Bharat Dynamics Limited (BDL) fair value: what the stock is really worth
As of Oct 30, 2026: fair value (intrinsic value) of Bharat Dynamics Limited stock ₹113, price ₹975, that is 88.4% below the price, quality 45 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Oct 25, 2026.
How to read this chart
60‑month range ₹171.26 – ₹2,007 · fair‑value band ₹97.46 – ₹143.62 · the ₹975.00 price screens above the ₹112.77 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 25, 2026.
Bharat Dynamics Limited manufactures and sells guided missiles and allied defence equipment in India.
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It offers light and heavy weight torpedo, unified launcher, fagot launcher adapted to milan equipment, konkurs launcher test equipment, akash weapon system, konkurs missile test equipment, medium range surface to air missile, dishani, quick reaction surface to air missile, multi influential ground mines, vertically lunched-short range surface to air missile, anti-submarine warfare suite, astra weapon system, counter measures dispensing system, smart anti-airfield weapon, anti-torpedo decoy launching system, helina, Amogha " III, man portable anti-tank guided missile, NAG anti-tank guided missile, invar (3 UBK 20) anti-tank guided missile, konkurs-M anti-tank guided missile, and milan " 2T. The company sells its products to the Indian Armed forces and government of India.
It also exports its products. Bharat Dynamics Limited was incorporated in 1970 and is headquartered in Hyderabad, India.
Stock analysis
Bharat Dynamics Limited (BDL) currently trades at ₹975.00, while our model-based Fair Value estimate is ₹112.77, 88.4% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹182.19 per share, and 0 of the 24 models we run sit above the ₹975.00 price.
Bear case: the Earnings-Based group reads lowest at ₹42.09, and 24 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: ₹97.46 (bear) to ₹143.62 (bull), the price of ₹975.00 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 45/100 (below-average quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Bharat Dynamics Limited reported revenue of ₹24.2B in FY2026 versus ₹27.4B in FY2022, a compound −3.1%/yr. Reported net income was ₹4.2B in FY2026, compounding −4.2%/yr from FY2022.
Key figures
Market cap ₹357B (≈ $3.8B) Mid · P/E ratio 68.6 · P/S ratio 12.9 · EPS (TTM) ₹14.21 · Dividend yield 0.4% · Net margin 18.8% · Return on equity 10.2% · Return on assets (EBIT) 4.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 55 out of 100 (medium confidence).
What moves the price
The share trades about 39% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at −88%, BDL screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (₹42.09 to ₹489.55). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear₹97.46Fair Value ₹112.77Bull₹143.62
Price ₹975.00 · Downside -88.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹8.41 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.69/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−27.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.7%
Start year 2021 (pandemic)
Revenue growth 6 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−4.0%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−15.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−15.9%
Dividend (yield on the price)0.4%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.14% → 6%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+43.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+37.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +37.5% a year for the price and +31.7% for the forecasts.
Compare Bharat Dynamics Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Aerospace & Defense · 239 stocks
Beats the industry median on 3/11 measures
Overall it trails its industry peers.
Valuation
Quality Score45 · Below median
Profitability
Return on equity (12 months)10.2% · Above median
Return on assets0.7% · Bottom 25%
Net margin (12 months)17.2% · Top 25%
Operating margin (12 months)7.4% · Below median
Growth and dividend
Revenue growth (quarter YoY)−73.0% · Bottom 25%
Dividend yield (12 months)0.4% · Bottom 25%
Valuation Multiplesvs Aerospace & Defense median · lower = cheaper
P/E (12 months)68.6× · Priciest 25%
P/B12.01× · Priciest 25%
P/S (12 months)20.87× · Priciest 25%
Price / free cash flow1.4× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 38
FUTURE (revenue growth)42· sector 21
PAST (return on equity)51· sector 25
HEALTH (low debt)85· sector 94
DIVIDEND (yield)20· sector 60
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Bharat Dynamics Limited (BDL) overvalued or undervalued?
As of Oct 25, 2026, our model estimates a fair value of ₹112.77 versus a price of ₹975.00, about 88% lower (overvalued).
What is the fair value of BDL?
Our model-based fair value for Bharat Dynamics Limited is ₹112.77 (as of Oct 25, 2026), built from audited fundamentals. The current price: ₹975.00.
What is the quality score of BDL?
Bharat Dynamics Limited has a Quality Score of 45/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Bharat Dynamics Limited (BDL)?
Our model-based price target is the fair value of ₹112.77 (as of Oct 25, 2026) from 24 valuation models. Cautious scenario ₹97.46, optimistic scenario ₹143.62. It is a calculation from audited fundamentals, not an analyst target.
What is the Bharat Dynamics Limited stock forecast for 2026?
Our models put fair value at ₹112.77, about 88% lower versus a price of ₹975.00 (overvalued). Cautious scenario ₹97.46, optimistic scenario ₹143.62. The calculation is refreshed regularly with new filings.
What is the revenue of Bharat Dynamics Limited (BDL)?
Bharat Dynamics Limited reported trailing-twelve-month revenue of about ₹27.7B (latest available figure, as of Oct 25, 2026).
Does Bharat Dynamics Limited pay a dividend?
Bharat Dynamics Limited currently shows a dividend yield of 0.37% relative to its recent price (as of Oct 25, 2026).
What growth is priced into Bharat Dynamics Limited (BDL)?
For today's price to be fair in a discounted-cash-flow model, Bharat Dynamics Limited would have to grow free cash flow by +43.2 % per year for five years (discount rate 10.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.7 % per year. As of Oct 25, 2026.
What discount rate (WACC) does the fair value of BDL use?
Our models discount Bharat Dynamics Limited at 10.9 %: a base by market capitalisation (mid), damped by beta 0.32, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Bharat Dynamics Limited that is +43.2 % per year a year over ten years, using the same discount rate (10.9 %) and the same formula as our fair value.
How much growth has Bharat Dynamics Limited (BDL) delivered so far?
Over the past 5 years revenue at Bharat Dynamics Limited grew +5.7 % a year. The price currently implies +43.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Bharat Dynamics Limited (BDL) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Bharat Dynamics Limited (+43.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Bharat Dynamics Limited (BDL)?
The free-cash-flow yield on the price is 1.05 %: that much free cash flow Bharat Dynamics Limited produces per unit of market value. When it exceeds the discount rate of our models (10.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Bharat Dynamics Limited (BDL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bharat Dynamics Limited it is ₹112.77 per share (as of Oct 25, 2026), against a price of ₹975.00. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Bharat Dynamics Limited stock overvalued or undervalued in 2026?
As of Oct 25, 2026, BDL trades above its calculated fair value: price ₹975.00, fair value ₹112.77, a gap of about −88% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BDL?
No. The price is what the market pays today (₹975.00); the fair value is what the company's own numbers justify (₹112.77). For Bharat Dynamics Limited the two are ₹862.23 per share apart. That gap is exactly why we show both numbers side by side.
How much is Bharat Dynamics Limited worth?
The market values Bharat Dynamics Limited at about ₹357B (market capitalisation, as of Oct 25, 2026). Per share that is ₹975.00; our models calculate a fair value of ₹112.77 per share.
What do the bullish and bearish scenarios say about BDL?
Our models span a range for Bharat Dynamics Limited: cautious scenario ₹97.46, base ₹112.77, optimistic ₹143.62 per share (as of Oct 25, 2026, price ₹975.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BDL?
Bharat Dynamics Limited trades at a price-to-earnings ratio of 68.6 (as of Oct 25, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹112.77 is built from several models across several years. Other multiples: P/B 12.0, P/S 20.9.
How solid is the balance sheet of Bharat Dynamics Limited (BDL)?
Balance-sheet figures for Bharat Dynamics Limited (as of Oct 25, 2026): return on equity 10.2%. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is BDL from its 52-week high?
Bharat Dynamics Limited trades at ₹975.00, about 39% below its 52-week high of ₹1,607 and at the low of ₹975.00 (as of Oct 30, 2026). Distance from the high says nothing about value: that is what the fair value of ₹112.77 is for.
Which stocks are comparable to Bharat Dynamics Limited?
From the same area (Industrials) we also value General Electric Company, RTX Corporation, Airbus SE, Lockheed Martin Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Bharat Dynamics Limited stock attractive at the current price?
The data as of Oct 25, 2026: price ₹975.00, calculated fair value ₹112.77 (−88%), Quality Score 45/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BDL calculated?
We run Bharat Dynamics Limited through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹112.77, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.9 % above its aggregate fair value. Bharat Dynamics Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Bharat Dynamics Limited (BDL)?
The closing price on Oct 30, 2026 was ₹975.00. Our model-based fair value is ₹112.77, about 88% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bharat Dynamics Limited right now?
The price sits above even our optimistic bull case (₹143.62). The favourable scenario is already priced in. Weak quality (45/100) and above fair value at the same time, the margin of safety is missing on both counts.
Key figures of Bharat Dynamics Limited
How large is the market capitalisation of Bharat Dynamics Limited (BDL)?
The market capitalisation of Bharat Dynamics Limited is ₹357B (≈ $3.8B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Bharat Dynamics Limited (BDL)?
The price-to-sales ratio of Bharat Dynamics Limited is 12.9 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Bharat Dynamics Limited (BDL)?
Earnings per share at Bharat Dynamics Limited are ₹14.21 (price ÷ EPS = P/E 68.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Bharat Dynamics Limited (BDL)?
The dividend yield of Bharat Dynamics Limited is 0.4% (payout 25.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Bharat Dynamics Limited (BDL)?
The net margin of Bharat Dynamics Limited is 18.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Bharat Dynamics Limited (BDL)?
The return on equity (ROE) of Bharat Dynamics Limited is 10.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Bharat Dynamics Limited (BDL)?
On an EBIT basis the return on assets of Bharat Dynamics Limited is 4.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Bharat Dynamics Limited (BDL)?
The operating margin of Bharat Dynamics Limited is 11.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bharat Dynamics Limited (BDL)?
Revenue at Bharat Dynamics Limited is growing +131% versus a year earlier (3y avg −0.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Bharat Dynamics Limited (BDL)?
Earnings per share at Bharat Dynamics Limited are growing +548% versus a year earlier. How much earnings per share grew versus a year earlier.
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Some data
Oct 25, 2026