MarketFriction

Bharat Dynamics Ltd

NSE BDL · BSE 541143 · Aerospace & Defense
₹1,087.90 -2.00%
NSE close2026-10-01
52 week range1,085.10 - 1,633.40
Market cap₹39,776 Cr.
P/E76.4
Nifty 200Nifty 500Nifty Midcap 100Midcap 150Nifty India Defence No price band Delivery 38.5%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales6166028541915458321,7772481,147567480572
Expenses4824835382434467051,478293960541425489
Operating Profit134119316-5299127299-45188265583
OPM %22%20%37%-27%18%15%17%-18%16%4.6%12%15%
Other Income7888888086841008712197119103
Interest111111111111
Depreciation171616161818201819192020
Profit before tax1941893881116619337823288103154166
Tax %24%29%26%36%26%24%28%21%25%29%26%28%
Net Profit14713528971231472731821673113119
EPS in Rs4.013.687.880.203.344.017.440.505.891.993.093.24
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales4,0794,8874,5883,0693,1051,9142,8172,4892,3693,3452,4422,766
Expenses3,5644,3173,9192,4462,3491,5682,0902,0801,8322,8722,2172,414
Operating Profit515569669623756346727409537473225352
OPM %13%12%15%20%24%18%26%16%23%14%9%13%
Other Income385300173136889578155362350424440
Interest544555564453
Depreciation536263829695907767717679
Profit before tax841803774671742341710482828749568710
Tax %33%35%32%37%28%24%30%27%26%27%26%
Net Profit562524528423535258500352613550420521
EPS in Rs2,810.352,183.5814.4111.5314.597.0313.649.6116.7114.9911.4714.21
Dividend Payout %30%30%25%30%30%52%30%49%32%31%43%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth-5%5%-1%-19%
Compounded Profit Growth-3%10%6%-7%
Stock Price CAGR%42%28%-27%
Return on Equity17%14%14%10%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital11598122183183183183183183183183183
Reserves1,5381,7532,0731,7732,0852,4242,5012,8473,0283,4543,8264,058
Borrowings044451511109875
Other Liabilities6,7597,7866,2084,6973,2503,1283,3343,5955,5356,7817,79510,080
Total Liabilities8,4129,6418,4076,6575,5235,7506,0306,6368,75610,42611,81114,326
Fixed Assets518697757868957932915874809824857878
CWIP142126136130474222417473230299
Investments33323944500044
Other Assets7,7498,8157,5115,4204,5164,7715,0895,7217,8739,53010,71913,145
Total Assets8,4129,6418,4076,6575,5235,7506,0306,6368,75610,42611,81114,326
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-765284-420-342845041,0685302,130412167604
Cash from Investing Activity23914931,047170-33-734-573-1,171-722-407320
Cash from Financing Activity-72-324-166-769-268-191-173-149-171-148-220-194
Net Cash Flow-598109-583-63-15280162-192788-459-460729
Free Cash Flow-94368-556-510-54471,0124282,022331-115375
CFO/OP-197%109%-15%-13%61%90%332%101%574%106%78%366%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days431312616340623927489063
Inventory Days2863022762543802226365345848415901,400
Days Payable10020218612911583322171142325328846
Cash Conversion Cycle230114101186328178375403469564353617
Working Capital Days-126-106-1144128195169144237322207264
ROCE %48%40%37%32%31%13%26%16%24%20%14%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters74.93%74.93%74.93%74.93%74.93%74.93%74.93%74.93%74.93%74.93%74.93%74.93%
FIIs3.09%3.09%2.95%3.06%2.94%3.09%3.25%3.77%2.43%2.29%2.02%1.69%
DIIs12.81%13.32%12.39%9.52%8.46%8.70%9.45%10.10%11.30%10.94%10.97%11.53%
Public9.17%8.64%9.72%12.49%13.67%13.26%12.35%11.19%11.34%11.83%12.10%11.85%
No. of Shareholders1,96,5662,05,8872,48,1584,98,6305,90,3745,94,2845,67,5915,41,5355,37,0045,51,0905,68,1645,60,750

Fundamentals

Market Cap₹ 39,776 Cr.
Current Price₹ 1,085
Stock P/E76.4
Book Value₹ 116
ROCE13.9 %
ROE10.2 %
Dividend Yield0.45 %
Face Value₹ 5.00
Compounded Sales Growth (TTM)-19%
Compounded Profit Growth (TTM)-7%
Standalone figures.
Valuation
Market capRs 39,878 Cr
Enterprise valueRs 35,174 Cr
P/E (TTM)76.58x
Price to book9.40x
Price to sales14.42x
EV / EBITDA44.40x
EV / EBIT49.29x
EV / sales12.72x
Price to cash flow66.02x
Earnings yield1.31%
Dividend yield0.45%
P/E, 3-year average69.10x
P/B, 3-year average8.54x
P/E, 5-year average48.62x
P/B, 5-year average6.02x
Profitability
Operating margin (excl. other income)9.20%
Operating margin (incl. other income)26.55%
EBITDA margin28.64%
Pre-tax margin25.68%
Net profit margin18.83%
Net margin, latest quarter20.76%
ROE10.19%
ROCE13.86%
ROA3.22%
ROE, 3-year average14.15%
ROCE, 3-year average19.25%
ROA, 3-year average4.85%
ROE, 5-year average14.25%
ROCE, 5-year average19.65%
ROA, 5-year average5.40%
Tax rate25.97%
Other income / net worth9.99%
Growth
Sales growth (latest year)-27.00%
Profit growth (latest year)-23.53%
Sales CAGR, 3 years-0.64%
Sales CAGR, 5 years4.99%
Profit CAGR, 3 years6.08%
Profit CAGR, 5 years10.27%
Sales growth QoQ19.17%
Profit growth QoQ4.96%
Sales growth YoY (latest quarter)130.81%
Profit growth YoY (latest quarter)547.36%
Per share
EPS (TTM)Rs 14.21
EPS (latest year)Rs 11.47
EPS (latest quarter)Rs 3.24
EPS, 3-year averageRs 19.96
EPS, 5-year averageRs 21.28
Book value per shareRs 115.70
Sales per shareRs 75.46
Cash flow per shareRs 16.48
Free cash flow per shareRs 10.23
Dividend per share (latest year)Rs 4.90
Dividend per share, 3-year averageRs 6.70
Dividend per share, 5-year averageRs 7.55
Dividends
Dividend payout42.73%
Dividend payout, 3-year average35.10%
Dividend payout, 5-year average36.88%
Efficiency
Asset turnover0.17x
Fixed asset turnover2.78x
Inventory turnover0.29x
Inventory days1270 days
Debtor days63 days
Debtors turnover5.77x
Creditor days846 days
Cash conversion cycle617 days
Working capital days264 days
Leverage
Total debtRs 5 Cr
Cash and bankRs 4,709 Cr
Net debtRs -4,704 Cr
Debt to equity0.00x
Net debt / EBITDA-5.94x
Interest coverage214.31x
Current ratio (filing 2026-03-31)2.01x
Quick ratio (filing 2026-03-31)1.28x
Trade payables (filing 2026-03-31)Rs 2,835 Cr
Owners' fund to total sources29.60%
Debt to assets0.04%
Cash flow
Cash from Operating Activity (latest year)Rs 604 Cr
Cash from Investing Activity (latest year)Rs 320 Cr
Cash from Financing Activity (latest year)Rs -194 Cr
Net Cash Flow (latest year)Rs 729 Cr
Free cash flow (latest year)Rs 375 Cr
FCFE (approx.: FCF + change in debt)Rs 374 Cr
Cash from ops / profit, 5 years1.58x
Sales to cash flow4.04x
Statement figures
Net sales (TTM)Rs 2,766 Cr
Net sales (latest year)Rs 2,442 Cr
Sales (latest quarter)Rs 572 Cr
Operating profit excl. other income (latest year)Rs 225 Cr
Operating profit (latest quarter)Rs 83 Cr
Other income (TTM)Rs 440 Cr
EBITDA (TTM)Rs 792 Cr
PBDT (TTM)Rs 789 Cr
Profit before tax (TTM)Rs 710 Cr
Tax (latest year)Rs 147 Cr
Net profit (TTM)Rs 521 Cr
Net profit (latest year)Rs 420 Cr
Net profit (latest quarter)Rs 119 Cr
Depreciation (TTM)Rs 79 Cr
Depreciation (latest quarter)Rs 20 Cr
Interest (TTM)Rs 3 Cr
Cost of goods sold (latest year)Rs 1,348 Cr
Total expenditure (latest year)Rs 2,217 Cr
Total income (latest year)Rs 2,866 Cr
Share capitalRs 183 Cr
ReservesRs 4,058 Cr
Shareholders' fundsRs 4,241 Cr
Total assetsRs 14,326 Cr
Net blockRs 878 Cr
Capital work in progressRs 299 Cr
InvestmentsRs 4 Cr
ReceivablesRs 423 Cr
InventoryRs 4,690 Cr
Other liabilitiesRs 10,080 Cr
Shares outstanding (crore)36.66
Ownership
Promoter holding74.93% (+0.00 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 76.6 is at the 72th percentile of its own 8.7-year range (median 34.3, low 8.0, high 162.1).
P/B 9.40 is at the 66th percentile (median 4.95).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodBDLNifty 50Difference
1 week-5.8%-2.8% -3.0 pts
1 month-13.0%-6.8% -6.2 pts
3 months-21.6%-7.6% -14.0 pts
6 months-0.8%+0.4% -1.2 pts
1 year-30.1%-9.9% -20.2 pts
2 years-6.4%-13.6% +7.1 pts
3 years+111.0%+14.2% +96.8 pts
5 years+476.1%+27.9% +448.2 pts
109 mutual fund schemes hold about ₹3,158 Cr. Over three months 85 bought more and 19 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
HDFC Defence Fund3.61%414 +9%
Motilal Oswal Large & Midcap Fund1.82%366 -6%
Motilal Oswal Large & Midcap Fund1.82%335 -6%
HDFC Balanced Advantage Fund0.25%268 +18%
Invesco India Contra Fund0.83%172 +100%
Motilal Oswal Nifty India Defence Index Fund2.92%161 +16%
Nippon India Small Cap Fund0.18%153 -23%
Bajaj Finserv Flexi Cap Fund1.43%117 +7%
Axis Small Cap Fund0.35%112 -7%
Motilal Oswal ELSS Tax Saver Fund2.11%108 +9%
Nippon India Multi Asset Allocation Fund0.47%84 +6%
Nippon India Power & Infra Fund1.01%81 +17%
Edelweiss Mid Cap Fund0.39%77 +6%
Invesco India PSU Equity Fund4.15%60 +21%
Invesco India Infrastructure Fund3.35%52 +20%
Nippon India Vision Large & Mid Cap Fund0.61%48 +12%
Aditya Birla SL Nifty India Defence Index Fund2.92%41 +16%
HDFC Business Cycle Fund1.43%40 +16%
Bajaj Finserv Large & Mid Cap Fund1.58%39 +16%
Edelweiss Large & Mid Cap Fund0.66%32 +13%
Bank of India Aggressive Hybrid Fund1.50%31 -2%
Edelweiss Small Cap Fund0.41%29 +8%
Altiva Equity Ex-Top 100 Long-Short Fund3.05%29 +8%
LIC MF Infra Fund2.42%28 +15%
ITI Small Cap Fund0.66%24 +4%

Red flags

F-score 5 of 8
lookInventory outrunning sales Inventory grew 73% vs sales -27% in 2026
lookProfit leans on other income Other income was 75% of pre-tax profit in 2026
lookAuditor change Auditor change 2026-09-08: Bharat Dynamics Limited has informed the Exchange regarding Change in Auditors of the company.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2020-09-09President of India acting through Promoterssell1,665,181Rs 51.64 CrMarket Sale
2020-09-08President of India acting through Promoterssell21,838,589Rs 720.71 CrMarket Sale
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹572 Cr +130.6% vs Jun 2025. Net profit ₹119 Cr +561.1%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-09-21Dividend - Re 0.40 Per Share
2026-02-09Interim Dividend - Rs 4.50 Per Share
2025-09-19Dividend - Re 0.65 Per Share
2025-02-14Interim Dividend - Rs 4 Per Share
2024-09-23Annual General Meeting/Dividend - Rs 0.85 Per Share
2024-05-24Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 5/- Per Share0.5000
2024-04-02Interim Dividend - Rs 8.85 Per Share
2023-09-20Annual General Meeting/Dividend - Rs 1.20 Per Share
2023-02-20Interim Dividend - Rs 8.15 Per Share
2022-09-16Annual General Meeting/Dividend - Re 1 Per Share
2022-02-23Interim Dividend - Rs 7.30 Per Share
2021-09-17 Annual General Meeting/Dividend - Rs 0.65 Per Share
2021-03-18 Interim Dividend - Rs 6.70 Per Share
2020-09-18 Annual General Meeting/Dividend - Rs 2.55 Per Share
2020-02-24 Interim Dividend - Rs 6.25 Per Share
2019-09-19 Annual General Meeting/Dividend - Rs 1.67
2019-03-26 Interim Dividend - Rs 5.25 Per Share
2018-09-18 Annual General Meeting/Dividend Rs 7.29 Per Share
DateTypeWhat it says
2026-09-30Shareholder meetingVoting results.
2026-09-28Shareholder meetingProceedings of the 56th Annual General Meeting held on September 28, 2026
2026-09-23Order winBagging/Receiving of orders/contracts for SAT SAAW
2026-09-18AppointmentAppointment of Mr Prakash Rajpurohit as Non- Executive Director of the company w.e.f. September 17, 2026.
2026-09-08Change in AuditorsChange in Auditors of the company.
2026-09-03UpdatesBRSR 2025-26.
2026-09-03Record DateRecord date for the purpose of Dividend is 21-Sep-2026.
2026-09-01CessationCessation of Mr L Kishan and Mrs. Yalamanchili ushasri of the company w.e.f. September 01, 2026.
2026-08-26UpdatesFines imposed by Stock Exchanges.
2026-08-21Change in ManagementChange in Management
2026-08-18AppointmentAppointment of letter attached as Independent Director of the company w.e.f. August 17, 2026.
2026-08-14Board meeting outcomeBharat Dynamics Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-09AppointmentAppointment of Mr Shailesh Vagerwal as Chairman & Managing Director of the company w.e.f. July 09, 2026.
2026-07-03Director changeChange in Director(s) of the company.
2026-06-24Order winBagging/Receiving of orders/contracts
2026-06-19General UpdatesGeneral Updates
2026-06-10Investor PresentationInvestor Presentation
2026-06-08Concall / analyst meetSchedule of meet
2026-06-01RetirementRetirement
2026-05-29General UpdatesGeneral Updates
2026-05-28General UpdatesFinal Dividend
2026-05-28Board meeting outcomeBharat Dynamics Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-05-15Press ReleaseA press release dated May 15, 2026, titled "Manufacturing facility at T. Siraspalli A.P ".
2026-04-30Director changeChange in Director(s) of the company.
2026-04-25Press ReleaseA press release dated April 24, 2026, titled "Media Release_Torpendo Production".
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.75
Max pain (expiry 2026-10-27)1,160
Largest call open interest at1,200
Largest put open interest at1,100
Implied volatility, at the money33.6%
Underlying at snapshot1,087.90
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-3050
2026-09-294,250
2026-09-28129
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Scrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of Bharat Dynamics Ltd?

Bharat Dynamics Ltd (BDL) has a market capitalisation of Rs 39,776 Cr. at the 2026-10-01 close.

What is the P/E ratio of Bharat Dynamics Ltd?

Bharat Dynamics Ltd trades at a P/E of 76.4 on trailing twelve-month profit, at the 2026-10-01 close.

What were Bharat Dynamics Ltd's latest quarterly results?

In the Jun 2026 quarter, Bharat Dynamics Ltd sales was Rs 572 Cr (+130.6% vs Jun 2025) and net profit was Rs 119 Cr.

What is the 52-week high and low of Bharat Dynamics Ltd?

The 52-week high is Rs 1,633.40 and the 52-week low is Rs 1,085.10.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03