Bharat Dynamics Limited (BDL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-60.0%

₹408.93

vs ₹1,022.90 price

Levered DCF

₹859.59

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

3.06

Safe zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	95.61×	83.07×	53.05×	51.44×	20.14×	23.65×	6.34×	12.28×
P/B	9.48×	11.39×	8.94×	5.64×	3.32×	2.27×	1.3×	2.29×
P/S	16.46×	13.64×	13.72×	7.28×	3.57×	3.18×	1.09×	1.69×
EV / EBITDA	54.82×	96.35×	59.5×	41.83×	13.51×	16.38×	4.11×	8.32×
Gross margin	24.9%	48.8%	60.4%	50.9%	57.2%	54.8%	50.3%	45.3%
Operating margin	6.0%	25.1%	31.2%	23.7%	34.9%	25.9%	30.4%	25.8%
Net margin	17.2%	16.4%	25.9%	14.1%	17.7%	13.5%	17.2%	13.8%
Current ratio	2.01×	2.38×	3.07×	3.45×	2.14×	1.94×	1.98×	1.48×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	43.53×	253.75×	238.08×	106.26×	206.92×	105.27×	172.67×	153.39×
Dividend yield	0.5%	0.5%	0.4%	0.9%	1.4%	2.8%	5.5%	5.1%
Payout ratio	45.3%	39.4%	23.7%	47.4%	29.1%	65.6%	34.9%	62.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.9%	13.7%	16.8%	11.0%	16.5%	9.6%	20.5%	18.6%
Return on invested capital	1.4%	8.3%	7.5%	6.7%	17.4%	10.9%	20.1%	74.3%
Return on assets	2.9%	4.7%	5.9%	4.1%	7.6%	4.3%	9.4%	7.7%
Free cash flow yield	1.8%	0.4%	1.0%	11.2%	4.2%	16.6%	13.2%	-0.1%
Earnings yield	1.0%	1.2%	1.9%	1.9%	5.0%	4.2%	15.8%	8.1%
Enterprise value	₹354.8B	₹455.1B	₹319.2B	₹170.7B	₹98.1B	₹56.5B	₹31.1B	₹51.7B
Net debt / EBITDA	-7.28×	-0.28×	-1.1×	-2.57×	-0.36×	-1.3×	-0.38×	-0.02×
Cash conversion cycle (days)	420	333	643	619	528	558	436	469