HYDERABAD — Bharat Dynamics reported revenue growth of 131 percent and profit growth of 548 percent this month, and the stock is lower than it was the day those numbers came out. That is not a market being slow. That is a market doing the arithmetic that the headline percentages were hiding.
The missile maker closed Monday, August 24, 2026, at ₹1,368 on the National Stock Exchange, up ₹9 or 0.66 percent, one of only two large defence names to finish higher on a day the sector was mostly red. On the BSE it settled at ₹1,368 as well. Around 9.2 lakh shares traded, a fraction of the volume the stock has been carrying since results.
Look at where that ₹1,368 sits, though. Bharat Dynamics touched ₹1,419.80 on August 14, the morning its June quarter landed, and was down at ₹1,308.20 four sessions later. It has spent the week since clawing back part of a fall that began the moment investors got past the percentage signs. The stock is 17.3 percent below its 52-week high and trades on 96 times earnings, which is the highest multiple of any large defence company in India except one.
BDL Share Price Today: NSE and BSE Close for August 24, 2026
| Measure | NSE · BDL | BSE · 541143 |
|---|---|---|
| Closing price | ₹1,368.00 | ₹1,368.00 |
| Previous close | ₹1,359.00 | ₹1,361.00 |
| Change | +₹9.00 (+0.66%) | +₹7.00 (+0.51%) |
| Open | ₹1,363.90 | ₹1,361.30 |
| Day’s high | ₹1,373.80 | ₹1,372.50 |
| Day’s low | ₹1,347.70 | ₹1,348.10 |
| Volume traded | 9.25 lakh shares | – |
| 52-week high · low | ₹1,654.00 · ₹1,086.00 | |
| Market capitalisation | ₹50,072 crore | |
| Trailing P/E · Price to book | 96.2 · 11.8 | |
| ROCE · ROE | 13.8% · 10.2% | |
| NSE and BSE closing prices for August 24, 2026. BSE figures are from the exchange’s own quote feed, timestamped 16:00 IST. Valuation ratios and market capitalisation are Screener’s. | ||
Bharat Dynamics Stock Code on NSE, BSE and Global Data Feeds
| Exchange or provider | Code | Notes |
|---|---|---|
| NSE (National Stock Exchange) | BDL | Series EQ |
| BSE (Bombay Stock Exchange) | 541143 | Scrip code |
| ISIN | INE171Z01018 | Depository identifier. Face value ₹5 |
| Google Finance | NSE:BDL · BOM:541143 | The exchange-prefixed format Google requires |
| Yahoo Finance | BDL.NS · BDL.BO | Suffix marks the exchange |
| The Government of India holds 74.93 percent of the equity, the largest state holding among the big six defence names. Headquarters: Hyderabad. | ||
The Q1 Numbers That Look Spectacular and the Ones That Do Not
Bharat Dynamics published its June quarter on August 14. Revenue from operations came in at ₹572.24 crore against ₹247.93 crore a year earlier, up 130.8 percent. Net profit was ₹118.79 crore against ₹18.35 crore, up 547.5 percent. EBITDA of ₹83.08 crore reversed a loss of ₹45.37 crore. Every line was a turnaround, and the stock went to ₹1,419.80 that morning.
| Metric | Q1 FY27 | Q1 FY26 |
|---|---|---|
| Revenue from operations | ₹572.24 crore | ₹247.93 crore |
| Net profit | ₹118.79 crore | ₹18.35 crore |
| EBITDA | ₹83.08 crore | -₹45.37 crore |
| EBITDA margin | 14.52% | -18.30% |
| Earnings per share | ₹3.24 | ₹0.50 |
| Order book (March 31, 2026) | ₹26,176 crore | |
| Order book converted in Q1 | About 2.2 percent | |
| Results reported August 14, 2026. The conversion figure is Q1 revenue expressed as a share of the disclosed order book. | ||
Now the other arithmetic. Bharat Dynamics booked ₹2,442 crore of revenue in the year to March 2026, and that was 27 percent lower than the ₹3,345 crore it managed in FY25. The June quarter did not grow 131 percent against a normal base. It grew 131 percent against a quarter in which the company lost money at the operating line. Turning a loss into a small profit is real progress. It is not the same thing as a business inflecting.
The order book makes the point sharper. At ₹26,176 crore against FY26 revenue, Bharat Dynamics is carrying roughly 10.7 years of work, comfortably the deepest cover of any large Indian defence manufacturer. In the June quarter it converted about 2.2 percent of that book into revenue. Annualise that pace and the company needs more than eleven years to work through what it has already won, which is our own calculation from the disclosed figures rather than a company projection, and which is the whole investment question stated as a number.
Why the Stock Fell for Four Sessions After Good Results
The gap between the headline and the reaction is explained by what analysts had modelled. Brokerages going into the quarter had expected roughly ₹1,300 crore of revenue from the Akash programme alone, with about ₹1,000 crore more from Astra Mk1 arriving by the September quarter. Bharat Dynamics delivered ₹572 crore in total, across everything it makes. Measured against the Akash-only projection, the quarter came in ₹728 crore short, or 56 percent below.
That is the number that moved the stock, and it moved it in the direction you would expect. From the ₹1,419.80 high on results day the shares fell to ₹1,308.20 by August 20, a drop of 7.9 percent in four sessions, on volumes that stayed heavy throughout. Monday’s modest 0.66 percent gain is the fifth session of a partial recovery, and it came on less than a quarter of the turnover that accompanied the fall.
| Date | Close (₹) | Change | Volume |
|---|---|---|---|
| August 13, 2026 | 1,375.50 | +2.65% | 41.5 lakh |
| August 14, 2026 · Q1 results | 1,398.00 | +1.64% | 84.6 lakh |
| August 17, 2026 | 1,380.00 | -1.29% | 31.5 lakh |
| August 18, 2026 | 1,393.00 | +0.94% | 26.1 lakh |
| August 19, 2026 | 1,349.00 | -3.16% | 16.7 lakh |
| August 20, 2026 | 1,317.00 | -2.37% | 20.9 lakh |
| August 21, 2026 | 1,359.00 | +3.19% | 21.9 lakh |
| August 24, 2026 | 1,368.00 | +0.66% | 9.25 lakh |
| NSE closing prices and volumes. The ₹1,419.80 intraday high on results day has not been revisited. | |||
What 96 Times Earnings Is Actually Buying
Set Bharat Dynamics beside its peers and the valuation stops looking like a growth premium and starts looking like something else. The company earns a return on equity of 10.2 percent. Bharat Electronics earns 27.4 percent and trades on 48.6 times. Mazagon Dock earns 29.2 percent and trades on 35.8 times. Bharat Dynamics earns the least of the three and costs the most. Even Hindustan Aeronautics, on 35.3 times, is barely a third as expensive on earnings while returning more than twice as much on equity.
The defence of that multiple is the order book, and it is a real defence. Nobody else in the sector has eleven years of visible work. The missiles in it are ones the Indian armed forces genuinely need and cannot buy elsewhere at scale: Akash for air defence, Astra for beyond-visual-range air combat, Nag and Amogha against armour. Demand is not the question.
Delivery is. Bharat Dynamics has now had a decade of order intake outrunning its ability to convert, and the June quarter was the first in a while where the conversion rate looked like it might be turning. One quarter of 2.2 percent, against a base quarter that lost money, is thin evidence for a re-rating that has already happened.
BDL Share Price: The Levels That Matter Now
Monday’s low of ₹1,347.70 is the immediate reference below, and beneath it sits ₹1,308.20, the August 20 low that marked the end of the post-results slide. Above, ₹1,419.80 from results day is the level the stock has not been able to retake, and the 52-week high at ₹1,654 is a further 21 percent beyond that.
What this article cannot resolve is whether the September quarter carries the Astra revenue the street has been waiting for. Bharat Dynamics gave no forward guidance with its June numbers, which for a company sitting on ₹26,176 crore of confirmed orders is a conspicuous silence. The order book is not in doubt. The rate at which it turns into money is the only thing that has ever been in doubt at this company, and one quarter has not settled it.
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