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Nifty
Sensex

:
:

26215.55
85720.38

10.25 (0.04%)
110.87 (0.13%)

Bharat Dynamics Ltd.

Defence

Rating :

69/99

BSE: 541143 | NSE: BDL

Watchlist

NSE BSE

1504.50

27-Nov-2025

Open
High
Low
Previous Close

1496
1508
1486.7
1487.60

Volume
Traded Value (lacs)
52 Week High
52 Week Low

721854
1083113828.9
2096.6
907

Stock Summary

Market Cap(Crs)
Stock P:E
Face Value

55,211.64
83.37
5

Enterprise Value(Crs)
Dividend Yield
Price:Book Value

51,030.00
0.31%
12.98

Chart

Price | P:E | P:BV | EV:EBITDA | MCap:Sales | EPS

Revenue CAGR (%)

10 Years
5 Years
3 Years

-1.23
11.82
10.35

EBITDA CAGR (%)

10 Years
5 Years
3 Years

1.63
6.49
2.95

PAT CAGR (%)

10 Years
5 Years
3 Years

-0.22
16.35
16.00

P:E (Median)

8 Years
5 Years
3 Years

-
45.33
71.56

P:BV (Average)

8 Years
5 Years
3 Years

-
7.57
10.32

EV:EBITDA (Average)

8 Years
5 Years
3 Years

-
31.32
43.71

Earnings Forecasts:

(Updated: 22-11-2025)

Description 2024 2025 2026 2027
Adj EPS 14.99 25.58 34.23 43.37
P/E Ratio 100.37 58.82 43.95 34.69
Revenue 3323.07 4622.75 6131.23 7816.4
EBITDA 472.37 910.85 1285.61 1664.98
Net Income 549.65 925.59 1245.3 1594.85
ROA 4.98 6.28 7.65 7.44
P/B Ratio 13.76 11.88 9.87 8.00
ROE 14.38 20.65 23.19 24.19
FCFF 184.12 880.47 1008.38 411.66
FCFF Yield 0.35 1.69 1.93 0.79
Net Debt -4183.77 -4774.3 -5774.58 -6262.36
BVPS 109.37 126.65 152.46 188.05

Quarterly Results

Standalone Figures in Rs. Crores /

Consolidated

Description Sep 25 Sep 24 Var% Jun 25 Jun 24 Var% Mar 25 Mar 24 Var% Dec 24 Dec 23 Var%
Net Sales 1,147.03 544.77 110.55% 247.93 191.17 29.69% 1,776.98 854.12 108.05% 832.14 601.62 38.32%
Expenses 959.52 445.93 115.17% 293.30 243.49 20.46% 1,478.00 537.72 174.86% 705.26 482.87 46.06%
EBITDA 187.51 98.84 89.71% -45.37 -52.32 - 298.97 316.40 -5.51% 126.87 118.75 6.84%
EBIDTM 16.35% 18.14% -18.30% -27.37% 16.82% 37.04% 15.25% 19.74%
Other Income 120.57 86.03 40.15% 86.86 80.38 8.06% 99.57 88.49 12.52% 84.42 87.60 -3.63%
Interest 1.35 0.73 84.93% 0.70 1.16 -39.66% 0.71 0.77 -7.79% 0.71 0.78 -8.97%
Depreciation 19.12 17.67 8.21% 17.66 15.67 12.70% 19.65 16.25 20.92% 17.70 16.47 7.47%
PBT 287.61 166.47 72.77% 23.13 11.23 105.97% 378.17 387.87 -2.50% 192.88 189.10 2.00%
Tax 71.73 43.94 63.25% 4.78 4.02 18.91% 105.40 99.10 6.36% 45.76 54.07 -15.37%
PAT 215.88 122.53 76.19% 18.35 7.22 154.16% 272.77 288.78 -5.54% 147.13 135.03 8.96%
PATM 18.82% 22.49% 7.40% 3.77% 15.35% 33.81% 17.68% 22.44%
EPS 5.89 3.34 76.35% 0.50 0.20 150.00% 7.44 7.88 -5.58% 4.01 3.68 8.97%

Description Jun 25 Jun 24 Var% Mar 25 Mar 24 Var% Dec 24 Dec 23 Var% Sep 24 Sep 23 Var%
Net Sales 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0
Expenses 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0
EBITDA 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0
EBIDTM 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Other Income 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0
Interest 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0
Depreciation 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0
PBT 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0
Tax 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0
PAT 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0
PATM 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EPS 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0

Annual Results

Standalone Figures in Rs. Crores

Right to Left

Description TTM Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16
Net Sales 4,004.08 3,345.05 2,369.28 2,489.39 2,817.40 1,913.76 3,104.87 3,069.35 4,576.71 4,535.33 3,786.22 Net Sales Growth 82.69% 41.18% -4.82% -11.64% 47.22% -38.36% 1.16% -32.94% 0.91% 19.79% Cost Of Goods Sold 2,132.37 1,636.15 885.78 1,187.05 1,175.26 834.28 1,486.76 1,591.09 2,684.46 2,994.86 2,485.29 Gross Profit 1,871.71 1,708.91 1,483.50 1,302.34 1,642.14 1,079.47 1,618.10 1,478.26 1,892.25 1,540.47 1,300.93 GP Margin 46.75% 51.09% 62.61% 52.32% 58.29% 56.41% 52.11% 48.16% 41.35% 33.97% 34.36% Total Expenditure 3,436.08 2,871.85 1,832.29 2,080.18 2,090.01 1,568.24 2,348.57 2,449.03 4,087.78 4,118.39 3,383.83 Power & Fuel Cost - 29.56 28.59 25.15 26.08 23.54 27.81 26.83 28.59 24.34 30.59 % Of Sales - 0.88% 1.21% 1.01% 0.93% 1.23% 0.90% 0.87% 0.62% 0.54% 0.81% Employee Cost - 548.80 600.01 532.46 570.66 501.09 534.03 534.21 529.34 448.39 326.23 % Of Sales - 16.41% 25.32% 21.39% 20.25% 26.18% 17.20% 17.40% 11.57% 9.89% 8.62% Manufacturing Exp. - 119.86 96.65 77.41 76.33 75.52 119.27 137.46 193.64 30.50 27.71 % Of Sales - 3.58% 4.08% 3.11% 2.71% 3.95% 3.84% 4.48% 4.23% 0.67% 0.73% General & Admin Exp. - 96.70 88.78 87.54 78.72 66.85 74.44 69.03 65.16 68.69 48.81 % Of Sales - 2.89% 3.75% 3.52% 2.79% 3.49% 2.40% 2.25% 1.42% 1.51% 1.29% Selling & Distn. Exp. - 129.13 28.35 25.88 17.80 17.97 20.76 34.08 16.53 10.00 16.17 % Of Sales - 3.86% 1.20% 1.04% 0.63% 0.94% 0.67% 1.11% 0.36% 0.22% 0.43% Miscellaneous Exp. - 311.65 104.13 144.69 145.16 48.99 85.50 56.33 570.06 541.61 16.17 % Of Sales - 9.32% 4.40% 5.81% 5.15% 2.56% 2.75% 1.84% 12.46% 11.94% 11.86% EBITDA 567.98 473.20 536.99 409.21 727.39 345.52 756.30 620.32 488.93 416.94 402.39 EBITDA Margin 14.19% 14.15% 22.66% 16.44% 25.82% 18.05% 24.36% 20.21% 10.68% 9.19% 10.63% Other Income 391.42 350.42 361.89 155.40 111.21 94.61 88.05 138.70 352.57 452.38 497.49 Interest 3.47 4.16 3.60 5.55 4.75 4.71 5.46 5.15 4.20 4.49 5.38 Depreciation 74.13 70.70 67.04 77.26 90.35 94.54 96.44 82.50 63.48 62.02 53.22 PBT 881.79 748.76 828.24 481.80 743.50 340.88 742.45 671.36 773.82 802.81 841.27 Tax 227.67 199.12 215.51 129.63 209.99 83.12 207.55 248.78 245.67 278.76 279.20 Tax Rate 25.82% 26.59% 26.02% 26.91% 29.58% 24.38% 27.95% 37.06% 31.75% 34.72% 33.19% PAT 654.13 549.65 612.72 352.17 499.92 257.77 534.90 422.59 528.15 524.06 562.07 PAT before Minority Interest 654.13 549.65 612.72 352.17 499.92 257.77 534.90 422.59 528.15 524.06 562.07 Minority Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 PAT Margin 16.34% 16.43% 25.86% 14.15% 17.74% 13.47% 17.23% 13.77% 11.54% 11.56% 14.85% PAT Growth 18.17% -10.29% 73.98% -29.55% 93.94% -51.81% 26.58% -19.99% 0.78% -6.76% EPS 17.84 14.99 16.71 9.61 13.64 7.03 14.59 11.53 14.41 14.30 15.33

Results Balance Sheet

Standalone Figures in Rs. Crores

Right to Left

Description Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16
Shareholder's Funds 4,008.95 3,636.82 3,211.50 3,030.56 2,684.75 2,606.83 2,268.55 1,956.38 2,194.98 1,851.24 Share Capital 183.28 183.28 183.28 183.28 183.28 183.28 183.28 183.28 122.19 97.75 Total Reserves 3,825.67 3,453.54 3,028.22 2,847.28 2,501.47 2,423.55 2,085.26 1,773.10 2,072.79 1,753.49 Non-Current Liabilities 3,250.63 3,626.74 3,198.55 895.16 708.31 709.52 208.98 217.44 357.18 1,194.97 Secured Loans 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Unsecured Loans 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Long Term Provisions 0.43 0.40 0.37 44.66 29.07 0.29 0.00 0.00 17.87 1.14 Current Liabilities 4,360.17 3,005.76 2,205.97 2,581.06 2,520.97 2,314.66 2,919.12 4,231.99 5,686.50 6,517.60 Trade Payables 1,505.56 798.39 464.38 552.47 742.60 345.49 519.46 1,011.51 1,529.36 1,343.11 Other Current Liabilities 2,345.61 1,807.45 1,389.87 1,719.28 1,548.39 1,640.76 2,039.12 2,554.28 3,649.00 4,802.86 Short Term Borrowings 0.00 0.00 0.00 0.00 0.00 2.17 1.82 0.00 0.00 0.00 Short Term Provisions 509.00 399.92 351.72 309.31 229.98 326.25 358.73 666.20 508.13 371.63 Total Liabilities 11,619.75 10,269.32 8,616.02 6,506.78 5,914.03 5,631.01 5,396.65 6,405.81 8,238.66 9,563.81 Net Block 857.08 823.61 808.53 873.84 914.98 932.36 956.96 868.37 757.12 696.76 Gross Block 1,600.56 1,496.52 1,415.67 1,451.08 1,368.51 1,291.36 1,219.61 1,048.62 869.66 818.71 Accumulated Depreciation 743.48 672.91 607.15 577.24 453.53 359.00 262.65 180.25 112.54 121.95 Non Current Assets 1,226.54 1,013.63 997.80 964.08 994.17 1,034.71 1,063.51 1,063.12 956.00 891.15 Capital Work in Progress 230.32 72.87 74.35 40.73 21.50 42.06 47.03 129.84 135.88 126.21 Non Current Investment 3.91 0.00 0.00 0.00 4.53 3.91 3.73 3.70 2.96 2.96 Long Term Loans & Adv. 29.51 8.85 8.88 8.64 9.12 9.61 9.60 61.20 60.03 10.43 Other Non Current Assets 105.71 108.29 106.03 40.86 44.04 46.77 46.20 0.00 0.00 54.80 Current Assets 10,377.92 9,239.01 7,600.14 5,523.24 4,899.00 4,574.06 4,309.50 5,317.67 7,256.25 8,644.85 Current Investments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 235.30 0.00 0.00 Inventories 2,645.11 1,982.47 1,822.44 1,654.45 1,397.01 856.52 1,664.53 1,925.87 2,240.42 2,057.66 Sundry Debtors 826.36 310.45 184.57 304.16 322.69 338.37 525.93 770.41 154.55 144.86 Cash & Bank 4,190.37 4,228.48 3,858.86 1,899.53 1,560.95 663.49 371.32 356.79 1,738.01 3,242.49 Other Current Assets 2,716.09 231.68 68.43 105.19 1,618.34 2,715.68 1,747.73 2,029.32 3,123.27 3,199.85 Short Term Loans & Adv. 2,503.18 2,485.93 1,665.84 1,559.90 1,551.75 2,626.74 348.88 510.07 1,395.33 1,713.07 Net Current Assets 6,017.75 6,233.25 5,394.18 2,942.18 2,378.03 2,259.40 1,390.38 1,085.68 1,569.75 2,127.26 Total Assets 11,619.75 10,269.32 8,616.01 6,506.78 5,914.02 5,631.01 5,396.64 6,405.81 8,238.66 9,563.80

Cash Flow

Standalone Figures in Rs. Crores

Right to Left

Description Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16
Cash From Operating Activity 167.39 411.72 2,130.25 529.66 1,068.01 504.22 83.52 -341.50 -419.89 284.28 PBT 748.76 828.24 481.80 743.50 340.88 742.45 671.36 773.82 802.81 841.27 Adjustment -8.09 -233.14 -24.96 87.87 29.34 45.06 -7.54 30.40 -63.85 -217.88 Changes in Working Capital -370.14 -27.41 1,891.53 -98.28 775.61 -109.64 -285.47 -891.68 -823.95 -61.03 Cash after chg. in Working capital 370.53 567.69 2,348.37 733.08 1,145.84 677.87 378.35 -87.46 -84.99 562.37 Interest Paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Tax Paid -203.14 -155.97 -218.12 -203.42 -77.82 -173.64 -294.83 -254.04 -334.90 -278.09 Other Direct Exp. Paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Extra & Other Items 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Cash From Investing Activity -407.13 -722.40 -1,171.03 -573.01 -733.78 -33.18 169.78 1,047.02 2.68 148.59 Net Fixed Assets -261.49 -79.37 1.79 -101.80 -56.59 -66.78 -88.18 -172.92 -60.62 -216.34 Net Investments -3.91 0.00 0.00 4.53 -0.62 -0.18 235.27 -236.04 0.00 -0.02 Others -141.73 -643.03 -1,172.82 -475.74 -676.57 33.78 22.69 1,455.98 63.30 364.95 Cash from Financing Activity -220.25 -148.36 -171.38 -148.52 -172.64 -190.87 -268.13 -768.64 -166.17 -324.27 Net Cash Inflow / Outflow -459.99 -459.04 787.84 -191.87 161.59 280.17 -14.83 -63.12 -583.38 108.59 Opening Cash & Equivalents 593.84 1,052.88 265.04 456.92 295.33 15.16 29.99 93.11 676.49 123.92 Closing Cash & Equivalent 133.86 593.84 1,052.88 265.04 456.92 295.33 15.16 29.99 93.11 232.52

Financial Ratios

Standalone /

Consolidated

Right to Left

Description Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16
Book Value (Rs.) 108.95 98.76 87.12 164.29 145.34 141.02 122.48 105.38 17747.83 18654.08 ROA 5.02% 6.49% 4.66% 8.05% 4.47% 9.70% 7.16% 7.21% 5.89% 6.27% ROE 14.44% 17.99% 11.35% 17.62% 9.82% 22.15% 20.24% 25.76% 26.26% 32.61% ROCE 19.75% 24.39% 15.69% 25.15% 13.15% 30.90% 32.33% 37.89% 40.37% 49.02% Fixed Asset Turnover 2.16 1.63 1.74 2.00 1.44 2.47 2.71 4.78 5.79 5.81 Receivable days 62.02 38.13 35.83 40.61 63.04 50.80 77.08 36.80 11.18 21.46 Inventory Days 252.47 293.08 254.89 197.66 214.90 148.18 213.48 165.74 160.52 158.10 Payable days 256.99 260.17 156.33 201.10 238.02 83.56 99.33 131.67 146.94 114.80 Cash Conversion Cycle 57.51 71.04 134.39 37.16 39.92 115.43 191.23 70.86 24.76 64.76 Total Debt/Equity 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Interest Cover 181.00 230.75 87.79 150.48 73.34 137.04 131.30 185.22 179.62 157.22

Description Mar 19 Mar 18
Book Value (Rs.) 0.00 0.00 ROA 0.00% 0.00% ROE 0.00% 0.00% ROCE 0.00% 0.00% Fixed Asset Turnover 0.00 0.00 Receivable days 0.00 0.00 Inventory Days 0.00 0.00 Payable days 0.00 0.00 Cash Conversion Cycle 0.00 0.00 Total Debt/Equity 0.00 0.00 Interest Cover 0.00 0.00

Top Investors:

life insurance corporation of india

motilal oswal large and midcap fund

nps trust- a/c sbi pension fund scheme - state govt

hdfc mutual fund - hdfc defence fund

qualified institutional buyer

Annual Reports:

News Update:

Bharat Dynamics reports 76% jump in Q2 net profit
14th Nov 2025, 12:50 PM

Total income of the company increased by 100.95% at Rs 1,267.60 crore for Q2FY26
Read More
Bharat Dynamics sings contract worth Rs 2,095.70 crore
14th Nov 2025, 09:09 AM

The order is to be executed in a span of 3 years
Read More
Bharat Dynamics - Quarterly Results
14th Nov 2025, 00:00 AM

Read More

Source: www.accordfintech.com | DISCLAIMER: Information is provided " as is" and solely for informational purposes, not for trading purposes or advice, and may be delayed.

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