Bharat Dynamics Limited (BDL)

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Bharat Dynamics Limited (BDL) · mywealthgrid

About

Bharat Dynamics Limited manufactures aerospace and defense systems with market capitalization of ₹51,250 crore. Quarterly revenues range widely from ₹248 crore to ₹1,777 crore, reflecting significant project-to-project variation. Operates as a substantial domestic player in India's strategic defense and aerospace manufacturing ecosystem.

Founded: 1970
Face value: ₹5

Market cap

₹39,882 Cr

P/E

76.6×

P/B

9.4×

Dividend yield

0.5%

ROE

10.2%

ROCE

7.5%

Debt / equity

OPM

9.2%

EPS (TTM)

₹14.2

Book value

₹115.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Extreme revenue volatility (₹247.93 crore in Jun 2025 to ₹1,776.98 crore in Mar 2025) creates planning and forecast uncertainty
Operating margins swing sharply from -18.3% (Jun 2025) to 18.14% (Sep 2024), indicating operational risks and earnings volatility
Expensive valuation at PE 98.41 leaves minimal margin for error on growth expectations or execution
Defense procurement cycles and geopolitical factors drive demand variability—verify government capex priorities and order pipeline

Generated analysis · source review pending

Growth drivers

Operating margin recovery in recent quarters (Jun 2026: 14.52%, Mar 2026: 11.51% versus Dec 2025: 4.59%) shows stabilization potential
Historical high-margin quarters (Sep 2025: 16.35% OPM, Mar 2025: 16.82% OPM) demonstrate operational profitability capability
Debt-free balance sheet (D/E 0) provides capital flexibility for strategic investments and shareholder returns
Established quarterly revenue base of ₹500–600 crore reflects market position from which to build growth

Generated analysis · source review pending

2,101 historical price candles were omitted because the exchange source has not been verified.

₹1,087.9+0.3%1Y

Quick read

rule-based

Pros

+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 168.5×
+Dividend payout of 34.5% of profit
+High promoter holding of 74.9% with no pledge

Cons

−Modest revenue growth of 5% a year over the last 5 years
−Expensive at 76.6× trailing earnings
−Trading at 9.4× book value

Research score

Structured signal from quality, growth, valuation and momentum.

37/100

Business quality: 49
Growth: 55

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	4,887	4,588	3,069	3,095	1,914	2,817	2,489	2,369	3,345	2,442
COGS	3,001	2,854	1,653	1,540	841	1,179	1,191	897	1,678	1,222
Gross profit	1,886	1,734	1,416	1,555	1,073	1,638	1,298	1,472	1,667	1,219
	1,317	1,066	794	828	728	912	890	935	1,195	996
	569	668	622	728	345	726	408	537	472	223
OPM %	11.6%	14.6%	20.3%	23.5%	18%	25.8%	16.4%	22.7%	14.1%	9.2%
Depreciation	62	63	83	96	95	90	77	67	71	76
Interest	4	3	4	5	4	3	5	3	3	3
	300	173	136	116	95	78	155	362	350	424
Profit before tax	803	774	671	742	341	710	482	828	749	568
Tax	279	246	249	208	83	210	130	216	199	147
Tax %	34.7%	31.8%	37.1%	28%	24.4%	29.6%	26.9%	26%	26.6%	26%
	524	528	423	535	258	500	352	613	550	420
PAT margin %	10.7%	11.5%	13.8%	17.3%	13.5%	17.7%	14.2%	25.9%	16.4%	17.2%
EPS (₹)	—	26.7	23.1	29.2	14.1	27.3	19.2	16.7	15	11.5
EPS adjusted (₹)	21.4	14.4	11.5	14.6	7	13.6	9.6	16.7	15	11.5
	—	27.4%	30%	30.2%	52.3%	30.4%	48.6%	5.1%	90.1%	42.7%
Annual report	—	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	98	122	183	183	183	183	183	183	183	183	183
Reserves	1,419	2,073	1,773	2,085	—	2,501	2,847	3,028	3,454	3,826	4,058
Minority interest	—	—	—	0	—	—	—	—	—	—	—
	—	—	2	2	—	0	0	0	0	0	0
	8,256	6,185	4,640	3,198	1,044	3,277	3,533	5,461	6,703	7,734	10,021
Total equity & liabilities	9,772	8,380	6,598	5,468	1,228	5,962	6,564	8,672	10,340	11,742	14,262
	583	757	868	957	932	915	874	809	824	857	878
CWIP	125	135	130	47	—	22	41	74	73	117	174
Investments	1	238	239	4	—	5	0	0	0	4	4
	9,063	7,250	5,361	4,461	295	5,021	5,649	7,790	9,444	10,764	13,205
Total assets	9,772	8,380	6,598	5,468	1,228	5,962	6,564	8,672	10,340	11,742	14,262

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	46.1%	50.3%	56%	58.2%	52.1%	62.1%	49.8%	49.9%
EBITDA margin %	20.3%	23.5%	18%	25.8%	16.4%	22.7%	14.1%	9.2%
EBIT margin %	17.6%	20.4%	13.1%	22.6%	13.3%	19.8%	12%	6%
PAT margin %	13.8%	17.3%	13.5%	17.7%	14.2%	25.9%	16.4%	17.2%
Working capital
Receivable days	63	—	62	39	27	48	90	63
Inventory days	368	—	606	512	558	806	575	1,381
Payable days	—	—	322	171	142	325	328	846
NWC days	—	—	346	381	443	529	338	598
Leverage
Current ratio	1.48	—	1.94	2.14	3.45	3.07	2.38	2.01
Debt to EBITDA	0	—	0	0	0	0	0	0
Debt to equity	0	—	0	0	0	0	0	0
Interest coverage	159.7	160.3	88.2	218.4	107.1	267.3	227.2	168.5
Asset turnover	0.56	2.52	0.32	0.43	0.29	0.23	0.28	0.17
Return ratios
Return on assets %	7.7%	43.6%	4.3%	7.6%	4.1%	5.9%	4.7%	2.9%
Return on capital employed %	27.5%	—	10%	20.1%	9.3%	12%	10.2%	7.5%
Return on equity %	18.6%	—	9.6%	16.5%	11%	16.8%	13.7%	9.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%	74.93%
	3.09%	3.1%	2.95%	3.05%	2.94%	3.09%	3.26%	3.77%	2.43%	2.3%	2.02%	1.69%
	12.81%	13.32%	12.4%	9.52%	8.47%	8.71%	9.46%	10.1%	11.3%	10.95%	10.97%	11.53%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	9.17%	8.65%	9.72%	12.5%	13.66%	13.27%	12.35%	11.2%	11.34%	11.82%	12.08%	11.85%
No. of shareholders	—	—	—	—	—	—	—	—	5,37,004	5,51,090	5,68,164	5,60,750

Promoter holding up 0 percentage points since Sep 2023.

10 deals · 16 Sept 2022 – 3 Oct 2022

Date	Client	Type	Venue	Side	Quantity	Price	Value
3 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	2,09,331	₹874.75	₹18.31 Cr
3 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	2,09,331	₹874.75	₹18.31 Cr
3 Oct 2022	ISHARES INDIA SC MAURITIUS COMPANY	Block	NSE	Sell	31,789	₹874.75	₹2.78 Cr
3 Oct 2022	ISHARES MSCI INDIA SMALL-CAP ETF	Block	NSE	Buy	31,789	₹874.75	₹2.78 Cr
19 Sept 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	1,13,447	₹920.95	₹10.45 Cr
19 Sept 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	1,13,447	₹920.95	₹10.45 Cr
19 Sept 2022	ISHARES INDIA SC MAURITIUS COMPANY	Block	BSE	Sell	17,038	₹920.95	₹1.57 Cr
19 Sept 2022	ISHARES MSCI INDIA SMALL-CAP ETF	Block	BSE	Buy	17,038	₹920.95	₹1.57 Cr
16 Sept 2022	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	9,83,079	₹930.11	₹91.44 Cr
16 Sept 2022	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	9,83,079	₹929.30	₹91.36 Cr

1–10 of 10

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. D V Srinivas RaoExecutive Director
Mr. G. Gayatri PrasadExecutive Director
Mr. Sujay KapoorExecutive Director
Mr. Shailesh VagerwalExecutive Director
Mrs. Meera MohantyNon-Executive - Nominee Director
N NagarajaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹1,109.9 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹1,107.0	+8.6	+0.8%	₹1,107.0	18,089	+180	2,162	425
23 Nov 2026	₹1,093.8	+1.6	+0.1%	₹1,093.8	1,275	+86	343	425
29 Dec 2026	₹1,089.4	-11.8	-1.1%	₹1,089.4	18	+18	18	425

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 14 fund houses

Held by these funds

3.45%

of the company's equity

All mutual funds

6.42%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

62 schemes · 14 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	28.71 L	366	1.82%	0.783%	-4.32 L
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	12.65 L	161.33	2.92%	0.345%	+32,045
SMALL CAP FUND	Nippon India Mutual Fund	11.98 L	152.73	0.18%	0.327%	-5.49 L
Flexi Cap Fund	Bajaj Finserv Mutual Fund	9.7 L	123.62	1.43%	0.264%	-0
Small Cap Fund	Axis Mutual Fund	8.75 L	111.57	0.35%	0.239%	-1.65 L
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	8.5 L	108.38	2.11%	0.232%	-30,000
Multi Asset Allocation Fund	Nippon India Mutual Fund	6.61 L	84.24	0.47%	0.18%	-0
POWER & INFRA FUND	Nippon India Mutual Fund	6.45 L	82.18	1.01%	0.176%	-0

1–8 of 62

1 / 8

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

19 announcementsExport CSV

30 Sept 2026, 1:46 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	46.1%	50.3%	56%	58.2%	52.1%	62.1%	49.8%	49.9%
EBITDA margin %	20.3%	23.5%	18%	25.8%	16.4%	22.7%	14.1%	9.2%
EBIT margin %	17.6%	20.4%	13.1%	22.6%	13.3%	19.8%	12%	6%
PAT margin %	13.8%	17.3%	13.5%	17.7%	14.2%	25.9%	16.4%	17.2%
Working capital
Receivable days	63	—	62	39	27	48	90	63
Inventory days	368	—	606	512	558	806	575	1,381
Payable days	—	—	322	171	142	325	328	846
NWC days	—	—	346	381	443	529	338	598
Leverage
Current ratio	1.48	—	1.94	2.14	3.45	3.07	2.38	2.01
Debt to EBITDA	0	—	0	0	0	0	0	0
Debt to equity	0	—	0	0	0	0	0	0
Interest coverage	159.7	160.3	88.2	218.4	107.1	267.3	227.2	168.5
Asset turnover	0.56	2.52	0.32	0.43	0.29	0.23	0.28	0.17
Return ratios
Return on assets %	7.7%	43.6%	4.3%	7.6%	4.1%	5.9%	4.7%	2.9%
Return on capital employed %	27.5%	—	10%	20.1%	9.3%	12%	10.2%	7.5%
Return on equity %	18.6%	—	9.6%	16.5%	11%	16.8%	13.7%	9.9%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Bharat Dynamics LimitedBDLBDL	₹39,882 Cr	₹39,882 Cr	₹2,766 Cr	₹352 Cr	9.2%	₹521 Cr	17.2%	7.5%	10.2%	598
Garden Reach Shipbuilders & Engineers LimitedGRSEGRSE	₹24,193 Cr	₹24,193 Cr	₹7,507 Cr	₹833 Cr	11.4%	₹801 Cr	10.7%	41%	31.8%	205
Data Patterns (India) LimitedDATAPATTNSDATAPATTNS	₹23,807 Cr	₹23,807 Cr	₹941 Cr	₹373 Cr	40.4%	₹268 Cr	29.3%	22.6%	16.7%	499
Sigma Advanced Systems LimitedSIGMAADVSIGMAADV	₹18,975 Cr	₹19,275 Cr	₹843 Cr	₹121 Cr	9.7%	₹163 Cr	54.5%	73.1%	87.6%	271
Aequs LimitedAEQUSAEQUS	₹18,448 Cr	₹18,851 Cr	₹1,230 Cr	₹89 Cr	7.2%	₹-113 Cr	-9.2%	1.1%	-10.3%	259
Astra Microwave Products LimitedASTRAMICROASTRAMICRO	₹15,417 Cr	₹15,704 Cr	₹1,140 Cr	₹326 Cr	28.7%	₹189 Cr	16.6%	23.1%	16%	537
Apollo Micro Systems LimitedAPOLLOAPOLLO	₹14,558 Cr	₹15,091 Cr	₹1,022 Cr	₹231 Cr	24.1%	₹122 Cr	11.9%	18.2%	11.8%	443
Zen Technologies LimitedZENTECZENTEC	₹14,232 Cr	₹14,236 Cr	₹671 Cr	₹221 Cr	36%	₹186 Cr	31.7%	16.3%	10.8%	425
Paras Defence And Space Technologies LimitedPARASPARAS	₹10,285 Cr	₹10,311 Cr	₹511 Cr	₹130 Cr	25.3%	₹94 Cr	18.8%	16.9%	12.9%	435
Axiscades Technologies LimitedAXISCADESAXISCADES	₹9,806 Cr	₹10,082 Cr	₹1,099 Cr	₹152 Cr	15.3%	₹36 Cr	6.2%	17.7%	10.4%	31
Unimech Aerospace And Manufacturing LimitedUNIMECHUNIMECH	₹9,025 Cr	₹9,137 Cr	₹285 Cr	₹95 Cr	31.2%	₹72 Cr	26.3%	12.8%	9%	137
Mishra Dhatu Nigam LimitedMIDHANIMIDHANI	₹8,121 Cr	₹8,405 Cr	₹1,278 Cr	₹240 Cr	19.7%	₹135 Cr	10.9%	9.1%	8.9%	1,022

30

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
268	-24	157	₹4.8	1,260	₹151.2	1	+1	63
52	0	78	₹3.9	1,280	₹180.0	0	0	69
673	+25	542	₹3.0	1,300	₹182.1	14	0	317
19	0	0	₹3.0	1,320	₹224.0	0	0	43
48	+4	18	₹2.1	1,340	₹232.0	4	-3	42
7	0	0	₹4.6	1,360	₹251.0	4	+2	19
10	+1	2	₹1.6	1,380	₹289.5	0	0	19
544	+50	258	₹1.2	1,400	₹300.0	0	0	287

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

Date	Category	Subject	Filing
30 Sept 2026, 1:46 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
29 Sept 2026, 10:22 am	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
28 Sept 2026, 5:11 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
18 Sept 2026, 11:27 am	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
8 Sept 2026, 4:26 pm	Company Update Appointment of Statutory Auditor/s	Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s	PDF
4 Sept 2026, 1:16 pm	Company Update Newspaper Publication	Newspaper Advertisement For AGM 2025-26	PDF
3 Sept 2026, 10:56 am	Others Business Responsibility and Sustainability Reporting (BRSR)	Business Responsibility and Sustainability Reporting (BRSR)	PDF
3 Sept 2026, 10:48 am	Corp. Action Record Date	Record Date For Final Dividend 2025-26	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-220	-420	-342	84	504	1,068	530	2,130	412	167	604
	142	3	1,047	170	-33	-734	-573	-1,171	-722	-407	320
	-323	-166	-769	-268	-191	-173	-149	-171	-148	-220	-194
Net cash flow	-401	-583	-63	-15	280	162	-192	788	-459	-460	729
Free cash flow	-444	—	—	—	—	1,030	429	2,022	331	59	387
CFO / Operating profit %	—	-73.9%	-51.1%	13.4%	69.3%	309.8%	73%	521.9%	76.7%	35.4%	270.4%

Bharat Dynamics Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Events

Announcements

Announcements

3

Annual reports

17

1

1

30

Compounded sales growth

Compounded profit growth

Return on equity

Bharat Dynamics Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Announcements

Futures3

Annual reports

Dividends17

Board meetings1

Stock splits1

Option chain30

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

3

3

17

1

1

30