915	874	809	824	970
CWIP	70	142	126	136	130	47	42	22	41	74	73	117
Investments	1	3	3	3	239	4	4	5	0	0	0	4
	6,904	7,749	8,815	7,511	5,420	4,516	4,771	5,089	5,721	7,873	9,530	10,651
Total Assets	7,251	8,412	9,641	8,407	6,657	5,523	5,750	6,030	6,636	8,756	10,426	11,742

Cash Flows

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-765	284	-420	-342	84	504	1,068	530	2,130	412	167
	239	149	3	1,047	170	-33	-734	-573	-1,171	-722	-407
	-72	-324	-166	-769	-268	-191	-173	-149	-171	-148	-220
Net Cash Flow	-598	109	-583	-63	-15	280	162	-192	788	-459	-460

Ratios

Figures in Rs. Crores

	Mar 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	93	43	13	12	61	63	40	62	39	27	48	90
Inventory Days	534	286	302	276	254	380	222	636	534	584	841	575
Days Payable	153	100	202	186	129	115	83	322	171	142	325	328
Cash Conversion Cycle	475	230	114	101	186	328	178	375	403	469	564	338
Working Capital Days	-1,137	-126	-106	-11	44	128	196	169	145	238	322	200
ROCE %	46%		48%	40%	37%	32%	31%	13%	26%	16%	24%	20%

Shareholding Pattern

Numbers in percentages

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%
	2.40%	2.88%	3.24%	2.83%	3.36%	3.09%	3.09%	2.95%	3.06%	2.94%	3.09%	3.25%
	14.59%	13.00%	12.39%	14.10%	13.78%	12.81%	13.32%	12.39%	9.52%	8.46%	8.70%	9.45%
	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	8.08%	9.18%	9.43%	8.15%	7.92%	9.17%	8.64%	9.72%	12.49%	13.67%	13.26%	12.35%
No. of Shareholders	1,55,036	1,69,869	1,77,596	1,66,501	1,67,183	1,96,566	2,05,887	2,48,158	4,98,630	5,90,374	5,94,284	5,67,591

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	87.75%	87.75%	87.75%	74.93%	74.93%	74.93%	74.93%	74.93%
	0.00%	0.90%	0.04%	0.28%	2.11%	2.83%	2.95%	3.25%
	6.74%	6.63%	7.47%	17.52%	16.38%	14.10%	12.39%	9.45%
	5.51%	4.72%	4.74%	7.27%	6.59%	8.15%	9.72%	12.35%
No. of Shareholders	1,56,004	1,18,358	1,07,828	1,31,209	1,12,648	1,66,501	2,48,158	5,67,591

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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