Bharat Dynamics Limited (BDL)
₹1,114.70 -1.03% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Bharat Dynamics' revenue was ₹572 Cr (+130.8% year on year, +19.2% on the previous quarter), and net profit ₹119 Cr (+547.4% year on year); the operating margin was 14.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹572 | +130.8% | +19.2% |
| Operating profit | ₹83.1 | from loss | +51.1% |
| Net profit | ₹119 | +547.4% | +5.1% |
| EPS (₹) | 3.24 | +548.0% | +4.9% |
| Operating margin | 14.5% | — | — |
BDL delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 24.91% of the BDL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 34.44%. That is lower than usual for this stock. Volume was 0.5 times its average, well below normal. In BDL futures, open interest rose 0.15% while the futures price fell 1.42%: short buildup (new short positions).
Delivery in the last 5 sessions: 23.6% · 30.4% · 39.3% · 23.3% · 24.9%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Bharat Dynamics Limited (BDL) has signed a contract on 15 October 2026 with the Indian Navy for the supply of Heavyweight Torpedoes valued at approximately ₹1,307 Crore plus taxes. The contract execution timeline is set for completion within 42 months. Comparing this win to BDL's TTM revenue of ₹815 Crore, the order value represents roughly 160% of trailing annual revenue, significantly boosting revenue visibility over the medium term. The transaction is domestic and non-related party.
- Contract value is approximately ₹1307 Crore + taxes
- Customer is the Indian Navy (Domestic entity)
- Execution timeline set to be completed within 42 Months
- Scope of supply is Heavyweight Torpedoes
- Signed on 15 October 2026
Bharat Dynamics Limited (BDL) announced the appointment of Dr. Jagannath Nayak, DS & DG (MSS) at DRDO, as a Part-Time Official Director (Government Director) following approval from the Ministry of Defence dated October 6, 2026. Dr. Nayak brings over 35 years of defence R&D experience, having served as Project Director at RCI Hyderabad and Director of CHESS, with over 125 research papers to his credit. The appointment becomes effective upon the allotment of his Director Identification Number (DIN). This board induction adds deep technical expertise in Directed Energy Weapons (DEW) and missile navigation systems, aligning with BDL's key product lines.
- Ministry of Defence conveyed approval via Office Memorandum dated 06/10/2026
- BDL received intimation of the appointment on 07.10.2026
- Appointee brings over 35 years of defence R&D experience
- Dr. Nayak has authored over 125 research papers and served as Director of CHESS
- Appointment takes effect from the date of DIN allotment
Bharat Dynamics Limited (BDL) conducted its 56th Annual General Meeting, highlighting an order book of ₹26,176 Cr as of FY26 end, providing 4-5 years of visibility. The company addressed FY26 revenue shortfall caused by complex technical integration issues in a mainstream product, but noted it is targeting ~₹5,500 Cr revenue in FY27 and ₹10,000 Cr by FY30. Additionally, orders worth nearly ₹15,000 Cr are in advanced finalisation stages, with ₹2,000 Cr already booked in the current fiscal year. Shareholders approved a total dividend of ₹4.90 per share for FY26 (including a ₹0.40 final dividend).
- Order book stood at ₹26,176 Cr at the end of FY26 (~18.8x TTM revenue), with ₹5,909 Cr fresh orders secured in FY26
- Targeting revenue of around ₹5,500 Cr for FY27 and ₹10,000 Cr by FY30
- Pipeline includes nearly ₹15,000 Cr worth of orders in advanced stages, with ~₹2,000 Cr already secured in current fiscal year
- R&D budget progressively expanded from 1-1.5% to 8% of company expenditure
- Approved final dividend of ₹0.40 per share, taking total FY26 dividend to ₹4.90 per share (vs ₹4.65 in FY25)
Bharat Dynamics Limited (BDL) has signed a contract worth ₹810.79 crore with the Ministry of Defence to supply Satellite Smart Anti Airfield Weapons (SAT-SAAW) and associated equipment for the Indian Air Force. The contract value represents approximately 58.5% of BDL's TTM revenue of ₹1,387 crore, making it a substantial addition to the order pipeline. The precision-guided glide bomb system will feature 60% indigenous content. Execution and delivery are scheduled between FY 2027-28 and FY 2028-29.
- Secured contract valued at ₹810.79 crore for SAT-SAAW from the Ministry of Defence/IAF
- Order size represents ~58.5% of BDL's TTM revenue (₹1,387 crore)
- System designed by DRDO with an indigenous content level of 60%
- Execution timeline scheduled between FY 2027-28 and FY 2028-29
Bharat Dynamics Limited (BDL) announced the appointment of Shri Prakash Rajpurohit, Joint Secretary (DIP), as Part-Time Official Director (Government Director) effective September 17, 2026. He replaces Ms. Meera Mohanty pursuant to Ministry of Defence orders. Shri Rajpurohit is an IAS officer of the 2010 batch with a B.Tech from IIT Delhi, currently serving in the Department of Defence Production. This is a routine administrative reconstitution of government nominee directors on the board of the defence PSU.
- Appointment effective date: September 17, 2026, until further orders
- Appointee: Shri Prakash Rajpurohit, 2010 batch IAS officer (DOB: 28th February, 1986)
- Replaces outgoing Part-Time Official Director Ms. Meera Mohanty (DIN: 3379561)
- Nomination made vide MoD letter No. 8(29)/2026-D(Coord/DDP) dated 17 September 2026
The Comptroller & Auditor General of India (CAG) has appointed M/s Umamaheswara Rao & Co., Chartered Accountants, as the Statutory Auditor for Bharat Dynamics Limited for FY 2026-27. The order was issued under section 139 of the Companies Act, 2013, vide CAG letter dated September 7, 2026, and received by the company on September 8, 2026. This is a standard annual statutory appointment mandated for Central Public Sector Enterprises (CPSEs). It has no direct impact on the company's financial operations or revenue pipeline.
- Appointment of M/s Umamaheswara Rao & Co as Statutory Auditor for FY 2026-27
- Appointed by CAG via letter dated September 7, 2026, received on September 8, 2026
- Appointee firm has over 65 years of history in audit and assurance services
- Section 139 of the Companies Act, 2013 governs this standard CPSE appointment
Bharat Dynamics Limited (BDL) has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 pursuant to SEBI Listing Regulations. The report details operational metrics, showing that manufacturing of weapon systems contributed 93.71% of turnover while repairs and maintenance accounted for 6.29%. Export sales contributed 28.76% to the company's total turnover across 2 international country markets. The company highlighted ongoing facility setups at Ibrahimpatnam, Amravati, and Jhansi to support expanded manufacturing capacity.
- Manufacturing of weapon systems accounted for 93.71% of turnover, while repairs and maintenance accounted for 6.29%
- Export turnover stood at 28.76% of total entity turnover across 2 international countries
- Total workforce comprised 1,306 employees (743 permanent) and 2,944 workers (1,358 permanent)
- Paid-up capital reported at ₹1,83,28,12,500
- Expansion underway across 3 upcoming facilities in Ibrahimpatnam (Telangana), Amravati (Maharashtra), and Jhansi (UP)
Bharat Dynamics Limited (BDL) has fixed Monday, September 21, 2026, as the Record Date to determine shareholder eligibility for its final dividend. The company will hold its 56th Annual General Meeting (AGM) on Monday, September 28, 2026, via Video Conferencing. Share transfer books and the Register of Members will remain closed from September 22 to September 28, 2026. Subject to shareholder approval at the AGM, the dividend will be disbursed within 30 days of declaration.
- Record Date fixed as September 21, 2026, for final dividend entitlement
- 56th Annual General Meeting scheduled for September 28, 2026, at 03:00 PM via Video Conferencing
- Book closure period set from September 22, 2026, to September 28, 2026 (both days inclusive)
- Dividend payment timeline is within 30 days from the declaration date at the AGM
Bharat Dynamics Limited announced the superannuation of two senior management personnel effective August 31, 2026. Shri L. Kishan, Executive Director and Unit Head of Bhanur, and Smt. Yalamanchili Ushasri, General Manager (SAM), have retired upon attaining the age of superannuation. As routine public sector age-based retirements, these changes are part of the normal administrative course.
- Shri L. Kishan, Executive Director (Unit head Bhanur), retired on 31 August 2026.
- Smt. Yalamanchili Ushasri, General Manager (SAM), retired on 31 August 2026.
- Both cessations took effect due to attaining the age of superannuation.
Bharat Dynamics Limited (BDL) has received intimations from BSE and NSE imposing a fine of ₹13,03,900 each (inclusive of GST) for the quarter ended June 30, 2026. The penalties relate to non-compliance with SEBI LODR norms concerning Board and committee composition (Regulations 17, 18, 19, 20, and 21). BDL plans to apply for a fine waiver citing that director appointments vest solely with the Ministry of Defence (Government of India). The aggregate fine of ~₹26.08 lakh is financially immaterial relative to BDL's TTM net profit of ₹210 crore.
- BSE and NSE imposed a fine of ₹13,03,900 each (inclusive of GST)
- Fines pertain to non-compliance under Regulations 17(1), 17(2A), 18(1), 19(1), 20(2)/(2A), and 21(2) of SEBI LODR
- Non-compliance period relates to the quarter ended June 30, 2026
- BDL is seeking a waiver on grounds that director appointments rest with the President of India/Ministry of Defence
Bharat Dynamics Limited (BDL) has disclosed promotions in its senior management cadre following its Departmental Promotions 2026. A total of 5 Additional General Managers (AGMs) have been elevated to the rank of General Manager (GM) across key divisions including D&E, Quality Control, Milan division, Ibrahimpatnam Unit, and Corporate HR. This represents regular internal career progression within the public sector enterprise and does not alter the core executive leadership or board structure.
- 5 senior executives promoted from Additional General Manager to General Manager rank
- Promotions cover divisions including D&E, QC, Milan division, Ibrahimpatnam Unit, and Corporate HR
- Changes executed under BDL Departmental Promotions-2026 pursuant to Regulation 30 of SEBI LODR
Bharat Dynamics Limited (BDL) has received approval from the Ministry of Defence to appoint three Part-Time Non-Official (Independent) Directors to its Board. The appointees are Shri Ankush Munjal, Smt. Vandana Agarwal, and Shri Pankaj Joshi, all bringing 20+ years of accounting, finance, and legal experience. The appointments are effective from August 17, 2026, for a tenure of 3 years or until further orders. This is a routine governance action ensuring regulatory compliance for board composition.
- Ministry of Defence approved appointment of 3 Independent Directors on BDL's Board
- Appointees are Shri Ankush Munjal, Smt. Vandana Agarwal, and Shri Pankaj Joshi
- Appointed for a tenure of 3 years effective from August 17, 2026
- All three appointees possess over 20 years of professional audit, legal, and finance experience
Bharat Dynamics Limited (BDL) reported a robust performance for Q1 FY27, with revenue from operations jumping 130.8% YoY to ₹572.24 Cr. Net profit saw a massive surge of 547% YoY, reaching ₹118.79 Cr compared to ₹18.35 Cr in the same quarter last year. The company's EPS improved significantly to ₹3.24 from ₹0.50. While operational performance was strong, 'Other Income' of ₹103.44 Cr remains a significant contributor to the bottom line.
- Revenue from operations increased 130.8% YoY to ₹572.24 Cr from ₹247.93 Cr.
- Net Profit (PAT) surged 547.4% YoY to ₹118.79 Cr from ₹18.35 Cr.
- Earnings Per Share (EPS) rose to ₹3.24 for the quarter, up from ₹0.50 YoY.
- Other Income stood at ₹103.44 Cr, contributing significantly to the total income of ₹675.68 Cr.
- Non-moving inventory (>5 years) remains at ₹83.27 Cr, though fully covered by customer advances of ₹362.34 Cr.
Bharat Dynamics Limited (BDL) has submitted its Reconciliation of Share Capital Audit Report for the quarter ended June 30, 2026, as required under Regulation 76 of SEBI (Depositories and Participants) Regulations, 2018. This is a standard administrative filing that confirms the company's issued capital matches the shares held in dematerialized and physical forms. The document does not contain any information regarding financial performance, new orders, or strategic changes. Such filings are mandatory for all listed entities to ensure the integrity of shareholding records.
- Compliance report submitted for the quarter ended June 30, 2026
- Filed under Regulation 76 of SEBI (Depositories and Participants) Regulations, 2018
- Document dated July 22, 2026, following the end of the first quarter of FY27
- Confirms reconciliation of total issued capital with NSDL, CDSL, and physical holdings
Bharat Dynamics Limited (BDL) has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that for the quarter ended June 30, 2026, all physical share certificates received for dematerialization were processed, mutilated, and cancelled. The Registrar and Share Transfer Agent, Alankit Assignments Ltd, has updated the depository records as the registered owners within the required timelines. This is a standard administrative filing required for all listed companies in India.
- Compliance certificate issued for the quarter ended June 30, 2026
- Registrar and Share Transfer Agent (RTA) involved is M/s. Alankit Assignments Ltd
- Confirmation that physical certificates were mutilated and cancelled after verification
- Depository names substituted in records within the stipulated time of receipt
Financial Performance
Revenue Growth by Segment
BDL is exempt from segment reporting under Ind-AS 108. Total revenue declined 5% YoY to INR 2,369 Cr in FY24 and declined 11% YoY to INR 2,489 Cr in FY23 due to supply chain delays. FY22 revenue was INR 2,817 Cr, a 47% increase from INR 1,914 Cr in FY21.
Geographic Revenue Split
Primarily domestic (India) with the Ministry of Defence as the sole major customer. Export revenue is generated from Light weight torpedoes and Counter Measure Dispensing Systems (CMDS), though specific % split is not disclosed.
Profitability Margins
Operating profit margin improved by 770 bps to 25% in FY24 from 16.4% in FY23 due to a healthier product mix. Net Profit Margin for FY25 is projected at 16%, down from 26% in FY24, primarily due to an onerous provision of INR 141.40 Cr.
EBITDA Margin
Operating margins were 25.8% in FY22 and 16.4% in FY23. FY24 saw a recovery to 25% (+770 bps YoY). Margins are expected to moderate to 17-18% in the medium term as R&D spending ramps up.
Capital Expenditure
Planned capex of INR 180-200 Cr in FY25 and INR 100-120 Cr per annum thereafter. FY24 capex was approximately INR 120 Cr, funded entirely through internal accruals.
Credit Rating & Borrowing
Maintains a 'Strong' liquidity rating with nil long-term debt. Interest coverage ratio was 91.24 in FY21. The company manages working capital through internal accruals and customer advances (15-20% of order value).
Operational Drivers
Raw Materials
Critical components and sub-assemblies for guided missiles, including propulsion systems, seekers, and warheads. Indigenization levels are high: Konkurs-M (96%), Akash (96%), Varunastra (86.8%), and Milan-2T (71%).
Import Sources
Imported components are sourced from foreign Original Equipment Manufacturers (OEMs), primarily for products under Transfer of Technology (ToT) arrangements.
Key Suppliers
Key partners include DRDO for technical modifications and various foreign OEMs for critical sub-assemblies. BDL also maintains a network of technically qualified domestic vendors.
Capacity Expansion
Currently operates 3 units in Telangana and Andhra Pradesh (Visakhapatnam, Bhanur, Kanchanbagh). Expanding with 3 new facilities in Amravati (Maharashtra), Jhansi (Uttar Pradesh), and Ibrahimpatnam (Telangana).
Raw Material Costs
Raw material costs are influenced by the product mix and indigenization levels. Slower execution in FY23/FY24 was attributed to delays in receiving imported components from foreign OEMs.
Manufacturing Efficiency
Focusing on indigenization to reduce forex exposure and improve gross margins. FY24 gross margins improved due to a favorable product mix and lower R&D spend.
Logistics & Distribution
Not disclosed as a specific % of revenue; however, the company is the primary production agency for the Indian Armed Forces, simplifying domestic distribution.
Strategic Growth
Expected Growth Rate
28-30%
Growth Strategy
Targeting INR 10,000 Cr turnover by 2030-31 through 'Make in India' indigenization, expanding the export cell to target friendly nations, and diversifying into Space Technology, Hypersonic Missiles, and Directed Energy Weapons.
Products & Services
Akash Surface-to-Air Missiles (SAM), Konkur-M Anti-Tank Guided Missiles (ATGM), Invar, Milan-2T, Varunastra Torpedoes, and Counter Measure Dispensing Systems (CMDS).
Brand Portfolio
Bharat Dynamics Limited (BDL).
New Products/Services
Entering Space Technology and related services; developing Hypersonic Missiles and Autonomous Systems to diversify beyond traditional ATGMs.
Market Expansion
Actively exploring export markets for Light weight torpedoes and CMDS with GoI encouragement to expand the customer base beyond the Indian Armed Forces.
Market Share & Ranking
Prime production agency for guided weapon systems in India; exclusive service provider for indigenously developed missiles like Akash and Konkur.
Strategic Alliances
Concurrent development projects with DRDO and Transfer of Technology (ToT) agreements with foreign OEMs for strategic weapon systems.
External Factors
Industry Trends
The industry is shifting toward indigenization with the 'Positive Indigenisation List' (import bans), which favors BDL's 90%+ indigenized product portfolio.
Competitive Landscape
Increasing competition from private sector players as the defense market opens up, though BDL maintains a lead in guided weapon systems.
Competitive Moat
Strong moat derived from its status as a Central Public Sector Enterprise, exclusive production rights for strategic missiles, and deep technical integration with DRDO.
Macro Economic Sensitivity
Highly sensitive to Government of India defense budgetary allocations and 'Make in India' policy shifts.
Consumer Behavior
Not applicable (B2G model); demand is driven by national security requirements and defense modernization cycles.
Geopolitical Risks
Geopolitical conflicts can disrupt the supply of critical components from foreign OEMs, as seen in the execution delays during FY23 and FY24.
Regulatory & Governance
Industry Regulations
Subject to strict MoD procurement rules, export permissions, and quality certifications. Exempted from Ind-AS 108 segment reporting for national security reasons.
Taxation Policy Impact
Standard corporate tax rates apply; however, specific fiscal incentives for defense R&D may be utilized.
Legal Contingencies
Recognized an onerous provision of INR 141.40 Cr in FY25. Faced a fine of INR 5,42,800 each from BSE and NSE in Nov 2025 for non-compliance with board composition (Independent Directors).
Risk Analysis
Key Uncertainties
Time and cost overruns in order execution could impact margins by 5-10% if liquidated damages are triggered. Dependency on DRDO for technical modifications is a critical bottleneck.
Geographic Concentration Risk
Manufacturing is concentrated in Telangana and Andhra Pradesh; any regional shutdown would have a material adverse effect on operations.
Third Party Dependencies
High dependency on foreign OEMs for technology transfers; delays in these transfers can stall new product productionization.
Technology Obsolescence Risk
Rapidly evolving defense tech requires constant R&D; failure to develop Hypersonic or Autonomous systems could lead to long-term loss of market share.
Credit & Counterparty Risk
Low risk as the primary counterparty is the Government of India, though payment cycles can lead to high working capital requirements.
