Reflecting weaker execution visibility, Motilal Oswal has lowered its earnings projections and believes investors should await a sustained ramp-up in execution and improvement in supply-side visibility before turning constructive on Bharat Dynamics The defence company reported 59.5% year-on-year (YoY) fall in its standalone net profit to ₹113 crore in the March quarter 2026. The company reported ₹273 crore in the same quarter last year. Revenue from operations also fell 73% to ₹480 crore in Q4 FY26, as compared to ₹1,777 crore in the same period last year. On the operational front, EBITDA declined 81.5% year-on-year to ₹55.2 crore in the quarter under review, compared to ₹299 crore in Q4FY25. Meanwhile, the EBITDA margin stood at 11.5%, down from 16.8% recorded in the January–March quarter of the previous fiscal year. Profit before tax for the Q4 FY26 quarter stood at ₹153 crore, as compared to ₹378 crore for the same period a year ago. Bharat Dynamics also witnessed a steep fall of 68% in total income to ₹599 crore for the March quarter 2026, down from ₹1876 crore in the same period last year. Along with the quarterly results, the defence company also announced a final dividend of ₹0.40, with a face value of ₹5 each.