# BDL (BDL) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/bdl

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹1,196.6
- Change: +3.88%
- As of: 2026-09-18
- 1D return: +3.88%
- 5D return: +0.13%
- 1M return: -9.14%
- Latest complete quarter: fy26_q4

## Faxioms Analysis

_As of 2026-09-18_

### Technical Outlook

As of September 18, 2026, the stock is trading at ₹1196.6, indicating a bearish technical stance across daily and weekly timeframes, while the monthly timeframe shows a bullish trend. Daily indicators show the price below key moving averages including the 20-day EMA (₹1231.99) and 50-day EMA (₹1270.95), with a Supertrend indicator suggesting a bearish direction. This is reinforced by the weekly timeframe, where the price is also below its 20-week EMA (₹1293.3) and 50-week EMA (₹1343.79), with a bearish Supertrend. However, the monthly view presents a contrast, with the price above the monthly Supertrend, suggesting potential underlying strength. Recent price action on the daily chart includes an unusual upward move of 4% on September 18, 2026, following a wide intraday range and a 5% downward move on September 15, 2026. The stock is currently trading near its nearest support level of ₹1183.83, approximately 1.07% below the current price, with further support at ₹1168.37. Nearest resistance is observed at ₹1233.8, about 3.11% higher.

The stock exhibits elevated risk, with an annualized volatility of 43% and a current drawdown of -41%. The presence of multiple active weekly patterns, including a Hammer, Doji, and Harami, suggests potential indecision or reversal signals in the short term. The divergence between the bearish daily/weekly trends and the bullish monthly trend warrants close observation.

- Daily and weekly timeframes indicate a bearish trend, with prices below key moving averages and Supertrend signals.
- The monthly timeframe shows a bullish trend, with the price above the monthly Supertrend, creating a divergence.
- Nearest support is at ₹1183.83 (1.07% below current price), with resistance at ₹1233.8 (3.11% above current price).
- The stock has high annualized volatility (43%) and a current drawdown of -41%.
- Active weekly patterns (Hammer, Doji, Harami) suggest potential short-term price action shifts.

- Hammer
- Doji
- Harami
- Bearish Engulfing Reversal
- Outside Bar

### News Context

Bharat Dynamics Limited (BDL) was mentioned in reports concerning potential international partnerships and broader sector movements over the past week. On September 12, 2026, a report indicated that Russia is partnering with several Indian defence companies, including BDL, for missile and fighter jet upgrades, as well as defence production. This news comes amidst a period of mixed performance for defence stocks. While BDL shares saw a rise of up to 5% on September 17, 2026, alongside other defence stocks like Paras Defence, Apollo Micro, BEML, and GRSE, the Nifty India Defence index had experienced a five-day losing streak, slipping on September 16, 2026. Additionally, on September 16, 2026, HSBC shared target prices for defence stocks, including BDL.

Separately, on September 15, 2026, the Defence Research and Development Organisation (DRDO) handed over nine technology transfer agreements to 13 manufacturing partners, aiming to enhance India's defence manufacturing capabilities and promote self-reliance. While BDL was not explicitly named in this announcement, the initiative signifies a broader push within the Indian defence sector towards indigenous production.

- September 12, 2026: Report indicates Russia is partnering with BDL for missile and fighter jet upgrades and defence production.
- September 17, 2026: BDL shares rose up to 5% as defence stocks experienced a broader market uptick.
- September 16, 2026: HSBC shared target prices for defence stocks, including BDL.
- September 16, 2026: The Nifty India Defence index extended a losing streak to a fifth consecutive session.
- September 15, 2026: DRDO transferred nine technology agreements to 13 manufacturing partners to boost defence manufacturing and self-reliance.

- Paras Defence, Apollo Micro, BEML, BEL, GRSE: Defence stocks rise up to 5% today; here's why
- HAL, BDL, Mazagon Dock, Astra Microwave, Data Patterns: HSBC shares target prices for defence stocks
- Defence stocks slide for fifth straight session
- DRDO hands over 9 tech transfer agreements to 13 manufacturing partners at ‘VIMARSH’
- Russia partners Adani Defence, HAL, BDL for missiles, fighter upgrades, defence production: Report

### What Changed

As of September 18, 2026, Bharat Dynamics Limited (BDL) has reported a change in its board composition with the appointment of Mr. Prakash Rajpurohit as a Non-Executive Director, effective September 17, 2026. This marks a recent corporate development. In terms of market performance, the stock closed at ₹1196.6 on September 18, 2026, an increase from its previous closing price of ₹1151.9. The company continues to be listed on the NSE under the symbol BDL.

- Mr. Prakash Rajpurohit appointed Non-Executive Director effective September 17, 2026.
- Stock closed at ₹1196.6 on September 18, 2026.
- Previous closing price was ₹1151.9.
- Company listed on NSE under symbol BDL.

- 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

### Official Filings

Bharat Dynamics Limited (BDL) has reported changes in its board and management. Mr. Prakash Rajpurohit was appointed as a Non-Executive Nominee Director on September 17, 2026, for a term of 24 months. Mr. Rajpurohit's role includes serving as Joint Secretary at the Ministry of Defence. Additionally, the company announced the cessation of two senior management personnel, Shri L. Kishan and Smt. Yalamanchili Ushasri, effective August 31, 2026, due to retirement. In terms of financial governance, M/s UMAMAHESWARA RAO & CO. has been appointed as the company's Statutory Auditor for the financial year 2026-27, with the appointment order received on September 8, 2026. The company also disclosed its Business Responsibility and Sustainability Report for 2025-26 on September 3, 2026, highlighting achievements such as 100% renewable energy usage in manufacturing units and a Net-Zero Carbon Emissions target by 2035. The report also detailed operational metrics including a paid-up capital of ₹1,83,28,12,500 and a 28.76% export contribution to total turnover. BDL is scheduled to hold its 56th Annual General Meeting on September 28, 2026, to consider a proposed final dividend of ₹0.40 per share for the 2025-26 financial year, with a record date of September 21, 2026.

- Mr. Prakash Rajpurohit appointed Non-Executive Nominee Director effective September 17, 2026, for a 24-month term.
- Shri L. Kishan and Smt. Yalamanchili Ushasri ceased senior management roles effective August 31, 2026, due to retirement.
- M/s UMAMAHESWARA RAO & CO. appointed Statutory Auditor for FY 2026-27, appointment order received September 8, 2026.
- BDL submitted its FY 2025-26 Business Responsibility and Sustainability Report on September 3, 2026, noting 100% renewable energy usage and a 2035 Net-Zero Carbon Emissions target.
- Proposed final dividend of ₹0.40 per share for FY 2025-26 to be considered at the AGM on September 28, 2026; record date set for September 21, 2026.

- 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
- Bharat Dynamics Limited has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA
- Bharat Dynamics limited has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA
- Bharat Dynamics Limited has informed the Exchange regarding Change in Auditors of the company. |SUBJECT: Change in Auditors
- Bharat Dynamics Limited has informed the Exchange about Copy of Newspaper Publication-AGM 2025-26. |SUBJECT: Copy of Newspaper Publication
- Bharat Dynamics Limited has informed the Exchange that Record date for the purpose of Dividend is 21-Sep-2026. |SUBJECT: Record Date
- Bharat Dynamics Limited has informed the Exchange regarding 'BRSR 2025-26'. |SUBJECT: Updates
- AS ON DATE : 03-SEP-26
- Bharat Dynamics Limited has informed the Exchange regarding Cessation of Mr L Kishan and Mrs. Yalamanchili ushasri of the company w.e.f. September 01, 2026. |SUBJECT: Cessation
- Bharat Dynamics Limited has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA

### Fundamentals

Bharat Dynamics (BDL) reported its financial results for the periods ending in FY2025-26. For the quarter ending June 2025 (Q2 FY2025-26), the company posted Revenue from Operations of ₹1,147.03 crore, with a Profit Before Tax (PBT) of ₹287.61 crore and a Net Profit of ₹215.88 crore. The Operating Profit Margin (OPM) for this quarter was 18.0%. Sequential comparisons show a decrease in revenue from Q2 FY2025-26 to Q3 FY2025-26, with Revenue from Operations falling to ₹566.63 crore, and PBT decreasing to ₹103.18 crore. The OPM also declined to 16.0% in Q3 FY2025-26. Further sequential decline was observed in Q4 FY2025-26, with Revenue from Operations at ₹480.20 crore, PBT at ₹153.89 crore, and OPM at 12.0%. The company's balance sheet shows a steady decrease in Borrowings from ₹8 crore in March 2024 to a projected ₹5 crore by March 2026. Conversely, Construction Work-in-Progress (CWIP) is projected to increase significantly from ₹73 crore in March 2024 to ₹299 crore by March 2026, alongside a substantial rise in Other Assets from ₹9,530 crore to ₹13,145 crore over the same period. The company's Cash Flow from Operations (CFO) has shown variability, with a reported ₹412 crore in March 2024, projected to decrease to ₹167 crore by March 2025, and then increase to ₹604 crore by March 2026. Free Cash Flow (FCF) was ₹331 crore in March 2024, turning negative at -₹115 crore in March 2025, before recovering to ₹375 crore in March 2026. Key monitoring areas include the trend in operating margins and the conversion of operating profit into cash flow, especially given the projected fluctuations in CFO and FCF.

- For Q2 FY2025-26, Bharat Dynamics reported Revenue from Operations of ₹1,147.03 crore, PBT of ₹287.61 crore, and Net Profit of ₹215.88 crore, with an OPM of 18.0%.
- Sequentially, Revenue from Operations decreased to ₹566.63 crore in Q3 FY2025-26 and ₹480.20 crore in Q4 FY2025-26.
- Operating Profit Margins (OPM) showed a declining trend, from 18.0% in Q2 FY2025-26 to 16.0% in Q3 FY2025-26 and 12.0% in Q4 FY2025-26.
- Borrowings are projected to decrease from ₹8 crore in March 2024 to ₹5 crore by March 2026, while CWIP is expected to rise from ₹73 crore to ₹299 crore.
- Cash Flow from Operations (CFO) is projected to fluctuate, decreasing from ₹412 crore in March 2024 to ₹167 crore in March 2025, then rising to ₹604 crore by March 2026.

### Bull Case

Bharat Dynamics Limited (BDL) has demonstrated a significant improvement in its cash flow generation. The company's Cash Flow from Operations (CFO) increased substantially to ₹504 crore for the period ending March 2020, up from ₹84 crore in March 2019. This surge in operating cash flow also led to a positive Free Cash Flow of ₹447 crore in March 2020, a notable shift from a negative ₹5 crore in the prior year. Furthermore, the company's reserves grew from ₹2,085 crore in March 2019 to ₹2,424 crore in March 2020, indicating an increase in retained earnings.

- Cash Flow from Operations increased to ₹504 crore in March 2020 from ₹84 crore in March 2019.
- Free Cash Flow turned positive at ₹447 crore in March 2020, compared to ₹-5 crore in March 2019.
- Reserves increased to ₹2,424 crore as of March 2020, from ₹2,085 crore as of March 2019.

- Paras Defence, Apollo Micro, BEML, BEL, GRSE: Defence stocks rise up to 5% today; here's why
- HAL, BDL, Mazagon Dock, Astra Microwave, Data Patterns: HSBC shares target prices for defence stocks
- Defence stocks slide for fifth straight session
- DRDO hands over 9 tech transfer agreements to 13 manufacturing partners at ‘VIMARSH’
- Russia partners Adani Defence, HAL, BDL for missiles, fighter upgrades, defence production: Report

### Bear Case

Bharat Dynamics Limited (BDL) shows some cautionary signals in its financial performance and market positioning. The company experienced a significant decline in sales growth over the last twelve months (TTM), contracting by 19%, and a 7% decrease in profit growth over the same period. While cash flow from operations improved substantially in the twelve months ending March 2020 compared to the prior year, the company's borrowings have tripled from ₹5 crore in March 2019 to ₹15 crore in March 2020. Technically, the daily trend indicators suggest a bearish outlook, with the Supertrend pointing downwards and several moving averages indicating a downward slope. The stock has also experienced a considerable drawdown of 41% and a maximum drawdown of 46%.

- Compounded sales growth was -19% for the TTM period, and compounded profit growth was -7% for the TTM period.
- Borrowings increased from ₹5 crore in March 2019 to ₹15 crore in March 2020.
- Daily technical indicators show a 'bearish' Supertrend direction and negative slopes for short-term moving averages.
- The stock has a current drawdown of -41% and a maximum drawdown of -46%.

- Paras Defence, Apollo Micro, BEML, BEL, GRSE: Defence stocks rise up to 5% today; here's why
- HAL, BDL, Mazagon Dock, Astra Microwave, Data Patterns: HSBC shares target prices for defence stocks
- Defence stocks slide for fifth straight session
- DRDO hands over 9 tech transfer agreements to 13 manufacturing partners at ‘VIMARSH’
- Russia partners Adani Defence, HAL, BDL for missiles, fighter upgrades, defence production: Report

### FAQs

**How has Bharat Dynamics Limited's financial performance changed between March 2019 and March 2020?**

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.

**What is the recent news regarding Bharat Dynamics Limited's partnerships and industry trends?**

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.

**What are the key technical indicators and price levels for Bharat Dynamics Limited as of September 18, 2026?**

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%.

**What recent corporate actions or changes have been announced by Bharat Dynamics Limited?**

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.

- Paras Defence, Apollo Micro, BEML, BEL, GRSE: Defence stocks rise up to 5% today; here's why
- HAL, BDL, Mazagon Dock, Astra Microwave, Data Patterns: HSBC shares target prices for defence stocks
- Defence stocks slide for fifth straight session
- DRDO hands over 9 tech transfer agreements to 13 manufacturing partners at ‘VIMARSH’
- Russia partners Adani Defence, HAL, BDL for missiles, fighter upgrades, defence production: Report
- 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
- Bharat Dynamics Limited has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA
- Bharat Dynamics limited has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA
- Bharat Dynamics Limited has informed the Exchange regarding Change in Auditors of the company. |SUBJECT: Change in Auditors
- Bharat Dynamics Limited has informed the Exchange about Copy of Newspaper Publication-AGM 2025-26. |SUBJECT: Copy of Newspaper Publication
## Technical analytics

- As of: 2026-09-18
- Daily trend: Strong Downtrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹1,144.67
- Risk regime: Higher Price Risk

### Support levels
- 1138.1125000000002
- 1089.44375
- 1048

### Resistance levels
- 1233.8015625
- 1252.8
- 1314.98125

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +3.88% |
| return_10 | -4.86% |
| return_1m | -14.10% |
| return_1y | -25.69% |
| return_20 | -9.14% |
| return_3m | -8.78% |
| return_5 | +0.13% |
| return_6m | -9.36% |
| return_since_start | +5.55% |
| return_ytd | -19.23% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -45.59% |
| annualized_volatility | +42.64% |

## Quarterly financials

- Latest complete quarter: fy26_q4

# Sharp Revenue Decline Narrows Core Result; Other Income Drives Quarterly Profit

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.

## Revenue and Core Operating Performance
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.

## Other Income Contribution
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.

## Profitability and Tax
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.

## Earnings Per Share
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.

## Key Takeaway
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.

### Ratios

## Official filings

- 2026-09-18 — Management Change: Bharat Dynamics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BDL_18092026111355_BDL_SE_JS_DIP_Cov-1.pdf)
- 2026-09-18 — Generic Announcement: Bharat Dynamics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_15963_WebXMLFile_20260918_111727722.xml)
- 2026-09-09 — Generic Announcement: Bharat Dynamics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_15963_WebXMLFile_20260909_123458400.xml)
- 2026-09-08 — Generic Announcement: Bharat Dynamics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BDL_08092026162442_StatAuditor2026-27SE.pdf)
- 2026-09-04 — Generic Announcement: Bharat Dynamics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BDL_04092026131015_SEBDLNewspaperAdvt04sep2026.pdf)
- 2026-09-03 — Generic Announcement: Bharat Dynamics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BDL_03092026104953_Intimation_of_Record_date56AGM_SE.pdf)
- 2026-09-03 — Generic Announcement: Bharat Dynamics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BDL_03092026161758_Intimation_of_BRSR-03-09-2026_SE.pdf)
- 2026-09-02 — Annual Report: Bharat Dynamics Limited — [Official attachment](https://nsearchives.nseindia.com/annual_reports/AR_31196_BDL_2025_2026_A_13710986_03092026104342.pdf)
- 2026-09-01 — Generic Announcement: Bharat Dynamics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BDL_01092026111325_Cov_Letter_01-09-2026_SMP.pdf)
- 2026-09-01 — Generic Announcement: Bharat Dynamics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_15963_WebXMLFile_20260901_111453473.xml)
- 2026-08-26 — Generic Announcement: Bharat Dynamics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BDL_26082026151021_SECOVFINE26082026.pdf)
- 2026-08-21 — Generic Announcement: Bharat Dynamics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_15963_WebXMLFile_20260821_170817764.xml)
- 2026-08-21 — Generic Announcement: Bharat Dynamics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BDL_21082026170709_SMP_21Aug2026SE.pdf)
- 2026-08-19 — Generic Announcement: Bharat Dynamics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_15963_WebXMLFile_20260819_114057668.xml)
- 2026-08-18 — Management Change: Bharat Dynamics Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BDL_18082026182532_Initimation_of_appointment_of_independent_directors.pdf)
- 2026-07-31 — Official Filing: Bharat Dynamics Limited will hold a board meeting on August 14, 2026, to consider unaudited standalone quarterly financial results for the period ended June 2026. The trading window for the company's securities will be closed from July 1, 2026, to August 16, 2026.
- 2026-07-30 — Generic Announcement: Bharat Dynamics Limited has submitted newspaper publications of a notice to shareholders regarding the transfer of equity shares to the Investor Education and Protection Fund (IEPF) Account. This action is in compliance with Section 124(6) of the Companies Act, 2013, and the IEPF Authority Rules, 2016. The notices were published on July 29, 2026, in the Financial Express, Daily Hindi Milap, and Namasthe Telangana newspapers. — [Official attachment](https://nsearchives.nseindia.com/corporate/BDL_30072026171301_BDLSEIEPFnoticeshareholderFD2018-19July2026.pdf)
- 2026-07-22 — Generic Announcement: Bharat Dynamics Limited has submitted its Reconciliation of Share Capital Audit Report for the quarter ended June 30, 2026, as required by Regulation 76 of SEBI (Depositories and Participants) Regulations, 2018. The report was filed on July 22, 2026. — [Official attachment](https://nsearchives.nseindia.com/corporate/BDL_22072026102758_BDLSERSCA30JUNE2026.pdf)
- 2026-07-09 — Generic Announcement: Bharat Dynamics Limited confirmed that securities received for dematerialization were processed, including mutilation and cancellation of certificates, with the depository name substituted as the registered owner within the stipulated time for the quarter ended June 30, 2026. This confirmation is based on a certificate received from Alankit Assignments Ltd., the Registrar and Share Transfer Agent. — [Official attachment](https://nsearchives.nseindia.com/corporate/BDL_09072026170618_BDLreg74June2026.pdf)
- 2026-07-09 — Official Filing: Shri Shailesh Vagerwal has been appointed as the Executive Director, Chairperson, and CEO-MD of Bharat Dynamics Limited (BDL), effective July 9, 2026. His appointment is for a term of 57 months. Shri Vagerwal, an officer of the Indian Ordnance Factories Service (IOFS), brings nearly three decades of experience in the defence manufacturing sector.
- 2026-07-09 — Management Change: Shri Shailesh Vagerwal assumed charge as Chairman and Managing Director (CMD) of Bharat Dynamics Limited (BDL) effective July 9, 2026, following an order from the Ministry of Defence dated June 18, 2026. Vagerwal has nearly three decades of experience in the defense manufacturing sector and previously served as Chief General Manager at Ordnance Factory, Khamaria. — [Official attachment](https://nsearchives.nseindia.com/corporate/BDL_09072026125244_CMDSE09JULY2026.pdf)
- 2026-07-03 — Generic Announcement: Shri U. Raja Babu, Government Nominee Director on the Board of Bharat Dynamics Limited, ceased his directorship effective July 1, 2026, due to his superannuation on June 30, 2026. This cessation was communicated by DRDO, Hyderabad. — [Official attachment](https://nsearchives.nseindia.com/corporate/BDL_03072026131051_BDLSEDGMSSCESSATION30062026.pdf)
- 2026-06-29 — Generic Announcement: Bharat Dynamics Limited will close its trading window for dealing in securities from July 1, 2026, until 48 hours after the declaration of unaudited financial statements for the quarter ended June 30, 2026. This closure applies to all insiders, designated persons, connected persons, and their immediate relatives, in compliance with SEBI (Prohibition of Insider Trading) Regulations 2015. — [Official attachment](https://nsearchives.nseindia.com/corporate/BDL_29062026114217_Trading_Window_Closure_01072026.pdf)
- 2026-06-24 — Generic Announcement: Bharat Dynamics Limited (BDL) has received orders totaling Rs 1347.71 crore (gross) from Hindustan Aeronautics Limited (HAL). The orders include Rs 1109.37 crore for Helina Launchers & LRUs and Rs 238.34 crore for CMDS LRUs. These orders are to be executed within a span of 24-60 months. — [Official attachment](https://nsearchives.nseindia.com/corporate/BDL_24062026132334_BDLSE24JUNE2026.pdf)
- 2026-06-19 — Generic Announcement: Bharat Dynamics Limited (BDL) received an appointment order from the Ministry of Defence on June 19, 2026, approving Shri Shailesh Vagerwal as Chairman & Managing Director (CMD). This appointment is effective from his assumption of charge until March 31, 2031, or further orders. Shri Vagerwal has not yet assumed the charge. — [Official attachment](https://nsearchives.nseindia.com/corporate/BDL_19062026153636_BDLCMDSE19June2026.pdf)

## News and market events

- 2026-09-17 — BUSINESSTODAY: **Paras Defence, Apollo Micro, BEML, BEL, GRSE: Defence stocks rise up to 5% today; here's why** — BEL share price, HAL share price, BDL share price, defence stocks, Paras Defence, Apollo Micro, BEML, GRSE, defence stocks — [Source](https://www.businesstoday.in/markets/stocks/story/paras-defence-apollo-micro-beml-bel-grse-defence-stocks-rise-up-to-5-today-heres-why-556066-2026-09-17)
- 2026-09-16 — BUSINESSTODAY: **HAL, BDL, Mazagon Dock, Astra Microwave, Data Patterns: HSBC shares target prices for defence stocks** — BDL share price, HAL share price, BDL share price, HAL share price, defence stocks, defence shares, Astra Microwave share price — [Source](https://www.businesstoday.in/markets/stocks/story/hal-bdl-mazagon-dock-astra-microwave-data-patterns-hsbc-shares-target-prices-for-defence-stocks-555864-2026-09-16)
- 2026-09-16 — BUSINESS: **Defence stocks slide for fifth straight session** — The Nifty India Defence index slipped 0.16% to 9,129.40 on Wednesday, extending its losing streak to a fifth consecutive session. — [Source](https://www.business-standard.com/markets/capital-market-news/defence-stocks-slide-for-fifth-straight-session-126091600510_1.html)
- 2026-09-15 — The Hindu: **DRDO hands over 9 tech transfer agreements to 13 manufacturing partners at ‘VIMARSH’** — DRDO transfers nine technology agreements to 13 partners, enhancing India's defense manufacturing capabilities and promoting self-reliance. — [Source](https://www.thehindubusinessline.com/news/drdo-hands-over-9-tech-transfer-agreements-to-13-manufacturing-partners-at-vimarsh/article71468528.ece)
- 2026-09-12 — BUSINESSTODAY: **Russia partners Adani Defence, HAL, BDL for missiles, fighter upgrades, defence production: Report** — Russia partners Adani Defence, HAL, BDL for missiles, fighter upgrades, defence production: Report — [Source](https://www.businesstoday.in/latest/corporate/story/russia-partners-adani-defence-hal-bdl-for-missiles-fighter-upgrades-defence-production-report-555160-2026-09-12)
- 2026-09-11 — Economic Times: **Adani emerges key Russia defence partner in India; HAL, BDL on board** — 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. — [Source](https://economictimes.indiatimes.com/news/defence/adani-emerges-key-russia-defence-partner-in-india-hal-bdl-on-board/articleshow/134084336.cms)
- 2026-09-09 — Mint: **HAL, BEL, Bharat Dynamics, Data Patterns, Solar Industries, Astra Microwave - Jefferies shares price targets | Full list** — 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. — [Source](https://www.livemint.com/market/stock-market-news/hal-bel-bharat-dynamics-data-patterns-solar-industries-astra-microwave-jefferies-shares-price-targets-full-list-11788943649761.html)
- 2026-09-09 — REDIFF.COM: **Jefferies foresees $60 billion domestic defence opportunity** — 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. — [Source](https://www.rediff.com/business/report/jefferies-predicts-60-billion-domestic-defence-opportunity-for-india-amid-indigenisation-push/20260909.htm)
- 2026-09-08 — CNBC-TV18: **Defence Stock Picks: Jefferies bets on two vendors but is cautious on the third one; here's why** — According to Jefferies, private sector companies particularly have visible growth prospects upwards of 20% backed by government focus on domestic manufacturing and building the private sector supply chain. — [Source](https://www.cnbctv18.com/market/solar-industries-astra-micro-bharat-dynamics-share-price-defence-stocks-jefferies-is-betting-on-dac-proposals-impact-target-upside-returns-19986343.htm)
- 2026-09-08 — Economic Times: **Defence exports rise after Operation Sindoor. Jefferies names Solar, Astra, HAL and BEL as top stock picks** — Jefferies initiated coverage on Solar Industries and Astra Microwave with Buy ratings, citing strong defence growth prospects and rising order books. It also maintained Buy ratings on HAL and Bharat Electronics while assigning a Hold rating to Bharat Dynamics. The brokerage expects robust earnings growth across these companies, supported by rising defence spending, indigenisation and export opportunities. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/defence-exports-rise-after-operation-sindoor-jefferies-names-solar-astra-hal-and-bel-as-top-stock-picks/articleshow/133906926.cms)
- 2026-09-08 — BUSINESSTODAY: **Solar Industries, Astra Microwave shares: Targets as Jefferies initiates coverage** — BDL share price, Astra Microwave share price, Solar Industries share price, defence stocks — [Source](https://www.businesstoday.in/markets/stocks/story/solar-industries-astra-microwave-shares-targets-as-jefferies-initiates-coverage-553822-2026-09-08)
- 2026-09-08 — BUSINESSTODAY: **BEL, HAL, BDL shares: Targets for defence stocks after Rs 1.1 lakh crore DAC approvals** — BEL share price, HAL share price, BDL share price, defence stocks, BEL target price, HAL target price, BDL target price — [Source](https://www.businesstoday.in/markets/stocks/story/bel-hal-bdl-shares-targets-for-defence-stocks-after-rs-1-1-lakh-crore-dac-approvals-553813-2026-09-08)
- 2026-09-04 — Economic Times: **Will BDL, HAL & other defence stocks deliver rocketing returns? Here’s why this brokerage remains bullish** — Indias defence sector is gaining momentum on the back of rising defence spending, localisation, strong order pipelines and growing exports. Bajaj Broking remains bullish on Bharat Dynamics and Hindustan Aeronautics, citing improving execution, robust order books and long-term military modernisation as key growth drivers. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/will-bdl-hal-other-defence-stocks-deliver-rocketing-returns-heres-why-this-brokerage-remains-bullish/articleshow/133756838.cms)
- 2026-09-03 — BUSINESSTODAY: **BDL share price: Defence PSU fails to sustain breakouts; expert says ‘don’t chase’, shares key levels** — Bharat Dynamics share price, BDL share price, Bharat Dynamics stock, BDL stock, BDL share price target, BDL buy or sell, BDL stock outlook, BDL stock analysis, Bharat Dynamics long term investment, BDL technical analysis, BDL breakout, BDL stock consolidation, BDL defence stock, defence stocks India, defence PSU stocks, defence stocks to buy, defence sector stocks, BDL investment, Bharat Dynamics defence stock — [Source](https://www.businesstoday.in/markets/stocks/story/bdl-share-price-defence-psu-fails-to-sustain-breakouts-expert-says-dont-chase-shares-key-levels-553170-2026-09-03)
- 2026-09-03 — Mint: **Stocks to buy for short term: 23,600 key support for Nifty 50, says Amol Athawale of Kotak Securities, suggests 3 stocks | Stock Market News** — Amol Athawale from Kotak Securities highlights crucial support levels for the Nifty 50 and suggests three stocks poised for a short-term rebound. With a robust technical foundation, traders can expect potential gains if certain pricing thresholds are met. — [Source](https://www.livemint.com/market/stock-market-news/stocks-to-buy-for-short-term-23-600-key-support-for-nifty-50-says-amol-athawale-of-kotak-securities-suggests-3-stocks-11788406128492.html)
- 2026-09-01 — The Hindu: **Rajnath Singh reviews performance of 16 defence PSUs** — Rajnath Singh reviews 16 defence PSUs, urging reduced import reliance and enhanced R&D for India's self-reliant defence manufacturing. — [Source](https://www.thehindu.com/news/national/rajnath-singh-reviews-performance-of-16-defence-psus/article71415820.ece)
- 2026-09-01 — CNBC-TV18: **7 defence PSUs present ₹3,951 crore dividend cheques to Rajnath Singh for FY26** — CMDs of 7 PSUs , presented dividend cheques worth a total of ₹3,951 crore for the Government's equity shares to the Defence Minister for FY 2025-26. — [Source](https://www.cnbctv18.com/photos/market/7-defence-psus-present-rs-3951-crore-dividend-cheques-to-rajnath-singh-for-fy26-19981730.htm)
- 2026-08-31 — MONEYCONTROL: **Defence Minister Rajnath Singh to review performance of 16 DPSUs in Delhi on September 1** — defence minister, rajnath singh, dpsu — [Source](https://www.moneycontrol.com/news/india/defence-minister-rajnath-singh-to-review-performance-of-16-dpsus-in-delhi-on-september-1-14018952.html)
- 2026-08-31 — IANSLIVE.IN: **Rajnath Singh to review performance of 16 defence PSUs** — New Delhi, Aug 31 (IANS) Defence Minister Rajnath Singh will undertake the annual performance review of 16 defence public sector undertakings (DPSUs) here on Tuesday, underscoring the importance of developing new indigenous technologies and enhancing exports, according to an official statement issued on Monday. — [Source](https://ianslive.in/defence-minister-to-review-performance-of-16-defence-psus--20260831134503)
- 2026-08-26 — Times of India: **Akash to Pralay: Why private missile manufacturing could be a game changer for India's defence readiness - The Times of India** — News News: In a landmark push toward expanding self-reliance in defence manufacturing, the Centre has approved the transfer of Defence Research and Development O. — [Source](https://timesofindia.indiatimes.com/defence/news/akash-to-pralay-why-private-missile-manufacturing-could-be-a-game-changer-for-indias-defence-readiness/articleshow/133531349.cms)
- 2026-08-25 — Times of India: **India Defence companies to get DRDO tech data: What it means and how it will change the defence sector - The Times of India** — News News: NEW DELHI: Defence minister Rajnath Singh has approved the transfer of DRDO-developed technologies for all conventional missile systems to Indian defe. — [Source](https://timesofindia.indiatimes.com/defence/news/india-defence-companies-to-get-drdo-tech-data-what-it-means-and-how-it-will-change-the-defence-sector/articleshow/133505718.cms)
- 2026-08-24 — Economic Times: **Will Paras Defence, MTAR Tech, HAL, other defence stocks deliver explosive returns? Here's what analysts say** — Defence stocks are currently soaring, largely fueled by progressive government reforms aimed at strengthening the sector. Analysts maintain a positive outlook on future growth, bolstered by the Defence Ministry's list that encourages domestic procurement. Although valuations may seem elevated, market corrections present prime opportunities for investors. As India aspires to lead in global defence technology, the horizon looks promising for the industry. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/will-paras-defence-mtar-tech-hal-other-defence-stocks-deliver-explosive-returns-heres-what-analysts-say/articleshow/133451464.cms)
- 2026-08-20 — CNBC-TV18: **Sensex rises 628 points, Nifty reclaims 24,200: 5 reasons why stock market snapped 7-day losing streak** — The BSE Sensex rose 628 points to 77,538, while the Nifty gained 154 points to 24,232. The Nifty Bank index advanced 256 points to 57,496, while the Nifty Midcap index gained 263 points to 63,672. — [Source](https://www.cnbctv18.com/market/sensex-rises-628-points-nifty-reclaims-24200-5-reasons-why-stock-market-snapped-7-day-losing-streak-19973681.htm)
- 2026-08-20 — BUSINESSTODAY: **Sixth PIL: 'Opportunity bigger than Rs 3,070 crore'; HAL, BEL, BDL top beneficiaries** — Shares of defence firms, Bharat Electronics Ltd (BEL), Hindustan Aeronautics Limited (HAL), Bharat Dynamics Ltd (BDL) , defence ministry, Positive Indigenisation List (PIL), HAL, Advanced Light Helicopter, Light Utility Helicopter, Su-30MKI, Light Combat Aircraft, AL-31FP Engines, Konkurs-M, Invar, MRSAM, Bharat Dynamics — [Source](https://www.businesstoday.in/markets/stocks/story/sixth-pil-opportunity-bigger-than-rs-3070-crore-hal-bel-bdl-top-beneficiaries-550302-2026-08-20)
- 2026-08-19 — Mint: **Bharat Dynamics to L&T - Jay Thakkar suggests 3 stocks to buy or sell for short-term in F&O segment** — Domestic benchmark indices continued to decline on Wednesday, with Nifty 50 falling 0.35% to 24,070.65 and Sensex down 0.32% to 76,991.33. Concerns over elevated crude oil prices and rising bond yields pressured investor sentiment amid a broad-based market weakness. — [Source](https://www.livemint.com/market/stock-market-news/bharat-dynamics-to-l-t-jay-thakkar-suggests-3-stocks-to-buy-or-sell-for-short-term-in-f-o-segment-11787112934483.html)

## Business profile

**Strategic vision:** Manufactures guided missile systems and allied defence equipment.

### Business segments
- **Guided Missile Systems:** The company manufactures a range of guided missile systems, including Anti-Tank Guided Missiles (ATGMs) and surface-to-air missile systems.
- **Underwater Weapons and Allied Defence Equipment:** BDL also produces underwater weapons such as torpedoes, as well as countermeasure systems and air-to-surface weapons.

### Competitive strengths
- Under the administrative control of the Ministry of Defence, Government of India.

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## Freshness and sources

- Data as of: 2026-09-18
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/bdl
Markdown representation: https://faxioms.com/stocks/bdl?render=md