The company was incorporated on July 16, 1970 as “Bharat Dynamics Private Limited” with the Registrar of Companies, Hyderabad under the Companies Act, 1956. The Board of Directors in their meeting held on October 07, 1970 passed a resolution for deleting the word ‘private’ from the name of Company and the name of Company was changed to “Bharat Dynamics Limited” pursuant to an amendment to the certificate of incorporation issued by the Registrar of Companies, Hyderabad. The Company became a deemed public limited company under Section 43A of the Companies Act, 1956 with effect from July 01, 1975. Subsequent to the abolition of Section 43A of the Companies Act, 1956, with effect from December 13, 2000, the Company again became a private limited company. Further, the Company was converted to a public limited company and a fresh certificate of incorporation pursuant to conversion from private to public was issued by the RoC on October 27, 2017.

Bharat Dynamics Limited (BDL), a Government of India Enterprise under the Ministry of Defence was established in Hyderabad in the year 1970 to be a manufacturing base for guided missiles and allied defence equipment. Nurtured by a pool of talented engineers drawn from DRDO and aerospace industries, BDL began its journey by producing the 1st Generation Anti -Tank Guided Missile (ATGM) - the French SS11B1. This product was a culmination of a Licence Agreement the Government of India entered into with Aerospatiale, French Republic.

BDL has three manufacturing units, located at Kanchanbagh, Hyderabad, T.S., Bhanur, Sangareddy district, T.S. and Visakhapatnam, A.P. Two New Units are planned at Ibrahimpatnam, Ranga Reddy district, T.S. and Amravathi, Maharashtra.

On successful completion of the SS11B1 project, BDL embarked on production of 2nd generation ATGMs - the French MILAN - 2 and Russian Konkurs. These projects were taken up under licence production with technical collaboration from M/s. Euromissile, France and M/s. KBP, Tula, Russia respectively. These products covered a broad spectrum of the requirements of the Indian Army’s infantry and mechanized infantry forces. The productionization process at BDL with a phase-wise transfer-of-technology, laying emphasis on indigenization, has enabled its engineers to gain deep insight into the design concepts and system engineering of ATGMs.

The lead taken by the Nation to develop indigenous, sophisticated and contemporary missiles through the Integrated Guided Missile Development Programme (IGMDP), gave BDL an opportunity to be closely involved in the programme, wherein it was identified as the Prime Production Agency. This opened up a plethora of opportunities to assimilate advanced manufacturing and programme management technologies and skills. BDL rose to the needs of the Concurrent Engineering Approach adopted by DRDO in IGMDP, to become an important and competent partner in these projects.

Business area of the company

BDL is one of the leading defence PSUs in India engaged in the manufacture of Surface to Air missiles (SAMs), Anti-Tank Guided Missiles (ATGMs), underwater weapons, launchers, countermeasures and test equipment. Conferred with the Mini-ratna (Category -1). BDL is the sole manufacturer in India for SAMs, torpedoes, ATGMs. BDL is also the sole supplier of SAMs and ATGMs to the Indian armed forces. The company is also engaged in the business of refurbishment and life extension of stored and deployed missiles. The company is also the co-development partner with the DRDO for the next generation of ATGMs and SAMs.

Products

AKASH WEAPON SYSTEM - an indigenously developed, an all - weather, air defence weapon system, uses a high explosive, pre-fragmented warhead that can engage multiple threats simultaneously.
CMDS (Counter Measures Dispensing System) - is a state-of-the-art Flare and Chaff Dispensing System providing self-protection to the aircraft against Radar guided & IR seeking missiles.
MILAN - 2T - a man portable (Infantry) second generation ATGM, to destroy Tanks fitted with Explosive Reactive Armour, moving and stationary targets.
KONKURS - M - a Second Generation, mechanized infantry ATGM, to destroy armored vehicle equipped with Explosive Reactive Armour, moving and stationary targets.
TAL (Torpedo Advanced Lightweight) LIGHT WEIGHT TORPEDO (TAL) - an electrically propelled, self-homing underwater weapon. Can be launched from ship / helicopter. Seawater activated battery.
VARUNASTRA OR HEAVY WEIGHT TORPEDO - a ship launched, electrically propelled underwater weapon. Equipped with the most advanced automatic and remote controlled guidance system. Uses its own intelligence in tracing the target.
SUBMARINE FIRED DECOY - Acts as a preferred target in presence of own submarine to a passive or active homing torpedo. Can function as a preferred target. Offers zero response time for launching. Deployed from signal cartridge launch tube.
FLAME - Fagot Launcher Adapted to Milan Equipment is a cost effective launcher for firing Milan Missiles. Easy to deploy. Operates on Missile thermal battery. Man portable.
INVAR (ROUND 3UBK 20) - a mechanized infantry weapon fired from the gun barrel of T90 tank to destroy armoured vehicles equipped with Explosive Reactive Armour.
NAG - a third Generation (Fire and Forget) mechanized infantry ATGM, with top attack capability to destroy armored vehicle equipped with Explosive Reactive Armour, moving and stationary targets.
MEDIUM RANGE SURFACE -TO- AIR MISSILE (MRSAM) - a high response, quick reaction, vertically launched supersonic missile, designed to neutralize enemy aerial threats - missiles, aircraft, guided bombs, helicopters. Used by Army, Navy and Air Force as different variants.

Awards and Recognitions

1996-97: DRDO Technology Transfer and Assimilation Award.
1997-98: Silver Trophy of SCOPE Award for excellence and outstanding contribution to the Public Sector Management in the Institutional Category.
2002-03: Raksha Mantri Award for Excellence in Import Substitution and Innovation.
2004-05: Raksha Mantri Award for Design Efforts for CMDS.
2005-06: Raksha Mantri Award for Import Substitution (IRII).
2005-06: SODET Award for Development of CMDS.
2005-06: FAPCCI Award for Excellence in Research and Development of CMDS.
2006: Golden Peacock Innovation Award for the Development of CMDS.
2006-07: SODET Award (Gold Category) for Technology Development.
2007-08: Golden Peacock Innovation Award for Innovation in Electronics Division.
2009-10: SODET Award (Silver Category) for Technology Innovation related to CMDS.
2010-11: Corporate Social Responsibility (CSR) Award for Corporate Governance.
2010-11: TOLIC Rajbhasha Shield for Best Implementation of Official Language among major PSUs in twincities, consecutively for ten (10) years (i.e., from 2000-2001 to 2010-2011).
2010-11: Raksha Mantri's Award for Excellence in Group/Individual Award Category, related to missiles.
2011-12: SODET Award (Bronze category) for Technology Development.
2011-12: Best Practices in Human Resource Management for Sustainability.
2011-12: Achievers and Leaders Award (Finance)-2011-12Innovative HR Practices Award
2012-13: HR Leadership Award -2011-12HR Leadership Award (on two occasions).
2012-13: 50 Most Caring Companies in India Award.
2012-13: HR Leadership Award .
2013-14: 30 Most Talented HR Leaders in PSUs Award.
2015: Indian Chamber of Commerce - PSE Excellence Award for Operational Performance Excellence.
2015: Golden Peacock Environment Management Award.
2015: Raksha Mantri Award for Excellence.
2015: Greentech HR Award, 2015 for the best HR Strategy.
2017: Skoch BSE Award for Business Excellence.
2018: Town Official Language Implementation Committee (U) functioning is carried out by BDL Hindi Department for PSUs of twin cities consisting of 45 Organizations was awarded RAJBHASHA KIRTI PURSKAR (first place) by Govt. of India in region ‘C’ for the year 2016-17.
2019: TOLIC (U) functioning is being taken care by BDL and was awarded “Dakshin Kshetriya Rajbhasha Puraskar” for the year 2017-18 in Region “C” for best implementation of OL on 14th Feb., 2019. The award was presented by Governor of Kerala.
2020: Conferred with best practices in CSR Awards - Special Awards CSR through CSR and best practices in CSR Award for addressing Disability by IPE in Hyderabad in Jan 2020.

Key Events and Milestones

1970: Established as a PSU under the administrative control of the Ministry of Defence, GoI.
1971 - Production of first generation ATGM.
1983 - Prime production agency for IGMDP.
1985 - Production of second generation ATGM.
1986: Upgradation of the company from Schedule D PSU to Schedule C PSU.
1989 - Production of strategic ATGM.
1992: Upgradation of the company from Schedule C PSU to Schedule B PSU.
1994 - Strategic Missile Production.
2000 - Categorized as Mini Ratna-1 Company.
2001 - Light weight Torpedo Production.
2003 - Production of 2+ Generation ATGM.
2004 - Production of Naval version of strategic missile.
2007 - Production of Anti Torpedo Decoy System.
2008 - Production Agency for long range SAM & Heavy Weight Torpedo.
2013: The company’s gross sales crossed Rs 10,000 million.
2015: The company’s gross sales crossed Rs 20,000 million.
2017: The company’s gross sales crossed Rs 40,000 million.
2017-18: The company successfully completed its Initial Public Offer and became a listed company with effect from 23 March 2018 by listing its equity shares on National Stock Exchange of India Ltd and BSE Ltd.
2017-18: 5 MW Solar Photo Voltaic Power Project commissioned at BDL, Bhanur.
2018-19: BDL has completely executed Milan- 2T ATGM contract well before the contractual delivery schedule.
2018-19: BDL inaugurated production facility for manufacturing of Man-Portable Anti-Tank Guided Missile
(MP-ATGM).
2018-19: BDL inaugurated Acoustic Tank Test Facility at its Visakhapatnam Unit. The test facility is one of its kind world class test facility used for testing underwater weapons like Torpedoes, Mines, Sono buoys, Decoys and other related systems.
2019-20: Handed over first Heavy Weight Torpedo (Varunastra) from the production order of Indian Navy during “Bandhan” Programme in February 2020.
2019-20: Akash SAM two regiment order along with GSE has been executed completely. Further, the company has received Akash SAM order worth Rs.1700 Crore for supply of Akash Missiles along with associated spares.
2019-20: Corporate Office of Company has been certified with ISO 9001: 2015 Certification in Feb 2020 by the Certification body M/s.Novo Star Management Solutions India Pvt Ltd, Bengaluru.
2019-20: company has obtained PCMM level-II certification and the first Defence PSU to implement the PCMM level certification for HR Process.

Market Cap	22,454 Cr	ROE	11.4%
P/E Ratio(TTM)	52.8	EPS(TTM)	0.0
P/B Ratio	6.7	Dividend Yield	0.8%
Industry P/E	55.5	Book Value	183.1
		Face Value	10.0

Fundamentals