Bharat Dynamics Ltd
NSE: BDL BSE: 541143
Bharat Dynamics (BDL), is a Government of India Enterprise. It is engaged in the manufacturing of guided missiles and allied defence equipments [1] [2].
₹1,294
52W: ₹1086 — ₹2097
PE 81.7 · Book ₹115 · +1025% vs bookMarket Cap₹47,415 Cr
Stock P/E81.7Price to Earnings
ROCE19.7%Return on Capital
ROE14.4%Return on Equity
Div. Yield0.35%Face Value ₹5
Strengths
- +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 37.1%
Weaknesses
- −Stock is trading at 11.2 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.404 Cr.
- −Debtor days have increased from 55.0 to 90.2 days.
Shareholding Pattern
Promoters74.93%
FIIs2.02%
DIIs10.97%
Public12.1%
| Category | 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% |
| FIIs | 3.06% | 2.94%▼0.1 | 3.09%▲0.1 | 3.25%▲0.2 | 3.77%▲0.5 | 2.43%▼1.3 | 2.29%▼0.1 | 2.02%▼0.3 |
| DIIs | 9.52% | 8.46%▼1.1 | 8.7%▲0.2 | 9.45%▲0.8 | 10.1%▲0.7 | 11.3%▲1.2 | 10.94%▼0.4 | 10.97%▲0.0 |
| Public | 12.49% | 13.67%▲1.2 | 13.26%▼0.4 | 12.35%▼0.9 | 11.19%▼1.2 | 11.34%▲0.2 | 11.83%▲0.5 | 12.1%▲0.3 |
Financial Statements
| Metric | 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 % | 22% | 20% | 37% | -27% | 18% | 15% | 17% | -18% | 16% | 5% |
| Net Profit | 147 | 135 | 289 | 7 | 123 | 147 | 273 | 18 | 216 | 73 |
| EPS ₹ | 4.01 | 3.68 | 7.88 | 0.2 | 3.34 | 4.01 | 7.44 | 0.5 | 5.89 | 1.99 |
AI Insights
Revenue Trend
TTM revenue at ₹3,739Cr, up 11.8% YoY. OPM at 12%.
Debt Position
Borrowings at ₹1Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.
Capex Cycle
CWIP at ₹171Cr (18% of fixed assets). Moderate ongoing capital expenditure.
Institutional Flow
DIIs: 10.97% (-2.81pp change). FIIs: 2.02% (-1.34pp change). Promoters hold 74.93%.
Margin & Efficiency
ROCE declining from 46% (Mar 2013) to 20% (Mar 2025). Working capital days: 207.
Valuation
PE 81.7x with 19.7% ROCE. Price is 1025% above book value of ₹115. Dividend yield: 0.35%.
Recent Announcements
- Announcement under Regulation 30 (LODR)-Press Release / Media Release 2d - Raksha Mantri laid foundation for BDL’s ₹500 crore naval systems facility at T. Sirasapalli.
- Announcement under Regulation 30 (LODR)-Change in Directorate 30 Apr - Cmde. A. Madhavarao retired on 30 Apr 2026; D. V. Srinivas Rao gets additional CMD charge till 31 Jul 2026.
- Announcement under Regulation 30 (LODR)-Press Release / Media Release 25 Apr - BDL delivered first indigenous Wire Guided Heavy Weight Torpedo to NSTL on 23 April 2026.
- Announcement under Regulation 30 (LODR)-Change in Directorate 23 Apr - Shri Chetan Bansilal Kankariya’s independent director cessation is effective 22 April 2026.
- Announcement under Regulation 30 (LODR)-Change in Directorate 22 Apr - Independent Director Chetan Bansilal Kankariya ceased office on 22 February 2026 after tenure completion.
- Financial Year 2025 from bse
- Financial Year 2024 from bse
- Financial Year 2023 from bse