Bharat Dynamics - Public Comps and Valuation Multiples

Bharat Dynamics Overview

About Bharat Dynamics

Bharat Dynamics Ltd is engaged in the manufacturing of Missiles and allied Defence equipment. The Company provides the majority of its goods and services to the Indian Armed Forces and the Government of India. Its products comprise Milan-2T ATGM, Helina, Astra Weapon System, FLAME, Anti-Submarine Warfare Suite (ASW SUITE), Astra Weapon Systemothers, and Others.

Founded

1970

HQ

Employees

2.3K+

Website

bdl-india.in

Sectors

Defense Systems
DefenseTech
Industry 4.0

Financials

LTM Revenue $446M

LTM EBITDA $81.2M

EV

$6.0B

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Bharat Dynamics Financials

As of August 2025, Bharat Dynamics reported last 12-month revenue of $446M and EBITDA of $81.2M.

In the same period, Bharat Dynamics generated $224M in LTM gross profit and $85.2M in net income.

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Bharat Dynamics P&L

In the most recent fiscal year, Bharat Dynamics reported revenue of $377M and EBITDA of $93.1M.

Bharat Dynamics expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$446M	XXX	$377M	XXX	XXX	XXX
Gross Profit	$224M	XXX	$187M	XXX	XXX	XXX
Gross Margin	50%	XXX	50%	XXX	XXX	XXX
EBITDA	$81.2M	XXX	$93.1M	XXX	XXX	XXX
EBITDA Margin	18%	XXX	25%	XXX	XXX	XXX
EBIT	$79.0M	XXX	$45.6M	XXX	XXX	XXX
EBIT Margin	18%	XXX	12%	XXX	XXX	XXX
Net Profit	$85.2M	XXX	$62.3M	XXX	XXX	XXX
Net Margin	19%	XXX	17%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Bharat Dynamics including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $446M. EBITDA for the last twelve months was $81.2M. In the most recent fiscal year, Bharat Dynamics achieved $377M in revenue and $93.1M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$446M	Analyst estimates available to subscribers	$377M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$224M	Analyst estimates available to subscribers	$187M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	50.3% gross margin	Analyst estimates available to subscribers	49.5% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$81.2M	Analyst estimates available to subscribers	$93.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	18.2% EBITDA margin	Analyst estimates available to subscribers	24.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$79.0M	Analyst estimates available to subscribers	$45.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	17.7% EBIT margin	Analyst estimates available to subscribers	12.1% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$85.2M	Analyst estimates available to subscribers	$62.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	19.1% net profit margin	Analyst estimates available to subscribers	16.5% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Bharat Dynamics

This financial data table provides comprehensive performance metrics for Bharat Dynamics, a company based in India. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Bharat Dynamics generated $446M in revenue over the last twelve months.
The company achieved $81.2M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $224M.
Net income over the last twelve months reached $85.2M.

Fiscal Year Performance

In the most recent fiscal year, Bharat Dynamics reported $377M in total revenue.
Fiscal year EBITDA was $93.1M.
The company maintained a gross profit margin of 49.5% in the most recent fiscal year.
EBITDA margin for the fiscal year was 24.7%.
Net profit margin reached 16.5% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Bharat Dynamics. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Bharat Dynamics Stock Performance

Bharat Dynamics has current market cap of INR 574B (or $6.5B), and EV of INR 533B (or $6.0B).

Market Cap Evolution

Bharat Dynamics Stock Data

As of September 12, 2025, Bharat Dynamics's stock price is INR 1567 (or $18).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$6.0B	$6.5B	XXX	XXX	XXX	XXX	$0.24

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Bharat Dynamics Valuation Multiples

Bharat Dynamics's trades at 17.3x EV/Revenue multiple, and 63.4x EV/EBITDA.

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Bharat Dynamics Financial Valuation Multiples

As of September 12, 2025, Bharat Dynamics has market cap of $6.5B and EV of $6.0B.

Equity research analysts estimate Bharat Dynamics's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Bharat Dynamics has a P/E ratio of 76.4x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$6.5B	XXX	$6.5B	XXX	XXX	XXX
EV (current)	$6.0B	XXX	$6.0B	XXX	XXX	XXX
EV/Revenue	13.5x	XXX	17.3x	XXX	XXX	XXX
EV/EBITDA	74.3x	XXX	63.4x	XXX	XXX	XXX
EV/EBIT	76.4x	XXX	127.0x	XXX	XXX	XXX
EV/Gross Profit	26.9x	XXX	n/a	XXX	XXX	XXX
P/E	76.4x	XXX	101.6x	XXX	XXX	XXX
EV/FCF	172.8x	XXX	-13990.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Bharat Dynamics Margins & Growth Rates

Bharat Dynamics's last 12 month revenue growth is 38%

Bharat Dynamics's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.

Bharat Dynamics's rule of 40 is 65% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Bharat Dynamics's rule of X is 113% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Bharat Dynamics Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	38%	XXX	39%	XXX	XXX	XXX
EBITDA Margin	18%	XXX	27%	XXX	XXX	XXX
EBITDA Growth	66%	XXX	26%	XXX	XXX	XXX
Rule of 40	65%	XXX	65%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	113%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	3%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	37%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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