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Bharat Dynamics (BDL) reported strong Q1FY27 performance

ICICIdirect Research 17 Aug 2026 DISCLAIMER

News: Bharat Dynamics (BDL) reported strong Q1FY27 performance, with revenue from operations increasing 130.8% YoY (+19.2% QoQ) to ₹572 crore, supported by improved execution across its programmes. EBITDA stood at ₹83 crore (vs loss of ₹45 crore in Q1FY26 and ₹55 crore in Q4FY26), with EBITDA margin improving to 14.5% (+3,282 bps YoY, +301 bps QoQ). PAT increased sharply by 547.4% YoY (+5.0% QoQ) to ₹119 crore.

View: Execution improved significantly during Q1FY27, possibly led by ease in supply chain constraints or increasing indigenisation levels of key platforms. With the current order book at ~₹26,500 crore (~9.6x TTM revenue), BDL has strong revenue visibility over the medium term, while the pipeline remains robust across QRSAM, Varunastra, Akash-NG, Helina and other missile programmes. Going ahead, we believe that timely execution of the large backlog along with further improvement in margins would remain the key monitorables

Impact: Neutral

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