Bharat Dynamics Limited, a Government of India Enterprise under the Ministry of Defence, disclosed its unaudited standalone financial results for the quarter and half year ended 30 September 2026 pursuant to Regulation 33 of SEBI (LODR) Regulations, 2015.

The financial results were considered and recommended by the Audit Committee and approved by the Board at its meeting held on 12 November 2026, which commenced at 11:30 AM and concluded at 01:00 PM. Arrangements have been made to publish the extract of the financial results in a national daily (English) and local daily (Telugu and Hindi) newspapers.

Financial Performance Highlights

Quarter Ended 30 September 2026 (Unaudited):

  • Revenue from operations: ₹1,664.14 crore
  • Sales/income from operations: ₹1,644.16 crore
  • Other operating income: ₹19.98 crore
  • Other income: ₹167.07 crore
  • Total income: ₹1,831.21 crore
  • Total expenses: ₹1,585.05 crore
  • Profit before exceptional items and tax: ₹246.16 crore
  • Tax expense: ₹62.67 crore
  • Profit for the period: ₹183.48 crore
  • Other comprehensive income: ₹0.02 crore
  • Total comprehensive income: ₹183.50 crore
  • Earnings per share (Basic and diluted): ₹5.01

Half Year Ended 30 September 2026 (Unaudited):

  • Revenue from operations: ₹2,236.38 crore
  • Sales/income from operations: ₹2,209.90 crore
  • Other operating income: ₹26.48 crore
  • Other income: ₹270.51 crore
  • Total income: ₹2,506.88 crore
  • Total expenses: ₹2,095.10 crore
  • Profit before exceptional items and tax: ₹411.79 crore
  • Tax expense: ₹109.51 crore
  • Profit for the period: ₹302.27 crore
  • Other comprehensive loss: ₹(1.68) crore
  • Total comprehensive income: ₹300.59 crore
  • Earnings per share (Basic and diluted): ₹8.25

Comparative Figures:

  • Quarter Ended 30 September 2025: Profit of ₹215.88 crore with EPS of ₹5.89
  • Year Ended 31 March 2026 (Audited): Profit of ₹420.34 crore with EPS of ₹11.47

Balance Sheet Position as at 30 September 2026

Assets:

  • Total Assets: ₹16,557.70 crore
  • Non-current assets: ₹1,555.31 crore
  • Property, Plant and Equipment: ₹686.74 crore
  • Capital Work-in-Progress: ₹223.76 crore
  • Right of use assets: ₹0.01 crore
  • Other Intangible Assets: ₹57.59 crore
  • Intangible Assets under development: ₹124.60 crore
  • Financial Assets: ₹1,257.41 crore
  • Deferred Tax Assets: ₹87.76 crore
  • Other Non-current Assets: ₹123.74 crore
  • Current assets: ₹15,002.39 crore
  • Inventories: ₹4,684.99 crore
  • Trade Receivables: ₹619.07 crore
  • Cash and Cash Equivalents: ₹947.29 crore
  • Bank balances other than cash equivalents: ₹4,973.00 crore
  • Loans: ₹2.27 crore
  • Other Financial Assets: ₹775.66 crore
  • Current tax Assets: ₹154.86 crore
  • Other Current Assets: ₹2,845.25 crore

Equity and Liabilities:

  • Total Equity: ₹4,526.90 crore
  • Equity Share Capital: ₹183.28 crore (Face value of ₹5 each)
  • Other Equity: ₹4,343.62 crore
  • Non-current Liabilities: ₹5,610.16 crore
  • Financial Liabilities: ₹5.28 crore
  • Provisions: ₹0.49 crore
  • Other Non-current Liabilities: ₹5,556.83 crore
  • Current Liabilities: ₹6,420.65 crore
  • Lease Liabilities: ₹1.60 crore
  • Trade Payables: ₹1,992.97 crore
  • Other financial liabilities: ₹550.66 crore
  • Other Current Liabilities: ₹3,504.21 crore
  • Provisions: ₹371.21 crore

Cash Flow Statement for Half Year Ended 30 September 2026

  • Cash flow from operating activities: ₹1,161.58 crore
  • Cash flow used in investing activities: ₹(1,075.93) crore
  • Cash flow used in financing activities: ₹(1.68) crore
  • Net increase in cash and cash equivalents: ₹83.98 crore
  • Cash and cash equivalents at beginning: ₹863.31 crore
  • Cash and cash equivalents at end: ₹947.29 crore

Significant Notes to Financial Results

1. The financial results have been prepared in accordance with Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013 and Regulation 33 of SEBI (LODR) Regulations 2015.

2. Ministry of Corporate Affairs has exempted Government companies engaged in defence production from the requirement of Segment Reporting.

3. A final dividend of ₹0.40 per equity share for financial year 2025-26 was approved by shareholders in the Annual General Meeting held on 28 September 2026.

4. Statutory Auditors have conducted a limited review of the financial results for the quarter and period ended 30th September 2026.

5. Note 8 - Inventories include ₹832.71 crore (₹832.71 crore as of 31 March 2026) 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. These are backed by advances of ₹3,623.44 crore received against these contracts. Although the company's accounting policy requires provision for redundancy for inventory not moved for more than 5 years, no provision was considered necessary as advances received exceed the assets acquired.

6. The Company has invested in Advanced Materials (Defence) Testing Foundation and Electronic Warfare (Defence) Testing Foundation (Section 8 companies) which are not considered for consolidation as the company does not have rights to variable returns.

7. Previous period figures have been regrouped and reclassified for comparability.

Auditor's Limited Review Report

Umamaheswara Rao & Co., Chartered Accountants conducted a limited review and expressed an unmodified conclusion, noting nothing has come to their attention that causes them to believe the Statement contains material misstatement.

Emphasis of Matter: The auditors specifically drew attention to Note 8 regarding inventories non-moving for more than 5 years without provision, citing customer advances exceeding inventory value as rationale.

Other Matters: The Statement includes:

  • Figures for year ended March 31, 2026, audited by Tej Raj & Pal, Chartered Accountants with unmodified opinion
  • Comparative figures for quarter and half year ended September 30, 2025, reviewed by Tej Raj & Pal
  • Comparative figures for preceding quarter ended June 30, 2026, reviewed by Tej Raj & Pal