BDL Annual Report 2025-26 and 56th AGM Notice

BHARAT DYNAMICS LIMITED (A Govt. of India Enterprise, Ministry of Defence) CIN :- L24292TG1970GOI001353 Corporate Office: - Plot No. 38-39, TSFC Building, Near ICICI Towers, Financial District, Nanakramguda, Hyderabad-500032 Registered Office: - Kanchanbagh, Hyderabad-500058 Tel: 040-23456145; Fax: 040-23456110 E-mail: investors@bdl-india.in; website: https://bdl-india.in Ref - BDL/CS/2026/SE-43 Date: 03/09/2026 To, To, Compliance Department Compliance Department The National Stock Exchange of India Ltd BSE Limited Exchange Plaza, Phiroze Jeejeebhoy Tower, Bandra-Kurla Complex, Bandra (East) Dalal Street, Mumbai- 400051 Mumbai- 400001 Scrip Code- BDL Scrip Code-541143 Sub: Intimation of 56th Annual General Meeting, Record Date, and Notice & Annual Report 2025-26 1. We wish to inform you that the 56th Annual General Meeting (AGM) of the Members of Bharat Dynamics Limited will be held on Monday, 28th September 2026 at 03:00 PM through Video Conferencing (VC) /Other Audio Visual Means (OAVM). 2. Pursuant to Regulation 42 of the SEBI (Listing and Disclosure Requirements) Regulations, 2015 (as amended), we wish to inform you that the Register of Members and Share Transfer Books of the Company will remain closed from Tuesday, 22 September 2026 to Monday, 28 September 2026 (both days inclusive) for the purpose of 56th Annual General Meeting of the Company and for the payment of Final Dividend. The company has fixed Monday, 21 September, 2026 as the “Record Date” for determining the members eligible to receive final dividend. The dividend, if declared by the members at the AGM, will be paid within 30 days from the date of declaration. 3. The Notice of 56th AGM and Annual Report 2025-26 are attached herewith and have been uploaded in the company’s website at https://bdl-india.in/annual-reports and also on Listing Portals of the exchanges for your records. For Bharat Dynamics Limited N. Nagaraja Company Secretary The Force Behind Peace Since its establishment, Bharat Dynamics Ltd., has been in the service of the services by developing and manufacturing various types of guided missiles and allied defence products through inhouse R&D as well as under ToT. Today, BDL is one of the leading manufacturers and a supplier of missile systems with latest technologies to Indian Armed Forces as well as to friendly foreign countries. Redefining India's Defence Capability For over five decades, Bharat Dynamics Limited has served as a cornerstone of India's missile defence ecosystem. What began in 1970 as a single-product assembly operation has matured into a multi-product, multi-location weapon system integrator whose platforms equip all three branches of the Indian Armed Forces and reach friendly foreign nations. The theme of this year's Annual Report, Redefining India's Defence Capability, captures a company that has moved decisively beyond licensed manufacturing into the territory of indigenous design, development, and export. Redefining capability is a cumulative act. It shows up in the choice to invest nearly ₹200 crore in research CAPEX during a year of revenue moderation, in the expansion of manufacturing footprint across three new facilities, and in the operational validation of BDL's systems under live conditions. It is reflected in sharper working capital discipline, a debt-free balance sheet, and an unbroken record of dividend payments. This report presents the record of a year in which Bharat Dynamics Limited strengthened the foundations of India's defence self-reliance, not through ambition alone, but through demonstrated, measurable progress on every front that matters. Annual Report 2025-26 CORPORATE OVERVIEW STATUTORY REPORT FINANCIAL STATEMENTS Table of Contents Corporate Overview Who We Are 2 Corporate Information 3 Board Members 5 Financial Highlights 6 Ten Years at a Glance 10 Chairman’s Letter 12 Statutory Reports Board’s Report 16 Annual Report on CSR Activities 40 Management Discussion and Analysis 49 Report on Corporate Governance 62 Secretarial Audit Report 83 Financial Statements Independent Auditors' Report 87 Balance Sheet 106 Statement of Profit and Loss 107 Statement of Changes in Equity 108 Cash Flow Statement 109 Material Accounting 110 Policy Information Notes forming part of the 123 Financial Statements Annual Report 2025-26 Who We Are Established in 1970, Bharat Dynamics Limited (BDL), is a Government of India Enterprise under the Ministry of Defence and a manufacturer of Surface to Air Missiles (SAM), Air to Air Missiles (AAM), Anti-Tank Guided Missiles (ATGMs), Torpedoes, and Allied Defence Equipments. Head Quarters of the company is located at Hyderabad and has currently three manufacturing units, located at Kanchanbagh, Hyderabad in Telangana State, Bhanur, Sangareddy District in Telangana State and Visakhapatnam in Andhra Pradesh. BDL is in the process of setting up additional facilities at Amaravati, Maharashtra, Ibrahimpatnam, Telangana and Jhansi, Uttar Pradesh. The company also commenced export of selected defence equipment and has entered into strategic alliances with public and private sector companies. The company had 2,101 employees as on 31 March 2026 and during the year 2025-26 reported a net sales turnover of ₹2,442 crore. For details our products please visit our website https://bdl-india.in/products Objectives To become self-reliant and competitive in Guided Missile and Underwater Guided Weapon Technology and Production. To maximise utilisation of existing production capacities. Vision To be a world-class enterprise producing international standard quality products for the Defence industry. Mission To establish itself as a leading manufacturer in the aerospace & underwater weapons industry and emerge as a world class sophisticated, State-of-the-art, global enterprise, providing solutions to the security system needs of the country. CORPORATE OVERVIEW STATUTORY REPORT FINANCIAL STATEMENTS Corporate Information CORPORATE OFFICE CHIEF VIGILANCE OFFICER Plot No.38-39, TSFC Building, Near ICICI Towers Smt. Spurthi Reddy, IRS (C&IT:2011) Gachibowli, Financial District, Hyderabad-500032 Tel:-040-23456173 Fax:040-23456107 COMPANY SECRETARY E-Mail: investors@bdl-india.in Shri N. Nagaraja website: https://bdl-india.in SENIOR MANAGEMENT Cmde. Girish Raghunath Pradhan (Retd.) REGISTERED OFFICE Executive Director (Head-KBU) Kanchanbagh Post, Hyderabad - 500058 Shri M. Ravi Telangana, India Executive Director (UH-KBU, IBU & PSG) EPABX: 040-24587466 & 040-24587777 (Retired on 30.09.2025) Fax:- 040 24340464 Shri L. Kishan bdlitd@bdl-india.in Executive Director (UH-BU) Shri M. Vinod Kumar https://bdl-india.in General Manager (Mktg, BD & Corporate Services) Shri N. Satyanarayana General Manager (HR) BOARD OF DIRECTORS (Retired on 31.03.2026) Cmde. A. Madhavarao (Retd.) Shri G. Cheena Chairman & Managing Director General Manager (NP & OP) (up to 30.04.2026) Smt Y. Ushasri Shri D.V. Srinivas Rao General Manager (SAM) Director (Technical) & Chairman & Managing Director Shri K. Srihari (Addl. Charge w.e.f. 01.05.2026 & up to 08.07.2026) General Manager (Finance) Shri G. Gayatri Prasad Shri M. Sampath Kumar Director (Finance) & CFO General Manager (konkurs-M) Shri P.V. Raja Ram Director (Production) (Up to 30.09.2025) Cmde. Sujay Kapoor (Retd.) STATUTORY AUDITORS Director (Production) M/s. Tej Raj & Pal (Appointed w.e.f. 06.03.2026) Chartered Accountants Shri U. Raja Babu, DG (MSS) Government Nominee Director Shri Amit Satija, Joint Secretary (DIP) Government Nominee Director (Ceased w.e.f. 14.07.2025) Smt. Meera Mohanty, JS (P&C) Government Nominee Director (Appointed w.e.f 14.07.2025) Shri Jashwant Lal Independent Director (Ceased w.e.f. 24.02.2026) Shri Chetan Bansilal Kankaria Independent Director (Ceased w.e.f 22.04.2026) Annual Report 2025-26 COST AUDITORS LEGAL ADVISORS M/s. Narasimha Murthy & Co., Smt. V. Uma Devi Cost Accountants Shri D. Ravi Shankar Rao Smt. D. Radhika SECRETARIAL AUDITORS M/s. C.V. Reddy K & Associates BANKE [Showing first 8,000 characters — download PDF for full document]