BDL

Bharat Dynamics Limited

Defence PSU building guided missiles and precision weapon systems

Industrials›Capital Goods›Aerospace & Defense›Aerospace & Defense

bdl-india.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹1114.70
Market cap
40,869 Cr
Stock P/E
78.5
P/B
9.63
Dividend yield
0.5%
ROE (FY26)
9.9%
ROCE (FY26)
13.5%
Operating margin (FY26)
6.0%
OCF / EBITDA (FY26)
270.4%
OCF / EBITDA (3Y)
96.0%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Bharat Dynamics makes guided missiles, underwater weapons such as torpedoes, and related defence equipment, mainly for the Indian Army, Navy and Air Force; it is a Government of India defence public sector enterprise.

Company snapshot

3rdBy market cap

Ranked among 25 companies in Aerospace & Defense.

What we see

Positives
  • ✓Net margin of 17.2% — the business keeps a healthy share of every rupee it earns.
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Statement tables · Standalone

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Standalone only

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales616 Cr602 Cr854 Cr191 Cr545 Cr832 Cr1,777 Cr248 Cr1,147 Cr567 Cr480 Cr572 Cr
Operating expenses (approx.)482 Cr483 Cr538 Cr243 Cr446 Cr705 Cr1,478 Cr293 Cr960 Cr541 Cr425 Cr489 Cr
EBITDA134 Cr119 Cr316 Cr-52 Cr99 Cr127 Cr299 Cr-45 Cr188 Cr26 Cr55 Cr83 Cr
OPM %21.8%19.7%37.0%-27.4%18.1%15.2%16.8%-18.3%16.3%4.6%11.5%14.5%
Other income78 Cr88 Cr88 Cr80 Cr86 Cr84 Cr100 Cr87 Cr121 Cr97 Cr119 Cr103 Cr
Interest0.78 Cr0.77 Cr0.77 Cr1 Cr0.73 Cr0.71 Cr0.71 Cr0.70 Cr1 Cr0.67 Cr0.67 Cr0.64 Cr
Depreciation17 Cr16 Cr16 Cr16 Cr18 Cr18 Cr20 Cr18 Cr19 Cr19 Cr20 Cr20 Cr
Profit before tax194 Cr189 Cr388 Cr11 Cr166 Cr193 Cr378 Cr23 Cr288 Cr103 Cr154 Cr166 Cr
Tax %24.2%28.6%25.5%35.8%26.4%23.7%27.9%20.7%24.9%29.3%26.5%28.3%
Net profit147 Cr135 Cr289 Cr7 Cr123 Cr147 Cr273 Cr18 Cr216 Cr73 Cr113 Cr119 Cr
EPS (₹)₹8.03₹7.37₹7.88₹0.20₹3.34₹4.01₹7.44₹0.50₹5.89₹1.99₹3.09₹3.24

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales4,887 Cr4,588 Cr3,069 Cr3,095 Cr1,914 Cr2,817 Cr2,489 Cr2,369 Cr3,345 Cr2,442 CrSign in free for the trailing twelve months
Operating expenses (approx.)4,318 Cr3,920 Cr2,447 Cr2,368 Cr1,569 Cr2,091 Cr2,081 Cr1,833 Cr2,873 Cr2,218 CrSign in free for the trailing twelve months
EBITDA569 Cr668 Cr622 Cr728 Cr345 Cr726 Cr408 Cr537 Cr472 Cr223 CrSign in free for the trailing twelve months
OPM %11.6%14.6%20.3%23.5%18.0%25.8%16.4%22.6%14.1%9.1%Sign in free for the trailing twelve months
Other income300 Cr173 Cr136 Cr116 Cr95 Cr111 Cr155 Cr362 Cr350 Cr424 CrSign in free for the trailing twelve months
Interest4 Cr3 Cr4 Cr5 Cr4 Cr3 Cr5 Cr3 Cr3 Cr3 CrSign in free for the trailing twelve months
Depreciation62 Cr63 Cr83 Cr96 Cr95 Cr90 Cr77 Cr67 Cr71 Cr76 CrSign in free for the trailing twelve months
Profit before tax803 Cr774 Cr671 Cr742 Cr341 Cr710 Cr482 Cr828 Cr749 Cr568 CrSign in free for the trailing twelve months
Tax %34.7%31.7%37.1%28.0%24.4%29.6%26.9%26.0%26.6%26.0%Sign in free for the trailing twelve months
Net profit524 Cr528 Cr423 Cr535 Cr258 Cr500 Cr352 Cr613 Cr550 Cr420 CrSign in free for the trailing twelve months
EPS (₹)₹24.51₹26.65₹23.06₹29.18₹14.06₹27.28₹19.22₹16.72₹14.99₹11.47Sign in free for the trailing twelve months
Dividend payout %————65.6%29.1%47.4%23.7%39.4%45.3%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital122 Cr183 Cr183 Cr183 Cr183 Cr183 Cr183 Cr183 Cr183 Cr183 Cr
Reserves2,073 Cr1,773 Cr2,085 Cr2,424 Cr2,501 Cr2,847 Cr3,028 Cr3,454 Cr3,826 Cr4,058 Cr
Borrowings——2 Cr2 Cr——————
Other liabilities6,185 Cr4,642 Cr3,198 Cr3,076 Cr3,277 Cr3,533 Cr5,461 Cr6,703 Cr7,734 Cr10,021 Cr
Total liabilities8,380 Cr6,598 Cr5,468 Cr5,685 Cr5,962 Cr6,564 Cr8,672 Cr10,340 Cr11,742 Cr14,261 Cr
Fixed assets (net)597 Cr720 Cr812 Cr753 Cr743 Cr761 Cr646 Cr672 Cr667 Cr700 Cr
CWIP135 Cr130 Cr47 Cr42 Cr21 Cr41 Cr74 Cr73 Cr117 Cr174 Cr
Investments3 Cr239 Cr4 Cr4 Cr5 Cr0.0097 Cr0.0097 Cr0.0097 Cr4 Cr4 Cr
Loans & advances——2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr4 Cr2 Cr
Inventories2,240 Cr1,926 Cr1,665 Cr857 Cr1,397 Cr1,654 Cr1,822 Cr1,982 Cr2,645 Cr4,626 Cr
Trade receivables155 Cr529 Cr587 Cr338 Cr323 Cr304 Cr185 Cr310 Cr826 Cr423 Cr
Cash & bank93 Cr30 Cr17 Cr297 Cr457 Cr265 Cr1,053 Cr594 Cr134 Cr863 Cr
Other assets5,157 Cr3,025 Cr2,334 Cr3,391 Cr3,014 Cr3,537 Cr4,890 Cr6,706 Cr7,344 Cr7,469 Cr
Total assets8,380 Cr6,598 Cr5,468 Cr5,685 Cr5,962 Cr6,564 Cr8,672 Cr10,340 Cr11,742 Cr14,261 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-420 Cr977 Cr84 Cr504 Cr1,068 Cr530 Cr2,130 Cr412 Cr167 Cr604 Cr
Cash from investing3 Cr-271 Cr170 Cr-33 Cr-734 Cr-573 Cr-1,171 Cr-722 Cr-407 Cr320 Cr
Cash from financing-166 Cr-769 Cr-268 Cr-191 Cr-173 Cr-149 Cr-171 Cr-148 Cr-220 Cr-194 Cr
Net cash flow-583 Cr-63 Cr-15 Cr280 Cr162 Cr-192 Cr788 Cr-459 Cr-460 Cr729 Cr
Free cash flow (OCF − Capex)-556 Cr808 Cr-5 Cr447 Cr1,011 Cr428 Cr2,022 Cr331 Cr-115 Cr375 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %36.7%39.7%29.8%28.6%12.8%23.5%15.1%22.9%18.8%13.5%
ROE %23.9%27.0%18.6%20.5%9.6%16.5%11.0%16.8%13.7%9.9%
Debtor days12427040613927489063
Inventory days261241333302524477548646459844
Days payable178127104122279159140260261517
Cash conversion cycle94156299220307357435434287390
OCF / EBITDA %-73.9%146.2%13.4%69.3%309.8%72.9%521.9%76.7%35.4%270.4%
OCF / EBITDA % (3 years)——34.4%77.5%97.7%116.9%252.1%183.8%191.2%96.0%
Debt / equity——0.00080.0008——0.00———
Current ratio1.281.261.481.981.942.143.453.072.382.01
Net debt / EBITDA-0.16—-0.02-0.41-1.33-0.37-2.58-1.11-0.28-3.87