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Shareholding Info
  • Promoters
    74.93 %
  • Foreign institutions-FII
    3.09 %
  • Other domestic institutions
    4.4 %
  • Retail and other
    9.17 %
  • Mutual Funds
    8.41 %

Bharat Dynamics Limited overview

Bharat Dynamics Limited (BDL) was incorporated on 16th July 1970 under the Ministry of Defence. It serves as the manufacturing base for guided missile systems and allied equipment for the Indian Armed Forces. It is one of the leading Indian defense PSUs (public sector undertakings).

Bharat Dynamics Limited operates in the fabrication of surface-to-air missiles (SAMs), anti-tank guided missiles (ATGMs), underwater weapons launchers, countermeasure dispensing systems (CMDSs), and test equipment.

It was granted Category I Miniratna status by the former President of India through the Ministry of Defence. Currently, the company operates 3 manufacturing facilities in Hyderabad, Bhanur and Vishakhapatnam.

Bharat Dynamics Limited journey

Key milestones since inception are:

  • 1970: The company is established as a PSU under the Ministry of Defence.
  • 2003: BDL starts manufacturing 2nd generation ATGMs.
  • 2004: The firm starts the manufacturing of the naval version of strategic missiles.
  • 2007: Bharat Dynamics begins the production of anti-torpedo decoy systems.
  • 2008: BDL becomes the production agency for long-range SAMs & heavyweight torpedos.
  • 2010: The foundation stone is laid for the third manufacturing unit of BDL in Visakhapatnam.
  • 2011: The former President of India, Pratibha Devi Singh Patil, lays the foundation stone for BDL's unit at Amravati, Maharashtra.
  • 2014: BDL pays its highest-ever dividend to the government.
  • 2015: The firm delivers Akash weapon systems to the army.
  • 2016: It executes share buyback.
  • 2017: It delivers LRSAMs to the navy.
  • 2019: BDL provides MRSAMs to the airforce.
  • 2020: The company marks its golden jubilee.

BDL - Initial Public Offer (IPO)

BDL launched its IPO in March 2018. The BDL stock price offer band was set between ₹413 and ₹428. Its issue price was fixed at ₹428, with an IPO size of ₹961 crore. On 25th August 2004, BDL got listed at a lot size of 35 shares at a face value of ₹10.

BDL products

  • As part of its manufacturing activities, the Hyderabad unit manufactures SAMs, Milan 2T ATGMs, countermeasure launchers and test equipment.
  • In the Bhanur unit, Konkurs - M ATGMs and launchers and spares for INVAR (3 UBK 20) are manufactured.
  • Its business is to refurbish missiles and extend the lives of deployed and stored missiles.
  • It holds a monopoly in the production of SAMs, torpedos and ATGMs in India.
  • Currently, it is the only supplier of SAMs and ATGMs for the military.
  • At the Vishakapatnam plant, lightweight torpedoes are manufactured, in addition to anti-torpedo countermeasure systems and spare parts. It is also designated to produce VSHORADMs.

Akash SAMs

They can engage multiple targets at the same time, regardless of weather conditions.

Long-range SAMs (LRSAMs) and medium-range SAMs (MRSAMs)

Supersonic missiles such as the SAM are quick-reaction vertical launch missiles designed to neutralize enemy aerial threats, including missiles, aircraft, guided bombs and helicopters.

Milan 2T ATGMs

These second-generation, man-portable ATGMs with tandem warheads are designed to destroy tanks.

Konkurs - M ATGMs

This is a semi-automatic tube launch ATGM armed with optical tracking, wire-guided technology and canard control. It is designed to destroy moving or stationary armored targets. Konkurs - M ATGMs can be launched from vehicles and launchers on the ground.


To destroy armored vehicles, INVAR (3 UBK 20) ATGMs can be fired from a T-90 tank's gun barrel.


The CMDS is an airborne defense system that uses microcontrollers to control chaff and flares. A pilot can activate the CMDS, or a radar warning receiver can activate it.

BDL stock price return in 3 years: 226.80%

BDL business highlights

The key highlights of BDL's business performance are:







Revenue (in crore) 






Net profit (in crore)






Total income (in crore)






EPS (in crore)






BDL performance highlights

3-year CAGR (revenue)


EBITDA (FY2021-22)

₹2,817 crore

Profit (FY2021-22)

₹500 crore

Share price return in last 3 years


ROCE (FY2021-22)


ROE (FY2021-22)


BDL management

  • Chairman & Managing Director (CMDE): Siddharth Mishra (Retd)
  • Director General (Missiles and Strategic Systems): Dr. BHVS Narayana Murthy
  • Joint Secretary (DIP): Anurag Bajpai
  • Director (Finance): Nuka Srinivasulu
  • Director (Production): P. Radhakrishna
  • Independent Directors: Sunil Chintaman Mone, Prof. (Dr.) Sanghamitra Mishra, Rajendra Singh Shekhawat, Nanda Kumar Subburaman and Dr. Pawan Sthapak

Indian defense industry overview

Key players

Market capitalisation for 2022 

(in crore)

Bharat Dynamics Limited


Bharat Electronics Limited


Hindustan Aeronautics Limited


Size of the Indian defence industry

  • There have been significant developments, government support and investments in the defence manufacturing sector in the past few years.
  • During FY2022-23 (until 1st August 2022), India produced ₹17,885 crore of defence equipment.
  • From 1st to 20th August 2022, Chandimandir hosted the 3rd edition of Vietnam India Bilateral Army Exercise - 'Ex VINBAX 2022'.
  • During FY2022-23 (until 1st August 2022), exports for the Indian defence sector reached ₹1,381 crore.
  • On 4th August 2022, Defence Research and Development Organisation (DRDO) and the Indian Army successfully tested laser-guided anti-tank guided missiles mounted on Main Battle Tank (MBT) Arjun with support from Armoured Corps Centre and School, Ahmednagar, Maharashtra.
  • For April 2000 to March 2022, FDI equity inflows into the defence sector reached USD 13 million, based on data from the Department for Promotion of Industry and Internal Trade (DPIIT).

Defence industry growth prospects

  • The Defence Ministry sanctioned the supply of military equipment from domestic firms for ₹76,390 crore in June 2022.
  • The government sanctioned the establishment of two Defence Industrial Corridors (DICs) in the country. One is in Uttar Pradesh, called the Uttar Pradesh Defence Industrial Corridor (UPDIC) and the other in Tamil Nadu, called the Tamil Nadu Defence Industrial Corridor (TNDIC). This was done to attract ₹10,000 crore of investment in each.
  • The Union Budget 2022-23 allocated ₹5,25,166 crore to the Ministry of Defence. Among the expenditures are salaries and pensions of the civilian contractors and members of the armed forces, modernisation of the armed forces, the production of establishments, the maintenance of infrastructure, and R&D organisations.

Risks and concerns

  • Indian self-reliance has been hampered by a lack of capital expenditures on defence production, research and development.
  • The Indian defence budget has grown over the years, but most funds go to personnel costs, including salaries and pensions, reducing the amount available for defence. For example, for 2020-2021, 58.6% of the defence budget was spent on salaries and pensions and only 22.7% on capital expenditures.
  • A relative increase in defence production expenditures is also imminent, even as personnel costs increase.
  • India allocated 4% of its 2020-2021 defence budget for research and development, lowering the expenditure amount further.


Shri Virender Sharma - Assistant Manager
Alankit Assignments Limited
4E/2 Alankit House, Jhandewalan Extension,
New Delhi (110055)
Tel No: +91-11-4254-1954 and + 91-11-4254-1234
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