BDL · Capital Goods
Bharat Dynamics Ltd. reported revenue of ₹1,777 cr for January to March 2025, +108.1% on the year and +113.6% on the quarter. It is the highest quarterly revenue in the last 8 quarters on record. Over the last four quarters revenue comes to ₹3,345 cr, +41.1% on the four before.
Operating profit (EBITDA) was ₹299 cr, a margin of 16.8%, −2,018 bps on the year and +156 bps on the quarter. Over the last 8 quarters the margin has ranged from −27.2% to 37.0%, averaging 11.3%. Operating costs grew +174.7%, faster than revenue at +108.1%, so operating profit grew less than sales.
Net profit was ₹273 cr, −5.5% on the year and +85.7% on the quarter, with earnings per share of ₹7.44. Profit before other income, one-offs and tax fell 7.3%, so the profit growth came from the business itself. The tax rate of 28% is in line with its recent average. Profit over the last four quarters totals ₹550 cr, −10.3% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹14.99 over the last four quarters, the stock at ₹1,109.65 trades at 74.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹616 cr | ₹602 cr | ₹854 cr | ₹191 cr | ₹545 cr | ₹832 cr | ₹1,777 cr | ₹248 cr | ₹1,147 cr | ₹567 cr | ₹480 cr | ₹572 cr |
| YoY | — | — | — | −36% | −12% | +38% | +108% | +30% | +110% | −32% | −73% | +131% |
| EBITDA margin | 21.8% | 19.8% | 37.0% | −27.2% | 18.2% | 15.3% | 16.8% | −18.1% | 16.4% | 4.6% | 11.5% | 14.5% |
| Other income, % of PBT | 40% | 47% | 23% | 727% | 52% | 44% | 26% | 378% | 42% | 94% | 77% | 62% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 29% | 26% | 36% | 26% | 24% | 28% | 21% | 25% | 29% | 26% | 28% |
| Net profit | ₹147 cr | ₹135 cr | ₹289 cr | ₹7.0 cr | ₹123 cr | ₹147 cr | ₹273 cr | ₹18.0 cr | ₹216 cr | ₹73.0 cr | ₹113 cr | ₹119 cr |
| YoY | — | — | — | −83% | −16% | +9% | −6% | +157% | +76% | −50% | −59% | +561% |
| Core profit YoY | — | — | — | — | −31% | +8% | −7% | — | +109% | −94% | −87% | — |
| EPS | ₹4.01 | ₹3.68 | ₹7.88 | ₹0.20 | ₹3.34 | ₹4.01 | ₹7.44 | ₹0.50 | ₹5.89 | ₹1.99 | ₹3.09 | ₹3.24 |
| Flags | 1 | 1 | · | 2 | 2 | 1 | 1 | 1 | ✓ | 2 | 2 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Bharat Dynamics Ltd. reported revenue of ₹1,777 cr (+108.1% on the year) and net profit of ₹273 cr (−5.5% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved −7.3% on the year, against −5.5% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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