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Bharat DynamicsNSE:BDL -0.18%77 Cyclically Adjusted PB Ratio is 14.20 as of Aug. 12, 2026, which is 2% below its 10-year median of 14.42. GuruFocus rates NSE:BDL with a GF Score™ of 77/100 and a GF Value™ of ₹1,021.99 (Modestly Overvalued). The stock has 7 warning signs investors should review. Among 209 Aerospace & Defense companies, Bharat Dynamics ranks worse than 89.47% on this metric.
The historical rank and industry rank for Bharat Dynamics's Cyclically Adjusted PB Ratio or its related term are showing as below:
NSE:BDL'
s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 12.88 Med: 14.42 Max: 15.72
Current: 14.05
During the past years, Bharat Dynamics's highest Cyclically Adjusted PB Ratio was 15.72. The lowest was 12.88. And the median was 14.42.
NSE:BDL's Cyclically Adjusted PB Ratio is ranked worse than 89.47% of 209
companies
in the Aerospace & Defense industry
Industry Median: 3.49
vs NSE:BDL: 14.05
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.
Bharat Dynamics's adjusted book value per share data for the three months ended in Mar. 2026 was ₹115.696. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is ₹92.06 for the trailing ten years ended in Mar. 2026.
Shiller PE for Stocks: The True Measure of Stock Valuation
Bharat Dynamics (NSE:BDL) Cyclically Adjusted PB Ratio Explanation
Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.
Bharat Dynamics Cyclically Adjusted PB Ratio Related Terms
Bharat Dynamics Cyclically Adjusted PB Ratio Historical Data
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The historical data trend for Bharat Dynamics's Cyclically Adjusted PB Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Bharat Dynamics Cyclically Adjusted PB Ratio Chart
NSE:BDL vs SPCX, GE, RTX: Cyclically Adjusted PB Ratio Comparison
For the Aerospace & Defense subindustry, Bharat Dynamics's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Bharat Dynamics Cyclically Adjusted PB Ratio vs Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Bharat Dynamics's Cyclically Adjusted PB Ratio distribution charts can be found below:
* The bar in red indicates where Bharat Dynamics's Cyclically Adjusted PB Ratio falls into.
Bharat Dynamics Cyclically Adjusted PB Ratio Calculation
Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.
Bharat Dynamics's Cyclically Adjusted PB Ratio for today is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted PB Ratio of 14.20 mean?
Bharat Dynamics (NSE:BDL) has a Cyclically Adjusted PB Ratio of 14.20 as of Aug. 12, 2026. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Bharat Dynamics and its competitors. This is near median its historical median of 14.42. Over the past decade, Bharat Dynamics' Cyclically Adjusted PB Ratio has ranged from 12.88 to 15.72. According to the industry distribution chart, Bharat Dynamics ranks #187 out of 209 companies in the Aerospace & Defense industry, placing it in the top 89.5%.
Is Bharat Dynamics' Cyclically Adjusted PB Ratio too high?
Bharat Dynamics' current Cyclically Adjusted PB Ratio of 14.20 is near median its 10-year median of 14.42. Over the past 10 years, this metric has ranged from a low of 12.88 to a high of 15.72. The Aerospace & Defense industry median Cyclically Adjusted PB Ratio is 3.49. Bharat Dynamics' value of 14.20 is 306.9% above this industry median. Based on the distribution chart, Bharat Dynamics ranks #187 out of 209 companies in the Aerospace & Defense industry, which is in the bottom quartile relative to peers. Overall, Bharat Dynamics has a GF Score™ of 77/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Bharat Dynamics' Cyclically Adjusted PB Ratio compare to SPCX and GE?
According to the Aerospace & Defense industry distribution chart, Bharat Dynamics ranks #187 out of 209 companies for Cyclically Adjusted PB Ratio. This places Bharat Dynamics in the lower half of its industry. The industry median Cyclically Adjusted PB Ratio is 3.49. Bharat Dynamics' value of 14.20 is 306.9% above this benchmark. Historically, Bharat Dynamics' own Cyclically Adjusted PB Ratio has ranged from 12.88 to 15.72 over the past decade. While the company's 10-year median is 14.42 vs. the industry median of 3.49, Bharat Dynamics has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PB Ratio for an Aerospace & Defense company?
The median Cyclically Adjusted PB Ratio among Aerospace & Defense companies is 3.49, based on 209 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Bharat Dynamics's current Cyclically Adjusted PB Ratio of 14.20 is 306.9% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PB Ratio mean?
A high Cyclically Adjusted PB Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Bharat Dynamics and its competitors. For the Aerospace & Defense industry, the median Cyclically Adjusted PB Ratio is 3.49 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Bharat Dynamics's current Cyclically Adjusted PB Ratio is 14.20, which is near median its own 10-year median of 14.42. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bharat Dynamics stock overvalued right now?
Based on GuruFocus' analysis, Bharat Dynamics (NSE:BDL) is currently considered Modestly Overvalued. The stock's GF Value™ is ₹1,021.99, compared to a current price of ₹1,307.60 — trading 27.9% above its estimated fair value. The current Cyclically Adjusted PB Ratio is 14.20, which is near median its 10-year median of 14.42 and 306.9% above the Aerospace & Defense industry median of 3.49. Bharat Dynamics' overall GF Score™ is 77/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PB Ratio calculated?
Cyclically Adjusted PB Ratio is calculated from a company's financial statements. For Bharat Dynamics (NSE:BDL), the current Cyclically Adjusted PB Ratio is 14.20 as of Aug. 12, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Bharat Dynamics (NSE:BDL) Overvalued in 2026?
Based on GuruFocus' analysis, Bharat Dynamics stock appears to be overvalued.
The current stock price of ₹1,307.60 is trading 27.9% above its estimated GF Value™ of ₹1,021.99.
GuruFocus considers Bharat Dynamics to be Modestly Overvalued.
Key valuation signals for NSE:BDL:
Cyclically Adjusted PB Ratio: 14.20 (near median its 10-year median of 14.42)
GF Value™: ₹1,021.99 vs. price of ₹1,307.60 (27.9% above fair value)
Industry Position: 306.9% above the Aerospace & Defense median (#187 of 209)
No single metric tells the full story. See the NSE:BDL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Bharat Dynamics Ltd is engaged in the manufacturing of Missiles and allied Defence equipment. The Company provides the majority of its goods and services to the Indian Armed Forces and the Government of India. Its products comprise Milan-2T ATGM, Helina, Astra Weapon System, FLAME, Anti-Submarine Warfare Suite (ASW SUITE), Astra Weapon Systemothers, and Others.
77GF Score
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