Company Valuation: Bharat Dynamics Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 100,676 181,210 321,090 469,713 401,972 403,879 - -
Change - 79.99% 77.19% 46.29% -14.42% 0.47% - -
Enterprise Value (EV) 1 100,676 142,674 278,806 427,810 354,879 348,565 340,819 337,961
Change - 41.72% 95.41% 53.44% -17.05% -1.78% -2.22% -0.84%
P/E 20.1x 51.4x 52.4x 85.5x 95.6x 51.4x 37x 28.6x
PBR 3.32x 5.64x 8.83x 11.7x 9.48x 8.41x 7.16x 6.03x
PEG - -1.7x 0.7x -8.3x -4.1x 0.6x 1x 1x
Capitalization / Revenue 3.57x 7.28x 13.6x 14x 16.5x 9.84x 7.2x 5.61x
EV / Revenue 3.57x 5.73x 11.8x 12.8x 14.5x 8.49x 6.08x 4.69x
EV / EBITDA 13.9x 35x 52x 90.6x 159x 50.5x 33.5x 25.9x
EV / EBIT 15.8x - 59.4x 107x 241x 78.4x 40x 29.3x
EV / FCF 23.5x 7.06x 84.3x -371x 94.6x 30.9x 26.2x -710x
FCF Yield 4.25% 14.2% 1.19% -0.27% 1.06% 3.24% 3.81% -0.14%
Dividend per Share 2 4.15 4.675 5.275 4.65 4.9 6.166 7.324 8.953
Rate of return 1.51% 0.95% 0.6% 0.36% 0.45% 0.56% 0.66% 0.81%
EPS 2 13.64 9.61 16.72 14.99 11.47 21.45 29.8 38.59
Distribution rate 30.4% 48.6% 31.5% 31% 42.7% 28.7% 24.6% 23.2%
Net sales 1 28,174 24,894 23,693 33,451 24,418 41,062 56,088 72,036
EBITDA 1 7,261 4,082 5,366 4,724 2,234 6,899 10,180 13,041
EBIT 1 6,357 - 4,695 4,017 1,474 4,445 8,511 11,530
Net income 1 4,999 3,522 6,127 5,496 4,203 7,820 11,011 13,995
Net Debt 1 - -38,537 -42,285 -41,904 -47,093 -55,313 -63,060 -65,918
Reference price 2 274.65 494.35 875.95 1,281.40 1,096.60 1,101.80 1,101.80 1,101.80
Nbr of stocks (in thousands) 366,563 366,563 366,563 366,563 366,563 366,562 - -
Announcement Date 5/26/22 5/25/23 5/30/24 5/27/25 5/28/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
51.1x8.44x50.23x0.56% 4.17B
35.1x6.49x27.21x0.59% 318B
30.56x2.86x16.99x1.55% 248B
25.44x1.69x12.57x1.81% 168B
34.86x5.08x21.31x0.98% 162B
33.03x3.62x16.42x1.25% 153B
-662.61x1.79x40.4x-.--% 152B
16.62x1.62x11.63x2.77% 117B
41.69x9.4x29.14x0.23% 91.55B
19.52x1.66x13.56x1.9% 89.61B
Average -37.47x 4.26x 23.95x 1.16% 150.4B
Weighted average by Cap. -39.54x 3.95x 21.65x 1.16%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Bharat Dynamics Limited

Historical PBR trend

Valuation ratios - PBR - Bharat Dynamics Limited

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Bharat Dynamics Limited

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Bharat Dynamics Limited


Year-on-year evolution of the Yield

Valuation ratios - Yield - Bharat Dynamics Limited
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