Bharat Dynamics Limited
NSE: BDL · Aerospace & Defense · sector
₹1,029.00NSE close 2026-10-26
Key numbers
Market cap₹37,719 cr
Price₹1,029.00
52w high / low₹1,633 / ₹1,029
P/E72.4xSector median 75.3x
P/B8.9xSector median 8.2x
Book value₹115.7
Dividend yield0.51%Sector median 0.15%
ROE12.6%Sector median 12.6%
ROCE16.8%Sector median 13.7%
OPM12.7%Sector median 20.9%
Debt / equity0.00xSector median 0.11x
EV/EBITDA93.8xSector median 59.6x
Interest cover214.4x
Current ratio2.01x
Sales growth 3y-0.6%Sector median +15.9%
Profit growth 3y+6.1%Sector median +32.2%
PEG11.92x
Last 12 months to Jun 2026, Standalone. "Sector median" = middle value of 29 companies in Aerospace & Defense (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹4,709 cr vs borrowings ₹0 cr (FY26): cash is higher (net cash).
- Operating profit covered interest 214.4x in the last 12 months.
- Operating cash flow was below net profit in 2 of the last 5 years (FY25, FY24).
- Revenue was higher than a year earlier in 2 of the last 4 quarters.
- Other income was 85% of net profit in the last 12 months.
- Debtor days went from 48 (FY24) to 63 (FY26).
- Dividend paid in 5 of the last 5 financial years.
- Price ₹1,029.00 on 2026-10-26: -37.0% from the 52-week high, 0.0% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹1,980.30 · low ₹926.90
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 545 | 832 | 1,777 | 248 | 1,147 | 567 | 480 | 572 |
| EBITDA | 99 | 127 | 299 | -45 | 188 | 26 | 55 | 83 |
| OPM % | 18.1% | 15.2% | 16.8% | -18.3% | 16.3% | 4.6% | 11.5% | 14.5% |
| Other income | 86 | 84 | 100 | 87 | 121 | 97 | 119 | 103 |
| Net profit | 123 | 147 | 273 | 18 | 216 | 73 | 113 | 119 |
| EPS (₹) | 3.34 | 4.01 | 7.44 | 0.50 | 5.89 | 1.99 | 3.09 | 3.24 |
| Revenue YoY | +110.6% | -31.9% | -73.0% | +130.8% | ||||
| Profit YoY | +76.2% | -50.4% | -58.5% | +547.4% |
Standalone figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 2,817 | 2,489 | 2,369 | 3,345 | 2,442 | 2,766 |
| EBITDA | 692 | 408 | 537 | 472 | 223 | 352 |
| Net profit | 500 | 352 | 613 | 550 | 420 | 521 |
| EPS (₹) | 13.64 | 9.61 | 8.36 | 14.99 | 11.47 | 14.21 |
| Revenue growth | -11.6% | -4.8% | +41.2% | -27.0% | -18.7% | |
| Profit growth | -29.6% | +74.0% | -10.3% | -23.5% | -7.1% | |
| Dividend / share (₹) | 7.95 | 9.15 | 1.20 | 13.70 | 5.15 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | -0.6% | +5.0% | -18.7% |
| Net profit | +6.1% | +10.3% | -7.1% |
| EPS | +6.1% | +10.3% | – |
| Share price | – | -2.1% (2y) | -30.6% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 3,212 | 3,637 | 4,009 | 4,241 |
| Borrowings | – | 0 | 0 | 0 | 0 |
| Cash & equivalents | – | 3,859 | 4,228 | 4,190 | 4,709 |
| Total assets | – | 8,672 | 10,340 | 11,742 | 14,262 |
| Fixed assets | – | 646 | 672 | 667 | 700 |
| Capital work in progress | – | 74 | 73 | 117 | 174 |
| Investments | – | 0 | 0 | 4 | 4 |
| Receivables | – | 185 | 310 | 826 | 423 |
| Inventory | – | 1,822 | 1,982 | 2,645 | 4,626 |
| Payables | – | 464 | 798 | 1,506 | 2,835 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 530 | 2,130 | 412 | 167 | 604 |
| Cash from investing | -573 | -1,171 | -722 | -407 | 320 |
| Cash from financing | -149 | -171 | -148 | -220 | -194 |
| Capex | 102 | 108 | 81 | 283 | 229 |
| Free cash flow | 428 | 2,022 | 331 | -115 | 375 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 11.0% | 16.8% | 13.7% | 9.9% |
| ROCE % | – | 15.1% | 22.9% | 18.8% | 13.5% |
| Debtor days | – | 27 | 48 | 90 | 63 |
| Inventory days | – | 558 | 806 | 575 | 1,381 |
| Payable days | – | 142 | 325 | 328 | 846 |
| Cash conversion cycle (days) | – | 443 | 529 | 337 | 598 |
| Working capital days | – | 791 | 960 | 657 | 958 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 74.93% |
| FIIs | 1.76% |
| DIIs | 10.80% |
| of which Mutual funds | 5.85% |
| of which Insurance | 3.27% |
| Government | 0.00% |
| Public (non-institutions) | 12.52% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 74.93% | 74.93% | 74.93% | 74.93% | 74.93% | 74.93% | 74.93% | 74.93% |
| Promoter group | % |
|---|---|
| President of India | 74.93% |
| Public holders above 1% | % |
|---|---|
| Life Insurance Corporation of India | 1.58% |
| HDFC Mutual Fund - HDFC Defence Fund | 1.57% |
| NPS Trust- A/C SBI Pension Fund Scheme - State Govt | 1.51% |
| Motilal Oswal Large and Midcap Fund | 1.41% |
5,72,065 shareholders. Pledged: – of promoter shares.
Peers in Aerospace & Defense
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| HAL | ₹3,19,342 cr | 34.3x | 7.8x | 24.5% | 30.2% | 29.6% | +7.1% | 1.05% |
| BEL | ₹2,65,346 cr | 43.2x | 11.1x | 28.0% | 34.1% | 28.6% | +15.9% | 0.79% |
| BDL | ₹37,719 cr | 72.4x | 8.9x | 12.6% | 16.8% | 12.7% | -0.6% | 0.51% |
| GRSE | ₹21,411 cr | 26.7x | 8.2x | 34.0% | 41.2% | 11.1% | +39.8% | 0.95% |
| DATAPATTNS | ₹21,133 cr | 78.8x | 12.2x | 16.5% | 21.4% | 39.3% | +26.8% | 0.21% |
| AEQUS | ₹16,257 cr | – | 10.9x | -7.6% | 1.1% | 7.6% | – | – |
| APOLLO | ₹15,269 cr | 118.8x | 11.6x | 12.7% | 11.6% | 22.6% | +44.9% | 0.06% |
| ASTRAMICRO | ₹14,226 cr | 75.3x | 10.8x | 15.7% | 18.6% | 28.6% | +12.6% | 0.15% |
| ZENTEC | ₹13,947 cr | 77.1x | 7.4x | 10.3% | 14.6% | 32.6% | +46.5% | 0.13% |
| PARAS | ₹10,105 cr | 107.0x | 13.9x | 13.8% | 17.5% | 26.1% | +28.9% | 0.04% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-09-21 | Dividend | Dividend - Re 0.40 Per Share |
| 2026-02-09 | Dividend | Interim Dividend - Rs 4.50 Per Share |
| 2025-09-19 | Dividend | Dividend - Re 0.65 Per Share |
| 2025-02-14 | Dividend | Interim Dividend - Rs 4 Per Share |
| 2024-09-23 | Dividend | Annual General Meeting/Dividend - Rs 0.85 Per Share |
| 2024-05-24 | Split | Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 5/- Per Share |
| 2024-04-02 | Dividend | Interim Dividend - Rs 8.85 Per Share |
| 2023-09-20 | Dividend | Annual General Meeting/Dividend - Rs 1.20 Per Share |
| 2023-02-20 | Dividend | Interim Dividend - Rs 8.15 Per Share |
| 2022-09-16 | Dividend | Annual General Meeting/Dividend - Re 1 Per Share |
| 2022-02-23 | Dividend | Interim Dividend - Rs 7.30 Per Share |
| 2021-09-17 | Dividend | Annual General Meeting/Dividend - Rs 0.65 Per Share |
| 2021-03-18 | Dividend | Interim Dividend - Rs 6.70 Per Share |
| 2020-09-18 | Dividend | Annual General Meeting/Dividend - Rs 2.55 Per Share |
| 2020-02-24 | Dividend | Interim Dividend - Rs 6.25 Per Share |
| 2019-09-19 | Dividend | Annual General Meeting/Dividend - Rs 1.67 |
| 2019-03-26 | Dividend | Interim Dividend - Rs 5.25 Per Share |
| 2018-09-18 | Dividend | Annual General Meeting/Dividend Rs 7.29 Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing of Weapon Systems: Missiles, Underwater weapons and Allied Defence Equipments
- Repairs & Maintenance: Repairs & Overhauls and Job work
| Sector | Industrials |
| Industry | Aerospace & Defense |
| Sub-industry | Aerospace & Defense |
| Symbol | BDL |
| BSE code | 541143 |
| ISIN | INE171Z01026 |
| Face value | ₹5.0 |
| Incorporated | 1970-07-16 |
| Website | https://bdl-india.in |
| Plants (India / abroad) | 3 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.