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Bharat Dynamics Limited (BDL) is an Indian defence public-sector company under the Ministry of Defence. It manufactures guided missiles, missile systems and related defence equipment. 2. Fundamental analysis Latest available market data reviewed: 21 October 2026, unless otherwise stated. Financial indicator Latest available figure Share price ₹1,070 Market capitalisation ₹39,222 crore P/E ratio 75.31× Return on equity (ROE) 10.19% Return on capital employed (ROCE) 13.85% FY26 revenue ₹2,442 crore FY26 net profit ₹420.34 crore Source: ET Money market data. Figures may vary across platforms. ET Money Positive factors - Defence sector opportunity: Indigenous missile production and defence modernisation may support long-term demand. - Order opportunities: New defence contracts, including recent order announcements, can improve future revenue visibility. ***** +1 - Export potential: International sales could provide an additional growth opportunity. Key concerns - Weak FY26 performance: Revenue declined approximately 27% and net profit around 24% year-on-year. ET Money - High valuation: A P/E of approximately 75× is demanding when earnings are declining. - Order execution: Defence orders do not immediately translate into revenue or cash flow. Delivery schedules and customer acceptance matter. Fundamental view: BDL has a strategically important business, but earnings recovery and valuation are key factors to monitor. A strong defence-sector outlook alone is not enough to justify any share price. 3. Technical analysis As of 22 October 2026, BDL is trading near its 52-week low. The latest reported intraday range was approximately ₹1,038–₹1,065. Stochastic RSI indicators +1 Important technical levels Near-term support ₹1,038–₹1,048 Lower support ₹1,020 First resistance ₹1,075–₹1,090 Higher resistance ₹1,100–₹1,125