BDL
Bharat Dynamics share price & financials
- Price
- ₹1,254.8
- Market cap
- ₹43.8k Cr
- Sector
- Capital Goods
What Bharat Dynamics Limited does
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
Quarterly results
Q1 FY27: revenue up 130.6%, net profit up 561.1% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 545 | 832 | 1,777 | 248 | 1,147 +110% | 567 −32% | 480 −73% | 572 +131% |
| EBITDA | 99 | 127 | 299 | -45 | 188 +90% | 26 −80% | 55 −82% | 83 +284% |
| Net profit | 123 | 147 | 273 | 18 | 216 +76% | 73 −50% | 113 −59% | 119 +561% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −20.5% 1Y
1Y: ₹1,496.7 on 10 Sept 2025 → ₹1,190. High ₹1,631.6 (19 Sept 2025), low ₹1,096.6 (30 Mar 2026).
Financials, as filed
Revenue fell 0.6% a year over 3 years, FY23 to FY26. Operating margin narrowed to 9.2%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.5k Cr | ₹2.4k Cr | ₹3.3k Cr | ₹2.4k Cr |
| Operating profit | ₹408 Cr | ₹536 Cr | ₹473 Cr | ₹224 Cr |
| Operating margin | 16.4% | 22.6% | 14.1% | 9.2% |
| Interest | ₹5 Cr | ₹4 Cr | ₹4 Cr | ₹4 Cr |
| Depreciation | ₹77 Cr | ₹66 Cr | ₹72 Cr | ₹76 Cr |
| Net profit | ₹353 Cr | ₹613 Cr | ₹550 Cr | ₹420 Cr |
| Net margin | 14.2% | 25.9% | 16.4% | 17.2% |
| Cash from operations | ₹2.1k Cr | ₹412 Cr | ₹167 Cr | ₹604 Cr |
| Free cash flow | ₹2.0k Cr | ₹331 Cr | ₹-115 Cr | ₹375 Cr |
| ROCE | 16.0% | 24.0% | 20.0% | 14.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹183 Cr | ₹183 Cr | ₹183 Cr | ₹183 Cr | ₹183 Cr | ₹183 Cr |
| Reserves | ₹2.5k Cr | ₹2.8k Cr | ₹3.0k Cr | ₹3.5k Cr | ₹4.0k Cr | ₹4.1k Cr |
| Borrowings | ₹11 Cr | ₹10 Cr | ₹9 Cr | ₹8 Cr | ₹1 Cr | ₹0 Cr |
| Other liabilities | ₹3.3k Cr | ₹3.6k Cr | ₹5.5k Cr | ₹6.8k Cr | ₹8.8k Cr | ₹10.0k Cr |
| Total liabilities | ₹6.0k Cr | ₹6.6k Cr | ₹8.8k Cr | ₹10.4k Cr | ₹13.1k Cr | ₹14.3k Cr |
| Fixed assets | ₹915 Cr | ₹874 Cr | ₹809 Cr | ₹824 Cr | ₹951 Cr | ₹1.0k Cr |
| Capital work in progress | ₹22 Cr | ₹41 Cr | ₹74 Cr | ₹73 Cr | ₹171 Cr | ₹174 Cr |
| Investments | ₹5 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹4 Cr | ₹4 Cr |
| Other assets | ₹5.1k Cr | ₹5.7k Cr | ₹7.9k Cr | ₹9.5k Cr | ₹11.9k Cr | ₹13.1k Cr |
| Total assets | ₹6.0k Cr | ₹6.6k Cr | ₹8.8k Cr | ₹10.4k Cr | ₹13.1k Cr | ₹14.3k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −2.08 pp while DIIs added +1.43 pp. The shareholder count grew 4% to 5,60,750.
- Promoters
- 74.9%
- FIIs
- 1.7%
- DIIs
- 11.5%
- Public
- 11.8%
Since Jun 2025
- FIIs −2.08 pp
- DIIs +1.43 pp
- Public +0.66 pp
How it drifted, 12 quarters
Over this window the public went from 9.2% to 11.8% — +2.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 74.9%, FIIs 3.1%, DIIs 12.8%, Public 9.2%.Dec '23: Promoters 74.9%, FIIs 3.1%, DIIs 13.3%, Public 8.6%.Mar '24: Promoters 74.9%, FIIs 3.0%, DIIs 12.4%, Public 9.7%.Jun '24: Promoters 74.9%, FIIs 3.1%, DIIs 9.5%, Public 12.5%.Sep '24: Promoters 74.9%, FIIs 2.9%, DIIs 8.5%, Public 13.7%.Dec '24: Promoters 74.9%, FIIs 3.1%, DIIs 8.7%, Public 13.3%.Mar '25: Promoters 74.9%, FIIs 3.3%, DIIs 9.4%, Public 12.3%.Jun '25: Promoters 74.9%, FIIs 3.8%, DIIs 10.1%, Public 11.2%.Sep '25: Promoters 74.9%, FIIs 2.4%, DIIs 11.3%, Public 11.3%.Dec '25: Promoters 74.9%, FIIs 2.3%, DIIs 10.9%, Public 11.8%.Mar '26: Promoters 74.9%, FIIs 2.0%, DIIs 11.0%, Public 12.1%.Jun '26: Promoters 74.9%, FIIs 1.7%, DIIs 11.5%, Public 11.8%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- NPS Trust- A/C SBI Pension Fund Scheme Pension / PF newly disclosed 1.51% held
- HDFC Mutual Fund - HDFC Defence Fund Mutual fund +0.15 pp 1.55% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Bharat Dynamics Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| President Of India | 74.93% | unchanged |
| Motilal Oswal Large And Midcap Fund Mutual fund | 1.85% | unchanged |
| Life Insurance Corporation Of India Insurer | 1.71% | unchanged |
| HDFC Mutual Fund - HDFC Defence Fund Mutual fund | 1.55% | +0.15 pp |
| NPS Trust- A/C SBI Pension Fund Scheme Pension / PF | 1.51% | newly disclosed |
| NPS Trust- A/C SBI Pension Fund Scheme - State Govt 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 Aug 2026
1 new, 5 added, 2 trimmed, 1 sold out — net −5.69 L shares (−6.1%).
- Held by funds
- ₹1.1k Cr
- 14 schemes
- Biggest holder
- HDFC Defence Fund
- ₹407 Cr · 3.8% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Defence Fund HDFC Mutual Fund | ₹407 Cr | held | May '25 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹263 Cr | held | Dec '22 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹153 Cr | −5.49 L | Oct '23 |
| Nippon India Multi Asset Allocation Fund Nippon India Mutual Fund | ₹84 Cr | held | Jun '26 |
| Nippon India Power & Infra Fund Nippon India Mutual Fund | ₹82 Cr | held | Oct '24 |
| Nippon India Vision Large & Mid Cap Fund Nippon India Mutual Fund | ₹48 Cr | held | Jan '26 |
| HDFC Business Cycle Fund HDFC Mutual Fund | ₹39 Cr | held | Apr '26 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹13 Cr | new | Aug '26 |
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 Aug 2026
5 added, 2 trimmed — net −5.69 L shares (−6.1%)
- Funds are sitting on
- -12%
- vs est. average cost
- Held by funds
- ₹1.1k Cr
- 14 schemes · ≈ 2.5% of the company
- Biggest holder
- HDFC Defence Fund
- ₹407 Cr · 3.8% of that fund
- Longest holder
- HDFC Balanced Advantage Fund
- 3y 8m · since Dec '22
Shares held by these funds −3%
Aug '23 93.97 L shares Jul '26
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
Learn to analyse Bharat Dynamics Limited
Guides on how to read this kind of business and the numbers that matter.