Integrated Filing — IndAS

General information about company

Scrip Code	541143
NSE Symbol	BDL
MSEI Symbol	NOTLISTED
ISIN	INE171Z01026
Name of company	Bharat Dynamics Limited
Type of company	Main Board
Class of security	Equity
Date of start of financial year	01-04-2025
Date of end of financial year	31-03-2026
Date of board meeting when results were approved	13-11-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange	04-11-2025
Description of presentation currency	INR
Level of rounding used in financial results	Lakhs
Reporting Type	Quarterly
Reporting Quarter	Second quarter
Nature of report standalone or consolidated	Standalone
Whether results are audited or unaudited for the quarter ended	Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended	Unaudited
Segment Reporting	Single segment
Description of single segment	Manufacture of Weapons systems
Start date and time of board meeting	13-11-2025 14:30:00
End date and time of board meeting	13-11-2025 16:15:00
Whether cash flow statement is applicable on company	Yes
Type of cash flow statement	Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification	Not applicable
Whether the company has any related party?	Yes
Whether the company has entered into any Related Party transaction during the selected half year for which it wants to submit disclosure?	No
(I) We declare that the acceptance of fixed deposits by the bans/Non-Banking Finance Company are at the terms uniformly applicable/offered to all shareholders/public	NA
(II) We declare that the scheduled commercial bank, as per RBI circular RBI/DBR/2015-16/19 dated March 03, 2016, has allowed additional interest of one per cent per annum, over and above the rate of interest mentioned in the schedule of interest rates on savings or a term deposits of banks staff and their exclusive associations as well as on deposits of Chairman, Chairman & Managing Director, Executive Director or such other Executives appointed for a fixed tenure.	NA
Whether the company is a high value debt listed entity according to regulation 15 (1A)?	No
(a) If answer to above question is Yes, whether complying with proviso to regulation 23 (9), i.e., submitting RPT disclosures on the day of results publication?
(b) If answer to above question is No, please explain the reason for not complying.
Whether the updated Related Party Transactions (RPT) Policy (in compliance with Reg. 23 of SEBI LODR) has been uploaded on the website of the Company?	Yes
Latest Date on which RPT policy is updated	25-05-2023
Indicate Company website link for updated RPT policy of the Company	https://bdl-india.in/sites/default/files/PolicyonRelatedPartyTransactions_1.pdf
Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter?	No
No. of times funds raised during the quarter
Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity?	No
NA

Financial Results Ind-AS

Amount in (Lakhs)

Particulars		3 months/ 6 months ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
A	Date of start of reporting period	01-07-2025	01-04-2025
B	Date of end of reporting period	30-09-2025	30-09-2025
C	Whether results are audited or unaudited	Unaudited	Unaudited
D	Nature of report standalone or consolidated	Standalone	Standalone
1	Income
	Revenue from operations	1,14,702.80	1,39,495.70
	Other income	12,057.01	20,743.25
	Total income	1,26,759.81	1,60,238.95
2	Expenses
(a)	Cost of materials consumed	78,166.38	98,819.78
(b)	Purchases of stock-in-trade	0.00	0.00
(c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	(13,046.22)	(27,776.24)
(d)	Employee benefit expense	16,238.60	29,435.57
(e)	Finance costs	134.89	204.51
(f)	Depreciation, depletion and amortisation expense	1,911.63	3,677.77
(f)	Other Expenses
1	Misellaneous Operating Expenses	9,791.94	14,297.15
2	Power and Fuel	584.21	1,272.32
3	Provisions Net Off Written back	866.83	2,308.90
4	Rates and Taxes	21.38	147.20
5	Repairs	894.76	1,661.82
6	Security Arrangements	1,452.94	2,683.32
7	Travelling	537.30	1,050.48
8	Others	443.72	1,381.61
	Total other expenses	14,593.08	24,802.80
	Total expenses	97,998.36	1,29,164.19
3	Total profit before exceptional items and tax	28,761.45	31,074.76
4	Exceptional items	0.00	0.00
5	Total profit before tax	28,761.45	31,074.76
6	Tax expense
7	Current tax	8,221.64	8,668.91
8	Deferred tax	(1,048.56)	(1,017.50)
9	Total tax expenses	7,173.08	7,651.41
10	Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement	0.00	0.00
11	Net Profit Loss for the period from continuing operations	21,588.37	23,423.35
12	Profit (loss) from discontinued operations before tax	0.00	0.00
13	Tax expense of discontinued operations	0.00	0.00
14	Net profit (loss) from discontinued operation after tax	0.00	0.00
15	Share of profit (loss) of associates and joint ventures accounted for using equity method	0.00	0.00
16	Total profit (loss) for period	21,588.37	23,423.35
17	Other comprehensive income net of taxes	(597.53)	(216.05)
18	Total Comprehensive Income for the period	20,990.84	23,207.30
19	Total profit or loss, attributable to
	Profit or loss, attributable to owners of parent
	Total profit or loss, attributable to non-controlling interests
20	Total Comprehensive income for the period attributable to
	Comprehensive income for the period attributable to owners of parent
	Total comprehensive income for the period attributable to owners of parent non-controlling interests
21	Details of equity share capital
	Paid-up equity share capital	18,328.12	18,328.12
	Face value of equity share capital	5	5
27	Details of debt securities
22	Reserves excluding revaluation reserve
23	Earnings per share
i	Earnings per equity share for continuing operations
	Basic earnings (loss) per share from continuing operations	5.89	6.39
	Diluted earnings (loss) per share from continuing operations	5.89	6.39
ii	Earnings per equity share for discontinued operations
	Basic earnings (loss) per share from discontinued operations	0	0
	Diluted earnings (loss) per share from discontinued operations	0	0
ii	Earnings per equity share
	Basic earnings (loss) per share from continuing and discontinued operations	5.89	6.39
	Diluted earnings (loss) per share from continuing and discontinued operations	5.89	6.39
24	Debt equity ratio
25	Debt service coverage ratio
26	Interest service coverage ratio
27	Disclosure of notes on financial results		Textual Information(1)

Disclosure of notes on financial results

Textual Information(1)	These unaudited Financial results have been prepared in accordance with the Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013 read with relevant rules thereunder and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 and amendments thereto. Ministry of Corporate Affairs (MCA) vide G.S.R. No. 463 (E) dated 5th June 2015 as amended vide notification No. 1/2/ 2014-CL-V dated 23 February 2018 has exempted the Government companies engaged in defence production from the requirement of Segment Reporting A Final dividend of Rs. 0.65 per equity share for the financial year 2024-25 has been approved by the shareholders in the Annual General Meeting held on 26 September 2025. As required under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, Statutory Auditors have conducted a limited review of the above financial results for the quarter and period ended 30th September 2025. The above statement of financial results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 13 November 2025. Code on Social Security, 2020: The Code on Social Security , 2020 (Code) relating to employee benefits during employment and post employment benefits received Presidential assent in September 2020. The Code has been published in the Official Gazette of Government of India. However, the date on which the Code will come into effect has not been notified. The Company will evaluate the impact and will give appropriate impact in the financial statements in the period in which the Code becomes effective. Inventories include Rs. 8331.44 lakhs (Rs. 8331.44 lakhs as of 31 March, 2025) which are non-moving for more than 5 years, procured by the company based on firm orders/LOI that were subsequently short closed by the customer which is fully backed by advances received against these contracts. Although the company’s accounting policy requires provision for redundancy to be made in respect of inventory not moved for more than 5 years, no provision for redundancy were considered necessary, in view of advances received against these firm orders/LOI being in excess of the assets acquired including these inventories and expenditures incurred thereon. The previous period figures have been regrouped and reclassified wherever necessary to make them comparable with current period figures. The Company has invested in Advanced Materials (Defence) Testing Foundation and Electronic Warfare (Defence) Testing Foundation which are registered under Section 8 of the Companies Act, 2013. Though these entities are associates, these entities are not considered for preparation of consolidated financial statements as the company does not have rights to variable returns from its involvement, other than equity investment.

Textual Information(1)

These unaudited Financial results have been prepared in accordance with the Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013 read with relevant rules thereunder and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 and amendments thereto. Ministry of Corporate Affairs (MCA) vide G.S.R. No. 463 (E) dated 5th June 2015 as amended vide notification No. 1/2/ 2014-CL-V dated 23 February 2018 has exempted the Government companies engaged in defence production from the requirement of Segment Reporting A Final dividend of Rs. 0.65 per equity share for the financial year 2024-25 has been approved by the shareholders in the Annual General Meeting held on 26 September 2025. As required under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, Statutory Auditors have conducted a limited review of the above financial results for the quarter and period ended 30th September 2025. The above statement of financial results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 13 November 2025. Code on Social Security, 2020: The Code on Social Security , 2020 (Code) relating to employee benefits during employment and post employment benefits received Presidential assent in September 2020. The Code has been published in the Official Gazette of Government of India. However, the date on which the Code will come into effect has not been notified. The Company will evaluate the impact and will give appropriate impact in the financial statements in the period in which the Code becomes effective. Inventories include Rs. 8331.44 lakhs (Rs. 8331.44 lakhs as of 31 March, 2025) which are non-moving for more than 5 years, procured by the company based on firm orders/LOI that were subsequently short closed by the customer which is fully backed by advances received against these contracts. Although the company’s accounting policy requires provision for redundancy to be made in respect of inventory not moved for more than 5 years, no provision for redundancy were considered necessary, in view of advances received against these firm orders/LOI being in excess of the assets acquired including these inventories and expenditures incurred thereon. The previous period figures have been regrouped and reclassified wherever necessary to make them comparable with current period figures. The Company has invested in Advanced Materials (Defence) Testing Foundation and Electronic Warfare (Defence) Testing Foundation which are registered under Section 8 of the Companies Act, 2013. Though these entities are associates, these entities are not considered for preparation of consolidated financial statements as the company does not have rights to variable returns from its involvement, other than equity investment.

Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio

Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars		Year ended (dd-mm-yyyy)
Date of start of reporting period		01-04-2025
Date of end of reporting period		30-09-2025
Whether results are audited or unaudited		Unaudited
Nature of report standalone or consolidated		Standalone
	Assets
1	Non-current assets
	Property, plant and equipment	65,299.02
	Capital work-in-progress	17,117.08
	Investment property	0.97
	Goodwill	0.00
	Other intangible assets	18,468.36
	Intangible assets under development	11,317.25
	Biological assets other than bearer plants	0.00
	Investments accounted for using equity method	0.00
	Non-current financial assets
	Non-current investments	390.60
	Trade receivables, non-current	0.00
	Loans, non-current	393.35
	Other non-current financial assets	10,319.03
	Total non-current financial assets	11,102.98
	Deferred tax assets (net)	13,363.55
	Other non-current assets	4,285.30
	Total non-current assets	1,40,954.51
2	Current assets
	Inventories	3,20,328.18
	Current financial asset
	Current investments	0.00
	Trade receivables, current	1,19,213.02
	Cash and cash equivalents	58,214.43
	Bank balance other than cash and cash equivalents	3,59,950.00
	Loans, current	230.62
	Other current financial assets	77,024.58
	Total current financial assets	6,14,632.65
	Current tax assets (net)	7,213.50
	Other current assets	2,23,654.95
	Total current assets	11,65,829.28
3	Non-current assets classified as held for sale	0.00
4	Regulatory deferral account debit balances and related deferred tax Assets	0.00
	Total assets	13,06,783.79
	Equity and liabilities
1	Equity
	Equity attributable to owners of parent
	Equity share capital	18,328.12
	Other equity	4,03,391.60
	Total equity attributable to owners of parent	4,21,719.72
	Non controlling interest
	Total equity	4,21,719.72
2	Liabilities
	Non-current liabilities
	Non-current financial liabilities
	Borrowings, non-current	0.00
	Trade payables, non-current
	(A) Total outstanding dues of micro enterprises and small enterprises	0.00
	(B) Total outstanding dues of creditors other than micro enterprises and small enterprises	0.00
	Total Trade payable	0.00
	Other non-current financial liabilities	4,235.01
	Total non-current financial liabilities	4,235.01
	Provisions, non-current	45.16
	Deferred tax liabilities (net)
	Deferred government grants, Non-current
	Other non-current liabilities	3,73,409.83
	Total non-current liabilities	3,77,690.00
	Current liabilities
	Current financial liabilities
	Borrowings, current	0.00
	Trade payables, current
	(A) Total outstanding dues of micro enterprises and small enterprises	3,366.93
	(B) Total outstanding dues of creditors other than micro enterprises and small enterprises	2,00,432.47
	Total Trade payable	2,03,799.40
	Other current financial liabilities	39,399.07
	Total current financial liabilities	2,43,198.47
	Other current liabilities	2,09,937.63
	Provisions, current	54,237.97
	Current tax liabilities (Net)	0.00
	Deferred government grants, Current
	Total current liabilities	5,07,374.07
3	Liabilities directly associated with assets in disposal group classified as held for sale
4	Regulatory deferral account credit balances and related deferred tax liability
	Total liabilities	8,85,064.07
	Total equity and liabilites	13,06,783.79
	Disclosure of notes on assets and liabilities	Textual Information(1)

Text Block

Textual Information(1)	1.Right of use assets amounting to Rs 4995.04 Lakh is included in other Intangible Assets . 2.Lease Liability amounting to Rs 123.62 Lakh is included in other current Financial Liabilities.

Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars		3 months/ 6 month ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period		01-07-2025	01-04-2025
Date of end of reporting period		30-09-2025	30-09-2025
Whether results are audited or unaudited		Unaudited	Unaudited
Nature of report standalone or consolidated		Standalone	Standalone
1	Segment Revenue (Income)
	(net sale/income from each segment should be disclosed)
	Total Segment Revenue
	Less: Inter segment revenue
	Revenue from operations
2	Segment Result
	Profit (+) / Loss (-) before tax and interest from each segment
	Total Profit before tax
	i. Finance cost
	ii. Other Unallocable Expenditure net off Unallocable income
	Profit before tax
3	(Segment Asset - Segment Liabilities)
	Segment Asset
	Total Segment Asset
	Un-allocable Assets	null	null
	Net Segment Asset	null	null
4	Segment Liabilities
	Segment Liabilities
	Total Segment Liabilities
	Un-allocable Liabilities	null	null
	Net Segment Liabilities	null	null
	Disclosure of notes on segments

Other Comprehensive Income

Amount in (Lakhs)

Particulars		3 months/ 6 months ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
A	Date of start of reporting period	01-07-2025	01-04-2025
B	Date of end of reporting period	30-09-2025	30-09-2025
C	Whether results are audited or unaudited	Unaudited	Unaudited
D	Nature of report standalone or consolidated	Standalone	Standalone
	Other comprehensive income [Abstract]
1	Amount of items that will not be reclassified to profit and loss
1	Remeasurement of the defined benefit plans	(798.49)	(288.71)
	Total Amount of items that will not be reclassified to profit and loss	(798.49)	(288.71)
2	Income tax relating to items that will not be reclassified to profit or loss	(200.96)	(72.66)
3	Amount of items that will be reclassified to profit and loss
	Total Amount of items that will be reclassified to profit and loss
4	Income tax relating to items that will be reclassified to profit or loss	0.00	0.00
5	Total Other comprehensive income	(597.53)	(216.05)

Cash flow statement, indirect

Amount in (Lakhs)

Particulars			Year ended (dd-mm-yyyy)
A	Date of start of reporting period		01-04-2025
B	Date of end of reporting period		30-09-2025
C	Whether results are audited or unaudited		Unaudited
D	Nature of report standalone or consolidated		Standalone
	Statement of cash flows
	Cash flows from used in operating activities
	Profit before tax		31,074.76
	Adjustments for reconcile profit (loss)
	Adjustments for finance costs		204.51
	Adjustments for decrease (increase) in inventories		(56,150.98)
	Adjustments for decrease (increase) in trade receivables, current		(36,577.39)
	Adjustments for decrease (increase) in trade receivables, non-current		0.00
	Adjustments for decrease (increase) in other current assets		(48,987.16)
	Adjustments for decrease (increase) in other non-current assets		0.00
	Adjustments for other financial assets, non-current		(15.49)
	Adjustments for other financial assets, current		20,424.04
	Adjustments for other bank balances		0.00
	Adjustments for increase (decrease) in trade payables, current		53,243.35
	Adjustments for increase (decrease) in trade payables, non-current		0.00
	Adjustments for increase (decrease) in other current liabilities		12,130.91
	Adjustments for increase (decrease) in other non-current liabilities		40,775.17
	Adjustments for depreciation and amortisation expense		3,677.77
	Adjustments for impairment loss reversal of impairment loss recognised in profit or loss		0.00
	Adjustments for provisions, current		719.03
	Adjustments for provisions, non-current		1.77
	Adjustments for other financial liabilities, current		2,941.34
	Adjustments for other financial liabilities, non-current		(263.03)
	Adjustments for unrealised foreign exchange losses gains		0.00
	Adjustments for dividend income		0.00
	Adjustments for interest income		15,491.95
	Adjustments for share-based payments		0.00
	Adjustments for fair value losses (gains)		(57.34)
	Adjustments for undistributed profits of associates		0.00
	Other adjustments for which cash effects are investing or financing cash flow		0.52
	Other adjustments to reconcile profit (loss)		0.00
	Other adjustments for non-cash items		341.29
	Share of profit and loss from partnership firm or association of persons or limited liability partnerships		0.00
	Total adjustments for reconcile profit (loss)		(23,083.64)
	Net cash flows from (used in) operations		7,991.12
	Dividends received		0.00
	Interest paid		0.00
	Interest received		0.00
	Income taxes paid (refund)		16,018.57
	Other inflows (outflows) of cash		0.00
	Net cash flows from (used in) operating activities		(8,027.45)
	Cash flows from used in investing activities
	Cash flows from losing control of subsidiaries or other businesses		0.00
	Cash flows used in obtaining control of subsidiaries or other businesses		0.00
	Other cash receipts from sales of equity or debt instruments of other entities		0.00
	Other cash payments to acquire equity or debt instruments of other entities		0.00
	Other cash receipts from sales of interests in joint ventures		0.00
	Other cash payments to acquire interests in joint ventures		0.00
	Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships		0.00
	Cash payment for investment in partnership firm or association of persons or limited liability partnerships		0.00
	Proceeds from sales of property, plant and equipment		0.21
	Purchase of property, plant and equipment		7,113.48
	Proceeds from sales of investment property		0.00
	Purchase of investment property		0.00
	Proceeds from sales of intangible assets		0.00
	Purchase of intangible assets		26.79
	Proceeds from sales of intangible assets under development		0.00
	Purchase of intangible assets under development		0.00
	Proceeds from sales of goodwill		0.00
	Purchase of goodwill		0.00
	Proceeds from biological assets other than bearer plants		0.00
	Purchase of biological assets other than bearer plants		0.00
	Proceeds from government grants		0.00
	Proceeds from sales of other long-term assets		0.00
	Purchase of other long-term assets		0.00
	Cash advances and loans made to other parties		0.00
	Cash receipts from repayment of advances and loans made to other parties		0.00
	Cash payments for future contracts, forward contracts, option contracts and swap contracts		0.00
	Cash receipts from future contracts, forward contracts, option contracts and swap contracts		0.00
	Dividends received		0.00
	Interest received		14,682.06
	Income taxes paid (refund)		0.00
	Other inflows (outflows) of cash		45,701.00
	Net cash flows from (used in) investing activities	53,243.00
	Cash flows from used in financing activities
	Proceeds from changes in ownership interests in subsidiaries		0.00
	Payments from changes in ownership interests in subsidiaries		0.00
	Proceeds from issuing shares		0.00
	Proceeds from issuing other equity instruments		0.00
	Payments to acquire or redeem entity's shares		0.00
	Payments of other equity instruments		0.00
	Proceeds from exercise of stock options		0.00
	Proceeds from issuing debentures notes bonds etc		0.00
	Proceeds from borrowings		0.00
	Repayments of borrowings		0.00
	Payments of lease liabilities		87.88
	Dividends paid		163.91
	Interest paid		135.01
	Income taxes paid (refund)		0.00
	Other inflows (outflows) of cash		0.00
	Net cash flows from (used in) financing activities		(386.80)
	Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes		44,828.75
	Effect of exchange rate changes on cash and cash equivalents
	Effect of exchange rate changes on cash and cash equivalents		0.00
	Net increase (decrease) in cash and cash equivalents		44,828.75
	Cash and cash equivalents cash flow statement at beginning of period		13,385.68
	Cash and cash equivalents cash flow statement at end of period		58,214.43

Amount in (Lakhs)

Format for Disclosure of Related Party Transactions (applicable only for half-yearly filings i.e., 2nd and 4th quarter)

	Name	Name	Type of related party transaction	Details of other related party transaction		Remarks on approval by audit committee			Value of transaction during the reporting period	Opening balance	Nature of indebtedness (loan/ issuance of debt/ any other etc.)	Details of other indebtedness	Nature (loan/ advance/ intercorporate deposit/ investment )	Notes
Sr No.												Additional disclosure of related party transactions - applicable only in case the related party transaction relates to loans, inter-corporate deposits, advances or investments made or given by the listed entity/subsidiary. These details need to be disclosed only once, during the reporting period when such transaction was undertaken.
	Details of the party (listed entity/subsidiary) entering into the transaction	Details of the counterparty	Type of related party transaction	Details of other related party transaction	Value of the related party transaction as approved by the audit committee	Remarks on approval by audit committee	Value of the related party transaction ratified by the audit committee	Date of Audit Committee Meeting where the ratification was approved	Value of transaction during the reporting period	In case monies are due to either party as a result of the transaction	In case any financial indebtedness is incurred to make or give loans, inter-corporate deposits, advances or investments		Details of the loans, inter-corporate deposits, advances or investments	Notes
Total value of transaction during the reporting period