Bharat Dynamics Ltd.

NSE: BDL · Aerospace & Defense

52W Range₹1,086 ₹1,668

Snapshot

Unlock Bharat Dynamics Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Bharat Dynamics Limited is a state-owned enterprise that manufactures guided missiles and allied defence equipment for the Indian Armed Forces. Its product portfolio includes surface-to-air missiles, anti-tank guided missiles, underwater weapons, and various counter-measure systems.

Business Model

The company operates primarily as a prime contractor for the Ministry of Defence, generating revenue through the production and supply of sophisticated weapon systems. It leverages indigenous technology and strategic partnerships to support the modernisation of India's defence capabilities.

  • Incorporation Year:1970

Growth Outlook

Growth is driven by the Indian government's 'Make in India' initiative and the increasing focus on indigenisation of defence procurement. The company is also expanding its footprint by exploring export opportunities for its missile systems.

Key Risks

  • Customer Concentration. The company is heavily dependent on the Indian Ministry of Defence for the majority of its order book and revenue.
  • Policy Dependency. Changes in government defence procurement policies or budgetary allocations can significantly impact the company's order pipeline.
  • Execution Risk. Delays in the development or delivery of complex missile systems could lead to penalties and impact financial performance.
  • Technological Obsolescence. The rapid evolution of global defence technology requires continuous investment in R&D to maintain product relevance.

Price

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Key Metrics

REVENUE

₹2,442 Cr

TTM · standalone

-27.0%YoY

NET PROFIT

₹420 Cr

TTM · standalone

-15.0%YoY

EPS

₹5.58

TTM · standalone

-62.8%YoY

RETURN ON EQUITY

10.3%

TTM · standalone

-3.0 ppYoY

RETURN ON CAPITAL EMPLOYED

7.6%

TTM · standalone

-2.6 ppYoY

P/E

226.3x

Q4 FY26 · standalone

226.3 vs 73.9x5Y avg

EV/EBITDA

70.2x

Q4 FY26 · standalone

70.2 vs 62.0x5Y avg

EBITDA MARGIN

26.5%

TTM · standalone

+1.9 ppYoY

NET PROFIT MARGIN

23.6%

Q4 FY26 · standalone

+11.3 ppYoY

DEBT TO EQUITY

0.0x

Q4 FY26 · standalone

+0.00xYoY

Peers · Aerospace & Defense

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Bharat Dynamics Ltd.BDL
43,188226.3170.20-27.0%26.5%10.3%7.6%-29.9%
Garden Reach Shipbuilders & Engineers Ltd.GRSE
24,87239.6827.7338.0%15.3%33.8%43.5%-1.3%
Data Patterns (India) Ltd.DATAPATTNS
18,16178.1352.0444.6%43.4%19.0%25.5%+43.2%
Zen Technologies Ltd.ZENTEC
12,43984.0948.69-29.4%48.4%12.5%16.7%-1.3%
MTAR Technologies LimitedMTARTECH
10,856208.11102.6529.6%22.2%12.5%17.6%+313.7%
Astra Microwave Products LimitedASTRAMICRO
8,70084.7346.7310.6%30.3%16.7%24.2%+71.9%

As of Q4 FY26

Financials