Bharat Dynamics Limited (NSE:BDL) is a government-owned defense company in India that specializes in manufacturing guided missiles and other defense equipment. The company was established in 1970 and is headquartered in Hyderabad, India. BDL’s product portfolio includes various types of missiles, including surface-to-air missiles, anti-tank guided missiles, and underwater weapons. The company also manufactures defense equipment such as torpedoes, countermeasures, and test equipment. BDL supplies its products to the Indian armed forces, as well as to other countries. The company has been awarded various certifications and recognitions, including the ISO 9001 certification for quality management and the Raksha Mantri’s Award for Excellence in Performance.<\/p>\n\n\n\n
Bharat Dynamics Limited (BDL) has reported its Q3FY23 results, which show a decline in revenue of 42.6% YoY to INR 461.6 crore, significantly lower than the estimated revenue of INR 862.6 crore. The de-growth in revenue both YoY and QoQ shows muted execution during the quarter in its existing contracts. However, 9MFY23 revenue was up 17.8% YoY due to significantly higher revenue during Q1FY23 (+440.3% YoY) on a lower base.<\/p>\n\n\n\n
Gross margins improved 619 bps YoY and 1436 bps QoQ to 69.8% as raw material costs declined considerably both YoY and QoQ. However, EBITDA margins came in at 19.3% (vs. estimated 27%), down 1674 bps YoY due to significantly higher other costs (25.1% of sales in Q3FY23 vs. 8.6% of sales in Q3FY22). Sequentially, EBITDA margin improved by 171 bps. 9MFY23 EBITDA margin was also down 911 bps YoY at 13.3%.<\/p>\n\n\n\n
EBITDA declined 69.3% YoY (-5.3% QoQ) to INR 88.9 crore (vs. estimated INR 232.9 crore). The 9MFY23 EBITDA was down significantly by 30.1% YoY to INR 224.8 crore. PAT was at INR 83.7 crore, down 61.1% YoY led by a decline in revenues and contraction in margins. 9MFY23 PAT was down 15.5% YoY to INR 199.4 crore.<\/p>\n\n\n\n
BDL’s order backlog was at INR 11,906 crore as of November 2022 end, which is 3.8x TTM revenues. The company’s revenue and profitability have been impacted due to muted execution during the quarter in its existing contracts, along with significantly higher other costs. However, the order backlog provides visibility on the company’s future revenue growth.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bharat Dynamics Limited (NSE:BDL) is a government-owned defense company in India that specializes in manufacturing guided missiles and other defense equipment. The company was established in 1970 and is headquartered in Hyderabad, India. BDL’s product portfolio includes various types of missiles, including surface-to-air missiles, anti-tank guided missiles, and underwater weapons. The company also manufactures defense […]<\/p>\n","protected":false},"author":1932,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[392,5753],"tags":[9008],"class_list":["post-141834","post","type-post","status-publish","format-standard","hentry","category-earnings","category-industrials","tag-defence"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":147415,"url":"https:\/\/alphastreet.com\/india\/alphagraph-bharat-dynamics-limited-nse-bdl-q4fy23-results-out-total-income-fell-41-yoy\/","url_meta":{"origin":141834,"position":0},"title":"Alphagraph | Bharat Dynamics Limited (NSE: BDL): Q4FY23 Results Out; Total Income fell 41% YoY.","author":"Divyansh_Kasana","date":"May 26, 2023","format":false,"excerpt":"Bharat Dynamics Limited is a Government of India Enterprise that specializes in the production of guided missiles and related defense equipment. With a rich heritage spanning decades, BDL has established itself as a key player in the defense sector. 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Presenting below its Q1 FY26 Earnings Results. Q1 FY26 Earnings Results Revenue: \u20b94,712 crore, up 8.75% year-on-year (YoY) from \u20b94,333 crore in Q1 FY25. Total Expenses: \u20b94,108 crore, up\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"BDL Q1 FY26 Earnings Results","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/BDL-1.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/BDL-1.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/BDL-1.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/BDL-1.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/BDL-1.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/BDL-1.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":168834,"url":"https:\/\/alphastreet.com\/india\/bharat-dynamics-ltd-q4fy25-18-rise-in-profits\/","url_meta":{"origin":141834,"position":2},"title":"Bharat Dynamics Ltd Q4FY25; 18% rise in Profits","author":"Divyansh_Kasana","date":"June 20, 2025","format":false,"excerpt":"Bharat Dynamics (BDL), is a Government of India Enterprise. It is engaged in the manufacturing of guided missiles and allied defence equipments . Financial Results: Bharat Dynamics Ltd reported Revenues for Q4FY25 of \u20b99,150.00 Crores up from \u20b98,564.00 Crore year on year, a rise of 6.84%. 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Financial Highlights: Revenues surged 110.46% year-on-year to \u20b91,147 crore from \u20b9545 crore. Total expenses rose 110.75% to \u20b9980 crore from \u20b9465 crore. 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It is engaged in the manufacturing of guided missiles and allied defence equipments . Financial Results: Bharat Dynamics Ltd reported Revenues for Q3FY25 of \u20b92,975.00 Crores up from \u20b92,882.00 Crore year on year, a rise of 3.23%. 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It is engaged in the manufacturing of guided missiles and allied defence equipments . Financial Results: Bharat Dynamics Ltd reported Revenues for Q1FY24 of \u20b9298.00 Crores down from \u20b9695.00 Crore year on year, a fall of 57.12%. 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