Bharati Defence & Infrastructure Ltd is a defence manufacturing platform being rebuilt from the ground up. Originally a shipbuilder incorporated in 1976, the company spent nearly seven years in insolvency before being bought as a going concern by Hind Simulation Training Private Limited in mid-2024. Its revival strategy is to merge its legacy heavy-engineering identity with the electronics and unmanned-systems capabilities of its new promoters, creating a single entity that can bid for India's expanding defence budgets under the government's Atmanirbhar Bharat (self-reliant India) programme.
Business segments
Two engines at opposite ends of the rebuild cycle - a legacy shipbuilding platform restarting from zero, and a drone-and-electronics business being folded in through a merger - both aimed at the same government defence customer.
1. Manufacturing of drones, UAVs and telecommunication systems: the incoming electronics backbone
The company is absorbing two promoter-owned firms that design and make unmanned aerial vehicles, kamikaze drones, and communications equipment - this is the business that will generate its future revenue.
- Brought in by merger, not built from scratch - the Board approved a scheme in June 2026 to amalgamate Hind Simulation Training Private Limited (the company that acquired BDIL) and Exicom Technologies India Private Limited directly into BDIL, so their drone and electronics operations become BDIL's own.
- Covers the full unmanned-aircraft spectrum - the amalgamating entities' objects include manufacturing, assembling, testing, and servicing drones, UAVs (unmanned aerial vehicles), and kamikaze drones - the kind that strike a target and destroy themselves on impact - alongside navigation, surveillance, and communication equipment.
- Electronics manufacturing is the wider envelope - Exicom Technologies brings the ability to make and service networking, IT, and security-and-surveillance equipment, while Hind Simulation adds simulators and training systems, so the combined entity can supply hardware and the systems that run it.
- Defence is the only customer that matters - the business objects explicitly list naval, land, air, and space defence systems, homeland security, weapon integration, and military armaments, meaning the company is structured to sell almost exclusively to government armed forces and security agencies.
2. Manufacturing of vessels and windmills: the legacy platform awaiting restart
The company's original business - building ships, offshore structures, and heavy marine equipment - has been dormant since insolvency, but the new owners are keeping it alive as a second defence-facing engine.
- A shipyard with no current production - historically the company built ships, non-propelled vessels, cranes, rigs, and offshore structures, and repaired vessels, but during FY25 it had no active commercial operations, no manpower, and no inventory of raw materials or work-in-progress.
- The only revenue came from selling what was left - in FY25 the company earned its entire operating income from selling scrap (₹9.5 crore) and disposing of assets (₹13.8 crore), not from making anything.
- Targeting government naval contracts - the company is positioning itself for shipbuilding and naval defence projects, betting that India's higher defence spending and indigenisation policies will create demand it can capture once operations resume.
- Heavy engineering with long lead times - the industry is capital-intensive, projects take years to complete, and competition comes from established government-owned defence shipyards and global players, so winning orders depends entirely on government procurement decisions.
Group structure and partners
The company is a tightly held promoter vehicle in the middle of a three-way merger, with a 95% promoter stake and a suspended stock that has yet to relist.
- Acquired out of liquidation - Hind Simulation Training Private Limited was declared the successful bidder, the NCLT approved the sale on 29 April 2024, and the new management took control on 12 June 2024.
- Three companies are becoming one - the amalgamation scheme folds Hind Simulation Training and Exicom Technologies into BDIL, with BDIL issuing roughly 19.9 shares for every 1,000 held in Exicom and about 949.5 shares for every 1,000 held in Hind Simulation, based on an independent valuation.
- Promoters own nearly everything - post-implementation of the NCLT order, the promoter group holds 95% of the equity, with the public holding just 5%, and the company has applied to SEBI for an exemption from minimum public shareholding rules.
- The stock is still suspended - the company's securities remain suspended from trading, and it will have 18 months from relisting to increase public shareholding to at least 10% through a follow-on offer.
- No subsidiaries, a fresh board - the company had no subsidiary or associate in FY25, and the board is led by Managing Director Sandeep Agarwal with a newly appointed CFO and company secretary both joining in January 2025.