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Indian state-owned defense company that manufactures guided missiles, torpedoes and allied weapons for India's armed forces.
Indian state-owned defense company that manufactures guided missiles, torpedoes and allied weapons for India's armed forces.
Builds missiles to designs from the state defence research organisation DRDO and under licence from foreign makers, delivering against Ministry of Defence orders that are large, lumpy and paid on delivery milestones. The Indian government is the controlling owner, and domestic orders dominate.
In one line: India's guided-missile equivalent of a state-owned defense prime.
Moat: wide (regulatory licence, scale, customer qualification). State-owned defense-sector licence and decades of qualification make it the near-exclusive domestic missile supplier.
Headquarters: Hyderabad, India · Founded: 1970 · Employees: 2,101
Size Bharat Dynamics (BDL.NS) is an India Industrials company (Aerospace & Defense) with a market value of $4.12B, the 236th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,060 on 6 Nov 2026.
Performance Over six months the shares fell 27.7%, against -13.0% for the median peer and 0.0% for the India market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue fell 18.7% over the last twelve months (peer median +7.8%); the operating margin is 9.9% (peer median 3.6%).
Valuation It trades at 47.2× forward earnings against a peer median of 29.7× (5th most expensive of 17).
Capital Return on invested capital runs 15.2 points below its cost of capital (20.0% WACC).
Next results Next results expected around 14 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹27.7B | ₹24.4B | ₹33.5B | ₹23.7B | ₹25.2B |
| Revenue growth | — | -27% | +41% | -6% | — |
| Gross profit | ₹7.07B | ₹2.86B | ₹7.58B | ₹5.99B | ₹4.92B |
| EBITDA | ₹3.52B | ₹2.25B | ₹4.73B | ₹5.37B | ₹4.52B |
| Net income | ₹5.21B | ₹4.20B | ₹5.50B | ₹6.13B | ₹3.52B |
| Free cash flow | n/a | ₹7.11B | ₹1.84B | ₹5.16B | ₹21.3B |
| Capital expenditure | n/a | ₹2.29B | ₹2.83B | ₹809M | ₹1.08B |
| Total debt | n/a | ₹3.15M | ₹21.1M | ₹37.4M | ₹52.1M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Bharat Dynamics BDL.NS | $4.12B | -28% | -19% | 10% | 47.2× | n/a |
| Hindustan Aeronautics HAL.NS | $35.2B | +4% | +7% | 23% | 33.6× | 42.7% |
| Bharat Electronics BEL.NS | $30.6B | -10% | +20% | 26% | 41.5× | 38.2% |
| Solar Industries India SOLARINDS.NS | $17.8B | +17% | +53% | 25% | 64.6× | n/a |
| Thales HO.PA | $51.1B | -1% | +7% | 11% | 20.6× | -2.8% |
| Kongsberg Gruppen KOG.OL | $31.8B | +13% | -28% | 17% | 46.3× | 21.7% |
| Elbit Systems ESLT | $32.0B | -13% | +12% | 9% | 46.5× | 10.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BDL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.3% | +0.4% | 8th lowest of 21 |
| 6-month return | -27.7% | -13.0% | 5th lowest of 21 |
| Distance from 52-week high | -35.1% | -40.6% | 8th highest of 21 |
| Revenue growth (TTM) | -18.7% | +7.8% | lowest of 20 |
| Operating margin | 9.9% | 3.6% | 7th highest of 21 |
| Forward P/E | 47.2× | 29.7× | 5th most expensive of 17 |
| ROIC minus cost of capital | -15.2 pp | -2.8 pp | 3rd lowest of 21 |
| Net debt / EBITDA | -13.4× | 1.3× | least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bharat Dynamics BDL.NS | India | $4.12B | -28% | -19% | 10% | 47.2× | n/a | n/a |
| Avic (Chengdu) UAS 688297.SS | China | $3.93B | -15% | +74% | 0% | 106.5× | n/a | n/a |
| Aar AIR | United States | $4.39B | -7% | +22% | 9% | 18.4× | 13.2% | +14.9% |
| RENK R3NK.DE | Germany | $3.84B | -24% | +11% | 13% | 21.1× | 29.8% | +54.5% |
| Mercury Systems MRCY | United States | $4.48B | -19% | +8% | 2% | 44.2× | 59.6% | +1.3% |
| Jiangxi Hongdu Aviation Industry 600316.SS | China | $3.77B | -4% | +62% | 0% | 121.0× | 53.4% | +8.0% |
| AECC Aero-engine Control 000738.SZ | China | $3.66B | -10% | -3% | 3% | 64.0× | n/a | n/a |
| Avicopter 600038.SS | China | $3.54B | -8% | -6% | 1% | 33.9× | 9.1% | +8.1% |
| Baimtec Material 688563.SS | China | $3.53B | -12% | -1% | 15% | 38.2× | 22.7% | +14.4% |
| QinetiQ QQ..L | United Kingdom | $3.51B | +26% | 0% | 10% | 15.3× | 0.1% | +8.5% |
| Nanchang Sanrui Intelligence Technology 301696.SZ | China | $4.87B | -14% | +29% | 45% | n/a | 36.1% | +43.7% |
| Firefly Aerospace FLY | United States | $3.48B | -48% | +179% | -116% | n/a | n/a | n/a |
| Archer Aviation ACHR | United States | $3.42B | -31% | n/a | -13,570% | n/a | n/a | n/a |
| Lisi FII.PA | France | $3.27B | 0% | -8% | 10% | 22.5× | 20.4% | +7.3% |
| Amentum AMTM | United States | $5.20B | -13% | +11% | 4% | 8.4× | 1.7% | +23.3% |
| LIG Defense&Aerospace 079550.KS | South Korea | $5.24B | -65% | +26% | 8% | 20.0× | n/a | n/a |
| Inner Mongolia First Machinery 600967.SS | China | $3.22B | -10% | -7% | 0% | 26.0× | 38.2% | -5.4% |
| Anhui GreatWall Military Industry 601606.SS | China | $3.20B | -22% | -10% | -7% | n/a | n/a | n/a |
| Glarun Technology 600562.SS | China | $5.43B | +6% | -8% | 21% | 51.7× | n/a | n/a |
| AviChina Industry & Technology 2357.HK | Hong Kong | $3.11B | -13% | +2% | 5% | 8.1× | n/a | n/a |
| AeroVironment AVAV | United States | $5.73B | -33% | +84% | 1% | 33.5× | n/a | n/a |