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As of 18 Sept 2026, 03:30 pm
Between March 2019 and March 2020, Bharat Dynamics Limited saw significant changes in its financial metrics. Total Assets increased from ₹5,523 crore to ₹5,750 crore. Cash flow from operations rose sharply from ₹84 crore to ₹504 crore, leading to an increase in Free Cash Flow from -₹5 crore to ₹447 crore. Reserves also grew from ₹2,085 crore to ₹2,424 crore. However, Borrowings increased from ₹5 crore to ₹15 crore, and Fixed Assets decreased from ₹957 crore to ₹932 crore.
Recent news indicates that Bharat Dynamics Limited (BDL) is involved in potential collaborations, with reports suggesting Russia is partnering with BDL, Adani Defence, and HAL for missiles and fighter upgrades. This comes amid broader interest in the defence sector, with defence stocks, including BDL, experiencing fluctuations. For instance, one report highlighted defence stocks rising up to 5%, while another noted a slide for the fifth consecutive session. Additionally, the DRDO has been transferring technology agreements to manufacturing partners, aiming to enhance India's defence manufacturing capabilities.
As of September 18, 2026, Bharat Dynamics Limited's daily trend indicators suggest a bearish sentiment, with the Supertrend direction noted as 'bearish' and the 20-day Exponential Moving Average (EMA) at ₹1,231.99, below the closing price of ₹1,196.6. The 14-day Average Directional Index (ADX) is 27.23, indicating some trend strength. Nearest support levels are identified at ₹1,183.83 and ₹1,168.37, while resistance levels are seen at ₹1,233.8 and ₹1,252.8. The stock has experienced a Year-to-Date return of -19% and a 1-year return of -26%.
Bharat Dynamics Limited has announced changes in its directorship and auditors. On September 17, 2026, Mr. Prakash Rajpurohit was appointed as a Non-Executive Director for a term of 24 months. Furthermore, M/s UMAMAHESWARA RAO & CO. was appointed as the Statutory Auditor for the financial year 2026-27, effective September 7, 2026. The company also announced its 56th Annual General Meeting scheduled for September 28, 2026, and proposed a final dividend of ₹0.40 per share for the financial year 2025-26, subject to shareholder approval.
As of 18 Sept 2026, 03:30 pm
Recent drawdown or price variability is materially high and may lead to larger short-term outcomes.
Primary driver: Price remains materially below a previous peak
Upward price movement of 2.74 standard deviations recorded on 2026-09-18.
Unusual market activity that may warrant review of the underlying price, volume, or news context.
The session traded across a materially wider price range than usual.
Larger price swings can increase short-term uncertainty, especially if they continue.
Latest complete financial results for Q4 FY2026 and comparative quarterly trends.
| Metric | Q4 FY2025-26(Latest) | Q3 FY2025-26 | Q2 FY2025-26 | Q1 FY2025-26 | Q4 FY2024-25 |
|---|---|---|---|---|---|
| Profit Before Tax | ₹153.89 crore | ₹103.18 crore | ₹287.61 crore | ₹23.13 crore | PEAK₹378.18 crore |
| Tax Expense | ₹40.71 crore | ₹30.26 crore | ₹71.73 crore | ₹4.78 crore | PEAK₹160.48 crore |
| Profit Loss For Period | ₹113.18 crore | ₹72.92 crore | ₹215.88 crore | ₹18.35 crore | PEAK₹217.70 crore |
| Basic Earnings Loss Per Share From Continuing And Discontinued Operations | ₹3.09 per share | ₹1.99 per share | ₹0 per share | ₹0.50 per share | PEAK₹7.44 per share |
| Diluted Earnings Loss Per Share From Continuing And Discontinued Operations | ₹3.09 per share | ₹1.99 per share | ₹5.89 per share | ₹0.50 per share | PEAK₹7.44 per share |
| Revenue From Operations | ₹480.20 crore | ₹566.63 crore | ₹1,147.03 crore | ₹247.93 crore | PEAK₹1,776.98 crore |
Bharat Dynamics Limited (BDL) reported a steep year-on-year fall in revenue from operations for the quarter ended 31 March 2026. The resulting surplus from its core manufacturing activities shrank dramatically, but a large injection of other income pushed profit before tax to a healthier level.
Profit Before Tax (PBT) for the March‑2026 quarter was ₹153.89 crore. The gap between this figure and the ₹34.73 crore pre‑other income surplus is fully explained by a reported Other Income of ₹119.16 crore. In effect, non‑operating income provided the bulk of the quarter’s pre‑tax profit.
After a tax expense of ₹40.71 crore—equivalent to an effective tax rate of 26.4%—net profit came to ₹113.18 crore. That is a 48% decline from the ₹217.70 crore net profit in the year‑ago quarter, reflecting the much smaller core result. The effective tax rate was notably lower than the 42.4% recorded in the prior‑year quarter.
Basic and diluted earnings per share (EPS) both stood at ₹3.09, down from ₹7.44 in the corresponding quarter last year. In the second quarter of FY2025‑26, a divergence emerged: basic EPS was reported as ₹0.00 per share, while diluted EPS was ₹5.89 per share. The two measures were equal in the other quarters reported for the fiscal year.
BDL’s final quarter of FY2025‑26 was defined by a massive year‑on‑year contraction in revenue, compressing the pre‑other income surplus to just ₹34.73 crore. Other income of ₹119.16 crore was the dominant contributor to the quarter’s profit before tax. While manufacturing operations stayed above water before other income, the results highlight how heavily the bottom line depended on non‑operating income during the period.
Exchange disclosures and regulatory announcements for Bharat Dynamics.
Bharat Dynamics Limited has informed the Exchange regarding Appointment of Mr Prakash Rajpurohit as Non- Executive Director of the company w.e.f. September 17, 2026. |SUBJECT: Appointment
On September 17, 2026, Bharat Dynamics Limited appointed Shri Prakash Rajpurohit as a Non-Executive Nominee Director for a term of 24 months. Mr. Rajpurohit, an Indian Administrative Service Officer currently serving as Joint Secretary at the Ministry of Defence, was confirmed not to be debarred from holding office by any regulatory authority.
Bharat Dynamics Limited appointed M/s UMAMAHESWARA RAO &CO as its Statutory Auditor for a 12-month term, effective September 7, 2026, as disclosed in a change in management filing dated September 9, 2026.
The Comptroller & Auditor General of India appointed M/s Umamaheswara Rao & Co., Chartered Accountants, as the Statutory Auditor of Bharat Dynamics Limited for the financial year 2026-27 via a letter dated September 7, 2026. The company received this appointment order on September 8, 2026, pursuant to Section 139 of the Companies Act, 2013. No relationships exist between the new auditors and the company's directors.
Bharat Dynamics Limited will hold its 56th Annual General Meeting via video conference on 28 September 2026 at 3:00 PM IST. The register of members and share transfer books will close from 22 September to 28 September 2026 for determining eligibility for a proposed final dividend of ₹0.40 per share (face value ₹5) for 2025-26, subject to shareholder approval. Remote e-voting runs from 24 September (09:00 AM) to 27 September 2026 (05:00 PM), with a cut-off date of 21 September 2026.
Bharat Dynamics Limited announced that its 56th Annual General Meeting will be held on September 28, 2026, via video conferencing. The company's register of members and share transfer books will remain closed from September 22 to September 28, 2026, with the record date for final dividend eligibility set for September 21, 2026. Any declared dividend is scheduled to be paid within 30 days of declaration at the meeting.
Bharat Dynamics Limited submitted its Business Responsibility and Sustainability Report for the financial year 2025-26 to the NSE and BSE on September 3, 2026. The filing discloses that the company achieved 100% renewable energy usage across all manufacturing units and secured a USGBC Platinum rating for its Design & Engineering building as part of its Net-Zero Carbon Emissions target by 2035. Additionally, the report details operational metrics including a paid-up capital of ₹1,83,28,12,500, 93.71% turnover from weapon systems manufacturing, and an export contribution of 28.76% to total turnover.
Recent market and company developments associated with Bharat Dynamics.
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The Nifty India Defence index slipped 0.16% to 9,129.40 on Wednesday, extending its losing streak to a fifth consecutive session.
DRDO transfers nine technology agreements to 13 partners, enhancing India's defense manufacturing capabilities and promoting self-reliance.
Russia partners Adani Defence, HAL, BDL for missiles, fighter upgrades, defence production: Report
Adani Defence is partnering with Russian manufacturers for advanced air defence systems. This collaboration focuses on co-production of weapons like the Pantsir in India. Contracts for Igla-S and Verba missiles are already in progress. Russia is also deepening ties with state-run firms like HAL and BDL. However, some Russian defence proposals have not gained traction with Indian forces.
Jefferies predicts the defence sector's sales will rise from 27% in FY26 to 40% by FY30, with a 31% earnings CAGR. Additionally, it highlights significant growth potential for several defence companies, including Solar Industries and Astra Microwave, in the coming years.
Global brokerage Jefferies forecasts a double-digit compound annual growth rate (CAGR) for India's defence spending, estimating a cumulative domestic opportunity of over $60 billion across four years, driven by geopolitical tensions and the government's indigenisation push.
Comprehensive Section Breakdown for Bharat Dynamics
Strategic Vision: Manufactures guided missile systems and allied defence equipment.
• Under the administrative control of the Ministry of Defence, Government of India.
Revenue from operations stood at ₹480.20 crore, down 73% from ₹1,776.98 crore in the same quarter last year. Total expenses fell by 70% to ₹445.47 crore. The difference between revenue and total expenses—which represents the company’s pre-other income result—narrowed to ₹34.73 crore from ₹278.61 crore a year earlier.
This measure was volatile across the four quarters of FY2025‑26: it swung from a loss of ₹63.73 crore in the first quarter to a profit of ₹167.05 crore in the second, near break-even at ₹6.01 crore in the third, and the ₹34.73 crore surplus in the final quarter.
Category: Manufacturing
The company manufactures a range of guided missile systems, including Anti-Tank Guided Missiles (ATGMs) and surface-to-air missile systems.
Key Products & Services: Milan • Nag Missile System (NAMIS) • Vertically Launch Short Range Surface to Air Missile (VL SRSAM) • Akash Weapon System
Category: Manufacturing
BDL also produces underwater weapons such as torpedoes, as well as countermeasure systems and air-to-surface weapons.
Key Products & Services: Light Weight Torpedoes (TAL XP) • Heavy Torpedoes
Core Thesis: The company's focus on manufacturing a diverse range of guided missile systems and allied defence equipment supports the Indian Armed Forces.
• Missile Systems Manufacturing: Production of various guided missile systems including ATGMs and surface-to-air missiles. • Underwater Weapons Production: Manufacturing of torpedoes and other underwater defence equipment. • Allied Defence Equipment: Development and production of countermeasure systems and air-to-surface weapons.