Bharat Dynamics Ltd

₹ 1,210 0.79%

15 Jun - close price

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

Product Portfolio
The company offers a comprehensive defence portfolio including Surface-to-Air Missiles, Air-to-Air Missiles, Anti-Tank Guided Missiles, torpedoes, and launchers. It also offers counter-measure systems and specialised test equipment for missile and underwater weapon platforms. ^[1]

Website BSE NSE

Market Cap ₹ 44,343 Cr.
Current Price ₹ 1,210
High / Low ₹ 2,014 / 1,086
Stock P/E 105
Book Value ₹ 116
Dividend Yield 0.38 %
ROCE 13.8 %
ROE 10.2 %
Face Value ₹ 5.00

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Pros

Company has reduced debt.
Company is almost debt free.
Company has been maintaining a healthy dividend payout of 35.1%

Cons

Stock is trading at 10.5 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.424 Cr.

* 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 Nifty Midcap 100 Nifty 200 Nifty Alpha 50 BSE CPSE BSE Industrials BSE 150 MidCap Index BSE 250 LargeMidCap Index BSE 400 MidSmallCap Index Nifty LargeMidcap 250 Nifty 500 Multicap 50:25:25 Nifty Midcap 150 Nifty MidSmallcap 400 Nifty Midcap150 Quality 50 Nifty Total Market Nifty India Defence Nifty Midsmallcap400 Momentum Quality 100 Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted BSE 1000 Nifty India Infrastructure & Logistics BSE India Defence

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	798	298	616	602	854	191	545	832	1,777	248	1,147	567	480
	615	330	482	483	538	243	446	705	1,478	293	960	541	425
Operating Profit	183	-33	134	119	316	-52	99	127	299	-45	188	26	55
OPM %	23%	-11%	22%	20%	37%	-27%	18%	15%	17%	-18%	16%	5%	12%
	37	107	78	88	88	80	86	84	100	87	121	97	119
Interest	1	1	1	1	1	1	1	1	1	1	1	1	1
Depreciation	14	17	17	16	16	16	18	18	20	18	19	19	20
Profit before tax	206	57	194	189	388	11	166	193	378	23	288	103	154
Tax %	26%	27%	24%	29%	26%	36%	26%	24%	28%	21%	25%	29%	26%
	153	42	147	135	289	7	123	147	273	18	216	73	113
EPS in Rs	4.17	1.14	4.01	3.68	7.88	0.20	3.34	4.01	7.44	0.50	5.89	1.99	3.09
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Profit & Loss

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	Mar 2026
	2,841	4,079	4,887	4,588	3,069	3,105	1,914	2,817	2,489	2,369	3,345	2,442
	2,564	3,564	4,317	3,919	2,446	2,349	1,568	2,090	2,080	1,832	2,872	2,218
Operating Profit	277	515	569	669	623	756	346	727	409	537	473	223
OPM %	10%	13%	12%	15%	20%	24%	18%	26%	16%	23%	14%	9%
	439	385	300	173	136	88	95	78	155	362	350	424
Interest	5	5	4	4	5	5	5	5	6	4	4	3
Depreciation	67	53	62	63	82	96	95	90	77	67	71	76
Profit before tax	644	841	803	774	671	742	341	710	482	828	749	568
Tax %	31%	33%	35%	32%	37%	28%	24%	30%	27%	26%	27%	26%
	444	562	524	528	423	535	258	500	352	613	550	420
EPS in Rs	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	11.47
Dividend Payout %	19%	30%	30%	25%	30%	30%	52%	30%	49%	32%	31%	43%

Compounded Sales Growth
10 Years:	-5%
5 Years:	5%
3 Years:	-1%
TTM:	-27%

Compounded Profit Growth
10 Years:	-3%
5 Years:	10%
3 Years:	6%
TTM:	-24%

Stock Price CAGR
10 Years:	%
5 Years:	46%
3 Years:	27%
1 Year:	-36%

Return on Equity
10 Years:	17%
5 Years:	14%
3 Years:	14%
Last Year:	10%

Balance Sheet

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	Mar 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
	0	4	4	4	5	15	11	10	9	8	7	0
	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
	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
	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

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
Free Cash Flow	-943	68	-556	-510	-5	447	1,012	428	2,022	331	-115
CFO/OP	-197%	109%	-15%	-13%	61%	90%	332%	101%	574%	106%	78%

Ratios

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	Mar 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

In beta

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

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Mar 2025

Export Turnover
INR Crore

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xx,xxx	x,xxx	xx,xxx	x,xxx	x,xxx	x,xxx	x,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx
xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx
	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xxx.xx	xx.xx	xxx.xx
					x.xx	x.xx	x.xx	x.xx	x.xx	x.xx

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Number of Employees
Nos.

Order Book
INR Crore

Value Added Per Employee
INR Lakh

Value of Production
INR Crore

R&D Expenditure
INR Crore

R&D Expenditure (Percentage of Turnover)
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%
	3.36%	3.09%	3.09%	2.95%	3.06%	2.94%	3.09%	3.25%	3.77%	2.43%	2.29%	2.02%
	13.78%	12.81%	13.32%	12.39%	9.52%	8.46%	8.70%	9.45%	10.10%	11.30%	10.94%	10.97%
	7.92%	9.17%	8.64%	9.72%	12.49%	13.67%	13.26%	12.35%	11.19%	11.34%	11.83%	12.10%
No. of 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

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	87.75%	87.75%	87.75%	74.93%	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%	2.02%
	6.74%	6.63%	7.47%	17.52%	16.38%	14.10%	12.39%	9.45%	10.97%
	5.51%	4.72%	4.74%	7.27%	6.59%	8.15%	9.72%	12.35%	12.10%
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	5,68,164

* 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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