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Informist, Friday, Jan. 30, 2026

By Arundathi A R

MUMBAI – Bharat Dynamics Ltd. is expected to post a double-digit on-year rise in both its bottom line and top line for the December quarter on the back of improved execution of its key projects. However, the company's bottom line for the quarter is expected to report the slowest pace of on-year increase in three quarters.

The ammunitions and missile systems manufacturer is expected to report a near 36% on-year rise in its net profit for the reporting quarter at INR 2 billion, according to the average of estimates of four brokerages. The company's consolidated net sales for the December quarter are expected to rise nearly 25% on year to INR 10.39 billion, according to the average of estimates. However, on a quarter-on-quarter basis, the net profit and net sales of the company are expected to fall nearly 8% and over 9%, respectively. In the previous quarter, the company had reported a near-12-times surge in its net profit and a rise of five times in its revenue.

The highest estimate of INR 2.14 billion for the company's net profit for the reporting quarter is from Elara Securities (India) Pvt. Ltd. and the highest estimate of INR 11.65 billion for the company's top line is from Nuvama Wealth Management Ltd. The lowest estimates for both bottom line and top line of the company, INR 1.83 billion and INR 8.81 billion, respectively, are from Nirmal Bang Equities Pvt. Ltd.

"We expect revenue to grow 38% YoY (year-on-year), driven by the healthy execution of key projects such as the Akash missile, Astra Mk-1, and anti-tank guided missile orders," Motilal Oswal said in a report. The company had received a contract worth nearly INR 21 billion from the Ministry of Defence in November to supply INVAR anti-tank missiles to the Indian Army. 

In December, Bharat Dynamics received additional orders worth INR 24.62 billion for anti-tank guided missiles and surface-to-air missiles from the Indian Army. The company will execute the contract for the anti-tank guided missiles in 42 months and the order for surface-to-air missiles in 12 months, it said.

According to Nuvama Wealth, the company is expected to achieve revenue at a compounded annual growth rate of over 53% during 2024-25 (Apr-Mar)–FY28, on the back of a robust order pipeline of INR 228 billion as of the end of FY25.

The company is expected to post consolidated earnings before interest, tax, depreciation, and amortisation of INR 1.81 billion for the December quarter, according to the average of estimates. Motilal Oswal has the highest estimate of INR 2.06 billion for the company's EBITDA and Nirmal Bang has the lowest estimate of INR 1.66 billion. Motilal Oswal expects an on-year margin expansion of 280 basis points on the back of higher execution scale. "We expect margin recovery to be largely back-ended in 4QFY26 (Jan-Mar), driven by operating leverage," the brokerage said.

Bharat Dynamics will announce its earnings for the December quarter on Saturday. Market participants will watch out for management commentary on further inflows from emergency procurement orders and Akash-NG orders, Motilal Oswal said. Further, updates on conversion of export enquiry pipeline into firm orders will also be watched out for, the brokerage said.

On Friday, shares of Bharat Dynamics ended at INR 1,538.20 on the National Stock Exchange, up 0.5% from the previous close. The stock is down nearly 5% since the company reported its earnings for the September quarter.

Of the four research reports on the stock available with Informist, three have a 'buy' recommendation while the remaining one has a 'hold' recommendation.

Following are the Oct-Dec earnings estimates for Bharat Dynamics from four brokerages in descending order of the estimate of net profit in INR billion:

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Edited by Avishek Dutta

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