Bharat Dynamics Ltd

Bharat Dynamics Ltd

₹ 1,436 0.48%
29 Aug - close price
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]

  • Market Cap 52,627 Cr.
  • Current Price 1,436
  • High / Low 2,097 / 890
  • Stock P/E 93.8
  • Book Value 109
  • Dividend Yield 0.28 %
  • ROCE 19.6 %
  • ROE 14.4 %
  • Face Value 5.00

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 13.1 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.357 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.

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Quarterly Results

Figures in Rs. Crores

Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025
695 535 462 798 298 616 602 854 191 545 832 1,777 248
653 441 373 615 330 482 483 538 243 446 705 1,478 293
Operating Profit 42 94 89 183 -33 134 119 316 -52 99 127 299 -45
OPM % 6% 18% 19% 23% -11% 22% 20% 37% -27% 18% 15% 17% -18%
37 45 36 37 107 78 88 88 80 86 84 100 87
Interest 2 1 1 1 1 1 1 1 1 1 1 1 1
Depreciation 23 21 19 14 17 17 16 16 16 18 18 20 18
Profit before tax 53 117 106 206 57 194 189 388 11 166 193 378 23
Tax % 25% 35% 21% 26% 27% 24% 29% 26% 36% 26% 24% 28% 21%
40 76 84 153 42 147 135 289 7 123 147 273 18
EPS in Rs 1.09 2.07 2.28 4.17 1.14 4.01 3.68 7.88 0.20 3.34 4.01 7.44 0.50
Raw PDF

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 TTM
1,076 2,841 4,079 4,887 4,588 3,069 3,105 1,914 2,817 2,489 2,369 3,345 3,402
1,088 2,564 3,564 4,317 3,919 2,446 2,349 1,568 2,090 2,080 1,832 2,873 2,923
Operating Profit -12 277 515 569 669 623 756 346 727 409 537 472 479
OPM % -1% 10% 13% 12% 15% 20% 24% 18% 26% 16% 23% 14% 14%
464 439 385 300 173 136 88 95 78 155 362 350 357
Interest 1 5 5 4 4 5 5 5 5 6 4 3 3
Depreciation 42 67 53 62 63 82 96 95 90 77 67 71 73
Profit before tax 409 644 841 803 774 671 742 341 710 482 828 749 761
Tax % 32% 31% 33% 35% 32% 37% 28% 24% 30% 27% 26% 27%
279 444 562 524 528 423 535 258 500 352 613 550 561
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 15.29
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: 50%
Compounded Profit Growth
10 Years: 2%
5 Years: 1%
3 Years: 2%
TTM: -3%
Stock Price CAGR
10 Years: %
5 Years: 50%
3 Years: 51%
1 Year: 10%
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 2013 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 44 128 195 169 144 237 322 199
ROCE % 46% 48% 40% 37% 32% 31% 13% 26% 16% 24% 20%

Shareholding Pattern

Numbers in percentages

Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 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%
2.88% 3.24% 2.83% 3.36% 3.09% 3.09% 2.95% 3.06% 2.94% 3.09% 3.25% 3.77%
13.00% 12.39% 14.10% 13.78% 12.81% 13.32% 12.39% 9.52% 8.46% 8.70% 9.45% 10.10%
0.00% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
9.18% 9.43% 8.15% 7.92% 9.17% 8.64% 9.72% 12.49% 13.67% 13.26% 12.35% 11.19%
No. of Shareholders 1,69,8691,77,5961,66,5011,67,1831,96,5662,05,8872,48,1584,98,6305,90,3745,94,2845,67,5915,41,535

* 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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