Bharat Dynamics

₹1870 4.2 | 0.2%

WEBSITE BSE:541143 NSE : BDL 10 May, 16:01

Market Cap ₹34274 Cr.

Stock P/E 71.9

P/B 9.8

Current Price ₹1870

Book Value ₹ 190.4

Face Value 10

52W High ₹2097.7

Dividend Yield 0.5%

52W Low ₹ 901

Edit Ratio

Bharat Dynamics Research see more...

Overview Inc. Year: 1970Industry: Defence

Bharat Dynamics Limited (BDL) designs and manufactures under water guided weapon structures. The Company's merchandise include Milan-2T, Konkurs M anti-tank guided missile (ATGM), Invar (3 UBK 20) ATGM, Akash, Advanced Light Weight Torpedo (TAL), Torpedo Counter Measure System (C303), Counter Measures Dispensing System (CMDS) and Infrared Interference Indicator (IRII). Milan - 2T is a man portable Infantry second generation ATGM, to smash tanks equipped with explosive reactive armour, moving and stationery targets. Konkurs M ATGM is a 2nd technology, semiautomatic, anti-tank, tube launched, optically tracked, wire guided and aero-dynamically managed missile. Invar (three UBK 20) ATGM is weapon fired from the Gun barrel of T 90 Tank. Akash is a medium range surface-to-air missile. Advanced Light Weight Torpedo (TAL) may be launched from a ship or a helicopter. The C303 is torpedo counter degree gadget for submarine, effective towards any type of Light Weight Torpedo (LWT).

Bharat Dynamics Share Price

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Peer Comparison

Bharat Dynamics Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	504	804	1381	695	535	462	798	298	616	602
Other Income	20	35	29	37	45	36	37	107	78	88
Total Income	524	839	1410	732	580	498	835	405	694	689
Total Expenditure	438	514	977	653	441	373	615	330	482	483
Operating Profit	86	324	433	79	139	125	221	75	212	206
Interest	1	1	1	2	1	1	1	1	1	1
Depreciation	24	25	21	23	21	19	14	17	17	16
Exceptional Income / Expenses	0	0	-34	0	0	0	0	0	0	0
Profit Before Tax	62	299	378	53	117	106	206	57	194	189
Provision for Tax	19	85	113	13	41	22	53	15	47	54
Profit After Tax	43	213	264	40	76	84	153	42	147	135
Adjustments	0	0	0	0	0	-0	0	0	0	0
Profit After Adjustments	43	213	264	40	76	84	153	42	147	135
Adjusted Earnings Per Share	2.4	11.6	14.4	2.2	4.1	4.6	8.3	2.3	8	7.4

Bharat Dynamics Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	1072	1774	2780	3786	4535	4577	3069	3105	1914	2817	2489	2314
Other Income	523	531	495	497	452	353	139	88	95	111	155	310
Total Income	1595	2305	3275	4284	4988	4929	3208	3193	2008	2929	2645	2623
Total Expenditure	1133	1763	2559	3384	4118	4088	2449	2349	1568	2090	2080	1910
Operating Profit	462	542	716	900	869	842	759	844	440	839	565	714
Interest	1	2	5	5	4	4	5	5	5	5	6	4
Depreciation	41	32	67	53	62	63	83	96	95	90	77	64
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	-34	0	0
Profit Before Tax	419	509	644	841	803	774	671	742	341	710	482	646
Provision for Tax	131	163	200	279	279	246	249	208	83	210	130	169
Profit After Tax	288	346	444	562	524	528	423	535	258	500	352	477
Adjustments	0	0	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	288	346	444	562	524	528	423	535	258	500	352	477
Adjusted Earnings Per Share	10	12	15.4	23	21.4	28.8	23.1	29.2	14.1	27.3	19.2	26

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	-12%	-7%	-11%	9%
Operating Profit CAGR	-33%	-13%	-8%	2%
PAT CAGR	-30%	-13%	-8%	2%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	86%	77%	47%	NA%
ROE Average	11%	13%	16%	24%
ROCE Average	16%	18%	23%	35%

Bharat Dynamics Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	953	1218	1653	1851	2195	1956	2269	2607	2685	3031	3211
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	0	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	68	80	1878	1195	357	217	209	710	708	895	3199
Total Current Liabilities	6208	7002	4842	6518	5687	4232	2919	2315	2521	2581	2206
Total Liabilities	7230	8300	8372	9564	8239	6406	5397	5631	5914	6507	8616
Fixed Assets	278	360	518	697	757	868	957	932	915	874	809
Other Non-Current Assets	129	126	207	194	199	195	107	102	79	90	189
Total Current Assets	6823	7814	7618	8645	7256	5318	4310	4574	4899	5523	7600
Total Assets	7230	8300	8372	9564	8239	6406	5397	5631	5914	6507	8616

Bharat Dynamics Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	4295	3962	722	124	676	93	30	15	295	457	265
Cash Flow from Operating Activities	-555	202	-599	284	-420	-341	84	504	1068	530	2130
Cash Flow from Investing Activities	270	229	62	149	3	1047	170	-33	-734	-573	-1171
Cash Flow from Financing Activities	-47	-126	-61	-324	-166	-769	-268	-191	-173	-149	-171
Net Cash Inflow / Outflow	-333	304	-598	109	-583	-63	-15	280	162	-192	788
Closing Cash & Cash Equivalent	3962	4267	124	233	93	30	15	295	457	265	1053

Bharat Dynamics Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	10.03	12.02	15.43	23	21.44	28.82	23.06	29.18	14.06	27.28	19.22
CEPS(Rs)	11.46	13.12	17.75	25.18	23.98	32.28	27.56	34.45	19.22	32.21	23.43
DPS(Rs)	5.02	6.01	7.28	17.29	12.89	8.65	6.92	8.8	7.35	8.3	9.35
Book NAV/Share(Rs)	33.16	42.36	56.47	74.62	88.74	105.38	122.48	141.02	145.34	164.29	174.24
Core EBITDA Margin(%)	-5.7	0.64	7.76	9.87	8.53	10.66	20.21	24.36	18.05	25.82	16.44
EBIT Margin(%)	39.21	28.76	22.85	20.76	16.52	16.96	22.04	24.09	18.06	25.37	19.58
Pre Tax Margin(%)	39.09	28.67	22.67	20.63	16.43	16.87	21.87	23.91	17.81	25.2	19.35
PAT Margin (%)	26.9	19.48	15.61	13.78	10.72	11.51	13.77	17.23	13.47	17.74	14.15
Cash Profit Margin (%)	30.75	21.26	17.96	15.09	11.99	12.9	16.46	20.33	18.41	20.95	17.25
ROA(%)	4.24	4.45	5.32	6.27	5.89	7.21	7.16	9.7	4.47	8.05	4.66
ROE(%)	34.22	31.83	31.22	32.61	26.26	25.76	20.24	22.15	9.82	17.62	11.35
ROCE(%)	49.87	47	45.69	49.13	40.41	37.89	32.33	30.9	13.15	25.15	15.69
Receivable days	62.98	69.99	47.13	21.46	11.18	36.8	77.08	50.8	63.04	40.61	35.83
Inventory Days	273.93	245.76	183.61	158.1	160.52	165.74	213.48	148.18	214.9	197.66	254.89
Payable days	129.68	109.01	88.53	136.38	175.04	172.74	175.6	106.17	238.02	201.1	156.33
PER(x)	0	0	0	0	0	13.65	12.3	6.35	23.65	20.04	51.46
Price/Book(x)	0	0	0	0	0	3.73	2.32	1.31	2.29	3.33	5.67
Dividend Yield(%)	0	0	0	0	0	2.2	2.44	4.75	2.21	1.52	0.95
EV/Net Sales(x)	-3.59	-2.34	-1.28	-0.83	-0.36	1.5	1.57	0.88	2.37	2.88	5.73
EV/Core EBITDA(x)	-8.34	-7.66	-4.96	-3.49	-1.85	8.15	6.37	3.24	10.31	9.69	25.27
Net Sales Growth(%)	12.17	65.49	56.7	36.2	19.79	0.91	-32.94	1.16	-38.36	47.22	-11.64
EBIT Growth(%)	20.31	21.4	27.21	30.42	-4.65	-3.63	-13.05	10.55	-53.79	106.79	-31.81
PAT Growth(%)	22.75	19.8	28.37	26.72	-6.76	0.78	-19.99	26.58	-51.81	93.95	-29.55
EPS Growth(%)	22.75	19.8	28.37	49.08	-6.76	34.38	-19.99	26.58	-51.81	93.95	-29.55
Debt/Equity(x)	0	0	0	0	0	0	0	0	0	0	0
Current Ratio(x)	1.1	1.12	1.57	1.33	1.28	1.26	1.48	1.98	1.94	2.14	3.45
Quick Ratio(x)	0.94	0.92	1.27	1.01	0.88	0.8	0.91	1.61	1.39	1.5	2.62
Interest Cover(x)	324.3	298.4	124.12	157.22	179.62	185.22	131.3	137.04	73.34	150.48	87.79
Total Debt/Mcap(x)	0	0	0	0	0	0	0	0	0	0	0

Bharat Dynamics Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	74.93	74.93	74.93	74.93	74.93	74.93	74.93	74.93	74.93	74.93
FII	1.73	2.11	2.4	2.88	3.24	2.83	3.36	3.09	3.1	2.95
DII	17.38	16.38	14.59	13.01	12.4	14.1	13.79	12.81	13.32	12.4
Public	5.96	6.59	8.08	9.18	9.43	8.15	7.93	9.17	8.66	9.72
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	13.73	13.73	13.73	13.73	13.73	13.73	13.73	13.73	13.73	13.73
FII	0.32	0.39	0.44	0.53	0.59	0.52	0.62	0.57	0.57	0.54
DII	3.19	3	2.67	2.38	2.27	2.58	2.53	2.35	2.44	2.27
Public	1.09	1.21	1.48	1.68	1.73	1.49	1.45	1.68	1.59	1.78
Others	0	0	0	0	0	0	0	0	0	0
Total	18.33	18.33	18.33	18.33	18.33	18.33	18.33	18.33	18.33	18.33

Pros

Debtor days have improved from 201.1 to 156.33days.
Company is almost debt free.

Cons

Company has a low return on equity of 13% over the last 3 years.
Stock is trading at 9.8 times its book value.
The company has delivered a poor profit growth of -7% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.