Bharat Dynamics Limited reported a 27% decline in revenue from operations to ₹2,442 crore for FY26, while its total order book increased to ₹26,176 crore as of March 31, 2026. The company disclosed these figures in an investor presentation filed pursuant to Regulation 46(2)(o) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. New orders worth ₹5,909 crore were received during FY26, with export orders valued at approximately ₹417 crore. The company also noted that orders worth approximately ₹15,000 crore are in the pipeline for the current financial year.

Despite the revenue decline, the Profit After Tax (PAT) margin improved to 17.2% in FY26 from 16.4% in the previous year. However, the absolute PAT decreased to ₹420.33 crore from ₹549.64 crore in FY25. Earnings per share (EPS) for the year stood at ₹11.47, down from ₹14.99 in FY25. The company's R&D expenditure increased to ₹198.23 crore, constituting 8.1% of revenue, up from 6.7% in the prior year.

Financial Highlights

The following table summarises the key financial metrics for FY26 compared to FY25:

Operational Metrics

The company's trade receivables days improved significantly to 109 days in FY26 from 176 days in FY25. Conversely, inventory turnover days increased to 691 days from 289 days in the previous year. The number of employees decreased to 2,101 from 2,269 in FY25. The board declared a dividend of ₹4.90 per share for FY26, compared to ₹4.65 in the previous year.

Order Book and Export Pipeline

Bharat Dynamics identified potential products for exports, including Akash SAM, Light Weight Torpedo, and Astra missiles. The stable order book position, combined with the approximately ₹15,000 crore pipeline for the current financial year, reflects the company's continued focus on both domestic defence procurement and export opportunities.

Prime Minister Narendra Modi's upcoming visit to Jakarta is set to be centred on finalising a landmark deal for BrahMos missiles with Indonesia. The high-stakes diplomatic engagement signals a significant step forward in defence cooperation between India and Indonesia, with the BrahMos supersonic cruise missile system at the heart of the discussions.

BrahMos Deal in Focus

The Jakarta visit is expected to bring the two nations closer to concluding an agreement that has been in the works as part of deepening bilateral defence ties. The BrahMos missile, a joint venture between India and Russia, has emerged as one of India's most prominent defence export offerings, and Indonesia has been among the prospective buyers in the Southeast Asian region.

The potential finalisation of this deal carries broad implications for India's defence industrial base. Key defence sector companies, including Bharat Dynamics Limited and Data Patterns, are closely watched in the context of India's expanding defence export pipeline, given their roles within the broader Indian defence manufacturing ecosystem.

Strategic Significance

The proposed agreement reflects India's intensifying focus on positioning itself as a credible defence exporter in the Indo-Pacific. Indonesia, as one of Southeast Asia's largest military spenders, represents a strategically important partner for India's defence outreach.

The outcome of PM Modi's Jakarta visit is anticipated to have meaningful consequences for India's defence export trajectory and the companies operating within this sector.