Bharat Dynamics

Adds details throughout

By Stanley Widianto and Sakshi Dayal

JAKARTA, July 7 (Reuters) - Indonesia and India on Tuesday signed a raft of deals on critical minerals, agriculture and defence, including for the BrahMos cruise missile system, the Indonesian presidential palace said.

Indian Prime Minister Narendra Modi met President Prabowo Subianto as part of a visit to Indonesia, his first trip to the Southeast Asian country since 2023, and the pair reaffirmed their regional commitments.

"We're two of the largest democracies in the world," Prabowo said. "Partnerships between us will bring benefits to the region."

BrahMos, an India-Russia joint venture missile manufacturer, and Indonesia's defence ministry signed a contract for the BrahMos missile defense system, according to an announcement by the Indonesian palace in Jakarta, which provided no details.

Reuters reported earlier on Tuesday that India will supply the BrahMos cruise missile system and the Astra air-to-air missile to Indonesia, citing an Indian government official.

Indian sources earlier told Reuters that the deal was worth around $630 million.

In ​2023, BrahMos said it was ​in advanced discussions with Indonesia on a deal worth between $200 million and $350 million for its missile systems. It has already signed deals with neighbours Vietnam and the Philippines.

Separately, Indonesia's Republikorp, a defence private holding company, and India-based defence company Bharat Dynamics signed an agreement on air-to-air missiles, the palace announced.

TRADE TIES

The countries also signed memorandums of understanding for strengthening supply chains in critical minerals and steel, as well as agriculture.

Steel Authority of India and Indonesia's Krakatau steel will also establish a joint venture for stainless steel slab making in Indonesia.

India and Indonesia will accelerate preferential trade agreement talks, Prabowo said. India is a major buyer of palm oil and coal from Indonesia, a global commodities powerhouse.

Modi said the two countries will work on promoting maritime safety and security in the Indian Ocean.

"Our partnership is not merely a relationship between two countries, it is a pledge of trust in the stability in the Indo-Pacific, strength of the Global South and in a shared future of the world," Modi said in an address to the Indonesian parliament.

Neither leader mentioned the BrahMos deal in their remarks.

Modi will be in the Indonesian city of Yogyakarta on Wednesday, where he said he would visit Prambanan, Indonesia's largest Hindu temple complex and a UNESCO World Heritage site.

Prabowo met Modi in New Delhi last year, where they signed a wide range of agreements.

Modi is set to leave for Australia and New Zealand on Wednesday.

(Reporting by Stanley Widianto in Jakarta and Sakshi Dayal in New Delhi; Additional reporting by Ananda Teresia in Jakarta and Hritam Mukherjee in New Delhi; Editing by Martin Petty, Alexandra Hudson)

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Bharat Dynamics Limited secured orders worth approximately ₹1,347.71 crore from Hindustan Aeronautics Limited on Tuesday. The orders comprise Helina Launchers & Line Replaceable Units (LRUs) valued at ₹1,109.37 crore and CMDS LRUs worth ₹238.34 crore, both for domestic defence programmes. The company disclosed the terms are confidential due to national security considerations, and the orders are to be executed over a period of 24 to 60 months. The transaction is not a related-party transaction, and the promoter or promoter group has no interest in the awarding entity.

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June 24 (Reuters) - Happy Square Outsourcing Services Ltd HAPS.NS:

• RECEIVES EXTENSION ON WORK ORDER FROM BHARAT DYNAMICS AGGREGATING TO 8.1 MILLION RUPEES

Source text: ID:nNSEzc9bj

Further company coverage: HAPS.NS

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June 19 (Reuters) - Bharat Dynamics Ltd BARA.NS:

• BHARAT DYNAMICS - INDIA GOVERNMENT APPROVES APPOINTMENT OF SHAILESH VAGERWAL AS CMD

Source text: ID:nNSEbyw0XC

Further company coverage: BARA.NS

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** Shares of India's Bharat Dynamics BARA.NS drop 7.07% to 1,191.80 rupees, their lowest levels since March 20

** Company's fourth-quarter profit down 58.5% y/y to 1.13 billion rupees ($11.85 million), while revenue down 73% y/y to 4.8 billion rupees

** HDFC Securities ("reduce", TP: 1,080 rupees) says weaker-than-expected execution and deferred deliveries of key missile systems weighed on FY26 performance

** Expects new manufacturing facilities and a strong order book to support revenue growth from FY27

** BARA rated "hold" on average by 13 analysts, median PT at 1480 rupees, data compiled by LSEG

** YTD, BARA stock down 18.71%

($1 = 95.3625 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru)

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May 28 (Reuters) - Bharat Dynamics Ltd BARA.NS:

• BHARAT DYNAMICS MARCH-QUARTER PROFIT 1.13 BILLION RUPEES

• BHARAT DYNAMICS MARCH-QUARTER TOTAL REVENUE FROM OPERATIONS 4.8 BILLION RUPEES

Source text: ID:nBSEm5hl5

Further company coverage: BARA.NS

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April 30 (Reuters) - Bharat Dynamics Ltd BARA.NS:

• BHARAT DYNAMICS - A. MADHAVARAO RETIRES AS CHAIRMAN AND MANAGING DIRECTOR ON 30 APRIL 2026

Source text: ID:nBSE92zcYH

Further company coverage: BARA.NS

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March 26 (Reuters) - Bharat Dynamics Ltd BARA.NS:

• COMPLETES FIRST-OFF PRODUCTION MODEL OF ADVANCED AKASH WEAPON SYSTEM

• DELIVERY OF ADVANCED AKASH WEAPON SYSTEMS TO INDIAN ARMED FORCES TO COMMENCE SHORTLY

Source text: ID:nBSE9DMM7g

Further company coverage: BARA.NS

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** Shares of Bharat Dynamics BARA.NS rise as much as 2% to 1,560 rupees; last up 1%

** Indian government-owned defense company secures deals worth 24.62 bln rupees ($274.3 million) from Indian army on December 1

** Six out of the 10 analysts covering the stock have a "buy" or "strong buy" rating, two have "hold," while two rate it "sell" or "strong sell"; median PT is 1,646 rupees - data compiled by LSEG

** Stock up 36% YTD

($1 = 89.7675 Indian rupees)

(Reporting by Abhirami G from Bengaluru)

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Nov 13 (Reuters) - Bharat Dynamics BARA.NS:

• SEPT-QUARTER PROFIT 2.16 BILLION RUPEES

• SEPT-QUARTER TOTAL REVENUE FROM OPERATIONS 11.47 BILLION RUPEES

Source text: ID:nBSEb4XtCz

Further company coverage: BARA.NS

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** Shares of Bharat Dynamics BARA.NS rise 4.2% to 1,549 rupees

** Co posts a 30% rise in revenue from operations yoy; PAT jumps 155% to 183.5 million rupees

** Co benefits from strong order book and easing of supply chain issues, Motilal Oswal says

** Motilal Oswal upgrades stock to "buy", PT at 1,900 rupees

** Brokerage sees strong TAM and emergency procurement to enhance BARA's revenue visibility
** BARA rated "buy" on avg by analysts covering it, as per data compiled by LSEG
** YTD, BARA up ~38% vs defense index's .NIFTYINDDEFENCE 20% rise

(Reporting by Komal Salecha)

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July 25 (Reuters) - Bharat Dynamics Ltd BARA.NS:

• RECEIVES ORDER FOR ATGM SUPPLY VALUED AT 8.09 BILLION RUPEES

Source text: ID:nBSE7bGrhH

Further company coverage: BARA.NS

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** Defense manufacturer Bharat Dynamics BARA.NS down 4.8% at 1,890.5 rupees

** Motilal Oswal initiates coverage with a "neutral" rating on stock, sets PT at 1,900 rupees

** Says, although it likes BARA's business model and ability to scale up order book and revenue, at current valuations it would look at lower price points to enter the stock

** Motilal's PT implies a downside of 4% to BARA's last closing price

** Motilal adds, BARA trades at 70x and 52x P/E on FY26 and FY27 estimates; its PT values BARA at 42x FY27 Sept end P/E

** YTD, BARA is up ~68%

(Reporting by Ananta Agarwal in Bengaluru)

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June 20 (Reuters) -

• INDIA'S HINDUSTAN AERONAUTICS HIAE.NS WINS BID TO PRIVATELY MAKE SMALL SATELLITE LAUNCH ROCKETS - INDIA SPACE REGULATOR

• TWO CONSORTIUMS, LED BY ADANI UNIT ALPHA DESIGN AND BHARAT DYNAMICS HIAE.NS, WERE ALSO QUALIFIED BIDDERS - INDIA SPACE REGULATOR

• HINDUSTAN AERONAUTICS APPLIED INDEPENDENTLY AND NOT AS PART OF A CONSORTIUM - INDIA SPACE REGULATOR

Further company coverage: HIAE.NS

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April 2 (Reuters) - Bharat Dynamics Ltd BARA.NS:

• BHARAT DYNAMICS LTD - ACHIEVES TURNOVER OF OVER 33 BILLION RUPEES IN FY 2024-25

Source text: ID:nBSE2kWMbB

Further company coverage: BARA.NS

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March 26 (Reuters) - Bharat Dynamics Ltd BARA.NS:

• BHARAT DYNAMICS LTD - SIGNS 43.62 BILLION RUPEES CONTRACT WITH MINISTRY OF DEFENCE

• BHARAT DYNAMICS LTD - ORDER FOR SUPPLY OF ARMAMENT TO INDIAN ARMED FORCES

Source text: ID:nBSE31lz2h

Further company coverage: BARA.NS

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Repeats story from February 14, no changes to text

By Nivedita Bhattacharjee

BENGALURU, Feb 14 (Reuters) - Indian conglomerate Adani Group is a finalist, alongside two government-linked groups, to take over private production of India’s Small Satellite Launch Vehicle, three sources familiar with the matter told Reuters.

The SSLV, developed by the Indian Space Research Organisation, is a low-cost vehicle capable of deploying satellites of up to 500 kg (1,100 pounds) into low-Earth orbit, or LEO - the most sought after segment of the satellite launch market.

After its first successful launch in 2023, the government moved to transfer the vehicle’s production and technology to private industry as part of a broader push to expand India’s commercial space sector.

That move has been the highest-profile piece of India's privatisation efforts, which the government hopes will help the country claim a greater share of the booming global satellite launch market, dominated by private players such as SpaceX.

“LEO is the name of the game right now, so the potential winner has the opportunity to really tap into a rapidly growing market,” said Damodaran Raman, a director at Deloitte who soecialises in space tech.

About 20 companies initially expressed interest in bidding for the SSLV, the first privatisation of its kind under Prime Minister Narendra Modi’s policy drive to open up India’s space industry.

The three finalist consortiums include Alpha Design Technologies, in which Adani Defence Systems and Technologies owns a stake; state-backed Bharat Dynamics Limited BARA.NS; and Hindustan Aeronautics Limited HIAE.NS. Reuters could not verify the exact structure of each bidding group.

The companies did not respond to Reuters requests for comment. The sources did not want to be named because details of the bids are not public.

The winning company is expected to pay India's space agency about 3 billion rupees ($30 million) for the SSLV, covering design know-how, manufacturing processes, quality-assurance training, and up to 24 months of technical support or two successful launches, according to one of the sources.

Beyond financial capability, bidders must demonstrate the ability to manufacture, sustain, and sell the SSLV.

A second source familiar with the matter said the limited availability of launch slots with major industry players such as SpaceX presents a significant opportunity for new entrants, with the possibility of positioning themselves as a go-to launch partner for South Asia.

The global satellite launch vehicle market is projected to grow from $5.6 billion in 2025 to $113 billion by 2030, with low-Earth orbit launches dominating, according to research firm Mordor Intelligence.

India accounts for only 2% of the global space economy. The Modi government aims to expand that share fivefold to $44 billion by the end of the decade.

Companies vying for the SSLV contract were required to be profitable, with the lead bidder having at least five years of manufacturing experience and an annual revenue of at least 4 billion rupees ($50 million), according to India’s space regulator.

($1 = 86.9500 Indian rupees)

($1 = 86.7540 Indian rupees)

(Reporting by Nivedita Bhattacharjee in Bengaluru. Editing by Gerry Doyle)

(([email protected]; Mobile: +91 9920455129; X: @tweetsfromnivi;))

By Nivedita Bhattacharjee

BENGALURU, Feb 14 (Reuters) - Indian conglomerate Adani Group is a finalist, alongside two government-linked groups, to take over private production of India’s Small Satellite Launch Vehicle, three sources familiar with the matter told Reuters.

The SSLV, developed by the Indian Space Research Organisation, is a low-cost vehicle capable of deploying satellites of up to 500 kg (1,100 pounds) into low-Earth orbit, or LEO - the most sought after segment of the satellite launch market.

After its first successful launch in 2023, the government moved to transfer the vehicle’s production and technology to private industry as part of a broader push to expand India’s commercial space sector.

That move has been the highest-profile piece of India's privatisation efforts, which the government hopes will help the country claim a greater share of the booming global satellite launch market, dominated by private players such as SpaceX.

“LEO is the name of the game right now, so the potential winner has the opportunity to really tap into a rapidly growing market,” said Damodaran Raman, a director at Deloitte who soecialises in space tech.

About 20 companies initially expressed interest in bidding for the SSLV, the first privatisation of its kind under Prime Minister Narendra Modi’s policy drive to open up India’s space industry.

The three finalist consortiums include Alpha Design Technologies, in which Adani Defence Systems and Technologies owns a stake; state-backed Bharat Dynamics Limited BARA.NS; and Hindustan Aeronautics Limited HIAE.NS. Reuters could not verify the exact structure of each bidding group.

The companies did not respond to Reuters requests for comment. The sources did not want to be named because details of the bids are not public.

The winning company is expected to pay India's space agency about 3 billion rupees ($30 million) for the SSLV, covering design know-how, manufacturing processes, quality-assurance training, and up to 24 months of technical support or two successful launches, according to one of the sources.

Beyond financial capability, bidders must demonstrate the ability to manufacture, sustain, and sell the SSLV.

A second source familiar with the matter said the limited availability of launch slots with major industry players such as SpaceX presents a significant opportunity for new entrants, with the possibility of positioning themselves as a go-to launch partner for South Asia.

The global satellite launch vehicle market is projected to grow from $5.6 billion in 2025 to $113 billion by 2030, with low-Earth orbit launches dominating, according to research firm Mordor Intelligence.

India accounts for only 2% of the global space economy. The Modi government aims to expand that share fivefold to $44 billion by the end of the decade.

Companies vying for the SSLV contract were required to be profitable, with the lead bidder having at least five years of manufacturing experience and an annual revenue of at least 4 billion rupees ($50 million), according to India’s space regulator.

($1 = 86.9500 Indian rupees)

($1 = 86.7540 Indian rupees)

(Reporting by Nivedita Bhattacharjee in Bengaluru. Editing by Gerry Doyle)

(([email protected]; Mobile: +91 9920455129; X: @tweetsfromnivi;))

Adds details on India's exports; paragraphs 12,13

By Shivam Patel

NEW DELHI, Feb 13 (Reuters) - India expects to sell short-range missiles to the Philippines this year in a deal worth more than $200 million, Indian sources told Reuters, for New Delhi's second major defence export contract with Manila as tension grows with China.

The Akash missile system developed by India's defence research body has drawn interest from the Philippines, which has told New Delhi it would make an order in the fiscal year that begins in April, said three sources.

All the sources spoke on condition of anonymity as the matter is a sensitive one.

The surface-to-air missile system with a range of up to 25 km (16 miles) was exported to Armenia last year in a $230-million deal, the sources said, adding that the Philippine sale is expected to be bigger than the Armenian deal.

However, they did not reveal the number of missiles and accompanying systems, including radars, involved.

India's Bharat Dynamics Ltd BARA.NS, the manufacturer of the missiles, was one of the exhibitors at last year's Asian Defense and Security Exhibition in Manila.

The company and India's defence ministry did not immediately respond to requests for comment.

A Philippine defence spokesperson, Arsenio Andolong, declined to comment on the specifics of any deal or on plans for procurement, but said the country's armed forces had "manifested it requires these capabilities".

The expected deal would follow India's $375-million sale of the mid-range BrahMos supersonic cruise missile to the Philippines in 2022.

The purchase comes at a time when Manila is building its military strength as tension escalates with Beijing on overlapping claims in the busy waterway of the South China Sea, where the two have clashed in recent years.

India is the world's biggest arms importer but is stepping up domestic production and boosting defence exports to counter China's military strength and influence in its neighbourhood after their troops clashed on the Himalayan border in 2020.

India's exports of defence equipment, including arms and ammunition, have jumped nearly 150% since 2020 to cross $2.40 billion in the fiscal year that ended in March 2024.

However, its arms exports are lower than those of nations like Australia and South Korea, and far below those of China, the world's fourth largest arms exporter.

The Philippines' armed forces chief said on Wednesday the country was looking to buy more military hardware to modernise its arsenal, including additional BrahMos missiles from India and at least two submarines.

"We are getting more of this (BrahMos system) this year, and in the coming years," General Romeo Brawner said in a speech to business figures in the Philippines, but did not mention the Akash missile system.

(Reporting by Shivam Patel in New Delhi; Additional reporting by Karen Lema in Manila; Editing by Clarence Fernandez)

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Feb 11 (Reuters) - Thales SA TCFP.PA:

• THALES ANNOUNCED ON MONDAY AGREEMENT WITH BHARAT DYNAMICS LTD ON INITIAL SUPPLY OF MAN PORTABLE AIR DEFENCE SYSTEMS TO INDIA

• WILL PROVIDE A FIRST SUPPLY OF LASER BEAM RIDING MANPAD (LBRM) VERY SHORT RANGE AIR DEFENCE (VSHORAD) MISSILES AND LAUNCHERS TO THE INDIAN MINISTRY OF DEFENCE

• INITIAL SUPPLY OF HIGH VELOCITY MISSILES (STARSTREAK) AND LAUNCHERS WILL BE DELIVERED THIS YEAR

• PRODUCTION PARTNERSHIP WITH INDIA WILL ALSO INCREASE UK PRODUCTION AT THALES BELFAST SITE, WHERE LBRM IS DESIGNED

• STEP CONFIRMS FOUNDATION OF LONG-TERM COLLABORATION AND MANUFACTURING PARTNERSHIP BETWEEN THALES AND BDL

Source text: https://tinyurl.com/4dx62pr9
Further company coverage: TCFP.PA

(Gdansk Newsroom)

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Feb 6 (Reuters) - Bharat Dynamics Ltd BARA.NS:

• BHARAT DYNAMICS - DIVIDEND 4 RUPEES PER SHARE

• BHARAT DYNAMICS DEC-QUARTER PROFIT 1.47 BILLION RUPEES

• BHARAT DYNAMICS DEC-QUARTER TOTAL REVENUE FROM OPERATIONS 8.32 BILLION RUPEES

Source text: [ID:]

Further company coverage: BARA.NS

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** Shares of defence equipment maker Bharat Dynamics BARA.NS hit session's high at 6.6% to 1,226 rupees

** BARA was up around 5% before the announcement

** Co signs a 29.60 bln rupees ($342.3 mln) contract with Indian govt to supply missiles for the Indian Navy

** BARA among top gainers on Nifty Midcap 100 index .NIFMDCP100, which is up 1.2%

** BARA gained ~31% in 2024

($1 = 86.4670 Indian rupees)

(Reporting by Yagnoseni Das in Bengaluru)

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Nov 14 (Reuters) - Bharat Dynamics Ltd BARA.NS:

• BHARAT DYNAMICS SEPT-QUARTER PROFIT 1.23 BILLION RUPEES

• BHARAT DYNAMICS SEPT-QUARTER TOTAL REVENUE FROM OPERATIONS 5.45 BILLION RUPEES

Further company coverage: BARA.NS

(([email protected];))

** Shares of Bharat Dynamics BARA.NS fall as much as 14.8% to 1,222.4 rupees, lowest since May 18

** BARA among top losers on Nifty Midcap 100 index .NIFMDCP100, which is down 0.27%

** Defence equipment maker said Q1 profit fell 83% Y/Y, rev from ops down 29%

** Supply chain issues on electronic components have hampered performance, said analyst at Antique Stock Broking

** Adds, issues seem to be receding, can expect normalization of supply from overseas vendors from 2HFY25

** Six analysts covering the stock have a "buy" rating on avg; median PT is 1,256.5 rupees - LSEG data

** Stock up 67% so far this year vs a 24% gain in the midcap index

(Reporting by Ashna Teresa Britto in Bengaluru)

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** Shares of India's Bharat Dynamics BARA.NS extend losses, last down 9.5% at 1,303.4 rupees

** Defence equipment maker set to end session near Tuesday's level, if trends hold

** BARA closed previous session 10% lower when Indian stock market witnessed its biggest fall in four years

** On Wednesday, company's slump bucks strength in wider markets, where benchmarks surge on Modi's allies pledging support to form government .BO

** BARA among eight red members in 100-constituent Nifty mid-cap index .NIFMDCP100, which is up ~4%

** Analysts caution against capex-linked stocks such as infra, on worries over policy and reforms continuity after shock results

** YTD BARA has risen 53% vs a ~11% gain in mid-caps gauge

(Reporting by Hritam Mukherjee in Bengaluru)

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May 30 (Reuters) - Bharat Dynamics Ltd BARA.NS:

• BHARAT DYNAMICS LTD MARCH-QUARTER PROFIT 2.89 BILLION RUPEES VERSUS 1.53 BILLION RUPEES

• BHARAT DYNAMICS LTD MARCH-QUARTER INCOME FROM OPERATIONS 8.49 BILLION RUPEES VERSUS 7.97 BILLION RUPEES

Source text for Eikon: ID:nBSEbJjbSp

Further company coverage: BARA.NS

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May 7 (Reuters) - Bharat Dynamics Ltd BARA.NS:

• BHARAT DYNAMICS LTD - TO INVEST IN A JOINT VENTURE ALONG WITH FIVE OTHER MEMBERS OF UP TO 11.7 MILLION RUPEES

• BHARAT DYNAMICS - CONSORTIUM IS BEING LED BY BHARAT ELECTRONICS

Source text for Eikon: ID:nBSE8jJWlS

Further company coverage: BARA.NS

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** Shares of Bharat Dynamics BARA.NS rise as much as 8.4% to record 2,083.70 rupees

** BARA last up 6.3%; reason for share move not immediately clear

** Around 4.6 mln shares traded, 4.5x 30-day avg. volume

** Analysts tracking defense equipment maker BARA rate it "buy" on average, same as state-owned competitor Bharat Electronics BAJE.NS - LSEG data

** BARA's 20% YTD gains trail BAJE's 29% growth this year

(Reporting by Nandan Mandayam in Bengaluru)

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** Shares of Bharat Dynamics BARA.NS down 3.1% to 1,718.5 rupees

** Defence equipment maker said it recorded a turnover of about 23.50 bln rupees ($281.9 mln) for FY24, down 5.6% year-on-year

** Reduction in turnover is mainly on account of current geopolitical situation prevailing in Europe and Middle East which has affected the supply chain of the company - BARA

** Average rating of six analysts close to equivalent of "buy"; median PT is 2,010 rupees - LSEG data

** Including session's move, stock up 0.33% YTD

($1 = 83.3550 Indian rupees)

(Reporting by Navamya Ganesh Acharya in Bengaluru)

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April 1 (Reuters) - Bharat Dynamics Ltd BARA.NS:

• BHARAT DYNAMICS LTD- BDL RECORDED A TURNOVER OF ABOUT 23.50 BILLION RUPEES FOR FY ENDING MARCH 31

• BHARAT DYNAMICS LTD- REDUCTION IN TURNOVER IS DUE TO CURRENT GEOPOLITICAL SITUATION IN EUROPE AND MIDDLE EAST

• BHARAT DYNAMICS LTD- ORDER BOOK POSITION (PROVISIONAL AND UNAUDITED) AS OF APRIL 1 AT 194.68 BILLION RUPEES

Source text for Eikon: ID:nBSE1j3Xm1

Further company coverage: BARA.NS

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