Bharat Dynamics share price
NSE: BDLBSE: 541143Aerospace & DefenseMid Cap
Bharat Dynamics Limited · Face value ₹5 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Mar 2018 · Issue price ₹428
Last close ₹992.50down ₹13.50 (1.34%)BSE ₹994.00
Share price at the NSE close on 28 Oct 2026. Previous close ₹1,006.00.
28 Oct: open ₹1,000.20, high ₹1,012.70, low ₹986.40
52-week range of traded prices to 28 Oct 2026
₹986.40Low, 28 Oct 2026₹1,633.40High, 14 Nov 2025
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹36,381 Cr198th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 69.86
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 8.58
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.49%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 12.6%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 6.4%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- 0.00
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 9,10,01630.7% delivered
About Bharat Dynamics
Bharat Dynamics Limited makes guided missiles, torpedoes and allied defence equipment, mainly for the Indian Armed Forces, and also sells to friendly foreign countries.123 Its range covers surface-to-air, air-to-air and anti-tank guided missiles, launchers, countermeasure systems that decoy incoming weapons, and test equipment.24 It is a Government of India enterprise under the Ministry of Defence, headquartered in Hyderabad.2
Its missiles include the Akash Weapon System, the Medium Range surface-to-air missile and the Astra Weapon System, and the Milan2T, Konkurs-M, Invar and Nag anti-tank guided missiles.5 It makes missiles under technology transfer agreements (licences to produce designs developed by others) with the Defence Research and Development Organisation (DRDO) and with foreign manufacturers.6 It also refurbishes and extends the life of missile systems already in service with the Armed Forces.3 It does not report business segments: as a defence producer, it is exempt from the accounting standard on segment reporting.7
It was incorporated on 16 July 1970 and began as a single-product assembly operation.38 The Government of India appoints its directors, including the independent directors.9 Shailesh Vagerwal has been its chairman and managing director since 9 Jul 2026.10
Bharat Dynamics key points
Results
- Revenue from operations was ₹2,442 crore in the year to Mar 2026, down 27% from ₹3,345 crore a year earlier; profit after tax was ₹420 crore, down 24% from ₹550 crore.11
- The company said revenue fell mainly because deliveries of surface-to-air missiles and their ground support equipment were moved to meet the customer's extended requirements; lower revenue and higher research spending reduced profit.12
- Export turnover was ₹702.23 crore in the year to Mar 2026; the company reported exports of over ₹1,270 crore in the year to Mar 2025.1314
- Its debt to equity ratio (borrowings divided by shareholders' funds) was nil in the year to Mar 2026 and a year earlier.1516
Plants and capacity
- It has 3 manufacturing units: Kanchanbagh in Hyderabad and Bhanur in Sangareddy district, both in Telangana, and Visakhapatnam in Andhra Pradesh.17
- The company describes 3 greenfield facilities (plants built on new sites) as upcoming: Ibrahimpatnam near Hyderabad, Amravati in Maharashtra and Jhansi in Uttar Pradesh, for surface-to-air missiles, very short-range air defence systems, rockets and anti-tank missile propellants.18
- At its new Seeker Facility Centre it delivered the first indigenously made radio frequency (RF) seeker, the sensor that steers a missile onto its target, for the Akash-NG system.19
Order book
- The order book (orders received but not yet delivered) was ₹26,176 crore at the end of Mar 2026, against ₹22,814 crore a year earlier.20
- New orders of about ₹5,909 crore came in during the year to Mar 2026, including anti-tank guided missiles, very short-range air defence systems, drone-launched precision guided missiles and upgraded Akash missiles.21
- The company stated in its annual report for the year to Mar 2026 that it expects fresh orders of about ₹25,000 crore over the next 2 to 3 years.22
Customers and partners
- It is producing the Spike LR2 missile of Rafael Advanced Defence Systems, Israel, in India, and setting up manufacture of sonobuoys (air-dropped underwater listening devices) with Undersea Sensor Systems Inc. (Ultra) of the USA.23
- It works with Godrej & Boyce on domestic and export programmes for weapons, missiles, launchers, ground systems and propulsion engines, and shares research and export work with BEL and ECIL.24
Research and development
- Research and development (R&D) spending reached 8.1% of turnover in the year to Mar 2026.25
- With DRDO and equipment makers, it is working on more than 40 defence projects, including cruise missiles, air defence systems, torpedoes, underwater autonomous vehicles and sonobuoys.26
- Products in development include Amogha-III, a 3rd-generation, man-portable, fire-and-forget anti-tank guided missile (one that steers itself to the target after launch).19
- Technology transfer agreements with foreign manufacturers initially provided a 60% baseline; the company has since raised domestic content (the share made in India) to over 80% to 90% on several product lines, and its indigenisation rate exceeds 90% on DRDO-designed platforms.27
Expansion and capital spending
- Capital spending was ₹228.75 crore in the year to Mar 2026, mostly on the Jhansi propellant unit, phase II of the Ibrahimpatnam unit and land in Andhra Pradesh to expand the Visakhapatnam unit.28
- The company stated in its annual report for the year to Mar 2026 that it plans to spend about ₹200 crore on capital projects in the year to Mar 2027.29
Recent events
- On 15 Oct 2026 it signed a contract with the Indian Navy to supply heavyweight torpedoes, valued at about ₹1,307 crore plus taxes and to be completed within 42 months.3031
- On 23 Sep 2026 it signed a ₹810.79 crore Ministry of Defence contract to supply the Indian Air Force with SAT-SAAW, a precision-guided glide bomb designed by DRDO for striking airfields from long range.3233
- On 24 Jun 2026 it received orders of about ₹1,347.71 crore (gross) from Hindustan Aeronautics Limited: ₹1,109.37 crore for Helina launchers and LRUs (line-replaceable units, modules swapped whole in repair), and ₹238.34 crore for countermeasure dispensing system LRUs.34
- On 13 Nov 2025 it signed a ₹2,095.70 crore Ministry of Defence contract for Invar anti-tank missiles for the Indian Army. On 1 Dec 2025 it announced further Indian Army orders of ₹2,461.62 crore, which include anti-tank and surface-to-air missiles.353637
Litigation and regulatory matters
- At the end of Mar 2026, the company had writs pending before the High Court at Hyderabad against Central Sales Tax demands, and an appeal pending before CESTAT (the customs and excise appeals tribunal) on interest demanded under excise duty law.3839
- As of its board's report for the year to Mar 2026, the audit and the nomination and remuneration committees were suspended from 24 Feb 2026 for want of independent directors. Ankush Munjal, Pankaj Joshi and Vandana Agarwal were appointed independent directors from 17 Aug 2026.404142
Last updated
All 42 sources, each with its page
- 1. Annual report, 3 Sep 2026, page 110
- 2. Annual report, 3 Sep 2026, page 7
- 3. Annual report, 3 Sep 2026, page 54
- 4. Annual report, 3 Sep 2026, page 58
- 5. Annual report, 3 Sep 2026, page 58
- 6. Annual report, 3 Sep 2026, page 27
- 7. Annual report, 3 Sep 2026, page 60
- 8. Annual report, 3 Sep 2026, page 4
- 9. Annual report, 3 Sep 2026, page 90
- 10. Annual report, 3 Sep 2026, page 10
- 11. Annual report, 3 Sep 2026, page 22
- 12. Annual report, 3 Sep 2026, page 22
- 13. Annual report, 3 Sep 2026, page 27
- 14. Annual report, 3 Sep 2026, page 15
- 15. Annual report, 3 Sep 2026, page 60
- 16. Annual report, 3 Sep 2026, page 4
- 17. Annual report, 3 Sep 2026, page 7
- 18. Annual report, 3 Sep 2026, page 58
- 19. Annual report, 3 Sep 2026, page 18
- 20. Annual report, 3 Sep 2026, page 12
- 21. Annual report, 3 Sep 2026, page 18
- 22. Annual report, 3 Sep 2026, page 64
- 23. Annual report, 3 Sep 2026, page 18
- 24. Annual report, 3 Sep 2026, page 18
- 25. Annual report, 3 Sep 2026, page 12
- 26. Annual report, 3 Sep 2026, page 61
- 27. Annual report, 3 Sep 2026, page 27
- 28. Annual report, 3 Sep 2026, page 24
- 29. Annual report, 3 Sep 2026, page 24
- 30. Exchange filing, 15 Oct 2026, page 1
- 31. Exchange filing, 15 Oct 2026, page 2
- 32. Exchange filing, 23 Sep 2026, page 1
- 33. Exchange filing, 23 Sep 2026, page 2
- 34. Exchange filing, 24 Jun 2026, page 1
- 35. Exchange filing, 13 Nov 2025, page 1
- 36. Exchange filing, 1 Dec 2025, page 1
- 37. Exchange filing, 1 Dec 2025, page 2
- 38. Annual report, 3 Sep 2026, page 98
- 39. Annual report, 3 Sep 2026, page 98
- 40. Annual report, 3 Sep 2026, page 40
- 41. Annual report, 3 Sep 2026, page 10
- 42. Annual report, 3 Sep 2026, page 10
Results
Standalone; ₹ crore.Bharat Dynamics quarterly results
- Revenue growth, 12 monthsRevenue growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- −18.7%
- Net profit growth, 12 monthsNet profit growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- −7.1%
Quarter to Jun 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹572 Crup 19.17%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent. Net profit in the glossary
- ₹119 Crup 4.96%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 20.8%
Revenue by quarter
Peak revenue ₹1,777 Cr, quarter to Mar 2025; lowest ₹248 Cr, quarter to Jun 2025
Net profit by quarter, a loss in red
| ₹ crore | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 545 | 832 | 1,777 | 248 | 1,147 | 567 | 480 | 572 |
| Net profit | 123 | 147 | 273 | 18 | 216 | 73 | 113 | 119 |
| Net margin | 22.5% | 17.7% | 15.4% | 7.4% | 18.8% | 12.9% | 23.6% | 20.8% |
Standalone. The last eight quarters. The latest is shaded.
Year to Mar 2026, against the year before
- RevenueRevenue. The pill is the change in revenue against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹2,442 Crdown 27.00%
- Net profitNet profit. The pill is the change in net profit against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹420 Crdown 23.53%
- Net margin
- 17.2%
Revenue by year
Peak revenue ₹4,588 Cr, year to Mar 2018; lowest ₹1,914 Cr, year to Mar 2021
Net profit by year, a loss in red
| ₹ crore | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 4,588 | 3,069 | 3,095 | 1,914 | 2,817 | 2,489 | 2,369 | 3,345 | 2,442 |
| Net profit | 528 | 423 | 535 | 258 | 500 | 352 | 613 | 550 | 420 |
| Net margin | 11.5% | 13.8% | 17.3% | 13.5% | 17.7% | 14.1% | 25.9% | 16.4% | 17.2% |
Standalone. Years to March. The latest is shaded.
Business segments
In the year to Mar 2026 the company reports one business segment, Manufacture of Weapons systems, which carries all its revenue.
Valuation
Today, against the company's own history.Bharat Dynamics PE ratio and valuation
Price to earnings
At or below today's level on 67% of 1,906 trading days since Feb 2019.
LowestHighest
Its median30.11Industry median63.18
Price to book
At or below today's level on 64% of 1,973 trading days since Nov 2018.
LowestHighest
Its median5.34Industry median8.09
Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price. When a year's dividend goes ex later than the year before's, the yield reads zero for the days between; a run of under 60 such trading days is left out of the yield's medians and percentiles. The ex-date is the day from which a buyer of the share no longer gets the dividend.
At or below today's level on 34% of 2,097 trading days since May 2018.
LowestHighest
Its median0.93%Industry median0.15%
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | −14.0% | −23.5% | +11.8% | 0.4% |
| 3 years | +30.9% | +6.1% | +22.9% | 0.5% |
| 5 years | +46.6% | +10.3% | +32.2% | 0.8% |
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add.
Mutual fund holdings
122 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 70 of the 87 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future. 1 more fund filed its first portfolio on record, holding it.All 122 funds holding Bharat Dynamics
- Bought againBought again. Funds that held it at the month's end, had not held it the month before, and held it in an earlier month.
- 8
- AddedAdded. Funds that held more shares than at the end of the month before.
- 37
- CutCut. Funds that held fewer shares than at the end of the month before.
- 50
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 26
- Sold outSold out. Funds that held it at the end of the month before and hold none at this month's end. Sold out in the glossary
- 5
| Fund | |||
|---|---|---|---|
 HDFC Defence FundHDFC Mutual Fund | 33,00,902 | 3.19% | ₹366.4 Cr |
 Motilal Oswal Large and Midcap FundMotilal Oswal Mutual Fund | 31,35,290 | 1.75% | ₹348.0 Cr |
| HDFC Balanced Advantage FundHDFC Mutual Fund | 21,00,000 | 0.23% | ₹233.1 Cr |
 Invesco India Contra FundInvesco Mutual Fund | 16,08,160 | 0.93% | ₹178.5 Cr |
| Motilal Oswal Nifty India Defence Index FundMotilal Oswal Mutual Fund | 12,42,803 | 2.54% | ₹138.0 Cr |
 Nippon India Small Cap FundNippon India Mutual Fund | 11,97,856 | 0.16% | ₹133.0 Cr |
| Nippon India Multi Asset Allocation FundNippon India Mutual Fund | 7,87,049 | 0.48% | ₹87.4 Cr |
| Motilal Oswal ELSS Tax Saver FundMotilal Oswal Mutual Fund | 7,24,000 | 1.64% | ₹80.4 Cr |
| Nippon India Power & Infra FundNippon India Mutual Fund | 6,44,555 | 0.91% | ₹71.6 Cr |
 Edelweiss Mid Cap FundEdelweiss Mutual Fund | 6,06,257 | 0.35% | ₹67.3 Cr |
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.
Bharat Dynamics competitors and peers
Aerospace & Defense, 35 listed companies, priced on 28 Oct 2026. The table lists the 8 companies closest to Bharat Dynamics in market cap.Capital goods stocks
Where the company sits among the companies nearest its size
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
 Hindustan AeronauticsHAL | 3,24,356 | 34.80 | 7.90 | +7.4% | +12.2% | 24.5% | 20.8% | 0.93% |
 Bharat ElectronicsBEL | 2,65,601 | 43.21 | 11.07 | +19.8% | +11.7% | 28.0% | 31.7% | 0.69% |
 Data Patterns (India)DATAPATTNS | 22,310 | 83.27 | 12.85 | +33.8% | +24.9% | 16.5% | 20.2% | 0.25% |
 Garden Reach Shipbuilders & EngineersGRSE | 21,737 | 27.15 | 8.28 | +39.6% | +42.9% | 34.0% | 29.8% | 1.03% |
 Sigma Advanced SystemsSIGMAADV | 17,175 | – | – | – | – | – | 13.0% | 0.00% |
 Apollo Micro SystemsAPOLLO | 15,418 | 110.97 | 10.15 | +77.1% | +69.7% | 10.7% | 11.8% | 0.06% |
 Astra Microwave ProductsASTRAMICRO | 14,893 | 78.78 | 11.33 | +4.0% | +16.3% | 15.7% | 17.4% | 0.15% |
 AequsAEQUS | 14,215 | – | 10.20 | – | – | −14.5% | −5.7% | 0.00% |
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.
Dividends
Per share, by the year it was paid for, and the latest payments.Bharat Dynamics dividend history
Dividend per share, ₹, restated for later splits and bonuses
Dividend per share. The dividends declared for the year, each restated to today's share count by the splits and bonuses after its own ex-date, added up. Dividend per share in the glossaryHighest ₹5.28 a share, year to Mar 2024.
| Ex-date | Type | Per share |
|---|---|---|
| 21 Sep 2026 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. Final dividend in the glossary | ₹0.40 |
| 9 Feb 2026 | Interim | ₹4.50 |
| 19 Sep 2025 | Final | ₹0.65 |
| 14 Feb 2025 | Interim | ₹4.00 |
| 23 Sep 2024 | Final | ₹0.85 |
| 2 Apr 2024 | Interim | ₹8.85 |
Latest payments, as declared, by ex-date.
Latest announcements
Routine notices left out.Bharat Dynamics announcements
Oct 2026
16 Oct · Management
15 Oct · Business
7 Oct · Management
Sep 2026
23 Sep · Business
Bharat Dynamics share price by year
Each calendar year to 2025.Bharat Dynamics share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 1,466.50 | +30.6% | 2,015.50 | 975.40 |
| 2024 | 1,122.85 | +31.1% | 1,731.85 | 792.53 |
| 2023 | 856.18 | +81.4% | 882.55 | 400.05 |
| 2022 | 472.05 | +142.4% | 497.80 | 194.60 |
| 2021 | 194.78 | +14.5% | 222.05 | 162.25 |
| 2020 | 170.18 | +15.6% | 229.83 | 79.05 |
| 2019 | 147.23 | +6.6% | 175.65 | 112.63 |
| 2018 | 138.13 | – | 207.80 | 133.88 |
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before. 2018 is from its first session, 23 Mar 2018.
Recent sessions
The 9 trading days to 27 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 27 Oct 2026 | 1,035.10 | 1,047.70 | 996.00 | 1,006.00 | 1,020.75 | 16,03,716 | 31.5% |
| 26 Oct 2026 | 1,003.60 | 1,035.00 | 999.50 | 1,029.00 | 1,019.44 | 10,09,806 | 27.3% |
| 23 Oct 2026 | 1,050.00 | 1,054.00 | 1,000.00 | 1,017.50 | 1,016.14 | 11,95,882 | 33.5% |
| 22 Oct 2026 | 1,058.20 | 1,064.50 | 1,038.40 | 1,052.50 | 1,051.32 | 5,69,983 | 22.9% |
| 21 Oct 2026 | 1,082.00 | 1,091.10 | 1,057.00 | 1,070.00 | 1,067.08 | 7,32,342 | 42.3% |
| 19 Oct 2026 | 1,112.00 | 1,114.70 | 1,085.00 | 1,088.00 | 1,097.34 | 3,66,812 | 31.4% |
| 16 Oct 2026 | 1,130.00 | 1,135.00 | 1,112.30 | 1,114.70 | 1,123.37 | 4,72,788 | 24.9% |
| 15 Oct 2026 | 1,121.00 | 1,138.40 | 1,115.70 | 1,126.30 | 1,128.75 | 7,33,626 | 23.3% |
| 14 Oct 2026 | 1,125.90 | 1,141.80 | 1,120.10 | 1,129.00 | 1,130.33 | 9,97,407 | 39.3% |
Prices in ₹ per share as traded, not adjusted.
Price adjustments
What the price chart is corrected for, so it reads as one share held throughout.Stock split history
| Ex-date | Event | Price factor | What happened |
|---|---|---|---|
| 24 May 2024 | Split | 0.5000 | Each share became 2. |
Earlier prices are multiplied by the factor, so the chart reads as one share held throughout.
Company details
- NSE symbol
- BDL
- BSE code
- 541143
- ISIN
- INE171Z01026
- Industry
- Aerospace & Defense
- Website
- www.bdl-india.in
- CIN
- L24292TG1970GOI001353
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 1970
- Registered office
- Kanchanbagh, Hyderabad 500058, Telangana
- Share registrar
- Alankit Assignments Ltd
- Keeps the register of shareholders and handles transfers and dividend payments
In Nifty 200, Nifty 500, BSE 500, Nifty Midcap 150, BSE 150 MidCap Index, Nifty Midcap 100