NSE: BDL · BSE: 541143 · ISIN INE171Z01026
Bharat Dynamics Limited stock analysis
Bharat Dynamics Limited ranks #834 in the TickerSutra evidence-ranked universe with a score of 59/100 and 95% data confidence. The latest captured fundamentals show ROCE of 13.8%, quarterly sales growth of 130.8% and quarterly profit growth of 547.4%.Monitor only
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Low debt/equity of 0×
- Strong CFO/EBITDA of 2.71×
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- Extreme base-effect growth requires manual validation
- Valuation is above 40× earnings
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹2,817cr | ₹727cr | ₹500cr | 26.0% |
| 2023 | ₹2,489cr | ₹409cr | ₹352cr | 16.0% |
| 2024 | ₹2,369cr | ₹537cr | ₹613cr | 23.0% |
| 2025 | ₹3,345cr | ₹473cr | ₹550cr | 14.0% |
| 2026 | ₹2,442cr | ₹223cr | ₹420cr | 9.0% |
| TTM | ₹2,766cr | ₹352cr | ₹521cr | 13.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
Bharat Dynamics Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
RoutineShareholders meetingNSE · 28 Sept 2026Bharat Dynamics Limited has informed the Exchange regarding Proceedings of the 56th Annual General Meeting held on September 28, 2026
RoutineBharat Dynamics Ltd - 541143 - Shareholder Meeting / Postal Ballot-Outcome of AGMBSE · 28 Sept 2026Proceeding of 56th AGM
RoutineBharat Dynamics Ltd - 541143 - Announcement under Regulation 30 (LODR)-Change in ManagementNSE · 18 Sept 2026 · Structured filingAppointment of Shri Prakash Rajpurohit as Government Nominee Director w.e.f 17.09.2026
Appointment of Shri Prakash Rajpurohit as Government Nominee Director w.e.f 17.09.2026
Open original XBRL sourceBharat Dynamics Limited has informed the Exchange regarding Appointment of Mr Prakash Rajpurohit as Non- Executive Director of the company w.e.f. September 17, 2026.
MANAGEMENT COMMENTARY
Signals from filed documents
These initiatives will not only support timely execution of the current order book but will also strengthen BDL’s competitive positioning in the global defence export market. Export Growth On the international front, BDL continues to expand its global footprint by offering reliable, cost-effective, and customised defence solutions to friendly foreign nations. Several indigenous products have received export clearance
BDL’s export strategy remains aligned with the Government of India’s vision of Atmanirbhar Bharat and the national objective of establishing India as a leading global hub for defence manufacturing and exports. The company’s diverse portfolio — comprising Anti-Tank Guided Missiles (ATGMs), Surface-to-Air Missile systems, torpedoes, Counter Measure Dispensing Systems (CMDS), and other advanced defence equipment continu
BDL’s long-standing collaboration with DRDO strengthens its strategic positioning. V) Capacity expansion for future growth: Investments in new manufacturing facilities are expected to enhance production capabilities, improve execution capacity, and support larger and more complex programmes. Annual Report 2025-26 56 VI) Emerging technology opportunities: The growing focus on unmanned systems, precision weapons, and d
VI) Talent availability: Limited availability of specialised talent in missile and defence technologies could impact future scaling and innovation. VII) Customer concentration risk: High dependence on the Ministry of Defence exposes the Company to changes in defence budgets and procurement priorities. VIII) Impact of Order Cancellations on Order Book Strength and Operational Continuity- Cancellation of orders can wea
Workforce at 3,182, the largest in the decade. EBITDA margin reaches 25.8%, the highest in the decade, signalling operating leverage. R&D expenditure at `47 crore (1.7% of revenue) begins its upward trajectory.
Accordingly, during the year, your company has opened a representative office in Armenia to improve customer interface, after-sales support, and long-term strategic engagements in Western Asia. India’s defence exports reached a new record level during FY 2025-26, underscoring the growing global confidence in Indian defence manufacturing capabilities and creating new opportunities for BDL across both emerging and esta
We will sustain our competitive edge by guaranteeing strict delivery schedules, premium product quality, and competitive global pricing models. ACKNOWLEDGEMENT On behalf of the Board of Directors and the entire BDL fraternity, I express my profound gratitude to our shareholders, institutional investors, and partners for your enduring allegiance. I extend my sincere appreciation to the Ministry of Defence (MoD), the D
Threats I) Execution risks: Timely execution of large and complex programmes remains critical, as delays in delivery or integration could impact revenue and profitability. II) Supply chain dependencies: Dependence on imported critical components exposes BDL to geopolitical, regulatory, and logistics-related disruptions. III) Rising competition: Increasing private sector participation in defence manufacturing could in
26.2 The Government Nominee Directors are not entitled to any remuneration/sitting fee. Non-Official Part-Time Directors) are entitled to sitting fees for attending the Board/Committee meetings as approved by the Board, considering the government directives, statutory acts, rules and regulations. Non-Official Part-Time Directors) During the year, out of two (2) Independent Directors, the term of office of one (1) Ind
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
DIRECTOR & BUSINESS NETWORK
Loading corporate intelligence
Loading universe coverage and exchange-backed evidence…