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Published on 14/03/2018 3:36:28 PM | Source: Ventura Securities Ltd

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Bharat Dynamics Limited (BDL) established in 1970, is a leading defence PSU in India. It falls under the administrative control of the Ministry of Defence (MoD), and is a manufacturing base for guided weapon systems. BDL’s clientele includes the Ministry of Defence (MoD), other defence PSUs, government bodies under the MoD and other countries. The company has a dedicated R&D centre to design and develop missiles with established technological labs, such as RF labs, laser labs, an aerodynamic lab and a seeker lab to develop new technologies. The company’s manufacturing unit in Hyderabad is automated for material handling and grain loading of SAMs while the manufacturing unit in Vishakhapatnam is engaged in the manufacturing of torpedoes.

The manufacturing facilities are equipped with robotic welding machines, four axis machines, flow forming machines, a vacuum furnace for heat treatment, an automated electroplating shop, a 3D- coordinating measuring machine, climatic chambers and a 800G acceleration measuring fixture. The Bhanur unit is engaged in the manufacture of the Konkurs- M ATGMs, the INVAR (3 UBK 20) ATGMs, launchers and spares. The company’s R&D expenses have grown at a CAGR of 23.6% from Rs. 22.7 crore in FY15 to Rs. 34.7 crore in FY17.

Bharat Dynamics offers a diverse range of products:

* Milan 2T: This man portable (infantry) second generation ATGM can destroy tanks fitted with explosive reactive armour, moving and stationary targets. It has a fiber glass logistic container for transformation of 4 missiles, which is highly reliable as no maintenance or pre-fire check is required.

* Konkurs - M (ATGM): It is a second generation, semiautomatic, antitank, tube launched, optically tracked, wire guided and aero-dynamically controlled missile designed to destroy moving and stationary armored targets with explosives reactive armours at a range of 75 to 4000 meters. It can be launched either from BMP-II or from ground launcher.

* Invar (3 UBK 20) (ATGM): It is weapon fired from the gun barrel of a T 90 Tank. The missile has a semi-automatic control system, tele orienting in the laser beam, has a high velocity jamming immune missile with tandem warhead designed to defeat explosive reactive armor and to destroy stationary and moving targets with speed up to 70 Km/hr. • Akash: It is a medium range surface-to-air missile with a multiple target tracking capability.

* Advanced Light Weight Torpedo (TAL): It can be launched from a ship or a helicopter, available as both war shot and exercise model. Also, it has a multiple search pattern capability. • Torpedo Counter Measure System (C303): It is meant to counter the threat posed to any submarine by any active or passive homing torpedo.

* Counter Measures Dispensing System (CMDS): It is a state of the art chaff and flare dispensing system providing self-protection to the aircraft by passive ECM against radar guided. Protection to the aircraft is achieved by misguiding the missiles by dispensing of chaff and flare payloads.

* Infra Red Interference Indicator (IRII): It is an equipment to detect any IR interference in the field of view of launcher prior to firing of the missile.

Issue Structure & Valuation

The proposed Bharat Dynamics Ltd issue is for an aggregate amount of Rs 960.9 crores (22,451,953 shares) by way of offer for sale. This is being offered to the public at a price range of Rs 413 per share (lower price band) to Rs 428 per share (upper price band).

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