BAJAJ FINSERV DIRECT LIMITED
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Defence Sector Shows Growth: BDL and GRSE Lead Key Developments

Roshani Ballal

The Indian defence sector is a focus in the market, with developments from Bharat Dynamics Limited (BDL) and Garden Reach Shipbuilders & Engineers (GRSE). The government's emphasis on indigenous manufacturing and policy changes have affected the sector, involving companies like BDL and GRSE.

Key Developments from Bharat Dynamics Limited (BDL)

Bharat Dynamics Limited (BDL) is a Government of India enterprise engaged in defence manufacturing. The company’s recent investor presentation, dated June 25, 2024, highlighted several developments:

  • Successful Trials:

    • Man Portable Anti-Tank Guided Missile (MPATGM) development trials completed in April 2024.

    • User Evaluation Trials for the Advanced Light Weight Torpedo (ALWT) were also successfully completed in April 2024.

  • Orders and Export Activity:

    • In FY 2023-24, BDL executed orders, including the Heavy Weight Torpedo and Light Weight Torpedo export contracts.

    • The company has a 19,434 Crores order book as of March 31, 2024, with new orders worth ₹1,793 Crores secured during FY 2023-24.

  • Financial Performance:

    • Profit After Tax (PAT) surged to ₹612.72 Crores, marking a 74% increase from the previous fiscal.

    • The company also reported an improvement in its EBITDA margin, which rose to 22.6% from 16.4% in FY23.

BDL Key Financials

The following table provides a snapshot of BDL’s financial performance in FY 2023-24.

 

Metric
FY 2023-24

Profit After Tax (PAT)

₹612.72 Crores

EBITDA Margin

22.6%

Order Book

₹19,434 Crores

New Orders

₹1,793 Crores

GRSE’s Growth and New Projects

Garden Reach Shipbuilders & Engineers (GRSE) has been another standout in the defence sector. The company’s stock saw a notable rally on June 4, 2025, following the signing of a Memorandum of Understanding (MoU) with Norway’s Kongsberg. This agreement will assist in the development of India’s first-ever Polar Research Vessel (PRV), marking a milestone in India’s naval capabilities.

  • Key Developments:

    • GRSE’s net profit for Q4 FY25 surged 118% year-on-year to ₹224 Crores.

    • The company’s revenue from operations grew by 62% YoY, reaching ₹1,642 Crores in Q4 FY25.

    • GRSE’s EBITDA rose by 101%, reaching ₹335 Crores.

  • Order Book and Future Outlook:

    • GRSE’s current order book stands at ₹22,680 Crores, with significant contracts related to P-17 Alpha Frigates.

    • The company holds L-1 status for the next-generation corvette programme, which is a ₹48,000 Crores project. GRSE expects to secure a ₹25,000 Crores share of this contract by the end of 2025.

GRSE Key Financials

The table given below outlines GRSE’s quarterly performance.

Metric

Q4 FY25

Net Profit

₹224 Crores

Revenue from Operations

₹1,642 Crores

EBITDA

₹335 Crores

Order Book

₹22,680 Crore

It’s essential to carefully assess current stock prices before making any investment decisions.

Disclaimer

This content is for informational purposes only and the same should not be construed as investment advice. Bajaj Finserv Direct Limited shall not be liable or responsible for any investment decision that you may take based on this content.

Sources

  • CNBC-TV18 — Bharat Dynamics Limited's Growth in FY 2023-24, https://www.cnbctv18.com

  • Moneycontrol — GRSE’s New Polar Research Vessel Project, https://www.moneycontrol.com

Hi! I’m Roshani Ballal
Financial Content Specialist

Roshani has over 6 years of experience and has honed her skills in performance content marketing in the financial domain. She loves diving into research and has crafted and overviewed creative copies, long-form financial content, engaging blogs, and informative articles. She specialises in delivering user-oriented content and solving problems through various content formats. On the side, Roshani enjoys writing poems-that's how she stays creative when she is not crunching numbers.

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