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 28-05-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 20-05-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Fourth quarter
Nature of report standalone or consolidated Standalone
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Single segment
Description of single segment Manufacture of Weapons systems
Start date and time of board meeting 28-05-2026   11:30:00
End date and time of board meeting 28-05-2026   14:15:00
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 28-05-2026
Indicate Company website link for updated RPT policy of the Company https://bdl-india.in/en/policies-codes
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 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Standalone Standalone
1 Income
Revenue from operations 48,020.44 2,44,179.18
Other income 11,916.45 42,376.95
Total income 59,936.89 2,86,556.13
2 Expenses
(a) Cost of materials consumed 54,350.98 1,99,555.04
(b) Purchases of stock-in-trade 0.00 0.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (36,294.54) (77,305.65)
(d) Employee benefit expense 10,351.30 53,557.17
(e) Finance costs 66.79 338.72
(f) Depreciation, depletion and amortisation expense 1,984.62 7,592.86
(f) Other Expenses
1 Misellaneous Operating Expenses 9,612.73 25,787.06
2 Power and Fuel 551.22 2,372.69
3 Provisions Net Off Written back 111.77 3,583.73
4 Publicity 61.14 579.10
5 Rates and Taxes 14.11 184.42
6 Repairs 1,094.83 3,619.01
7 Security Arrangements 1,390.53 5,376.07
8 Travelling 628.47 2,262.06
9 Others 623.53 2,271.83
Total other expenses 14,088.33 46,035.97
Total expenses 44,547.48 2,29,774.11
3 Total profit before exceptional items and tax 15,389.41 56,782.02
4 Exceptional items 0.00 0.00
5 Total profit before tax 15,389.41 56,782.02
6 Tax expense
7 Current tax 3,337.77 11,606.00
8 Deferred tax 733.43 3,142.26
9 Total tax expenses 4,071.20 14,748.26
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 11,318.21 42,033.76
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 11,318.21 42,033.76
17 Other comprehensive income net of taxes (128.53) 46.06
18 Total Comprehensive Income for the period 11,189.68 42,079.82
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 4,05,768.81
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 3.09 11.47
Diluted earnings (loss) per share from continuing operations 3.09 11.47
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 3.09 11.47
Diluted earnings (loss) per share from continuing and discontinued operations 3.09 11.47
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) Ministry of Corporate Affairs (MCA) vide G.S.R. No. 463 (E) dated 5 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. The financial results for the year ended 31 March 2026 have been audited by statutory auditors of the company. The audited results for the year ended 31 March 2026 are subject to supplementary audit by the Comptroller and Auditor General of India u/s 143(6) of the Companies Act, 2013. Reconstitution of Audit Committee of the Board of Directors of the Company could not be completed following expiration of the tenure of Independent Directors, as requisite quorum as mandated under the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 was not met. Since the company is a government company, appointment and reappointment of directors fall under the purview of the Government of India, which is currently under process. Consequently, in the absence of a duly constituted Audit Committee, the Board of Directors have reviewed and approved the above statement of financial results at their meeting held on 28 May 2026. The company has invested in Electronic Warfare (Defence) Testing Foundation and Advanced Materials (Defence) Testing Foundation, which are not-for-profit companies 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. An interim dividend of Rs 4.50 per equity share of Rs 5/- each for the year 2025-26 was paid in the month of February 2026. The Board of Directors have recommended Final dividend of Rs 0.40 per equity share of Rs 5 each on the paid up share capital of the company for the financial year 2025-26, subject to the approval of the shareholders in the ensuing Annual General Meeting of the company. Inventories include Rs 8327.07 Lakh (Rs 8331.44 lakh 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 backed by advances of Rs 36,234.42 lakhs 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 against these firm orders/LOI being in excess of the assets acquired including these inventories. The figures for the fourth quarter ended 31 March, 2026 are the balance figures between the audited results for the full year ended 31 March, 2026 and the unaudited year-to-date figures upto 31 December 2025 which were subject to limited review. The previous period figures have been regrouped and reclassified wherever necessary to make them comparable with current period figures. Impact of Labour codes: On 21 November 2025, The Government of India notified provisions of the Code on Wages 2019, the Industrial Relations Code 2020, the Code on Social Security 2020 and the Occupational Safety, Health and Working conditions Code 2020, which consolidates the existing 29 Labour laws into a unified framework governing employee benefits. The Company has assessed the financial impact of these changes which has resulted in additional liability of Rs 703.65 lakhs. The company continues to monitor the developments pertaining to labour codes and will evaluate the impact if any on the employee benefits related liability.



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 31-03-2026
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Standalone
Assets
1 Non-current assets
Property, plant and equipment 70,048.56
Capital work-in-progress 17,410.19
Investment property 0.97
Goodwill 0.00
Other intangible assets 17,758.08
Intangible assets under development 12,460.11
Biological assets other than bearer plants
Investments accounted for using equity method
Non-current financial assets
Non-current investments 390.60
Trade receivables, non-current
Loans, non-current 389.37
Other non-current financial assets
1 Claims/Refunds receivable 6,265.35
2 Deferred Debts 4,524.97
Total of other non-current financial assets 10,790.32
Total non-current financial assets 11,570.29
Deferred tax assets (net) 9,115.63
Other non-current assets
1 Capital advances 9,169.13
2 Deferred expense 1,390.17
3 Contract cost 1,529.72
Total of other non-current assets 12,089.02
Total non-current assets 1,50,452.85
2 Current assets
Inventories 4,62,563.74
Current financial asset
Current investments 0.00
Trade receivables, current 42,287.89
Cash and cash equivalents 86,331.49
Bank balance other than cash and cash equivalents 3,84,600.00
Loans, current 203.83
Other current financial assets
Total of other current financial assets 48,005.81
Total current financial assets 5,61,429.02
Current tax assets (net) 10,114.39
Other current assets
1 Advances other than capital advances: Advances to vendors 2,14,125.54
2 Prepaid expenses 779.38
3 Deposits 1,885.23
4 Deferred Expense 139.02
5 Earmarked balances with banks for unpaid dividend 31.81
6 Earmarked balances in ESCROW Accounts 1,413.15
7 Balances with Revenue Authorities 22,279.17
8 CSR Expenditure available for setoff 18.08
9 Contract Cost 918.51
Total of other current assets 2,41,589.89
Total current assets 12,75,697.04
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 14,26,149.89
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 18,328.12
Other equity 4,05,768.81
Total equity attributable to owners of parent 4,24,096.93
Non controlling interest
Total equity 4,24,096.93
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
1 Deferred Credit 1,391.52
2 Embedded derivative liability (Deferred liability) 3,257.14
Total of other non-current financial liabilities 4,648.66
Total non-current financial liabilities 4,648.66
Provisions, non-current 46.99
Deferred tax liabilities (net)
Deferred government grants, Non-current
Other non-current liabilities
1 Advances from Customers 3,58,761.60
2 Deferred Income 1,429.65
3 Deferred Revenue 2,583.92
Total of other non-current liabilities 3,62,775.17
Total non-current liabilities 3,67,470.82
Current liabilities
Current financial liabilities
Borrowings, current 0.00
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 5,169.15
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 2,78,309.23
Total Trade payable 2,83,478.38
Other current financial liabilities
1 Lease Liabilities 31.52
2 Current maturities of Deferred credit 491.70
3 Deposits 2,453.14
4 Creditors for expenses 24,583.22
5 Employee benefits payable 4,153.15
6 Capital works 543.06
7 Others 3,641.90
Total of other current financial liabilities 35,897.69
Total current financial liabilities 3,19,376.07
Other current liabilities 2,75,545.33
1 Advances from Customers 2,67,146.56
2 Deferred Income 142.97
3 Statutory remittances 8,255.80
Total of other current liabilities 2,75,545.33
Provisions, current 39,660.74
Current tax liabilities (Net) 0.00
Deferred government grants, Current
Total current liabilities 6,34,582.14
3 Liabilities directly associated with assets in disposal group classified as held for sale 0.00
4 Regulatory deferral account credit balances and related deferred tax liability 0.00
Total liabilities 10,02,052.96
Total equity and liabilites 14,26,149.89
Disclosure of notes on assets and liabilities Textual Information(1)



Text Block

Textual Information(1) 1. Right of use assets amounting to Rs.4817.95 lakh is included in other intangible assets. 2. Lease Liability of Rs. 31.52 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 01-01-2026 01-04-2025
Date of end of reporting period 31-03-2026 31-03-2026
Whether results are audited or unaudited Audited Audited
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 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
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 (171.75) 61.56
Total Amount of items that will not be reclassified to profit and loss (171.75) 61.56
2 Income tax relating to items that will not be reclassified to profit or loss (43.22) 15.50
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
5 Total Other comprehensive income (128.53) 46.06



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 31-03-2026
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Standalone
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 56,782.02
Adjustments for reconcile profit (loss)
Adjustments for finance costs 338.72
Adjustments for decrease (increase) in inventories (1,97,734.88)
Adjustments for decrease (increase) in trade receivables, current 40,347.74
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets (66,922.10)
Adjustments for decrease (increase) in other non-current assets (1,529.72)
Adjustments for other financial assets, non-current (482.80)
Adjustments for other financial assets, current 45,996.92
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current 1,32,922.33
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 77,738.61
Adjustments for increase (decrease) in other non-current liabilities 30,269.32
Adjustments for depreciation and amortisation expense 7,592.86
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current (12,089.42)
Adjustments for provisions, non-current 3.60
Adjustments for other financial liabilities, current (471.12)
Adjustments for other financial liabilities, non-current 150.62
Adjustments for unrealised foreign exchange losses gains 0.00
Adjustments for dividend income 0.00
Adjustments for interest income 31,193.56
Adjustments for share-based payments 0.00
Adjustments for fair value losses (gains) (114.66)
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow 0.00
Other adjustments to reconcile profit (loss) 0.00
Other adjustments for non-cash items 652.24
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) 25,474.70
Net cash flows from (used in) operations 82,256.72
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 21,856.55
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities 60,400.17
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 0.34
Purchase of property, plant and equipment 21,731.75
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 0.27
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 1,142.86
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 33,784.87
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 21,051.00
Net cash flows from (used in) investing activities 31,961.33
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 179.98
Dividends paid 19,036.00
Interest paid 199.71
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) financing activities (19,415.69)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 72,945.81
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 72,945.81
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 86,331.49





Amount in (Lakhs)

Format for Disclosure of Related Party Transactions (applicable only for half-yearly filings i.e., 2nd and 4th quarter)
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
Name PAN Name PAN Relationship of the counterparty with the listed entity or its subsidiary Opening balance Closing balance Nature of indebtedness (loan/ issuance of debt/ any other etc.) Details of other indebtedness Cost Tenure Nature (loan/ advance/ intercorporate deposit/ investment ) Interest Rate (%) Tenure Secured/ unsecured Purpose for which the funds will be utilised by the ultimate recipient of funds (endusage)
Total value of transaction during the reporting period