Bharat Dynamics Ltd.
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ABOUT
AI Sector View
AI GENERATEDCapital Goods
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| HAL | 4955.00 | 35.55 | 331378.01 | 0.91 | 1589.66 | 14.88 | 5515.17 | 14.45 | 31.99 | 27.89 |
| BEL | 403.00 | 47.93 | 294584.09 | 0.62 | 1054.53 | 8.82 | 5546.98 | 24.94 | 36.68 | 25.22 |
| BDL | 1191.00 | 83.83 | 43657.59 | 0.41 | 118.79 | 547.36 | 572.24 | 147.63 | 13.91 | 14.52 |
| DATAPATTNS | 4774.10 | 3475.01 | 26727.31 | 0.21 | 220.60 | 765.10 | 1160.30 | 1068.13 | 23.18 | 27.04 |
| ASTRAMICRO | 1694.95 | 85.13 | 16092.70 | 0.14 | 12.35 | -24.12 | 176.66 | -11.55 | 20.29 | 20.40 |
| ZENTEC | 1749.35 | 87.67 | 15795.39 | 0.06 | 31.85 | -39.99 | 141.64 | -10.48 | 16.83 | 27.13 |
| AEQUS | 230.10 | 309.89 | 15432.02 | 0.00 | -532.28 | -6067.26 | 3955.45 | 1486.69 | 1.50 | 4.47 |
| APOLLO | 412.90 | 126.47 | 15343.34 | 0.06 | 252.16 | 1325.84 | 2512.93 | 1781.17 | 14.52 | 21.38 |
| PARAS | 1451.10 | 123.81 | 11694.03 | 0.07 | 20.74 | 45.34 | 127.91 | 37.26 | 18.68 | 24.95 |
| UNIMECH | 1570.20 | 110.97 | 7992.63 | 0.00 | 27.86 | 45.70 | 107.62 | 70.85 | 12.10 | 36.35 |
| AXISCADES | 1868.35 | 218.70 | 7946.74 | 0.00 | -14.76 | -170.76 | 183.35 | -24.77 | 14.56 | 4.73 |
| CENTUM | 4212.10 | 125.31 | 6217.91 | 0.12 | 10.55 | 135.70 | 204.15 | -22.53 | 26.02 | 11.54 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 296 | 610 | 596 | 849 | 188 | 535 | 799 | 1,801 | 231 | 1,147 | 549 | 489 | 572 | |
| 330 | 482 | 483 | 538 | 243 | 446 | 705 | 1,478 | 293 | 960 | 541 | 425 | 510 | |
| Operating Profit | -35 | 128 | 113 | 311 | -56 | 90 | 94 | 323 | -62 | 188 | 8 | 64 | 62 |
| 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% |
| 107 | 78 | 88 | 88 | 80 | 86 | 84 | 100 | 87 | 121 | 97 | 119 | 103 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 17 | 17 | 16 | 16 | 16 | 18 | 18 | 20 | 18 | 19 | 19 | 20 | 20 |
| Profit before Tax | 57 | 194 | 189 | 388 | 11 | 166 | 193 | 378 | 23 | 288 | 103 | 154 | 166 |
| 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 Profit | 42 | 147 | 135 | 289 | 7 | 123 | 147 | 273 | 18 | 216 | 73 | 113 | 119 |
| 1.14 | 4.01 | 3.68 | 7.88 | 0.20 | 3.34 | 4.01 | 7.44 | 0.50 | 5.89 | 1.99 | 3.09 | 3.24 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 4,535 | 4,577 | 3,069 | 3,105 | 1,914 | 2,817 | 2,489 | 2,369 | 3,345 | 2,442 | 2,756 | |
| 4,118 | 4,088 | 2,449 | 2,349 | 1,568 | 2,090 | 2,080 | 1,832 | 2,872 | 2,217 | 2,435 | |
| Operating Profit | 417 | 489 | 620 | 756 | 346 | 727 | 409 | 537 | 473 | 225 | 321 |
| OPM % | 9.19% | 10.68% | 20.21% | 24.36% | 18.05% | 25.82% | 16.44% | 22.66% | 14.15% | 9.20% | 11.66% |
| 452 | 353 | 139 | 88 | 95 | 78 | 155 | 362 | 350 | 424 | 440 | |
| Interest | 4 | 4 | 5 | 5 | 5 | 5 | 6 | 4 | 4 | 5 | 3 |
| Depreciation | 62 | 63 | 83 | 96 | 95 | 90 | 77 | 67 | 71 | 76 | 79 |
| Profit before Tax | 803 | 774 | 671 | 742 | 341 | 710 | 482 | 828 | 749 | 568 | 710 |
| Tax % | 34.72% | 31.75% | 37.06% | 27.96% | 24.38% | 29.58% | 26.90% | 26.02% | 26.59% | 25.97% | 26.68% |
| Net Profit | 524 | 528 | 423 | 535 | 258 | 500 | 352 | 613 | 550 | 420 | 521 |
| EPS | 4288.95 | 26.65 | 23.06 | 29.18 | 14.06 | 27.28 | 9.61 | 33.43 | 14.99 | 11.47 | — |
| 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
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 122 | 183 | 183 | 183 | 183 | 183 | 183 | 183 | 183 | 183 |
| 2,073 | 1,773 | 2,085 | 2,424 | 2,501 | 2,847 | 3,028 | 3,454 | 3,826 | 4,058 | |
| 481 | 410 | 283 | 766 | 727 | 908 | 3,255 | 3,697 | 3,373 | 3,674 | |
| Trade Payables | 1,529 | 1,012 | 519 | 345 | 743 | 552 | 464 | 798 | 1,506 | 2,835 |
| 4,034 | 3,028 | 2,326 | 1,913 | 1,760 | 2,016 | 1,686 | 2,137 | 2,732 | 3,420 | |
| Total Liabilities | 8,239 | 6,406 | 5,397 | 5,631 | 5,914 | 6,507 | 8,616 | 10,269 | 11,620 | 14,170 |
| 757 | 868 | 957 | 932 | 915 | 874 | 809 | 824 | 857 | 878 | |
| Capital Work in Progress | 135 | 130 | 47 | 42 | 21 | 41 | 74 | 73 | 117 | 174 |
| 3 | 239 | 4 | 4 | 5 | 0 | 0 | 0 | 4 | 4 | |
| 2,240 | 1,926 | 1,665 | 857 | 1,397 | 1,654 | 1,822 | 1,982 | 2,645 | 4,626 | |
| 155 | 0 | 0 | 0 | 0 | 0 | 0 | 310 | 826 | 423 | |
| Cash & Bank | 1,738 | 357 | 371 | 663 | 1,561 | 1,900 | 3,859 | 4,228 | 4,190 | 4,709 |
| 3,211 | 2,886 | 2,353 | 3,133 | 2,015 | 2,038 | 2,052 | 2,851 | 2,980 | 3,356 | |
| Total Assets | 8,239 | 6,406 | 5,397 | 5,631 | 5,914 | 6,507 | 8,616 | 10,269 | 11,620 | 14,170 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -420 | -87 | 378 | 678 | 1,146 | 733 | 2,348 | 412 | 167 | 604 | |
| Cash from Investing | 3 | 1,047 | 170 | -33 | -734 | -573 | -1,171 | -722 | -407 | 320 |
| Cash from Financing | -166 | -769 | -268 | -191 | -173 | -149 | -171 | -148 | -220 | -194 |
| -583 | -63 | -15 | 280 | 162 | -192 | 788 | -459 | -460 | 729 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - Bharat Dynamics Limited has informed the Exchange regarding Change in Auditors of the company.
2026-09-04 - Bharat Dynamics Limited has informed the Exchange about Copy of Newspaper Publication-AGM 2025-26.
2026-09-03 - Bharat Dynamics Limited has informed the Exchange regarding 'BRSR 2025-26'.
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 - 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 - Bharat Dynamics Limited has informed the Exchange regarding 'Fines imposed by Stock Exchanges'.
2026-08-21 - Bharat Dynamics Limited has informed the Exchange about change in Management
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 - 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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