Larsen & Toubro Ltd.
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Industrials · Engineering & Construction
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Research updated
Bharat Dynamics Ltd.
NSE: BDLIndustrialsAerospace & Defense
- Last close
- ₹1,017.50
- Day change
- −₹35.00 (−3.33%)vs
- Market cap
- ₹41,286 crIndian rupees
- Research updated
- 2 reports
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About Bharat Dynamics
Bharat Dynamics Ltd., a state-owned enterprise in India, is a key player in the country's defense industry. The primary role of the company is to design, manufacture, and supply guided weapon systems for the Indian Armed Forces. Bharat Dynamics Ltd. specializes in producing a variety of defense equipment, including surface-to-air missiles, anti-tank guided missiles, and underwater weapons. As a significant entity in the defense sector, it contributes to the self-reliance and technological advancement of India's military capabilities. Headquartered in Hyderabad, Bharat Dynamics Ltd. not only supports national defense efforts but also engages in research and development to innovate and enhance its product offerings. The company’s strategic focus on indigenization has made it a cornerstone in bolstering India’s defense infrastructure. Its operations reflect a commitment to enhancing competitive advantage by aligning with global defense technology trends while prioritizing the nation’s security needs.
- Sector
- Industrials
- Industry
- Aerospace & Defense
- Listing
- NSE: BDL
- Employees
- 2,101
- Headquarters
- Hyderabad, India
- ISIN
- INE171Z01026
- Website
- bdl-india.in
Public research · Report of
Business model & financial foundation
Bharat Dynamics (NSE: BDL), Aerospace and Defence — guided missiles: revenue of ₹2,442 crore in FY26 (-27.0% on FY25), an EBITDA margin of 9.1%, net profit of ₹420.3 crore and net cash of ₹4,709 crore.
- Revenue, FY26 (₹ crore)
- 2,442
- standalone
- Revenue growth, FY26
- -27.0%
- on FY25
- EBITDA margin, FY26
- 9.1%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 420.3
- to owners
- Return on equity, FY26
- 10.2%
- on average equity
- Net debt, FY26 (₹ crore)
- -4,709
- Net debt incl leases, cash and bank balances
- Market capitalisation (₹ crore)
- 41,385
- at the close of 15 Oct 2026
Company profile
Government-controlled producer and integrator of guided missile systems, anti-tank missiles, air-defence systems, air-to-air weapons, underwater weapons and countermeasure systems. DRDO collaboration and licensed technology support programmes serving the Indian armed forces and export customers. Contract delivery and acceptance, not headline order wins, govern near-term revenue. Customer advances support working capital but are not distributable equity cash.
| Item | Value |
|---|---|
| Legal name | Bharat Dynamics Limited |
| Exchange and ticker | NSE: BDL; BSE: 541143 |
| ISIN | INE171Z01026 |
| CIN | L24292TG1970GOI001353 |
| Sector | Industrials |
| Industry | Aerospace and Defence — guided missiles |
| Headquarters | Hyderabad, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | Tej Raj & Pal (since FY26) |
| Market capitalisation | ₹41,385 crore (15 Oct 2026) |
| Shares outstanding | 36.66 crore (FY26) |
| Price | ₹1,129 (close, 15 Oct 2026) |
| 52-week range | ₹1,048 - ₹1,633 (to 15 Oct 2026) |
| Website | https://bdl-india.in |
Corporate structure and shareholding
Parent: Government of India.
No subsidiary is recorded.
Section-8 foundations: Electronic Warfare (Defence) Testing Foundation 10%; Advanced Materials (Defence) Testing Foundation 20%. Not consolidated.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 74.93% | 74.93% | 74.93% | 74.93% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 2.43% | 2.29% | 2.02% | 1.69% |
| Domestic institutions | 11.30% | 10.94% | 10.97% | 11.53% |
| of which mutual funds | 5.79% | 5.52% | 5.57% | 6.42% |
| Other | 11.34% | 11.83% | 12.10% | 11.85% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
BDL is the listed standalone missile production/integration business. Revenue requires delivery and customer acceptance; an award by itself is not revenue. DRDO/licensed technology, imported components, government procurement and acceptance are upstream dependencies. Programme margins and volumes are unavailable under the segment-reporting exemption. Customer advances finance long production cycles. On 15 October 2026, BDL signed a domestic Indian Navy heavyweight-torpedo contract for approximately INR1307 crore plus taxes, to complete within 42 months; it is a signed award, but the filing provides no delivery, margin, advance or revenue-recognition schedule.
| Peer | Why the dossier compares them |
|---|---|
| Hindustan Aeronautics (HAL) | Defence PSU platform manufacturer; long-cycle contracts and government customer. |
| Bharat Electronics (BEL) | Defence electronics integrator and missile-system supplier; execution benchmark. |
| Mazagon Dock Shipbuilders (MAZDOCK) | Defence PSU with customer advances and lumpy milestone recognition. |
| Cochin Shipyard (COCHINSHIP) | Government-controlled defence/shipbuilding execution and advance-funded balance sheet. |
| Data Patterns (DATAPATTNS) | Private defence electronics manufacturer with missile-related content. |
| Astra Microwave Products (ASTRAMICRO) | RF and missile/radar supplier, private execution comparator. |
| Solar Industries India (SOLARINDS) | Private ammunition and emerging missile competition; diversified mix means imperfect comparator. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations incl. other operating income | 2,737 | 2,479 | 2,369 | 3,345 | 2,442 |
| Cost of revenue (vendor classification) * | 1,179 | 1,191 | 897.3 | 1,678 | 1,222 |
| Other operating costs (vendor classification) * | 306.3 | 336.8 | 315.3 | 607.0 | 422.2 |
| EBITDA (vendor classification) * | 839.1 | 560.8 | 895.8 | 820.2 | 644.6 |
| EBIT * | 712.0 | 485.0 | 830.0 | 750.7 | 569.8 |
| Finance cost | 2.03 | 3.15 | 3.11 | 3.31 | 3.39 |
| Profit before tax | 709.9 | 481.8 | 828.2 | 748.8 | 567.8 |
| Tax expense including deferred tax | 210.0 | 129.6 | 215.5 | 199.1 | 147.5 |
| Standalone profit after tax | 499.9 | 352.2 | 612.7 | 549.6 | 420.3 |
| Basic and diluted EPS (₹) | 13.64 | 4.81 | 16.72 | 14.99 | 11.47 |
| Materials consumed plus FG/WIP inventory change | 897.3 | 1,678 | 1,222 | ||
| Employee benefits expense | 600.0 | 548.8 | 535.6 | ||
| Other expenses | 335.4 | 646.0 | 460.4 | ||
| Operating EBITDA excluding other income | 536.6 | 472.4 | 223.4 | ||
| Other income | 361.8 | 350.4 | 423.8 | ||
| Depreciation and amortisation expense | 67.0 | 70.7 | 75.9 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| PAT attributable to owners (standalone) | 612.7 | 549.6 | 420.3 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Share capital plus other equity | 3,031 | 3,212 | 3,637 | 4,009 | 4,241 |
| Borrowings * | 6.53 | 5.21 | 3.74 | 2.12 | 0.32 |
| Cash equivalents plus other bank balances | 265.0 | 1,053 | 4,228 | 4,190 | 4,709 |
| Trade receivables (billed, per balance sheet) | 304.2 | 184.6 | 310.4 | 826.4 | 422.9 |
| Inventories | 1,654 | 1,822 | 1,982 | 2,645 | 4,626 |
| Trade payables (MSE plus other creditors) | 552.5 | 464.4 | 798.4 | 1,506 | 2,835 |
| Net property, plant and equipment * | 87.0 | 91.3 | 104.2 | 105.6 | 123.6 |
| Capital work in progress * | 40.7 | 74.4 | 72.9 | 145.4 | 265.8 |
| Total assets * | 6,564 | 8,672 | 10,340 | 11,742 | 14,262 |
| Advances from customers, current plus non-current | 4,993 | 5,187 | 6,259 | ||
| Net debt incl leases, cash and bank balances | -4,225 | -4,188 | -4,709 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after tax | 727.7 | 2,349 | 411.7 | 167.4 | 604.0 |
| Free cash flow (vendor definition) * | 427.6 | 2,022 | 330.8 | -115.4 | 375.3 |
| Dividends paid (the provider's sign: an outflow is negative) * | -145.3 | -166.9 | -145.2 | -216.7 | -190.4 |
| Purchase of PPE and intangible assets (cash outflow) | -102.0 | -108.1 | -80.9 | -282.7 | -228.7 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares adjusted to current split basis (crore) | 36.66 | 73.31 | 36.66 | 36.66 | 36.66 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations incl. other operating income | 544.8 | 832.1 | 1,777 | 247.9 | 1,147 | 566.6 | 480.2 | 572.2 |
| Cost of revenue (vendor classification) * | 651.2 | 331.5 | 180.6 | 277.4 | ||||
| Other operating costs (vendor classification) * | 146.0 | 71.5 | 149.3 | 75.4 | ||||
| EBITDA (vendor classification) * | 308.1 | 123.2 | 174.4 | 186.5 | ||||
| EBIT * | 289.0 | 103.9 | 154.6 | 166.3 | ||||
| Finance cost | 0.73 | 0.71 | 0.71 | 0.70 | 1.35 | 0.67 | 0.67 | 0.64 |
| Profit before tax | 166.5 | 192.9 | 378.2 | 23.1 | 287.6 | 103.2 | 153.9 | 165.6 |
| Tax expense including deferred tax | 43.9 | 45.8 | 105.4 | 4.78 | 71.7 | 30.3 | 40.7 | 46.8 |
| Standalone profit after tax | 122.5 | 147.1 | 272.8 | 18.3 | 215.9 | 72.9 | 113.2 | 118.8 |
| Basic and diluted EPS (₹) | 3.34 | 4.01 | 7.44 | 0.50 | 5.89 | 1.99 | 3.09 | 3.24 |
| Materials consumed plus FG/WIP inventory change | 223.7 | 369.8 | 1,052 | 59.2 | 651.2 | 331.5 | 180.6 | 277.4 |
| Employee benefits expense | 141.9 | 121.9 | 137.9 | 132.0 | 162.4 | 137.7 | 103.5 | 136.4 |
| Other expenses | 80.3 | 213.6 | 287.9 | 102.1 | 145.9 | 71.4 | 140.9 | 75.4 |
| Operating EBITDA excluding other income | 98.8 | 126.9 | 299.0 | -45.4 | 187.5 | 26.0 | 55.2 | 83.1 |
| Other income | 86.0 | 84.4 | 99.6 | 86.9 | 120.6 | 97.2 | 119.2 | 103.4 |
| Depreciation and amortisation expense | 17.7 | 17.7 | 19.7 | 17.7 | 19.1 | 19.3 | 19.8 | 20.2 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PAT attributable to owners (standalone) | 122.5 | 147.1 | 272.8 | 18.3 | 215.9 | 72.9 | 113.2 | 118.8 |
Standalone, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 50.3% | -9.4% | -4.4% | 41.2% | -27.0% |
| EBITDA margin | 22.6% | 14.1% | 9.1% | ||
| Net margin | 25.9% | 16.4% | 17.2% | ||
| Return on equity | 17.9% | 14.4% | 10.2% | ||
| Return on capital employed | 24.9% | 15.5% | 24.2% | 19.6% | 13.8% |
| Return on assets | 6.4% | 5.0% | 3.2% | ||
| Net debt (₹ crore) | -4,225 | -4,188 | -4,709 | ||
| Net debt / EBITDA | -7.87x | -8.87x | -21.1x | ||
| Interest cover | 350.7x | 154.0x | 267.3x | 226.9x | 168.2x |
| Asset turnover | 0.44x | 0.33x | 0.25x | 0.30x | 0.19x |
| Receivable days | 41 | 27 | 48 | 90 | 63 |
| Inventory days (on revenue) | 221 | 268 | 305 | 289 | 691 |
| Payable days (on revenue) | 74 | 68 | 123 | 164 | 424 |
| Cash conversion | 0.67x | 0.30x | 1.44x | ||
| Capex intensity | 3.7% | 4.4% | 3.4% | 8.5% | 9.4% |
| Free cash flow (₹ crore) | 625.6 | 2,241 | 330.8 | -115.4 | 375.3 |
| Dividend payout | 23.7% | 39.4% | 45.3% | ||
| EPS, diluted (₹) | 13.64 | 4.81 | 16.72 | 14.99 | 11.47 |
| Book value per share (₹) | 82,67,50,108 | 43,80,56,266 | 99,21,43,029 | 1,09,36,61,216 | 1,15,69,56,987 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt incl leases, cash and bank balances; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Basic and diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Bharat Dynamics includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Bharat Dynamics
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
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