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
| ₹ crore · consolidated | 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN AERONAUTICS LTD | 3,28,037 | 35.2 | 7.99 | 24.1 | 22.2 | 13.7 | 7.8 | 44.0 |
| BHARAT ELECTRONICS LTD | 2,95,572 | 48.1 | 12.31 | 34.1 | 25.3 | 31.9 | 14.4 | 28.1 |
| BHARAT DYNAMICS LIMITED ◆ | 43,621 | 83.7 | 10.29 | — | 9.9 | 7.2 | — | 32.6 |
| GARDEN REACH SHIP&ENG LTD | 28,027 | 35.0 | 10.67 | — | 28.5 | 36.2 | — |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · New statutory auditor appointed for FY 2026-27 | management changes | medium | — | — |
| 4 Sept 2026 · BDL 56th AGM on 28 Sep 2026; final dividend of 0.40 per share proposed | compliance | minimal | — | — |
| 3 Sept 2026 · BDL files Business Responsibility and Sustainability Report for FY 2025-26 | compliance | medium | — | — |
| 3 Sept 2026 · BDL fixes 21 Sep 2026 as record date for final dividend 2025-26 | corporate actions | high | — | — |
| 3 Sept 2026 · BDL 56th AGM on 28 Sep 2026; Final Dividend Rs 0.40/share, Record Date 21 Sep | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Two senior management officials retire at Bharat Dynamics on superannuation | management changes | medium | — | — |
| 26 Aug 2026 · BDL fined by BSE and NSE for board composition non-compliance | regulatory legal | high | — | — |
| 21 Aug 2026 · Internal promotions for 5 senior managers at Bharat Dynamics | management changes | medium | — | — |
| 18 Aug 2026 · Three new Independent Directors appointed on BDL board | management changes | medium | — | — |
| 14 Aug 2026 · BDL Q1 FY26-27 PAT surges 547% YoY to Rs 118.79 cr | results | high | — | — |
| 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 |
| 13.7 |
| DATA PATTERNS INDIA LTD | 27,042 | 100.9 | 15.58 | — | 15.6 | 20.3 | — | 33.3 |
| ASTRA MICROWAVE LTD | 16,031 | 84.8 | 12.20 | 45.8 | 14.7 | 17.2 | 12.7 | 20.1 |
| APOLLO MICRO SYSTEMS LTD | 15,650 | 121.7 | 11.96 | 71.7 | 8.2 | 10.4 | 34.8 | 22.3 |
| ZEN TECHNOLOGIES LIMITED | 15,599 | 86.2 | 8.00 | 46.5 | 11.2 | 15.1 | 65.9 | 38.5 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 83.7 | 83.7 | 12 of 23 | 50% |
| P/B | 10.3 | 10.6 | 11 of 23 | 55% |
| 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 | 43621 | 7486 | 3 of 26 | 92% |
| 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 |
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.
