Bharat Dynamics Ltd

₹ 2,018 -2.05%

26 Apr - 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

Overview^[1]
Bharat Dynamics was established in Hyderabad in 1970 as a Government of India Enterprise under the Ministry of Defence. It was s nominated as a Mini- Ratna – Category – I Company by the Government of India in 2000. It produced India’s first state-of-the-art Surface-to-Surface Missile Prithvi. IGMDP is one India’s most successful defence projects, all missiles – Prithvi, Akash, Agni have been successfully inducted.

Website BSE NSE

Market Cap ₹ 36,986 Cr.
Current Price ₹ 2,018
High / Low ₹ 2,098 / 900
Stock P/E 77.6
Book Value ₹ 184
Dividend Yield 0.46 %
ROCE 15.6 %
ROE 11.3 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is almost debt free.
Company has been maintaining a healthy dividend payout of 43.8%
Debtor days have improved from 42.7 to 27.1 days.

Cons

Stock is trading at 11.0 times its book value
The company has delivered a poor sales growth of -11.5% over past five years.
Company has a low return on equity of 13.1% over last 3 years.
Earnings include an other income of Rs.311 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

Sector: Aerospace & Defence Industry: Engineering

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
	459	1,137	129	504	804	1,381	695	535	462	798	298	616	602
	400	793	162	438	514	977	653	441	373	615	330	482	483
Operating Profit	59	344	-34	66	290	404	42	94	89	183	-33	134	119
OPM %	13%	30%	-26%	13%	36%	29%	6%	18%	19%	23%	-11%	22%	20%
	35	25	28	20	35	-5	37	45	36	37	107	78	88
Interest	1	1	1	1	1	1	2	1	1	1	1	1	1
Depreciation	25	31	21	24	25	21	23	21	19	14	17	17	16
Profit before tax	69	338	-28	62	299	378	53	117	106	206	57	194	189
Tax %	28%	23%	26%	30%	29%	30%	25%	35%	21%	26%	27%	24%	29%
	49	260	-21	43	213	264	40	76	84	153	42	147	135
EPS in Rs	2.68	14.21	-1.14	2.36	11.64	14.42	2.17	4.14	4.57	8.33	2.28	8.03	7.37
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Profit & Loss

Figures in Rs. Crores

	Mar 2012	Mar 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	956	1,076	2,841	4,079	4,887	4,588	3,069	3,105	1,914	2,817	2,489	2,313
	1,019	1,088	2,564	3,564	4,317	3,919	2,446	2,349	1,568	2,090	2,080	1,910
Operating Profit	-64	-12	277	515	569	669	623	756	346	727	409	404
OPM %	-7%	-1%	10%	13%	12%	15%	20%	24%	18%	26%	16%	17%
	463	464	439	385	300	173	136	88	95	78	155	311
Interest	1	1	5	5	4	4	5	5	5	5	6	3
Depreciation	50	42	67	53	62	63	82	96	95	90	77	65
Profit before tax	348	409	644	841	803	774	671	742	341	710	482	646
Tax %	33%	32%	31%	33%	35%	32%	37%	28%	24%	30%	27%
	235	279	444	562	524	528	423	535	258	500	352	477
EPS in Rs	2,043.13	2,424.26	3,856.96	5,750.08	4,288.89	28.82	23.06	29.18	14.06	27.28	19.21	26.01
Dividend Payout %	20%	21%	19%	30%	30%	25%	30%	30%	52%	30%	49%

Compounded Sales Growth
10 Years:	9%
5 Years:	-12%
3 Years:	-7%
TTM:	-25%

Compounded Profit Growth
10 Years:	2%
5 Years:	-8%
3 Years:	-13%
TTM:	-2%

Stock Price CAGR
10 Years:	%
5 Years:	48%
3 Years:	80%
1 Year:	101%

Return on Equity
10 Years:	%
5 Years:	16%
3 Years:	13%
Last Year:	11%

Balance Sheet

Figures in Rs. Crores

	Mar 2012	Mar 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	115	115	115	98	122	183	183	183	183	183	183	183
Reserves	617	936	1,538	1,753	2,073	1,773	2,085	2,424	2,501	2,847	3,028	3,190
	0	0	0	4	4	4	5	15	11	10	9	4
	5,694	6,199	6,759	7,786	6,208	4,697	3,250	3,128	3,334	3,595	5,535	5,919
Total Liabilities	6,427	7,251	8,412	9,641	8,407	6,657	5,523	5,750	6,030	6,636	8,756	9,297
	212	277	518	697	757	868	957	932	915	874	809	823
CWIP	45	70	142	126	136	130	47	42	22	41	74	55
Investments	1	1	3	3	3	239	4	4	5	0	0	0
	6,169	6,904	7,749	8,815	7,511	5,420	4,516	4,771	5,089	5,721	7,873	8,419
Total Assets	6,427	7,251	8,412	9,641	8,407	6,657	5,523	5,750	6,030	6,636	8,756	9,297

Cash Flows

Figures in Rs. Crores

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

Ratios

Figures in Rs. Crores

	Mar 2012	Mar 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	34	93	43	13	12	61	63	40	62	39	27
Inventory Days	373	534	286	302	276	254	380	222	636	534	584
Days Payable	99	153	100	202	186	129	115	83	322	171	142
Cash Conversion Cycle	307	475	230	114	101	186	328	178	375	403	469
Working Capital Days	-1,461	-1,137	-126	-106	-11	44	128	196	169	145	238
ROCE %		46%		48%	40%	37%	32%	31%	13%	26%	16%

Shareholding Pattern

Numbers in percentages

1 Recently

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%
	0.41%	1.43%	1.73%	2.11%	2.40%	2.88%	3.24%	2.83%	3.36%	3.09%	3.09%	2.95%
	17.92%	17.56%	17.38%	16.38%	14.59%	13.00%	12.39%	14.10%	13.78%	12.81%	13.32%	12.39%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%
	6.75%	6.08%	5.96%	6.59%	8.08%	9.18%	9.43%	8.15%	7.92%	9.17%	8.64%	9.72%
No. of Shareholders	1,24,303	1,16,642	1,10,498	1,12,648	1,55,036	1,69,869	1,77,596	1,66,501	1,67,183	1,96,566	2,05,887	2,48,158

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

* 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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