Bharat Dynamics Q2 Results FY27: Profit Down 15%, Margin Falls

Results analysis · Defence and PSU

Looking for the Bharat Dynamics Q2 results FY27? BDL reported on 12 November 2026: revenue up 45%, profit down 15%, operating margin sharply lower. This page lays out the figures, the margin arithmetic, where sources disagree and what to check in the filing.

Updated: Thursday, 12 November 2026, 3:30 PM IST  |  Reading time: 21 min  |  Next update: after the filing is read or the next quarterly results

Latest update (Thursday, 12 November 2026, 3:30 PM IST): Bharat Dynamics reported Q2 FY27 results on Thursday, 12 November 2026, with the first reports at about 1:41 PM IST during market hours. I did not find a dividend announcement, an order book update, an official closing price or a management call summary, and I have not opened the exchange filing.

In plain words: Bharat Dynamics Limited (BDL) is the state-owned maker of missiles and underwater weapons for India’s armed forces. It books revenue when deliveries are accepted, so one quarter can swing sharply on timing and on the mix of products delivered.

Data note: Figures are as of 12 November 2026, 3:30 PM IST. They follow Upstox, Business Upturn and Multibagg, which show the same revenue and profit but differ on a few lines. The sources do not state clearly whether every line is standalone; BDL reports standalone figures, and I treat them as such. I could not open the exchange filing. Derived numbers are my calculation. Estimates quoted from a source are that source’s, not mine.

What did BDL report in the Bharat Dynamics Q2 results FY27, and how big was the change?

In the Bharat Dynamics Q2 results FY27, revenue from operations was Rs 1,664.14 crore, up 45.1% from Rs 1,147.03 crore. EBITDA was about Rs 101 crore, down 46%, and net profit was Rs 183.48 crore, down 15.0% from Rs 215.88 crore, per Multibagg, Business Upturn and Upstox.

The results covered the quarter to 30 September 2026. Reports appeared from about 1:41 PM IST on Thursday, 12 November 2026, while the market was open (Multibagg 1:41 PM, Business Upturn 1:45 PM, Upstox updated 2:23 PM). I found no segment or order-book detail in those reports, and I have not opened the filing, so every number is as reported by the sources named.

Cite this table: Bharat Dynamics Q2 FY27 per Multibagg, Business Upturn and Upstox; percentage changes calculated by PositionalCalls.

These tie. Rs 1,664.14 crore plus Rs 167.07 crore is Rs 1,831.21 crore, less expenses of Rs 1,585.05 crore is Rs 246.16 crore, less tax of Rs 62.67 crore is Rs 183.49 crore, which matches the reported Rs 183.48 crore within rounding (my calculation). Business Upturn and Upstox show EBITDA of Rs 101 crore against Rs 187 crore; Multibagg does not report EBITDA. I read Rs 101 crore as operating profit before other income, because Rs 1,664.14 crore less Rs 1,585.05 crore is Rs 79.09 crore, and adding depreciation of Rs 21.11 crore gives about Rs 100.2 crore. That reconstruction is mine, not the source’s.

Which basis does the Bharat Dynamics Q2 results FY27 headline use?

Upstox says its figures are standalone unless stated, and the revenue, tax and profit lines match across all three sources, so I treat the table as one consistent set. Year-ago revenue appears as Rs 1,147 crore in Upstox and Business Upturn and Rs 1,147.03 crore in Multibagg; my earlier preview carried Rs 1,147.08 crore. The Rs 0.05 crore gap does not change any percentage. Check the filing for the exact figure.

What was the Q2 FY26 base, and does it tie to the Bharat Dynamics Q2 results FY27?

The Q2 FY26 base was revenue of about Rs 1,147 crore, profit before tax of Rs 287.61 crore and net profit of Rs 215.88 crore. The Q2 FY27 growth rates tie to that base within rounding, and the preview marks were all quoted from it.

Cite this table: Bharat Dynamics Q2 FY26 base per press reports and my earlier preview page; comparison by PositionalCalls.

A year ago the revenue base was itself up about 114%, so the Q2 FY27 revenue growth of 45% is on a high base, not a low one (my earlier preview, single source). Net profit in Q2 FY26 was Rs 215.88 crore on revenue of Rs 1,147 crore, a net margin of about 18.8%; this year it was about 11.0% (my calculation). The implied share count is about 36.6 crore in both years (Rs 183.48 crore over Rs 5.01 and Rs 215.88 crore over Rs 5.89), so per-share figures move with profit.

Why did the margin fall in the Bharat Dynamics Q2 results FY27?

Total expenses rose 61.7% to Rs 1,585.05 crore while revenue rose 45.1%. Revenue less expenses fell from about Rs 167 crore to about Rs 79 crore, so the operating margin before other income fell from about 14.6% to about 4.8% (my calculation). The reports do not give BDL’s own explanation.

Cite this table: Bharat Dynamics margin lines calculated by PositionalCalls from Multibagg, Business Upturn and Upstox; not company disclosures.

Costs grew much faster than sales. The sources do not say why; the usual candidates for a defence manufacturer are product mix, a larger share of material-heavy deliveries, provisions or inventory changes, but I cannot tell which applies here, and listing them is not a finding. The line to find in the filing is the split of expenses between materials, employee cost and other items, together with any change in inventory. Without it, the 10-point margin fall stays unexplained.

How much did other income matter in the Bharat Dynamics Q2 results FY27?

Other income was Rs 167.07 crore, about 68% of profit before tax of Rs 246.16 crore, against about 42% a year earlier (my calculation). Without it, the quarter’s operating profit before other income would be about Rs 79 crore after expenses.

Cite this table: Bharat Dynamics other income and tax lines per Multibagg; shares and rates calculated by PositionalCalls.

This is the single most important line on the page. Profit fell 15% even though other income rose by Rs 46.5 crore, which means the operating side fell by about Rs 88 crore (Rs 167.05 crore to Rs 79.09 crore, my calculation). Other income at a defence PSU is typically treasury income on cash and customer advances, but the reports I read do not split it, so I cannot say how much is interest and how much is something else. The tax rate was similar in both years, so tax does not explain the profit fall.

Did the Bharat Dynamics Q2 results FY27 beat or miss estimates?

Business Upturn quotes an estimate of revenue Rs 1,023 crore, EBITDA Rs 162 crore, margin 15.8% and profit Rs 186 crore. Revenue was far above it, EBITDA about 37.7% below and profit about 1.4% below. I did not verify the estimate and could not find who made it.

Cite this table: Estimates as quoted by Business Upturn; not verified. Gaps calculated by PositionalCalls.

A revenue gap of 63% is unusually wide, which suggests the estimate may be stale or built from few contributors; I cannot tell, and I did not find a second estimate or a named brokerage. What the table does show is that profit was close to the quoted figure while the mix underneath was very different: much more revenue, much less operating profit. A headline that says “in line on profit” would hide that.

What do Q1 FY27 and the first half show about the Bharat Dynamics Q2 results FY27?

First-half revenue was Rs 2,236.38 crore, up 60.3% from Rs 1,394.96 crore, and first-half net profit was Rs 302.27 crore, up 29.1% from Rs 234.23 crore, per Multibagg. Q2 revenue was about 2.9 times Q1 FY27 revenue of Rs 572.24 crore.

Cite this table: Bharat Dynamics H1 and sequential figures per Multibagg and my earlier preview; ratios by PositionalCalls.

The numbers tie. Q1 FY27 revenue of Rs 572.24 crore plus Q2 revenue of Rs 1,664.14 crore is Rs 2,236.38 crore, and Q1 profit of Rs 118.79 crore plus Q2 profit of Rs 183.48 crore is Rs 302.27 crore, both matching Multibagg exactly (my calculation). Upstox shows first-half revenue of Rs 2,210 crore and Rs 1,378 crore a year earlier, which do not tie to those quarters; I use the Multibagg figures and flag the conflict, since Rs 2,210 crore less Rs 1,664 crore would imply Q1 revenue of Rs 546 crore, not Rs 572.24 crore. Revenue in Q2 was far larger than in Q1, which fits a delivery-driven business: the first quarter is often small and later quarters carry more of the year.

How does the first half compare with the revenue guide quoted before the Bharat Dynamics Q2 results FY27?

My earlier preview recorded a FY27 revenue guide of about Rs 5,500 crore. First-half revenue of Rs 2,236.38 crore is about 40.7% of that, leaving about Rs 3,264 crore, or about Rs 1,632 crore a quarter, for the second half (my calculation).

Cite this table: BDL guide as recorded in my earlier preview (single source); arithmetic by PositionalCalls. Not verified against management statements.

On this arithmetic, a second half that repeats the Q2 revenue level would meet the guide; that is an illustration of the numbers, not a forecast. I did not find a transcript or a presentation for this quarter, so I cannot say whether management repeated, raised or changed the guide. I treat the Rs 5,500 crore figure as unverified until the filing or call is read.

What do the order book and new contracts say about the Bharat Dynamics Q2 results FY27?

The Q2 reports I read give no order book figure. The last figure I recorded was Rs 26,176 crore at 31 March 2026, and Upstox notes a Rs 801.79 crore contract with the Ministry of Defence for 160 SAT-SAAW weapons, signed in October 2026.

Cite this table: BDL order information as reported; not verified against filings.

The SAT-SAAW contract delivers in 2027-28 and 2028-29, so it does not support revenue in this financial year. Revenue in FY27 comes from the existing order book, whose latest figure I could not find, and that is the most useful missing number: an order book near Rs 26,000 crore against a revenue run-rate of Rs 5,500 crore a year implies about five years of cover, but that is a ratio on a March figure and I label it as such (my calculation, Rs 26,176 crore over Rs 5,500 crore is about 4.8).

What do cash flow and inventory add to the Bharat Dynamics Q2 results FY27?

Multibagg reports first-half operating cash flow of Rs 1,161.58 crore against minus Rs 80.27 crore a year earlier, total assets of Rs 16,557.70 crore against Rs 14,261.50 crore at 31 March, and inventories of Rs 4,684.99 crore against Rs 4,625.64 crore.

Cite this table: BDL balance sheet and cash flow lines per Multibagg; changes calculated by PositionalCalls. Basis and definitions not confirmed.

What did BDL shares do after the Bharat Dynamics Q2 results FY27?

Upstox reports the NSE price at Rs 1,063.10 at 2:12 PM on 12 November 2026, down 3.35%. Business Upturn had it down over 4% at 1:50 PM, with an intraday low of Rs 1,028.40 against a previous close of Rs 1,099. I did not find the official close.

Cite this table: BDL price figures as reported on 12 November 2026; the official close was not found.

The two sources give slightly different falls because they are timed 20 minutes apart and use different previous closes; Rs 1,063.10 against Rs 1,099 is minus 3.3% on my arithmetic. Business Upturn attributes the fall to weak operating earnings but calls that a likely cause, not a confirmed one, and I do the same. The preview recorded Rs 1,060 on 6 November, so the stock was close to that level before the result (my earlier preview). I do not quote brokerage targets here, and none of the reports I read gave one for this result.

Was a dividend announced with the Bharat Dynamics Q2 results FY27?

I did not find a dividend announcement in the reports I read for this quarter. The earlier preview recorded a final dividend of Rs 0.40 a share (ex-date 21 September) and an interim of Rs 4.50 (ex-date 9 February). Check the exchange announcements for any new dividend and its record date.

Cite this table: BDL payout status as of the time stated; not verified against filings.

A dividend does not change the results, but it moves cash out of the company and appears in the price on the ex-date. If you hold BDL, the tax treatment of any dividend is covered in dividend tax in india; sales are covered in capital gains tax on shares.

What did the preview say, and how did the Bharat Dynamics Q2 results FY27 compare?

The Bharat Dynamics Q2 results date FY27 preview named Rs 1,147 crore revenue and Rs 216 crore profit as the base. Revenue went well above it, profit went below it, and other income was the line the preview flagged as most important.

Cite this table: Preview marks against reported figures; outcomes calculated by PositionalCalls.

The preview said other income was about 62.5% of Q1 profit before tax and that a large share of profit depended on it; Q2 went further, at about 68%. The preview made no call on direction and this page makes none either; it records what was reported.

What does the arithmetic on the Bharat Dynamics Q2 results FY27 show about each point of margin?

At Q2 FY27 revenue of Rs 1,664 crore, each percentage point of EBITDA margin is worth about Rs 16.6 crore. At last year’s 16.34% margin, EBITDA would have been about Rs 272 crore, about Rs 171 crore above the reported Rs 101 crore. This is my arithmetic, not a forecast.

Cite this table: BDL margin sensitivity, my calculation on fixed revenue. Illustrations, not forecasts.

How do I read the next BDL results after the Bharat Dynamics Q2 results FY27?

On the next results read, in this order: revenue against Rs 1,664 crore and the H1 figure of Rs 2,236 crore, operating margin against 6.1%, other income, net profit against Rs 183.5 crore, order book and the dividend.

Cite this table: BDL reading order, PositionalCalls.

For any summary or target you read elsewhere, compare its assumptions with these lines: delivery timing, margin and other income. If it does not state them, you cannot check it.

How do I read the BDL filing and avoid fake tips?

Open the NSE or BSE announcement for Bharat Dynamics Limited, not a link in a message, and read the results table first. Treat any tip that asks for an OTP, payment or login, or promises a target, as fake.

1. Open the exchange announcement page for Bharat Dynamics Limited.
2. Read the unaudited results for the quarter and half year ended 30 September 2026.
3. Note revenue, expenses, other income, profit before tax and profit.
4. Compare with Rs 1,664 crore, Rs 246 crore and Rs 183.5 crore.
5. Read the notes on expenses, inventory and order book.
6. Check the dividend announcement and the record date.

PositionalCalls is not SEBI-registered, gives no buy or sell calls and never asks for payment. Nothing here is investment advice.

What do most people miss in the Bharat Dynamics Q2 results FY27?

Most readers see 45% revenue growth and miss that expenses grew faster, that the operating margin fell about 10 points, that other income made up about 68% of profit before tax, and that the order book was not reported.

Bharat Dynamics Q2 results FY27: frequently asked questions

Sources

• NSE India: corporate announcements: results and dividend notices.
• BSE India: corporate announcements: the results filing.
• Upstox: Bharat Dynamics Q2 FY27 results, 12 November 2026, updated 2:23 PM IST.
• Business Upturn: Bharat Dynamics Q2 results, 12 November 2026, 1:45 PM IST.
• Business Upturn: why Bharat Dynamics shares are falling, 12 November 2026, 1:51 PM IST.
• Multibagg: Bharat Dynamics revenue and profit, 12 November 2026, 1:41 PM IST.
• Niftytrader: Bharat Dynamics Q1 FY27 order book, 2026.
• PositionalCalls: Bharat Dynamics Q2 results date FY27 preview, 11 November 2026.

Disclosure: PositionalCalls.com is not a SEBI-registered research analyst or investment adviser. Investments in securities markets are subject to market risks. Read all related documents carefully before investing. Returns are never guaranteed. PositionalCalls is an independent research and education site founded by Shubham Chaudhary. Nothing here is a recommendation, target or investment advice. How I researched this: for this page on the Bharat Dynamics Q2 results FY27 I read Upstox, Business Upturn and Multibagg, noted where sources differ, and marked every derived number as my calculation. I did not open any company filing or exchange document. Figures are as of 12 November 2026, 3:30 PM IST.