BHARAT DYNAMICS LIMITED

Manufactures missiles, torpedoes and naval combat systems for the Indian armed forces as a Government of India defence public sector undertaking under the Ministry of Defence. The product range covers Helina anti-tank guided missile launchers and Line Replaceable Units (LRUs), Counter Measure Dispenser System (CMDS) LRUs, underwater weapon systems, torpedoes, mines and associated naval combat systems, primarily for the Indian Army and Indian Navy. Customers are the Indian defence services, with orders flowing through defence prime contractors such as Hindustan Aeronautics Limited (HAL). A new Naval Systems Manufacturing Facility is being built at T. Sirasapalli, Anakapalli district, Andhra Pradesh, to be completed in approximately four years. The business is asset-heavy, with total assets of Rs 14,261.50 crore against FY26 revenue of Rs 2,441.79 crore and EBITDA margin of 26.5%. Materials make up the dominant cost at 81.7% of revenue, followed by employee costs at 21.9%.