āagman

Not investment advice. Data and computed figures, for information only.

Bharat Dynamics Ltd

NSE: BDLF&O
₹1,126.30
−₹2.70 (−0.24%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹39,438 Cr
CMP
₹1,126.30
52-wk High / Low
₹1,633 / 1,048
P/E
75.7
P/B
9.3
Book Value
₹116.0
Div Yield
0.46%
ROCE
14.0%
ROE
10.2%
Face Value
₹5
D/E
0.00

Price−26.7% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 13 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
5
/ 9
5 of 9 F-score tests passed
Graham Number
₹173
√(22.5 × EPS × book value per share)
ROIC
2.6%
vs 12.3% sector median
Cash flow to profit
1.44
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
+3,266
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
6.6%
ROE × earnings retention ratio
ROE stability
2.8
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.00FII −0.33DII +0.56
Latest quarter vs the previous one
Cash-accrual divergence
−1.4%
of assets
Low = accruals track cash flow
Strengths
Watch-outs
−Latest ROCE of 14% trails the sector median of 19%
−Borrowings are up 25% since FY2016 (4 to 5)
−Price trades below its 200-day moving average (0.9x)
−Price is 31.0% below its 52-week high

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Standalone basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales2986166028541915458321,7772481,147567480572
Expenses3304824835382434467051,478293960541425489
Operating Profit−33134119316−5299127299−45188265583
OPM %−11.1%21.8%19.8%37.0%−27.2%18.2%15.3%16.8%−18.1%16.4%4.6%11.5%14.5%
Other Income1077888888086841008712197119103
Interest1111111111111
Depreciation17171616161818201819192020
Profit before tax571941893881116619337823288103154166
Net Profit4214713528971231472731821673113119
EPS (₹)1.144.013.687.880.203.344.017.440.505.891.993.093.24

Profit & Loss

As of 30 Jun 2026
Standalone · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2,8414,0794,8874,5883,0693,1051,9142,8172,4892,3693,3452,4422,766
Expenses2,5643,5644,3173,9192,4462,3491,5682,0902,0801,8322,8722,2172,414
Operating Profit277515569669623756346727409537473225352
OPM %9.8%12.6%11.6%14.6%20.3%24.3%18.1%25.8%16.4%22.7%14.1%9.2%12.7%
Other Income439385300173136889578155362350424440
Interest5544555564453
Depreciation67536263829695907767717679
Profit before tax644841803774671742341710482828749568710
Net Profit444562524528423535258500352613550420521
EPS (₹)1,928.482,810.352,183.5814.4111.5314.597.0313.649.6116.7114.9911.4714.21

Balance Sheet

As of 30 Jun 2026
Standalone · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital11598122183183183183183183183183183—
Reserves1,5381,7532,0731,7732,0852,4242,5012,8473,0283,4543,8264,058—
Borrowings044451511109875—
Other Liabilities6,7597,7866,2084,6973,2503,1283,3343,5955,5356,7817,79510,080—
Total Liabilities8,4129,6418,4076,6575,5235,7506,0306,6368,75610,42611,81114,326—
Fixed Assets518697757868957932915874809824857878—
CWIP142126136130474222417473230299—
Investments33323944500044—
Other Assets7,7498,8157,5115,4204,5164,7715,0895,7217,8739,53010,71913,145—
Total Assets8,4129,6418,4076,6575,5235,7506,0306,6368,75610,42611,81114,326—

Cash Flows

As of 31 Mar 2026
Standalone · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity−765284−420−342845041,0685302,130412167604
Cash from Investing Activity23914931,047170−33−734−573−1,171−722−407320
Cash from Financing Activity−72−324−166−769−268−191−173−149−171−148−220−194
Net Cash Flow−598109−583−63−15280162−192788−459−460729

Ratios

As of 31 Mar 2026
12 periods
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %—48.040.037.032.031.013.026.016.024.020.014.0
ROE %———————————10.2
EPS (₹)1,928.482,810.352,183.5814.4111.5314.597.0313.649.6116.7114.9911.47
Book Value (₹)———————————116.0
Face Value (₹)———————————5
P/E———————————75.7
Div Yield %———————————0.46
NPM %13.512.610.111.113.216.812.817.313.322.414.914.7
OPM %10.013.012.015.020.024.018.026.016.023.014.09.0
D/E0.000.000.000.000.000.010.000.000.000.000.000.00
P/B———————————9.3

Growth

As of 11 Oct 2026
Compounded sales growth
10 years−5.0%
5 years+5.0%
3 years−1.0%
TTM−19.0%
Compounded profit growth
10 years−3.0%
5 years+10.0%
3 years+6.0%
TTM−7.0%
Stock price CAGR
5 years+41.0%
3 years+29.0%
Last year−30.0%
Return on equity
10 years17.0%
5 years14.0%
3 years14.0%
Last year10.0%

Shareholding pattern

As of 31 Dec 2025
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters87.75%87.75%87.75%87.75%74.93%74.93%74.93%74.93%74.93%74.93%74.93%
FIIs0.00%0.00%0.90%0.04%0.28%2.11%2.83%2.95%3.25%2.02%1.69%
DIIs6.74%6.74%6.63%7.47%17.52%16.38%14.10%12.39%9.45%10.97%11.53%
Government———————————
Public5.51%5.51%4.72%4.74%7.27%6.59%8.15%9.72%12.35%12.10%11.85%
No. of shareholders1,56,0041,56,0041,18,3581,07,8281,31,2091,12,6481,66,5012,48,1585,67,5915,68,1645,60,750
Change since Jun 2023 (pp)
Promoters −12.82FIIs +1.69DIIs +4.79Public +6.34

Documents

As of 11 Oct 2026
Announcements
Announcement under Regulation 30 (LODR)-Change in DirectorateShareholder Meeting / Postal Ballot-Scrutinizer''s ReportClosure of Trading WindowShareholder Meeting / Postal Ballot-Outcome of AGMAnnouncement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Jun 2026PPTNov 2024PPTJun 2024PPTFeb 2024PPTNov 2023PPT

Corporate actions

As of 21 Sep 2026
21 Sep 2026DIVIDENDDividend - Re 0.40 Per Share—
9 Feb 2026DIVIDENDInterim Dividend - Rs 4.50 Per Share—
19 Sep 2025DIVIDENDDividend - Re 0.65 Per Share—
14 Feb 2025DIVIDENDInterim Dividend - Rs 4 Per Share—
23 Sep 2024DIVIDENDAnnual General Meeting/Dividend - Rs 0.85 Per Share—
24 May 2024SPLITFace Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 5/- Per Share10 : 5
2 Apr 2024DIVIDENDInterim Dividend - Rs 8.85 Per Share—
20 Sep 2023DIVIDENDAnnual General Meeting/Dividend - Rs 1.20 Per Share—
20 Feb 2023DIVIDENDInterim Dividend - Rs 8.15 Per Share—
16 Sep 2022DIVIDENDAnnual General Meeting/Dividend - Re 1 Per Share—
23 Feb 2022DIVIDENDInterim Dividend - Rs 7.30 Per Share—
17 Sep 2021DIVIDEND Annual General Meeting/Dividend - Rs 0.65 Per Share—
18 Mar 2021DIVIDEND Interim Dividend - Rs 6.70 Per Share—
18 Sep 2020DIVIDEND Annual General Meeting/Dividend - Rs 2.55 Per Share—
24 Feb 2020DIVIDEND Interim Dividend - Rs 6.25 Per Share—
19 Sep 2019DIVIDEND Annual General Meeting/Dividend - Rs 1.67—
26 Mar 2019DIVIDEND Interim Dividend - Rs 5.25 Per Share—
18 Sep 2018DIVIDEND Annual General Meeting/Dividend Rs 7.29 Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman