BDL share price: Why this defence stock is in a bear grip; should you buy the dip?
Bharat Dynamics share price: Antique Stock Broking said the long-awaited Quick Reaction Surface-to-Air Missile (QRSAM) order, estimated at around Rs 30,000 crore, is likely to be awarded in July.
- Jun 12, 2026,
- Updated Jun 12, 2026 11:34 AM IST
Shares of Bharat Dynamics Ltd (BDL) are in bear grip, having fallen 21 per cent in 2026 and 37 per cent in the past one year. The stock fell recently as a key missile program scheduled for FY26 deliveries is yet to receive operational clearance, due to compliance with certain revised technical specifications, Antique Stock Broking noted. As per its interaction with the management, the technical issues are close to being resolved, and deliveries are expected to commence from the September quarter.
Besides, Antique Stock Broking said the long-awaited Quick Reaction Surface-to-Air Missile (QRSAM) order, estimated at around Rs 30,000 crore, is likely to be awarded in July. It estimated BDL’s share in the order at approximately Rs 12,000 crore or 40 per cent of the total program value.
"Given the company’s high level of indigenisation and significant manufacturing content, margins on the program are expected to be healthy. Beyond QRSAM, BDL has a robust order pipeline comprising Astra Mk-II, MRSAM systems for naval platforms, torpedoes, and Akash NG, providing strong medium-term revenue visibility," Antique said.
The domestic brokerage said consistent investments in R&D are expected to strengthen the product portfolio and enhance competitive positioning over the long term and it suggested a target of Rs 1,558 on BDL. On Friday, the scrip was trading 1.78 per cent higher at Rs 1,181.
To recall, BDL won orders worth around Rs 6,000 crore in FY26, consisting of ATGMs, INVAR missile and ATGM. This has helped elevate the order book to around Rs 21000 crore, providing healthy revenue visibility of six times its trailing twelve month revenue.
For FY27, Antique expects the company to win orders of around Rs 20,000 crore, consisting of QR-SAM (Rs 12,000 crore), Astra MK II, and MR-SAM.
"With the success of Op Sindoor, there is a lot of interest in BDL’s products like Akash Weapon Systems from potential buyers in the international defence market. BDL is in the process of converting these leads into firm orders. Indian missiles rank highly in capability, and is competitively priced, making it attractive for potential buyers," Antique said.
The brokerage said BDL is expecting higher margin in FY27 as its component supply in QRSAM is estimated at 40 per cent.
"Given the company’s significant indigenous content, the management believes margins will be on the higher side. The order is expected to be executed over 36 months, providing strong earnings visibility through FY29–30," it said.
Shares of Bharat Dynamics Ltd (BDL) are in bear grip, having fallen 21 per cent in 2026 and 37 per cent in the past one year. The stock fell recently as a key missile program scheduled for FY26 deliveries is yet to receive operational clearance, due to compliance with certain revised technical specifications, Antique Stock Broking noted. As per its interaction with the management, the technical issues are close to being resolved, and deliveries are expected to commence from the September quarter.
Besides, Antique Stock Broking said the long-awaited Quick Reaction Surface-to-Air Missile (QRSAM) order, estimated at around Rs 30,000 crore, is likely to be awarded in July. It estimated BDL’s share in the order at approximately Rs 12,000 crore or 40 per cent of the total program value.
"Given the company’s high level of indigenisation and significant manufacturing content, margins on the program are expected to be healthy. Beyond QRSAM, BDL has a robust order pipeline comprising Astra Mk-II, MRSAM systems for naval platforms, torpedoes, and Akash NG, providing strong medium-term revenue visibility," Antique said.
The domestic brokerage said consistent investments in R&D are expected to strengthen the product portfolio and enhance competitive positioning over the long term and it suggested a target of Rs 1,558 on BDL. On Friday, the scrip was trading 1.78 per cent higher at Rs 1,181.
To recall, BDL won orders worth around Rs 6,000 crore in FY26, consisting of ATGMs, INVAR missile and ATGM. This has helped elevate the order book to around Rs 21000 crore, providing healthy revenue visibility of six times its trailing twelve month revenue.
For FY27, Antique expects the company to win orders of around Rs 20,000 crore, consisting of QR-SAM (Rs 12,000 crore), Astra MK II, and MR-SAM.
"With the success of Op Sindoor, there is a lot of interest in BDL’s products like Akash Weapon Systems from potential buyers in the international defence market. BDL is in the process of converting these leads into firm orders. Indian missiles rank highly in capability, and is competitively priced, making it attractive for potential buyers," Antique said.
The brokerage said BDL is expecting higher margin in FY27 as its component supply in QRSAM is estimated at 40 per cent.
"Given the company’s significant indigenous content, the management believes margins will be on the higher side. The order is expected to be executed over 36 months, providing strong earnings visibility through FY29–30," it said.