NSE: BDL · BSE: 541143
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Missiles and missile launchers, Naval combat systems, Counter Measure Dispenser Systems. Asset-heavy defence manufacturing with multi-year order delivery cycles
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,817 | 2,489 | 2,369 | 3,345 | 2,442 |
| EBITDA (ex other income) | 692 | 408 | 537 | 472 | 223 |
| margin % | 24.6 | 16.4 | 22.6 | 14.1 | 9.1 |
| Owners' profit | 500 | 352 | 613 | 550 | 420 |
| EPS, as reported (₹) | 27.28 | 19.22 | 16.72 | 14.99 | 11.47 |
| ROE % · ROCE % | 16.5 · 17.9 | 11.0 · 7.5 | 16.8 · 11.3 | 13.7 · 10.2 | 9.9 · 7.2 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 530 | 2,130 | 412 | 167 | 604 |
| Capex | (101) | (108) | (81) | (108) | (217) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 545 | 832 | 1,777 | 248 | 1,147 | 567 | 480 | 572 |
| Profit before tax | 166 | 193 | 378 | 23 | 288 | 103 | 154 | 166 |
| Net profit | 123 | 147 | 273 | 18 | 216 | 73 | 113 | 119 |
| EPS (₹) | 3.34 | 4.01 | 7.44 | 0.50 | 5.89 | 1.99 | 3.09 | 3.24 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN AERONAUTICS LTD | 3,24,693 | 34.8 | 7.91 | 23.8 | 22.2 | 13.7 | 7.8 | 44.0 |
| BHARAT ELECTRONICS LTD | 2,68,964 | 43.8 | 11.20 | 31.0 | 25.3 | 31.9 | 14.4 | 28.1 |
| BHARAT DYNAMICS LIMITED ◆ | 36,876 | 70.8 | 8.70 | — | 9.9 | 7.2 | — | 32.6 |
| DATA PATTERNS INDIA LTD | 23,139 | 86.3 | 13.33 | — | 15.6 | 20.3 | — | 33.3 |
| GARDEN REACH SHIP&ENG LTD | 21,994 | 27.5 | 8.38 | — | 28.5 | 36.2 | — | 13.7 |
| APOLLO MICRO SYSTEMS LTD | 15,810 | 123.0 | 12.08 | 72.4 | 8.2 | 10.4 | 34.8 | 22.3 |
| ASTRA MICROWAVE LTD | 14,906 | 78.8 | 11.34 | 42.6 | 14.7 | 17.2 | 12.7 | 20.1 |
| AEQUS LIMITED | 14,647 | — | 9.86 | 93.0 | (7.6) | (3.8) | — | 5.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 70.8 | 70.8 | 12 of 23 | 50% |
| P/B | 8.7 | 9.9 | 10 of 23 | 59% |
| ROCE | 7.2 | 13.6 | 22 of 26 | 16% |
| ROE | 9.9 | 10.9 | 13 of 23 | 46% |
| Debt / Equity | 0.0 | 0.0 | 1 of 23 | 68% |
| EBITDA margin | 32.6 | 22.3 | 6 of 23 | 77% |
| Revenue growth | 130.8 | 24.9 | 1 of 23 | 100% |
| Profit growth | 547.4 | 14.9 | 2 of 21 | 95% |
| Market cap | 36876 | 6484 | 3 of 26 | 92% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · BDL submits Q2 FY27 share capital audit report, fully dematerialized | compliance | minimal | — | — |
| 16 Oct 2026 · BDL appoints Dr Jagannath Nayak from DRDO as Government Nominee Director | management changes | medium | — | — |
| 15 Oct 2026 · BDL wins Rs 1,307 Crore Heavyweight Torpedoes order from Indian Navy | business updates | high | — | — |
| 12 Oct 2026 · BDL submits quarterly dematerialization certificate, reports zero activity for Q2 FY27 | compliance | minimal | — | — |
| 7 Oct 2026 · BDL appoints Dr Jagannath Nayak from DRDO as Government Director | management changes | medium | — | — |
| 30 Sept 2026 · BDL submits scrutinizer report and voting results of 56th AGM | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading window closure from Oct 1 for Q2 results | compliance | minimal | — | — |
| 28 Sept 2026 · BDL 56th AGM: FY26 revenue 2,441 Cr, dividend up to 4.90 per share | board shareholder meetings | medium | — | — |
| 23 Sept 2026 · BDL bags Rs 810.79 crore SAT-SAAW order from Indian Air Force | business updates | high | — | — |
| 18 Sept 2026 · New Government Director appointed on BDL board | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.