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Last Updated: April 2, 2026, 2:42 am
Author: Getaka|Social: XLinkedIn

Bharat Dynamics Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,012.10Overvalued by 15.94%vs CMP ₹1,204.00

P/E (76.1) × ROE (14.4%) × BV (₹115.00) × DY (0.39%)

₹329.83Overvalued by 72.61%vs CMP ₹1,204.00
MoS: -265% (Negative)Confidence: 70/100 (High)Models: All 10: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹1,042.5720%Over (-13.4%)
Graham NumberEarnings₹202.3215%Over (-83.2%)
Earnings PowerEarnings₹119.9412%Over (-90%)
DCFCash Flow₹197.4012%Over (-83.6%)
Net Asset ValueAssets₹115.087%Over (-90.4%)
EV/EBITDAEnterprise₹148.438%Over (-87.7%)
Dividend DiscountDividends₹84.228%Over (-93%)
Earnings YieldEarnings₹158.207%Over (-86.9%)
ROCE CapitalReturns₹96.127%Over (-92%)
Revenue MultipleRevenue₹136.935%Over (-88.6%)
Consensus (10 models)₹329.83100%Overvalued
Key Drivers: Wide model spread (₹84–₹1,043) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 3.0%

*Investments are subject to market risks

Analyst Summary

Bharat Dynamics Ltd operates in the Aerospace & Defense segment, current market price is ₹1,204.00, market cap is 44,118 Cr.. At a glance, stock P/E is 76.1, ROE is 14.4 %, ROCE is 19.7 %, book value is 115, dividend yield is 0.39 %. The latest intrinsic value estimate is ₹329.83, around 72.6% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹3,345 Cr versus the prior period change of 41.2%, while latest net profit is about ₹550 Cr with a prior-period change of -10.3%. This analysis page also carries profit and loss, shareholding pattern, ratio panels, mutual fund holdings data, which improves the depth of the template beyond a thin price-only snapshot. The 52-week range shown on this page is 2,097/1,086, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisBharat Dynamics Ltd. is a Public Limited Listed company incorporated on 16/07/1970 and has its registered office in the State of Telangana, India. Company's Corporate Identification Number(CIN) is L24292TG1970GOI001353 and registration number is 001353. Currently Company is invol…

This summary is generated from the stock page data available for Bharat Dynamics Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

61
Bharat Dynamics Ltd scores 61/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health81/100 · Strong
ROCE 19.7% GoodROE 14.4% GoodD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money65/100 · Strong
FII holding stable No changeDII holding up 1.49% MF buyingPromoter holding at 74.9% Stable
Earnings Quality40/100 · Moderate
OPM stable around 19% SteadyWorking capital: 207 days Capital intensive
Quarterly Momentum68/100 · Strong
Revenue (4Q): +54% YoY AcceleratingProfit (4Q): +2% YoY PositiveOPM: 5.0% (down 10.0% YoY) Margin pressure
Industry Rank45/100 · Moderate
P/E 76.1 vs industry 66.4 In-lineROCE 19.7% vs industry 22.6% Average3Y sales CAGR: 6% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:42 am

Market Cap 44,118 Cr.
Current Price 1,204
Intrinsic Value₹329.83
High / Low 2,097/1,086
Stock P/E76.1
Book Value 115
Dividend Yield0.39 %
ROCE19.7 %
ROE14.4 %
Face Value 5.00
PEG Ratio25.28

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Bharat Dynamics Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Bharat Dynamics Ltd 44,118 Cr. 1,204 2,097/1,08676.1 1150.39 %19.7 %14.4 % 5.00
Garden Reach Shipbuilders & Engineers Ltd 27,026 Cr. 2,359 3,538/1,36639.2 2000.59 %36.6 %27.6 % 10.0
Data Patterns (India) Ltd 17,398 Cr. 3,108 3,610/1,37369.8 2750.25 %21.0 %15.2 % 2.00
Zen Technologies Ltd 12,148 Cr. 1,345 2,268/1,22356.2 1950.15 %32.9 %24.6 % 1.00
MTAR Technologies Ltd 11,085 Cr. 3,604 3,923/1,152163 2430.00 %10.5 %7.51 % 10.0
Industry Average62,347.73 Cr1,600.6466.40177.440.31%22.58%16.73%4.00

All Competitor Stocks of Bharat Dynamics Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 4627982986166028541915458321,7772481,147567
Expenses 3736153304824835382434467051,478293960541
Operating Profit 89183-33134119316-5299127299-4518826
OPM % 19%23%-11%22%20%37%-27%18%15%17%-18%16%5%
Other Income 36371077888888086841008712197
Interest 1111111111111
Depreciation 19141717161616181820181919
Profit before tax 106206571941893881116619337823288103
Tax % 21%26%27%24%29%26%36%26%24%28%21%25%29%
Net Profit 841534214713528971231472731821673
EPS in Rs 2.284.171.144.013.687.880.203.344.017.440.505.891.99

Last Updated: February 6, 2026, 12:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 23, 2026, 2:46 pm

MetricMar 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1,0762,8414,0794,8874,5883,0693,1051,9142,8172,4892,3693,3453,739
Expenses 1,0882,5643,5644,3173,9192,4462,3491,5682,0902,0801,8322,8723,271
Operating Profit -12277515569669623756346727409537473467
OPM % -1%10%13%12%15%20%24%18%26%16%23%14%12%
Other Income 464439385300173136889578155362350404
Interest 1554455556443
Depreciation 42675362638296959077677176
Profit before tax 409644841803774671742341710482828749792
Tax % 32%31%33%35%32%37%28%24%30%27%26%27%
Net Profit 279444562524528423535258500352613550580
EPS in Rs 1,212.131,928.482,810.352,183.5814.4111.5314.597.0313.649.6116.7114.9915.82
Dividend Payout % 21%19%30%30%25%30%30%52%30%49%32%31%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)26.58%-6.76%0.76%-19.89%26.48%-51.78%93.80%-29.60%74.15%-10.28%
Change in YoY Net Profit Growth (%)0.00%-33.34%7.52%-20.65%46.36%-78.25%145.57%-123.40%103.75%-84.43%

Bharat Dynamics Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 10 years from 2015-2016 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:2%
5 Years:2%
3 Years:6%
TTM:50%
Compounded Profit Growth
10 Years:2%
5 Years:1%
3 Years:2%
TTM:-3%
Stock Price CAGR
10 Years:%
5 Years:49%
3 Years:51%
1 Year:8%
Return on Equity
10 Years:19%
5 Years:14%
3 Years:15%
Last Year:14%

Last Updated: September 5, 2025, 12:50 am

Balance Sheet

Last Updated: December 10, 2025, 2:27 am

MonthMar 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 11511598122183183183183183183183183183
Reserves 9361,5381,7532,0731,7732,0852,4242,5012,8473,0283,4543,8264,034
Borrowings 0044451511109871
Other Liabilities 6,1996,7597,7866,2084,6973,2503,1283,3343,5955,5356,7817,7988,849
Total Liabilities 7,2518,4129,6418,4076,6575,5235,7506,0306,6368,75610,42611,81413,068
Fixed Assets 277518697757868957932915874809824857951
CWIP 70142126136130474222417473230171
Investments 133323944500044
Other Assets 6,9047,7498,8157,5115,4204,5164,7715,0895,7217,8739,53010,72311,942
Total Assets 7,2518,4129,6418,4076,6575,5235,7506,0306,6368,75610,42611,81413,068

Reserves and Borrowings Chart

Cash Flow

MonthMar 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -765284-420-342845041,0685302,130412167
Cash from Investing Activity + 23914931,047170-33-734-573-1,171-722-407
Cash from Financing Activity + -72-324-166-769-268-191-173-149-171-148-220
Net Cash Flow -598109-583-63-15280162-192788-459-460
Free Cash Flow -94368-556-510-54471,0124282,022331-115
CFO/OP -197%109%-15%-13%61%90%332%101%574%106%78%

Free Cash Flow

MonthMar 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-12.00277.00511.00565.00665.00618.00741.00335.00717.00400.00529.00466.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 934313126163406239274890
Inventory Days 534286302276254380222636534584841591
Days Payable 15310020218612911583322171142325328
Cash Conversion Cycle 475230114101186328178375403469564354
Working Capital Days -1,137-126-106-1144128195169144237322207
ROCE %46%48%40%37%32%31%13%26%16%24%20%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 74.93%74.93%74.93%74.93%74.93%74.93%74.93%74.93%74.93%74.93%74.93%74.93%
FIIs 2.83%3.36%3.09%3.09%2.95%3.06%2.94%3.09%3.25%3.77%2.43%2.29%
DIIs 14.10%13.78%12.81%13.32%12.39%9.52%8.46%8.70%9.45%10.10%11.30%10.94%
Public 8.15%7.92%9.17%8.64%9.72%12.49%13.67%13.26%12.35%11.19%11.34%11.83%
No. of Shareholders 1,66,5011,67,1831,96,5662,05,8872,48,1584,98,6305,90,3745,94,2845,67,5915,41,5355,37,0045,51,090

Shareholding Pattern Chart

No. of Shareholders

Bharat Dynamics Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
HDFC Defence Fund 3,000,000 5.92 461.462,942,4562026-02-23 03:32:271.96%
Motilal Oswal Large and Midcap Fund 2,849,266 3 438.272,658,2302026-02-23 03:00:287.19%
HDFC Balanced Advantage Fund 2,100,000 0.3 323.02N/AN/AN/A
Nippon India Small Cap Fund 1,526,498 0.36 234.81416,7452025-12-08 02:19:25266.29%
Axis Small Cap Fund 1,040,464 0.63 160.04N/AN/AN/A
Motilal Oswal ELSS Tax Saver Fund 1,022,957 3.76 157.35N/AN/AN/A
Edelweiss Mid Cap Fund 967,490 1.08 148.82508,3812026-02-22 01:21:2190.31%
Motilal Oswal Small Cap Fund 781,133 2.18 120.15766,1002026-02-22 05:44:521.96%
Invesco India PSU Equity Fund 445,685 4.6 68.56424,0452026-01-26 04:11:155.1%
Nippon India Power & Infra Fund 304,492 0.69 46.84279,4922026-02-22 01:57:098.94%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 5.0010.0010.0010.0010.00
Basic EPS (Rs.) 14.9933.4319.2227.2814.06
Diluted EPS (Rs.) 14.9933.4319.2227.2814.06
Cash EPS (Rs.) 16.9237.0923.4332.2119.22
Book Value[Excl.RevalReserv]/Share (Rs.) 109.37198.43175.22165.35146.48
Book Value[Incl.RevalReserv]/Share (Rs.) 109.37198.43175.22165.35146.48
Dividend / Share (Rs.) 4.6510.559.358.307.35
Revenue From Operations / Share (Rs.) 91.25129.27135.82153.72104.42
PBDIT / Share (Rs.) 22.4549.0230.7545.6823.97
PBIT / Share (Rs.) 20.5245.3626.5440.7518.81
PBT / Share (Rs.) 20.4345.1926.2938.7318.60
Net Profit / Share (Rs.) 14.9933.4319.2227.2814.06
PBDIT Margin (%) 24.5937.9122.6329.7122.95
PBIT Margin (%) 22.4835.0819.5326.5118.01
PBT Margin (%) 22.3834.9519.3525.1917.81
Net Profit Margin (%) 16.4325.8614.1417.7413.46
Return on Networth / Equity (%) 13.7116.8410.9616.499.60
Return on Capital Employeed (%) 10.1811.337.5218.7510.02
Return On Assets (%) 4.685.924.067.614.32
Asset Turnover Ratio (%) 0.300.240.320.440.32
Current Ratio (X) 2.383.073.452.141.94
Quick Ratio (X) 1.772.412.621.501.39
Inventory Turnover Ratio (X) 1.451.250.690.820.86
Dividend Payout Ratio (NP) (%) 32.3430.0647.6129.1465.77
Dividend Payout Ratio (CP) (%) 28.6527.0939.0524.6848.12
Earning Retention Ratio (%) 67.6669.9452.3970.8634.23
Cash Earning Retention Ratio (%) 71.3572.9160.9575.3251.88
Interest Coverage Ratio (X) 248.64289.31124.24244.51112.28
Interest Coverage Ratio (Post Tax) (X) 167.10198.3278.63156.8066.88
Enterprise Value (Cr.) 42757.1127869.5514263.068118.624534.98
EV / Net Operating Revenue (X) 12.7811.765.732.882.37
EV / EBITDA (X) 51.9731.0225.319.7010.32
MarketCap / Net Operating Revenue (X) 14.0313.557.283.563.19
Retention Ratios (%) 67.6569.9352.3870.8534.22
Price / BV (X) 11.718.835.643.312.27
Price / Net Operating Revenue (X) 14.0313.557.283.563.19
EarningsYield 0.010.010.010.040.04

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Bharat Dynamics Ltd. is a Public Limited Listed company incorporated on 16/07/1970 and has its registered office in the State of Telangana, India. Company's Corporate Identification Number(CIN) is L24292TG1970GOI001353 and registration number is 001353. Currently Company is involved in the business activities of Manufacture of weapons and ammunition. Company's Total Operating Revenue is Rs. 3345.05 Cr. and Equity Capital is Rs. 183.28 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Aerospace & DefenseKanchanbagh Post Hyderabad Telangana 500058Contact not found
Management
NamePosition Held
Commodore A MadhavaraoChairman & Managing Director
Mr. Jashwant LalIndependent Director
Mr. U Raja BabuGovernment Director
Mr. P V Raja RamWhole Time Director
Mr. Amit SatijaGovernment Director
Mr. D V Srinivas RaoDirector - Technical
Mr. G Gayatri PrasadDirector - Finance
Mr. Chetan Bansilal KankariaIndependent Director

FAQ

What is the intrinsic value of Bharat Dynamics Ltd and is it undervalued?

As of 21 April 2026, Bharat Dynamics Ltd's intrinsic value is ₹329.83, which is 72.61% lower than the current market price of ₹1,204.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (14.4 %), book value (₹115), dividend yield (0.39 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Bharat Dynamics Ltd?

Bharat Dynamics Ltd is trading at ₹1,204.00 as of 21 April 2026, with a FY2026-2027 high of ₹2,097 and low of ₹1,086. The stock is currently near its 52-week low. Market cap stands at ₹44,118 Cr..

How does Bharat Dynamics Ltd's P/E ratio compare to its industry?

Bharat Dynamics Ltd has a P/E ratio of 76.1, which is above the industry average of 66.40. The premium over industry average may reflect growth expectations or speculative interest.

Is Bharat Dynamics Ltd financially healthy?

Key indicators for Bharat Dynamics Ltd: ROCE of 19.7 % indicates efficient capital utilization. Dividend yield is 0.39 %.

Is Bharat Dynamics Ltd profitable and how is the profit trend?

Bharat Dynamics Ltd reported a net profit of ₹550 Cr in Mar 2025 on revenue of ₹3,345 Cr. Compared to ₹500 Cr in Mar 2022, the net profit shows an improving trend.

Does Bharat Dynamics Ltd pay dividends?

Bharat Dynamics Ltd has a dividend yield of 0.39 % at the current price of ₹1,204.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Bharat Dynamics Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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