BDLCapital Goods

Bharat Dynamics Limited

Aerospace & Defense · ISIN INE171Z01026 · BSE 541143 · NSE EQ · FV ₹5
Last price
₹1,152
+1.40%today
What this company does

Bharat Dynamics Limited operates in Aerospace & Defense, part of the Capital Goods sector. It booked ₹572 cr of revenue in its latest quarter (Q1 FY27) and kept 20.8% of sales as profit. It is the 4th largest of 9 Aerospace & Defense companies we track, by market value.

In the report:
59out of 100
Equitytale Health Score
Mixed

Healthier than 59% of companies in Capital Goods, on all six measures of filed financials. Each measure is ranked against the 77–113 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
oversold
RSI (14)
29

At close. Not part of the score.

Profitability & returns41

How much profit it earns on the money it employs

Balance sheet90

How much it owes, and whether earnings cover the interest

Cash quality78

Whether reported profit actually arrives as cash

Growth & consistency34

Whether sales and profit have grown, and how steadily

Valuation26

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Is this company doing well?
not investment advice
Strengths
Makes a profit
Strong 21% net margin
Sales up 131% vs last year
Profit up 547% vs last year
Promoters hold 75%
No promoter shares pledged
Virtually debt-free
Watch-outs
! Operating cash flow is negative

What if I invest in BDL?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 0% a year, it would become
₹12.00 lakh

The slider starts at 0%, taken from this company's own free-cash-flow trend. That is history, not a forecast — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹1,152 +1.40%
latest close · 2026-09-17
52-wk low ₹1,09542 sessions so far52-wk high ₹1,428
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio88.9High
LowAverageHigh
P/B ratio9.96High
Below bookModerateHigh
EV / EBITDA55.4High
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity11.2%Fair
WeakFairStrong ▸15%
Return on capital8.4%Fair
WeakFairStrong
Net margin20.8%Strong
ThinDecentStrong
EBITDA margin32.6%Healthy
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.00Comfortable
LowModerateHigh ▸1
Interest cover260.7×Strong
RiskyOkayStrong ▸5×
Current ratio2.01Ample
Tight ◂1HealthyAmple
More figures
Market cap
₹42,224 cr
Book value
₹116
EPS
₹3.24
latest quarter
Net debt
₹-863 cr
more cash than debt
Enterprise value
₹41,361 cr
EBITDA
₹746 cr
annualised
EBIT
₹665 cr
annualised
Operating margin
29.1%
Return on assets
3.3%
Earnings yield
1.13%
P/S
18.45
Sales / share
₹62.4
Tax rate
28.3%
Face value
₹5
Shares
36.7 cr
Working capital
₹6,411 cr
Current assets
₹12,757 cr
Current liabilities
₹6,346 cr
Delivery %
32.3%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the FY 2025 report & filings
not investment advice
Hard to value confidentlyLow confidence
The market price is far above what these earnings- and book-based models support — a fast-growing or asset-light business can trade well above them for years, so we won't put a confident number on how overpriced it is.
Models span ₹70₹137, midpoint ₹104

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q1 FY27 (consolidated)
Revenue from Operations₹572 cr
Other Income₹103 cr
Total Income₹676 cr
Cost of Materials₹188 cr
Purchases of Stock-in-Trade₹0 cr
Inventory Change (±)₹90 cr
Employee Benefit Expense₹136 cr
Finance Costs₹63.8 L
Depreciation & Amortisation₹20 cr
Other Expenses₹75 cr
Total Expenses₹510 cr
Profit before Tax₹166 cr
Tax Expense₹47 cr
Net Profit₹119 cr
Net margin on total income17.6%
Where the money goes · Q1 FY27
% of total income
Materials + stock-in-trade₹277 cr41.1%
Employee benefit expense₹136 cr20.2%
Finance costs₹63.8 L0.1%
Depreciation & amortisation₹20 cr3.0%
Other expenses₹75 cr11.2%
Tax expense₹47 cr6.9%
Profit for the period₹119 cr17.6%
Total income ₹676 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue567 cr480 cr572 cr
Total income664 cr599 cr676 cr
Expenses561 cr445 cr510 cr
Profit before tax103 cr154 cr166 cr
Tax30 cr41 cr47 cr
Net profit (owners' share)73 cr113 cr119 cr
Net margin (owners' share, on revenue)12.9%23.6%20.8%
EPS (₹)1.993.093.24
YoY (latest quarter): total income +101.8% · net profit +547.4%
Balance sheet & cash flow · as of Mar 2026
Debt-free
Total assets
₹14,261 cr
Shareholder equity
₹4,241 cr
parent shareholders
Total debt
₹0 cr
Cash
₹863 cr
Cash flow · H1 FY26
Operating
₹-80 cr
Investing
₹532 cr
Financing
₹-4 cr
Peer comparison
Aerospace & Defense · by market value
CompanyPriceMarket capP/E
Hindustan Aeronautics Limited₹4,788₹3.20 L cr50.4
Bharat Electronics Limited₹395₹2.89 L cr68.7
Centum Electronics Limited₹4,343₹60,214 cr142.7
Bharat Dynamics Limitedthis company₹1,152₹42,224 cr88.9
Garden Reach Shipbuilders & Engineers Limited₹2,340₹26,803 cr38.8
Data Patterns (India) Limited₹4,411₹24,702 cr279.9
AXISCADES Technologies Limited₹1,852₹16,469 cr
Aequs Limited₹229₹15,380 cr
Astra Microwave Products Limited₹1,608₹15,265 cr309.2
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
0.45%
trailing 12 months
Dividend / share (TTM)
₹5.15
Last dividend
₹4.5
ex 9 Feb 2026
ActionDetailEx-date
Dividend₹4.5 / share9 Feb 2026
Dividend₹0.65 / share19 Sep 2025
Dividend₹4 / share14 Feb 2025
Dividend₹0.85 / share23 Sep 2024
Stock splitStock Split From Rs.10/- to Rs.5/-24 May 2024
Dividend₹8.85 / share2 Apr 2024
Who owns it · 2026-06-30
No pledge
Promoter
74.9%
FII / Foreign
1.7%
DII / Domestic
11.5%
Retail / others
11.8%
Smart-money activity
Insider trades
SoldPresident of India acting through and represented by the Department of Defence Production,Ministry of Defence ,Government of India · Promoters16.65 L · ₹51.6 cr9 Sep 20
SoldPresident of India acting through and represented by the Department of Defence Production,Ministry of Defence ,Government of India · Promoters2.18 cr · ₹720.7 cr8 Sep 20
Bulk / block deals
short · NSE10010 Sep 26
short · NSE4259 Sep 26
short · NSE5658 Sep 26
Stake changes
SoldHDFC Mutual Fund→ 3.02% · 37.33 L22 Mar 24
SoldHDFC Mutual Fund→ 5.05% · 36.68 L28 Nov 23
DisposalLife Insurance Corporation of India→ 6.43%15 Mar 22
What shareholders were asked to approve
1 proposal passed only on promoter votes

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 26 Sep 2025
See the official result
1
Adoption of the Audited Financial Statements of the Company for the financial year ended 31st March 2025, together with the Reports of the Board of Directors and the Auditors thereon.
Backed by 100% of shareholders other than promotersneeded 50%
4.23 cr votes for, 1,018 against · 0% of mutual funds and other big investors said no
2
To confirm payment of Interim Dividend (Rs. 4 per share) and declare final dividend of Rs.0.65 per share on Equity Shares for the financial year ended 31st March 2025.
Backed by 100% of shareholders other than promotersneeded 50%
4.23 cr votes for, 4,001 against · 0% of mutual funds and other big investors said no
3
To appoint a Director in place of Shri Ummalaneni Raja Babu (DIN: 10212986), who retires by rotation and being eligible, offers himself for re-appointment.
Backed by 52% of shareholders other than promotersneeded 50%
2.21 cr votes for, 2.02 cr against · 48% of mutual funds and other big investors said no
4
To increase the remuneration of the Statutory Auditors and authorise the Board of Directors of BDL to fix the remuneration of the Statutory Auditors from the financial year 2025-26 and onwards
Backed by 91% of shareholders other than promotersneeded 50%
3.87 cr votes for, 36.22 L against · 9% of mutual funds and other big investors said no
9
To appoint Shri Chetan Bansilal Kankaria (DIN: 09402860) as Part Time Non-Official Director (i.e. Independent Director) of the Company on the terms and conditions as stipulated by the Government of India.
⚑ Passed only because promoters voted yes
Backed by 66% of shareholders other than promotersneeded 75%
2.77 cr votes for, 1.46 cr against · 35% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 1 named members
owning 74.9% between them · as of 2026-06-30
PRESIDENT OF INDIA74.93%

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.