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Bharat Dynamics soars 5% after Q1; buy, sell or hold? Analysts recommend
Bharat Dynamics Q1FY26 results
In Q1FY26, Bharat Dynamics reported a net profit of ₹18.34 crore, a sharp increase of 154.37 per cent compared to ₹7.21 crore in the same quarter last year. Revenue from operations rose 29.69 per cent to ₹247.92 crore from ₹191.16 crore in Q1 FY25.
Here's what brokerages said on Bharat Dynamics' Q1 results?
Domestic brokerage Motilal Oswal noted that Bharat Dynamics delivered a 30 per cent Y-o-Y growth in execution during Q1FY26, aided by a strong order book and easing supply chain challenges. While Ebitda margins remained negative due to seasonal weakness and negative operating leverage, losses narrowed compared to the previous year.
PAT came in ahead of consensus expectations. With an order book of approximately ₹23,300 crore, execution is expected to ramp up further in coming quarters, especially in projects like Akash, Astra Mk1, MRSAM, and other armaments.
Motilal Oswal had initially rated the stock 'Neutral' in July 2025 due to high valuations of 52x/38x FY27E/FY28E EPS. Following a 25 per cent correction, the stock is now trading at more reasonable valuations of 39x/29x. The brokerage has therefore upgraded the stock to 'Buy' from 'Neutral' and maintained its target price of ₹1,900, based on 42x Sep'27E EPS.
Nuvama highlighted that despite subdued profitability, Bharat Dynamics posted strong execution growth of 30 per cent year-on-year, reaching ₹250 crore during Q1FY26. The company's current order backlog of ₹22,800 crore, which is around seven times FY25 sales, and a strong ₹42,800 crore pipeline provide visibility for the next four to five years.
Key catalysts include timely and profitable execution, rising exports to friendly nations, and the easing of supply constraints related to chips and warheads. Nuvama is projecting a 51 per cent revenue CAGR and a 66 per cent EPS CAGR from FY25 to FY28, along with operating margins in the 23 to 23.5 per cent range.
The brokerage has maintained its 'Buy' rating and target price of ₹2,250, based on a 45x target PE on FY27E EPS of ₹50.1.
About Bharat Dynamics
Headquartered in Hyderabad, Bharat Dynamics was established on 16 July 1970 as a Public Sector Undertaking under the Ministry of Defence, Government of India. Conceived as the manufacturing hub for guided missile systems and allied equipment for the Indian Armed Forces, Bharat Dynamics has since evolved into a critical pillar of India's defence infrastructure.
Over the decades, it has collaborated extensively with the Defence Research and Development Organisation (DRDO) and foreign Original Equipment Manufacturers (OEMs) to supply a wide range of missiles and associated systems.
The company now stands among the few global players equipped with state-of-the-art facilities for the production of guided missiles, underwater weapons, airborne defence systems, and more. It also provides life cycle support, refurbishment, and life extension services for vintage missile systems.
BDL has transitioned from a missile manufacturer to a comprehensive Weapon System Integrator, offering end-to-end solutions to the Indian Armed Forces. With four operational manufacturing units—three in Telangana (Hyderabad, Bhanur, and Ibrahimpatnam) and one in Visakhapatnam, Andhra Pradesh—the company is expanding its footprint with a new facility under development in Amravati, Maharashtra.
In partnership with DRDO, BDL produces a variety of indigenous systems, including the Akash Surface-to-Air Missile and heavyweight and lightweight torpedoes, the latter of which are also being exported.
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