Bharat Dynamics Ltd(BDL)

NSE: BDLBSE: 541143

₹ 1,017-3.14%refreshed 23 Oct, 03:51 pm ISTMarket cap: ₹ 37,279 crWebsite: WWW.BDL-INDIA.INUpdated: 24 Oct 2026

About

Bharat Dynamics Limited (BDL) is an Indian state-owned defence manufacturer that produces guided missiles, anti-tank missiles, torpedoes, launchers and counter-measures, with the Ministry of Defence as its primary customer. It reported revenue of 2441.79 in FY26 and held an order book of ₹26,176 Cr as of March 2026. It makes these products at three manufacturing facilities, in Hyderabad, Bhanur and Vishakhapatnam.^[1][2][3]

Order book and inflows

Closing order book stood at ₹26,176 Cr as of 31 March 2026, up from an opening of ₹22,814 Cr on 1 April 2025.^[2]
New orders received in FY26 totalled ₹5,909 Cr, vs ₹6668 crore in FY25.^[2][3]
Orders in the pipeline for near-term conversion were approximately ₹15,000 Cr as of FY26.^[2]
Export order position stood at approximately ₹417 Cr as of March 2026, vs an export order book of ₹2420 crore in FY24.^[2][4]

Products

Makes surface-to-air and air-to-air missiles (Akash, Medium Range SAM, Astra) and anti-tank missiles (Milan2T, Konkurs-M, INVAR, ULPGM, NAG), as of FY25.^[3]
Also makes light and heavy weight torpedoes, launchers, counter-measures and test equipment, as of FY25.^[3]
The range also includes SAAW, CMDS and the Helina/Dhruvastra helicopter-launched missile.^[2]
SAT-SAAW (Satellite Smart Anti Airfield Weapon) is a newer airborne precision munition now in serial supply to the Indian Air Force.^[5]
New business lines identified in FY25: guided bombs, drone-delivered payloads, warhead manufacturing, cruise missile engines, space products, propellants and rockets.^[3]

Operations

Three manufacturing facilities, located in Hyderabad, Bhanur and Vishakhapatnam, as of FY25.^[3]
Value of Production was ₹3,215 Cr in FY26, down 15% from ₹3,767 Cr in FY25.^[2]
Inventory stood at ₹4,626 Cr (691 days) in FY26, up from ₹2,645 Cr (305 days) in FY25, driven by a work-in-progress build-up.^[2]
Trade receivable days improved to 109 days in FY26 from 176 days in FY25.^[2]
Headcount was 2,101 employees in FY26, down 7% year-on-year.^[2]

R&D and indigenisation

R&D spend was ₹198.23 Cr in FY26 (8.1% of revenue), vs ₹222.92 Cr (6.7%) in FY25.^[2]
Plans to allocate 9% of revenue to R&D over the next five years, per the FY25 annual report.^[3]
Makes missiles under technology transfer from DRDO and foreign OEMs, and reports indigenisation of more than 80% to 90% in many products, as of FY25.^[3]
Most DRDO-designed products have indigenisation above 90%, as of FY25.^[3]
Has uploaded 1198 imported items to the Srijan portal; 217 had been indigenised cumulatively as of FY25.^[3]

Customers and exports

Primary customer is the Ministry of Defence, Government of India; the FY25 annual report names dependence on this single customer as a risk.^[3]
Exports were ₹1270 crore in FY25; the target is 25% of annual turnover from exports by 2029.^[3]
The Government has cleared a wide range of BDL products for export, and BDL has an export cell in its Business Development Division, as of FY25.^[3]
Products identified for export include Akash SAM, Konkurs-M, SAAW, Light Weight Torpedo, Astra, CMDS, Helina/Dhruvastra and NAG.^[2]

Expansion and targets

Additional manufacturing facilities are being set up at Ibrahimpatnam (near Hyderabad), Amravati in Maharashtra and Jhansi in UP, per the FY25 annual report.^[3]
Planned capex of about ₹100 crore in FY25 for Jhansi and Ibrahimpatnam Phase-II; ₹81.93 crore was spent in FY24.^[4]
Aims for a turnover of ₹10,000 crore by 2030-31, per the FY25 annual report.^[3]

Recent orders

15 Oct 2026: won an Indian Navy contract for Heavyweight Torpedoes worth Rs.1307 Crore + taxes, to be completed within 42 months.^[6]
Sep 2026: received a ₹810.79 Cr Indian Air Force contract for SAT-SAAW and associated equipment, with deliveries in FY2027-28 and FY2028-29.^[5]

Market Cap

₹37,279 Cr

High / Low

₹1,633 / 1,000

Stock P/E

71.6

Price / Book

8.8

Book Value

₹116

EPS

₹11.5

No. of Shares

36.66 Cr

ROCE

9.8%

ROE

10.2%

OPM

19.9%

Debt / Equity

0.00

Sales

₹2,442 Cr

Net Profit

₹420 Cr

Promoter holding

74.9%

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