Warships, aircraft or missiles? GRSE vs HAL vs BDL: Which defence PSU wins the post-Q2 results race? Technical outlook

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GRSE and HAL reported year-on-year second-quarter profit growth of 12% and 16%, respectively, while BDL’s profit fell 15%. Revenue rose at all three companies, but BDL’s EBITDA dropped sharply.

GRSE vs HAL vs BDL: As the corporate earnings season nears its conclusion, recent earnings have put spotlight on three major defence Public Sector Undertakings (PSUs). Garden Reach Shipbuilders & Engineers (GRSE) reported a 12% year-on-year (YoY) increase in consolidated net profit for the second quarter of the financial year 2026-27.

Hindustan Aeronautics Limited (HAL) posted a 16% annual surge in net profit, while Bharat Dynamics Limited (BDL) reported a 15% decline in net profit.

With all three stocks ending lower on Friday, November 13, 2026, here's a comparison of their Q2 results and technical outlook for GRSE, BDL and HAL.

The warship-building PSU, GRSE, reported a 12% annual increase in its net profit to ₹172 crore for the second quarter of financial year 2026-27. Its net profit was driven by higher revenue from operations. Its net profit stood at ₹154 crore in the year ago period.

The state run aerospace and defence company, HAL, reported a net profit of ₹1,936 crore for the second quarter of FY27, against ₹1,669 crore in the corresponding quarter of FY26. The Bengaluru-based aerospace major witnessed higher revenue and project deliveries during the quarter under review.

HAL’s revenue from operations surged by 14.9% on an annual basis to ₹7,613.25 crore from ₹6,628 crore. However, the defence PSU’s operating profitability remained relatively subdued.

Bharat Dynamics reported a 15% decline in net profit after tax to ₹180 crore during the quarter under review. The Hyderabad-based missile systems maker witnessed 46% decline in its absolute EBITDA. But its net revenue increased 45% on an annual basis to ₹1,660 crore.

GRSE stock price action has staged a base reversal off ₹1,850 lows, according to Virat Jagad Sr. Technical Research Analyst at Bonanza, who recommends fresh entry for investors with ‘buy on dips’ investment strategy.

According to Jagad, investors can consider ‘Buy on dips’ near ₹2,160- ₹2,205 per share, with stop loss at ₹2,090 and target for ₹2,330/…

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