Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 23 Sep - BDL signed Rs 810.79 crore SAT-SAAW contract with Defence Ministry for IAF delivery in 2027-2029.
Source: Bse
Bharat Dynamics Limited (BDL)
Mid CapIndustrials stocks · Mid cap · NSE
Bharat Dynamics Limited (BDL) is a multi-product, multi-location, multi-customer weapon system integrator for the Indian Armed Forces. A Government of India Enterprise, BDL focuses on indigenous development and production of state-of-the-art modern weapon systems, including missiles and torpedoes, with over 80-90% indigenization levels for major projects. It also exports to friendly foreign countries.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result16 Aug, 01:33 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
33Bearishfull bear SMA stack · SMA20 -11.0% / mo · MACD + · near 52W low
Stock trend: 24
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BDLD candles · FIT view-23.1%Latest close ₹1070.00 on 2026-10-21
Bar
-1.1%
RSI
36
MACD hist
5.18
52W pos
4%
2026-10-21O ₹1082.00H ₹1091.10L ₹1057.00C ₹1070.00Vol 7.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BDLNifty India ManufacturingNifty 500
- BDL
- -16.0%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- -9.5 pp
Chart stats
21 Oct 2026- From 52W high
- -34.5%
- 52W range position
- 4%
- ATR (14)
- 3.0%
- Volume vs 20D
- 0.85x
- Avg traded value
- ₹95.4 Cr
- 20D price channel
- ₹1,047.7 - ₹1,192.6
₹1,633.4
₹1,047.7 - ₹1,633.4
₹32.1
Latest completed session
20-session average
28.6% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST33
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +130.7% · PAT +561.1% YoY
Technical
Bearish33
Price trend and sector-relative-strength timing.
Valuation
Legacy model-141.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence70
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +131% YoY · PAT +561% YoY · margin expansion · +19% QoQ · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹572 Cr | +130.7% | +19.2% |
| EBITDA | ₹83 Cr | +284.4% | +50.9% |
| Operating margin | 15.0% | +3300 bps | +300 bps |
| PAT | ₹119 Cr | +561.1% | +5.3% |
| PAT margin | 20.8% | +1354 bps | -274 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 76.60
- P/B
- 9.38
- EV/EBITDA
- 92.55
- Market Cap
- 39882.00Cr
Profitability
- ROE
- 10.20%
- ROCE
- 13.90%
- ROA
- 3.64%
- Dividend Y
- 0.46%
Growth (CAGR)
- Revenue 5Y
- 5.00%
- EPS 5Y
- 10.00%
- Revenue 3Y
- -1.00%
- EPS 3Y
- 6.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 117.33×
- Altman Z
- 3.15
- Book Value
- 116.00
Cash Flow
- FCF Yield
- 2.32%
- FCF Positive Y
- 7/5
- OCF
- 604.00 Cr
- EPS TTM
- 14.21
Shareholding
- Promoter Hold
- 74.93%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 7%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 572+19.2% vs prev
Net Profit
₹ CrLatest: 119+5.3% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 36.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~12.4% over last month) — short-term momentum negative.
- RSI(14) at 36 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
13
RS percentile
Stage 4 Downtrend
1M return
-8.9%
3M return
-16.0%
6M return
-24.8%
1Y return
-29.9%
RS 1D
-3
RS 20D
-4
Sector rank
#6
Industry rank
-
Stage evidence
- Price is 15.7% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.9%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 74.33-0.73%
RS vs Nifty 50074
Valuation & peers
U-Score 33 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 33 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth10/25
Quality0/20
Balance Sheet11/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
33
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
33/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 11/15 to the score.
- Cash flow contributes 6/10 to the score.
Main drags
- Fair-value margin of safety is negative at -141.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
76.6
PB
9.4
EV/EBITDA
92.5
ROE
10.2%
ROCE
13.9%
FCF Yield
2.3%
Debt/Equity
0.0
MoS
-141.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
33
Previous: 33
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-141.2%
Previous: -145.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
33
33
33
33
33
33
33
33
33
33
33
33
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹192.58
-455.6% MoS
Growth-justified P/E
31.2
Growth-justified Value
₹443.64
-141.2% MoS
PEG
9.12
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
MTARTECH
Micro
Mtar Technologies Limited
Defence / Aerospace
match 126
32
175.0
12.4%
-321%
WATCHLIST
AZAD
Small
Azad Engineering Limited
Defence / Aerospace
match 125
34
139.0
9.1%
-218%
WATCHLIST
BEML
Small
BEML Limited
Defence / Aerospace
match 123
26
90.5
4.8%
-130%
OVERVALUED
UNIMECH
Small
Unimech Aerospace and Manufacturing Limited
Defence / Aerospace
match 122
28
130.0
8.0%
-202%
OVERVALUED
VAISHALI
Small
Vaishali Pharma Limited
Defence / Aerospace
match 119
24
24.2
6.0%
+44%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-15T07:12:05.966Z
Management commentary snapshot
BDL reported a significant 27% YoY decline in revenue and a 23.5% drop in PAT for FY26, alongside a sharp 52.7% fall in EBITDA. This occurred despite a 14.7% increase in the total order book to INR 26,176 Cr and new orders of INR 5,909 Cr.
The substantial decline in revenue and profitability for FY26 raises concerns about execution capabilities and operational efficiency, especially given the healthy growth in the order book. While the order book provides future visibility, the inability to convert it into revenue and maintain margins is a red flag. The worsening inventory days further indicates potential working capital issues.
Growth engines
Order Pipeline
Management indicates an order pipeline of approximately INR 15,000 Crore for the current fiscal year.
Exports
The company is exporting its products to Friendly Foreign Countries.
Indigenization Focus
Focus on synergizing strengths of DPSUs, DRDO, Private Defence Industry to develop state-of-the-art Modern Weapon Systems for 'Atmanirbhar Bharat'.
Armed Forces Demand
Committed to meet the requirements of all three Armed Forces.
Tailwinds
Domestic Defence Demand
Committed to meet the requirements of all three Armed Forces, ensuring consistent domestic demand.
High Indigenization
All BDL major projects have an Indigenization level of more than 80%-90%, aligning with national self-reliance goals.
Export Potential
Exporting products to Friendly Foreign Countries provides avenues for revenue diversification.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
Industrial companies like BDL often have project-based revenues and lumpy execution cycles. Annual comparisons provide a more stable view of operational performance and order book conversion, smoothing out short-term variations.
Sector KPIs management disclosed
Order Book
Total Order Book as on 31st March 2026 stood at INR 26,176 Crore, up from INR 22,814 Crore on 1st April 2025.
New Orders
New Orders received in FY26 were INR 5,909 Crore.
Revenue from Operations
Revenue from Operations declined 27% YoY to INR 2,441.79 Crore in FY26 from INR 3,345.05 Crore in FY25.
Value of Production
Value of Production decreased 15% YoY to INR 3,214.85 Crore in FY26 from INR 3,766.91 Crore in FY25.
Management forward view
Global Leadership Ambition
Relentlessly striving to become a global leader in Defence Weapon Systems.
Strategic Collaboration
Focus on synergizing strengths of DPSUs, DRDO, Private Defence Industry, MSMEs, and Start-ups to develop modern weapon systems.
Atmanirbhar Bharat
Working towards 'Viksit Bharat' by making Bharat truly 'Atmanirbhar' in defence.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Conversion | Order book grew 14.7% to INR 26,176 Cr, but revenue declined 27%. | Improved execution and conversion of the strong order book into revenue. |
| Profitability Margins | EBITDA Margin at 9.1% (down from 14.1%). | Reversal of EBITDA margin contraction and sustained PAT margin. |
| Working Capital Management | Inventory Days worsened to 691 days; Trade Receivables Days improved to 109 days. | Reduction in inventory holding period and efficient working capital cycle. |
| New Order Inflow | INR 5,909 Cr in FY26, with INR 15,000 Cr pipeline. | Continued strong order inflows and conversion of pipeline into firm orders. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
70Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 63rd percentile of the scored universe and 60th percentile within Industrials. Main check: results consistency is weak at 31/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
30 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
63rd percentile
overall median 67 · Industrials: 60th pctile, median 68 · Mid: 35th pctile, median 76
Evidence depth
Financial-only
30 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
50
watch · capital discipline
Results
31
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 74.9%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.3%.
- ▸7 years of positive FCF.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -5.4%.
- ▸OPM spread across recent quarters is 36%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Bharat Dynamics Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 8 Sep - CAG appoints M/s Umamaheswara Rao & Co as statutory auditor for FY2026-27.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Jul
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.