Bharat Dynamics share price & results
- Jun 2026
- Sept 2026
Government-owned defence PSU manufacturing guided missiles, torpedoes and allied weapon systems for India's Armed Forces.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 572 | +130.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 15.0 | +33.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 119 | +561.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 12.63 | −4.2 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 15.36 | +18.8 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | -18.69 | −68.2 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Price
Performance −34.8% 1Y
1Y: ₹1,544 on 24 Oct 2025 → ₹1,006. High ₹1,613.8 (14 Nov 2025), low ₹1,006 (27 Oct 2026).
- Previous close
- ₹1,029
- Market cap
- ₹36.9k Cr
- 52-week range
- ₹1,006 – ₹1,613.8
- One year
- −34.58%
- Price to earnings (TTM to Jun 2026)
- 70.78×
- Return on equity (TTM to Jun 2026)
- 12.63%
Overview
- Symbol
- NSE:BDL
- Sector
- Capital Goods
- Industry
- Industrials
- Exchange
- NSE
- Currency
- INR
What Bharat Dynamics Limited does
Based on the company's own presentations, annual report and earnings calls.
Bharat Dynamics Limited is a Government of India Enterprise under the Ministry of Defence that designs and manufactures Surface-to-Air Missiles (SAM), Air-to-Air Missiles (AAM), Anti-Tank Guided Missiles (ATGM), Torpedoes and allied defence equipment. It acts as a weapon-system integrator delivering complete system solutions to the Indian Army, Navy and Air Force, and has begun exporting select defence equipment to friendly foreign countries through strategic alliances with public and private sector partners. The company earns through long-cycle defence production contracts and an expanding order book, and is investing in indigenization and in-house R&D, including collaborations with DRDO, IITs/NITs, MSMEs and start-ups.
- Manufacturing units
- 3 (Kanchanbagh-Hyderabad, Bhanur-Sangareddy, Visakhapatnam)
- Facilities under development
- Amaravati, Ibrahimpatnam and Jhansi (propellant plant)
- Employees
- 2,101
- Year incorporated
- 1970
- Ownership
- Government of India Enterprise, Ministry of Defence
- Quality certifications
- AS 9100D, ISO 9001:2015, ISO 27001:2022, ISO 14001:2015, NABL-accredited labs
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: +561% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 545 | 832 | 1,777 | 248 | 1,147 | 567 | 480 | 572 |
| Expenses | 446 | 705 | 1,478 | 293 | 960 | 541 | 425 | 489 |
| Operating profit | 99 | 127 | 299 | -45 | 188 | 26 | 55 | 83 |
| Operating margin | 18.0% | 15.0% | 17.0% | −18.0% | 16.0% | 4.6% | 12.0% | 15.0% |
| Other income | 86 | 84 | 100 | 87 | 121 | 97 | 119 | 103 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 18 | 18 | 20 | 18 | 19 | 19 | 20 | 20 |
| Profit before tax | 166 | 193 | 378 | 23 | 288 | 103 | 154 | 166 |
| Tax rate | 26.0% | 24.0% | 28.0% | 21.0% | 25.0% | 29.0% | 26.0% | 28.0% |
| Net profit | 123 | 147 | 273 | 18 | 216 | 73 | 113 | 119 |
| EPS (₹ per share) | 3.34 | 4.01 | 7.44 | 0.50 | 5.89 | 1.99 | 3.09 | 3.24 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 2,490 | 2,370 | 3,345 | 2,442 |
| Expenses | 2,082 | 1,833 | 2,872 | 2,219 |
| Operating profit | 408 | 536 | 473 | 224 |
| Other income | 155 | 361 | 350 | 424 |
| Interest | 5 | 4 | 4 | 4 |
| Depreciation | 77 | 66 | 72 | 76 |
| Profit before tax | 482 | 828 | 748 | 568 |
| Net profit | 353 | 613 | 550 | 420 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 183 | 183 | 183 | 183 | 183 | 183 |
| Reserves | 2,847 | 3,028 | 3,454 | 3,826 | 4,034 | 4,058 |
| Borrowings | 10 | 9 | 8 | 7 | 1 | 5 |
| Other liabilities | 3,595 | 5,535 | 6,781 | 7,795 | 8,849 | 10,080 |
| Total liabilities | 6,636 | 8,756 | 10,426 | 11,811 | 13,068 | 14,326 |
| Fixed assets | 874 | 809 | 824 | 857 | 951 | 878 |
| Capital work in progress | 41 | 74 | 73 | 230 | 171 | 299 |
| Investments | 0 | 0 | 0 | 4 | 4 | 4 |
| Other assets | 5,721 | 7,873 | 9,530 | 10,719 | 11,942 | 13,145 |
| Total assets | 6,636 | 8,756 | 10,426 | 11,811 | 13,068 | 14,326 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 1,068 | 530 | 2,130 | 412 | 167 | 604 |
| Cash from investing | -734 | -573 | -1,171 | -722 | -407 | 320 |
| Cash from financing | -173 | -149 | -171 | -148 | -220 | -194 |
| Net cash flow | 162 | -192 | 788 | -459 | -460 | 729 |
| Free cash flow | 1,012 | 428 | 2,022 | 331 | -115 | 375 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 62 | 39 | 27 | 48 | 90 | 63 |
| Inventory days | 636 | 534 | 584 | 841 | 590 | 1400 |
| Days payable | 322 | 171 | 142 | 325 | 328 | 846 |
| Cash conversion cycle | 375 | 403 | 469 | 564 | 353 | 617 |
| Working capital days | 169 | 144 | 237 | 322 | 207 | 264 |
| Return on capital employed | 13.0% | 26.0% | 16.0% | 24.0% | 20.0% | 14.0% |
| Dividend payout | 52.0% | 30.0% | 49.0% | 32.0% | 31.0% | 43.0% |
What the price assumes
- Growth the price implies
- A decline
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
Ownership
Who owns it
Promoters hold 74.93% as of Sept 2026; institutions cut 0.66 pts since Jun 2026.
- Promoters 74.93%
- Foreign institutions 1.76%
- Domestic institutions 10.80%
- Public 12.52%
Who bought this quarter
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Pension / PF newly disclosed 1.51% held
- newly disclosed 0.01% held
The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Sep 2026 filing
Every holder of Bharat Dynamics Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 74.93% | unchanged | |
| Insurer | 1.58% | −0.13 pp |
| Mutual fund | 1.57% | unchanged |
| Pension / PF | 1.51% | newly disclosed |
| Mutual fund | 1.41% | −0.44 pp |
| 0.01% | newly disclosed | |
| Pension / PF | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in BDL
Filings to Sep 2026
0 new, 3 added, 5 trimmed, 1 sold out — net +0.77 L shares (+0.9%).
- Held by funds
- ₹988 Cr
- 13 schemes
- Biggest holder
- HDFC Defence Fund
- ₹366 Cr · 3.2% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Defence Fund HDFC Mutual Fund | ₹366 Cr | +0.50 L | May '25 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹233 Cr | held | Dec '22 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹133 Cr | held | Oct '23 |
| Nippon India Multi Asset Allocation Fund Nippon India Mutual Fund | ₹87 Cr | +1.26 L | Jun '26 |
| Nippon India Power & Infra Fund Nippon India Mutual Fund | ₹72 Cr | held | Oct '24 |
| Nippon India Vision Large & Mid Cap Fund Nippon India Mutual Fund | ₹42 Cr | held | Jan '26 |
| HDFC Business Cycle Fund HDFC Mutual Fund | ₹34 Cr | held | Apr '26 |
| Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund | ₹10 Cr | −0.01 L | Sep '23 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
3 added, 5 trimmed — net +76,849 shares (+0.9%)
- Funds are sitting on
- -29%
- vs est. average cost
- Held by funds
- ₹988 Cr
- 13 schemes · ≈ 2.4% of the company
- Biggest holder
- HDFC Defence Fund
- ₹366 Cr · 3.2% of that fund
- Longest holder
- HDFC Balanced Advantage Fund
- 3y 10m · since Dec '22
Shares held by these funds −11%
Oct '23 89.04 L shares Sep '26
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