Shareholders meeting

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-50 Date: 28/09/2026 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 Subject: Summary of the Proceeding of the 56th Annual General Meeting (AGM)-Reg Pursuant to Reg 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), please find enclosed summary of the proceeding of 56th Annual General Meeting held through Video Conferencing (VC)/ Other Audio Video Means (OAVM) of the company, held today i.e. September 28, 2026 at 15:00 Hrs and concluded at 16:00 Hrs. For Bharat Dynamics Limited N. Nagaraja Company Secretary Encl : as above Summary of the proceedings of 56th Annual General Meeting (AGM) The 56th AGM of Members of the Company was convened at 15:00 Hrs on Monday, September 28, 2026, through Video Conference/OAVM and concluded at 16:00 Hrs. 1. The business before the meeting was taken up and the requisite quorum was present throughout the meeting. In total, 61 members were present. 2. Shri. D.V. Srinivas Rao, Director (Technical), chaired the meeting, as Chairman and Managing Director, Shri. Shailesh Vagerwal, was unable to attend the AGM as he is currently in abroad as a part of high-level delegation from Ministry of Defence, Govt. of India. 3. The Chairman delivered the following speech covering inter-alia the Business performance of the Company, economic environment and future outlook of the company. The text of his speech is as follows – “It gives me great pleasure to welcome you all on behalf of my Directors to the 56th Annual General Meeting of the Company. At the outset, I would like to express my sincere appreciation to all our shareholders for your continued trust, confidence and support. As the requisite quorum is present, I call the meeting to order. As informed by my Company Secretary, CMD Shri. Shailesh Vagerwal, has expressed his deep regret for not being here amongst you as he is currently abroad as part of high- level delegation from MOD. The financial year under review was a year of both challenges and significant progress for the Company. As you are all aware, for the financial year ended 31 March 2026, your Company recorded a Revenue from Operations of ₹2,441.79 Cr, Profit Before Tax stood at ₹568 Cr and Profit After Tax at ₹420.34 Cr. Shortfall in Revenue: I would like to address, at the outset, an important aspect of our performance—the shortfall in revenue against the level originally envisaged for the year. The Company could not achieve the targeted revenue primarily due to certain highly complex technical issues encountered in one of our mainstream products. These issues had an impact on production schedules, integration activities, testing and, consequently, the planned deliveries during the year. These issues were mainly due to the introduction of some new requirements from end users, and some quality issues encountered in products supplied by our industry partners. As a defence manufacturing company, we attach the highest importance to the quality, reliability and operational performance of our products. In this sector, meeting a delivery target cannot come at the cost of compromising product quality or customer confidence. Accordingly, the Company adopted a technically rigorous approach in identifying the root causes and implementing appropriate corrective measures before proceeding with deliveries. I would like to assure our shareholders that these issues have received the highest priority from the management and technical teams. Detailed root-cause analyses have been undertaken, corrective and preventive actions have been initiated, and necessary measures were implemented across design, development, engineering, production, quality assurance and testing functions. The experience gained is also being incorporated into our processes to prevent recurrence and improve overall execution capability. While the revenue performance was below our expectations, it is important to view this in the broader context of the Company's strong underlying business fundamentals and significant technological achievements. Your Board has recommended a final dividend of ₹0.40 per equity share of ₹5 face value, in addition to the interim dividend of ₹4.50 per equity share already paid in February 2026. Taken together, this amounts to a total dividend of ₹4.90 per equity share for FY 2025-26 as against ₹4.65 per equity share paid for FY 2024-25, subject to your approval at this meeting. Returning value to shareholders remains, and will continue to remain, it’s a core commitment of this Board. Strong and growing order book: One of the most encouraging aspects is our strong and growing order book position. Our order book stood at ₹26,176 Cr at the close of FY 2025–26, providing clear visibility of execution lines over the next four to five years. During the year, we secured fresh orders worth approximately ₹5909 crore, covering Anti-Tank Guided Missiles, Unified Launchers, air launched glide bombs, UAV-launched Precision Guided Missiles, and upgraded variants of the Akash Missile system. In addition, orders worth nearly ₹15,000 crore—including QRSAM, Heavy Weight Torpedoes, and Air to Air missiles are in advanced stages of finalisation in the current financial year, out of which orders worth about ₹2000 Cr were received in the current financial year. The healthy order pipeline reflects the continued confidence of our customers in our products and capabilities and provides a strong foundation for sustained business growth in the coming years. Our focus is now on converting this robust order book into timely deliveries and revenue through enhanced production and execution capabilities. With these measures, we are targeting revenues of around ₹5,500 crore in the current financial year, while sustaining growth momentum to achieve the ₹10,000 crore milestone by FY 2029–30. You are all aware, BDL is currently involved in manufacturing of more than 12 products and more than 30 developmental projects mainly with DRDO either as DcPP partner or as Production Agency. During the year and in the recent period, several important developmental programmes have reached significant milestones, including successful firing trials of newly developed systems which include successful firing of Akash-NG, MPATGM, RUDRAM-II, NAG MK-2, LRLACM etc. These successful firings are particularly significant as they demonstrate the Company's ability to translate indigenous design and development efforts into operationally relevant and validated products. Emphasis on R&D: As you are all aware, Over the last few years, the Company has enhanced its focus on in- house Research & Development (R&D), with encouraging results and several significant achievements. This strategic emphasis is also in line with the Ministry’s continued direction to strengthen indigenous R&D capabilities and reduce dependence on external sources and imported technologies. As part of this focused approach, the Company has substantially increased its investment in R&D. The R&D budget, which was earlier at a modest level of around 1– 1.5% of the Company’s expenditure, has been progressively enhanced to 8% in the current year. This significant increase reflects our firm commitment to developing indigenous technologies, strengthening our design and engineering capabilities, and creating a sustainable pipeline of next-generation products. The results are [Showing first 8,000 characters — download PDF for full document]