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Bharat Dynamics Ltd.

•
bdl-india.inBSE: 541143NSE: BDL
Market Cap₹ 43,639 Cr.
Current Price
High / Low₹ 1,654 / 1,086
Stock P/E83.8
Book Value₹ 119
Price to Book9.51
Dividend Yield0.41 %
ROCE13.9 %
ROE10.2 %
Face Value₹ 5

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence
72%
View full sector analysis →

PROS

  • Company is almost debt free
  • Latest quarter profit grew 547.4% YoY, showing strong momentum
  • Company has been maintaining a healthy dividend payout of 42.7%
  • Company comfortably covers its interest (124.7x coverage)
  • Company has a consistent dividend-paying track record

CONS

  • A large part of profit comes from other income (74.6% of PBT)
  • Working capital days have increased from 657 to 958 days
  • Operating margins have contracted to 9.2% from 22.7%
  • Stock is trading at 9.5x its book value
  • Company has delivered a poor sales growth of 5.0% over past five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsAerospace & Defense
Part ofNIFTYLARGEMIDCAP250NIFTYMIDCAP150NIFTY MIDCAP 100NIFTY MIDCAP 150NIFTY TOTAL MKT
S.No.Name
1.HAL4898.7535.15327616.150.921589.6614.885515.1714.4531.9927.89
2.BEL405.5048.23296411.530.621054.538.825546.9824.9436.6825.22
3.BDL1190.5083.8043639.270.41118.79547.36572.24147.6313.9114.52
4.DATAPATTNS4832.903517.8127056.490.21220.60765.101160.301068.1323.1827.04
5.ASTRAMICRO1677.9584.2715931.300.1412.35-24.12176.66-11.5520.2920.40
6.APOLLO421.95129.2415679.640.06252.161325.842512.931781.1714.5221.38
7.ZENTEC1722.8586.3515556.120.0631.85-39.99141.64-10.4816.8327.13
8.AEQUS226.05304.4315160.400.00-532.28-6067.263955.451486.691.504.47
9.PARAS1433.00122.2711548.160.0720.7445.34127.9137.2618.6824.95
10.UNIMECH1609.30113.748191.660.0027.8645.70107.6270.8512.1036.35
11.AXISCADES1831.10214.347788.310.00-14.76-170.76183.35-24.7714.564.73
12.CENTUM4210.75125.276215.920.1210.55135.70204.15-22.5326.0211.54
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
2966105968491885357991,8012311,147549489572
3304824835382434467051,478293960541425510
Operating Profit-35128113311-569094323-6218886462
OPM %-11.73%21.02%19.03%36.63%-29.67%16.72%11.76%17.91%-26.92%16.35%1.44%13.03%10.87%
1077888888086841008712197119103
Interest1111111111111
Depreciation17171616161818201819192020
Profit before Tax571941893881116619337823288103154166
Tax %26.81%24.22%28.59%25.55%35.80%26.40%23.72%27.87%20.67%24.94%29.33%26.45%28.28%
Net Profit4214713528971231472731821673113119
1.144.013.687.880.203.344.017.440.505.891.993.093.24

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
4,5354,5773,0693,1051,9142,8172,4892,3693,3452,4422,756
4,1184,0882,4492,3491,5682,0902,0801,8322,8722,2172,435
Operating Profit417489620756346727409537473225321
OPM %9.19%10.68%20.21%24.36%18.05%25.82%16.44%22.66%14.15%9.20%11.66%
452353139889578155362350424440
Interest44555564453
Depreciation6263839695907767717679
Profit before Tax803774671742341710482828749568710
Tax %34.72%31.75%37.06%27.96%24.38%29.58%26.90%26.02%26.59%25.97%26.68%
Net Profit524528423535258500352613550420521
EPS4288.9526.6523.0629.1814.0627.289.6133.4314.9911.47—
Dividend Payout %29.98%30.02%30.01%30.15%52.26%30.43%48.66%31.56%31.01%42.73%—

COMPOUNDED SALES GROWTH

10 Years:
-4%
5 Years:
5%
3 Years:
-1%

COMPOUNDED PROFIT GROWTH

10 Years:
-3%
5 Years:
10%
3 Years:
6%

STOCK PRICE CAGR

10 Years:
—
5 Years:
43%
3 Years:
30%
1 Year:
-20%

RETURN ON EQUITY

10 Years:
18%
5 Years:
14%
3 Years:
14%
Last Year:
10%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Sep 21

₹ 0.08

Rs.0.4000 per share(8%)Final Dividend

2026

Feb 9

₹ 0.90

Rs.4.5000 per share(90%)Interim Dividend

2025

Sep 19

₹ 0.13

Rs.0.6500 per share(13%)Final Dividend

2025

Feb 14

₹ 0.80

Rs.4.0000 per share(80%)Interim Dividend

2024

Sep 23

₹ 0.17

Rs.0.8500 per share(17%)Final Dividend

2024

Apr 2

₹ 0.88

Interim Dividend

2023

Sep 20

₹ 0.12

Rs.1.2000 per share(12%)Final Dividend

2023

Feb 20

₹ 0.81

Rs.8.1500 per share(81.5%)Interim Dividend

2022

Sep 16

₹ 0.10

Rs.1.0000 per share(10%)Final Dividend

2022

Feb 23

₹ 0.73

Interim Dividend

2021

Sep 17

₹ 0.06

Rs.0.6500 per share(6.5%)Final Dividend

2021

Mar 18

₹ 0.67

Interim Dividend

2020

Sep 18

₹ 0.26

Rs.2.5500 per share(25.5%)Final Dividend

2020

Feb 24

₹ 0.62

Rs.6.2500 per share(62.5%)Interim Dividend

2018

Sep 18

Rs.7.2900 per share(72.9%)Final Dividend

2026

Sep 4

₹ 0.08

Rs.0.4000 per share(8%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital122183183183183183183183183183
2,0731,7732,0852,4242,5012,8473,0283,4543,8264,058
4814102837667279083,2553,6973,3733,674
Trade Payables1,5291,0125193457435524647981,5062,835
4,0343,0282,3261,9131,7602,0161,6862,1372,7323,420
Total Liabilities8,2396,4065,3975,6315,9146,5078,61610,26911,62014,170
757868957932915874809824857878
Capital Work in Progress135130474221417473117174
323944500044
2,2401,9261,6658571,3971,6541,8221,9822,6454,626
155000000310826423
Cash & Bank1,7383573716631,5611,9003,8594,2284,1904,709
3,2112,8862,3533,1332,0152,0382,0522,8512,9803,356
Total Assets8,2396,4065,3975,6315,9146,5078,61610,26911,62014,170

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
-420-873786781,1467332,348412167604
Cash from Investing31,047170-33-734-573-1,171-722-407320
Cash from Financing-166-769-268-191-173-149-171-148-220-194
-583-63-15280162-192788-459-460729

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
74.9374.9374.9374.9374.9374.9374.9374.9374.93
3.062.943.093.253.772.432.292.021.69
9.528.398.699.4410.0911.2910.9310.9611.52
Government0.000.000.000.000.000.000.000.000.00
12.4913.6713.2812.3611.2111.3411.8312.1011.86

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-08
Change in Auditors

2026-09-08 - Bharat Dynamics Limited has informed the Exchange regarding Change in Auditors of the company.

2026-09-04
Copy of Newspaper Publication

2026-09-04 - Bharat Dynamics Limited has informed the Exchange about Copy of Newspaper Publication-AGM 2025-26.

2026-09-03
Updates

2026-09-03 - Bharat Dynamics Limited has informed the Exchange regarding 'BRSR 2025-26'.

2026-09-03
Record Date

2026-09-03 - Bharat Dynamics Limited has informed the Exchange that Record date for the purpose of Dividend is 21-Sep-2026.

2026-09-01
Cessation

2026-09-01 - Bharat Dynamics Limited has informed the Exchange regarding Cessation of Mr L Kishan and Mrs. Yalamanchili ushasri of the company w.e.f. September 01, 2026.

2026-08-26
Updates

2026-08-26 - Bharat Dynamics Limited has informed the Exchange regarding 'Fines imposed by Stock Exchanges'.

2026-08-21
Change in Management

2026-08-21 - Bharat Dynamics Limited has informed the Exchange about change in Management

2026-08-18
Appointment

2026-08-18 - Bharat Dynamics Limited has informed the Exchange regarding Appointment of letter attached as Independent Director of the company w.e.f. August 17, 2026.

2026-08-14
Outcome of Board Meeting

2026-08-14 - Bharat Dynamics Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

News

Recent coverage and analyst commentary for BDL

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