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Hindustan Aeronautics

HAL NSE
₹5,079.10 +120.50 (+2.43%)
P/E
36.44
View as Markdown
MCP
Close 4 Nov 2026 ₹5,079.10 +485.50 +10.6% 1Y
Start ₹4,593.60

Key Fundamentals

LargecapAerospace & DefenseCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
32.00%
Debt to Equity
0.00
EPS (TTM)
₹139.38
Book Value
₹613.68
Market Cap
—
P/E (TTM)
36.44
P/B
8.28
ROE
24.00%
Dividend Yield
0.91%
EBITDA
₹13,469 Cr
52W High
₹5,149.90
52W Low
₹3,479.10
Day Range
₹4,918.10 – ₹5,091.60
Volume
12,42,735

Peer Comparison

Industrials › Aerospace & Defense › Engineering › Aerospace & Defense

Hindustan Aeronautics peer comparison
Hindustan Aeronautics (this company)
₹5,079.1036.44₹3,35,230 Cr8.280.91%24.00%32.00%₹33,785 Cr₹9,322 Cr
Bharat Electronics
₹398.0045.49₹2,84,935 Cr11.080.66%27.40%36.40%₹30,253 Cr₹6,401 Cr
Bharat Dynamics
₹1,075.0075.65₹37,987 Cr9.290.48%10.20%13.90%₹2,766 Cr₹521 Cr
Garden Reach Shipbuilders
₹2,143.4030.66₹24,395 Cr9.350.92%31.60%42.80%₹7,507 Cr₹801 Cr
Data Patterns
₹4,078.0085.21₹22,179 Cr13.150.25%15.20%21.90%₹941 Cr₹267 Cr
Sigma Advanced System
₹938.70103.38₹17,375 Cr18.900.00%−4.03%11.70%₹861 Cr₹166 Cr
Aequs
₹219.59—₹14,236 Cr10.570.00%−9.96%1.69%₹1,370 Cr−₹171 Cr
Median 7 companies₹1,075.0060.57₹24,395 Cr10.570.48%15.20%21.90%₹2,766 Cr₹521 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

62 Good

Data confidence 100/100

Category scores

Quality
80
Strong
Returns, margins, earnings quality 22% weight
Valuation
77
Strong
Cheap vs sector & own history 24% weight
Growth
22
Poor
Sales & profit trajectory 9% weight
Financial Health
61
Good
Solvency, leverage, coverage 9% weight
Momentum
45
Weak
Trend strength, vol-adjusted 12% weight
Ownership
59
Good
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

3
  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 26.0%
  • Company has been maintaining a healthy dividend payout of 31.9%

Weaknesses

4
  • Stock is trading at 7.59 times its book value
  • The company has delivered a poor sales growth of 7.78% over past five years.
  • Earnings include an other income of Rs.3,897 Cr.
  • Working capital days have increased from 153 days to 301 days

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish4312
OscillatorsBearish432
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
63.85
Neutral
MACD (12,26,9)
40.92
Bullish
SMA (50)
4,825.43
Bullish
SMA (200)
4,458.02
Bullish

As of

Analyst Rating

Based on 26 analysts
BUY85%

22 of 26 analysts rate Buy, 1 Hold, 3 Sell.

As of

BUY
22
85%
HOLD
1
4%
SELL
3
12%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+7.04%
5Y+7.78%
3Y+7.11%
1Y+6.80%
TTM+7.42%

Net profit

Net profit growth by window
10Y+16.36%
5Y+22.99%
3Y+16.08%
1Y+8.99%
TTM+12.16%

Operating cash flow

Operating cash flow growth by window
10Y—
5Y−6.50%
3Y+7.29%
1Y−20.06%
TTM—

10Y: The statements do not go back far enough for this window.

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+14.82 pp
5Y+6.04 pp
3Y+4.75 pp
1Y−1.47 pp
TTM−1.84 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹17,950 Cr
Mar 2018₹18,520 Cr
Mar 2019₹20,008 Cr
Mar 2020₹21,445 Cr
Mar 2021₹22,755 Cr
Mar 2022₹24,620 Cr
Mar 2023₹26,927 Cr
Mar 2024₹30,381 Cr
Mar 2025₹30,981 Cr
Mar 2026₹33,089 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹2,625 Cr
Mar 2018₹1,990 Cr
Mar 2019₹2,328 Cr
Mar 2020₹2,883 Cr
Mar 2021₹3,239 Cr
Mar 2022₹5,080 Cr
Mar 2023₹5,828 Cr
Mar 2024₹7,621 Cr
Mar 2025₹8,364 Cr
Mar 2026₹9,116 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹2,019 Cr −17.2% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 29 Oct 2026
AI opinion · based on fundamentals
Risk medium

Hindustan Aeronautics Ltd trades at ₹4,869.9 as of 2026-10-29 with a market cap of ₹3,25,686.74 Cr, a P/E (TTM) of 34.94x, and zero debt on its balance sheet. The company delivers a consistent ROE of 22.21% but faces questions around a modest 7% compounded sales CAGR over the past decade and a sharp rise in working capital days from 153 to 301.

Bull Case 7
  • Debt-free balance sheet with a debt-to-equity ratio of 0, providing significant financial flexibility for large capital expenditure cycles typical in aerospace & defense.
  • Consistently high return on equity — 3-year ROE of 26%, 5-year ROE of 27%, and 10-year ROE of 25% — indicating efficient capital allocation over long periods.
  • Compounded profit growth of 23% over 5 years and 16% over 10 years meaningfully outpaces revenue growth, reflecting improving margins and operating leverage.
  • Healthy dividend payout ratio of 31.9% with a current dividend yield of 0.93%, offering tangible cash returns to shareholders even at elevated valuations.
  • Stock has delivered a 3-year CAGR of 33% and a 5-year CAGR of 47%, reflecting sustained re-rating driven by India's rising defense capital expenditure.
  • Current price of ₹4,869.9 is approximately 5.4% below the 52-week high of ₹5,149.9, suggesting the stock has held up relatively well within its recent trading range.
  • ROCE of 13.8% despite the capital-intensive nature of aerospace manufacturing indicates the company generates adequate returns on total capital employed.
Bear Case 6
  • Compounded sales growth of just 7% over the TTM, 3-year, 5-year, and 10-year periods indicates structurally slow top-line expansion for a stock commanding a 34.94x P/E multiple.
  • Working capital days have nearly doubled from 153 to 301 days, signalling potential cash flow strain and delayed collections likely tied to government payment cycles.
  • Earnings include other income of ₹3,897 Cr, which means a meaningful portion of reported profits comes from non-core sources, potentially flattering headline EPS of ₹139.38.
  • The 1-year stock CAGR of -4% indicates recent underperformance and possible momentum fatigue after the strong multi-year rally.
  • TTM profit growth of 12% has decelerated compared to the 3-year CAGR of 16% and 5-year CAGR of 23%, suggesting the pace of earnings improvement may be slowing.
  • Last year's ROE of 24% has dipped below the 3-year average of 26% and 5-year average of 27%, hinting at a possible normalization in return profile.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: HAL is firing on multiple cylinders with a deep order backlog headlined by the ₹62,700 crore Prachand contract, aggressive ₹12,000 crore capex plans, and the new Shakti engine line. The key risk remains execution — Tejas Mk1A delays have weighed on sentiment since CY24, and foreign engine dependencies from GE and Honeywell remain bottlenecks.

Headwinds 3
  • Tejas Mk1A delivery delays Oct 6

    HAL's stock has de-rated since CY24 due to repeated Tejas Mk1A delays, which represents 43% of the order book. Investor concerns over execution ability remain a key overhang.

  • HTT-40 engine supply bottleneck Oct 6

    Honeywell's first engine delivery slipped from Sep 2025 due to supply-chain problems, causing HAL to miss its target of 12 HTT-40 deliveries in FY2025-26. Only 4 of 16 initial engines have been supplied so far.

  • GE engine dependency for Tejas Oct 6

    HAL has received only 10 GE engines for Tejas Mk1A so far, making delivery timelines contingent on a foreign supplier's schedule.

Positives 6
  • Shakti engine line expansion Oct 6

    Defence Minister laid the foundation stone for HAL's ₹218 crore Shakti engine production line at Koraput, targeting up to 100 engines annually by 2028-29 for Dhruv and Prachand helicopters.

  • Massive ₹62,700 Cr Prachand order Oct 6

    MoD contracts for 156 Prachand LCH — 66 for IAF and 90 for Army — worth ₹62,700 crore will drive substantial capacity requirements and long-term revenue visibility.

  • Tejas Mk1A delivery confidence Oct 6

    HAL CMD expressed confidence in delivering Tejas Mk1A this year after completing the Mk1 trainer contract on Sep 18, 2026. Analysts see potential for 10 aircraft deliveries vs their base case of 5.

Neutral 2
  • HATSOFF becomes wholly owned subsidiary Nov 3

    HAL acquired the remaining 50% stake in HATSOFF Helicopter Training Pvt. Ltd. from CAE Canada, involving transfer of 3,84,04,205 equity shares at ₹10 face value.

  • New DRDO director appointed Oct 7

    HAL appointed Shri Anindya Biswas as Part-time Official Director, replacing Dr. K Rajalakshmi Menon, per Ministry of Defence directives.

Quarterly Results

₹ Cr
HAL quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
3,915
5,636
6,061
14,769
4,348
5,976
6,957
13,700
4,819
6,629
7,699
13,942
5,515
Expenses
3,039
4,108
4,626
8,867
3,357
4,336
5,275
8,405
3,537
5,071
5,828
8,884
3,988
Operating Profit
877
1,528
1,435
5,901
991
1,640
1,683
5,295
1,282
1,558
1,871
5,059
1,527
OPM %
22%
27%
24%
40%
23%
27%
24%
39%
27%
24%
24%
36%
28%
Other Income
410
469
460
569
736
560
637
669
757
888
927
1,151
912
Interest
0
0
0
31
0
0
0
8
0
0
1
4
0
Depreciation
201
350
212
644
149
178
277
736
185
226
310
634
304
PBT
1,085
1,647
1,683
5,795
1,578
2,023
2,042
5,219
1,854
2,220
2,487
5,571
2,134
Tax %
25%
25%
25%
26%
9%
25%
30%
24%
25%
25%
25%
25%
26%
Net Profit
814
1,237
1,262
4,309
1,437
1,510
1,440
3,977
1,384
1,669
1,867
4,196
1,590
EPS (₹)
12.17
18.49
18.86
64.43
21.49
22.59
21.53
59.46
20.69
24.96
27.91
62.74
23.77

Profit & Loss

₹ Cr
HAL profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
15,939
16,758
17,950
18,520
20,008
21,445
22,755
24,620
26,927
30,381
30,981
33,089
33,785
Expenses
13,560
14,285
14,719
15,071
15,457
16,531
17,397
19,205
20,242
20,630
21,360
23,301
23,771
Operating Profit
2,379
2,474
3,231
3,449
4,551
4,914
5,357
5,415
6,686
9,752
9,621
9,788
10,014
OPM %
15%
15%
18%
19%
23%
23%
24%
22%
25%
32%
31%
30%
30%
Other Income
1,650
1,608
1,058
776
376
423
365
985
1,673
1,923
2,608
3,699
3,897
Interest
15
6
16
35
178
360
267
65
64
43
22
24
6
Depreciation
822
863
681
947
1,025
999
1,178
1,111
1,785
1,407
1,340
1,355
1,474
PBT
3,191
3,213
3,592
3,243
3,725
3,979
4,277
5,225
6,510
10,225
10,867
12,108
12,432
Tax %
25%
38%
27%
39%
37%
28%
24%
3%
10%
25%
23%
25%
—
Net Profit
2,399
2,004
2,625
1,990
2,328
2,883
3,239
5,080
5,828
7,621
8,364
9,116
9,321
EPS (₹)
24.89
27.72
36.3
29.76
34.82
43.1
48.44
75.96
87.14
114
125
136
139
Div. Payout %
20%
31%
30%
54%
28%
39%
31%
26%
32%
31%
32%
33%
—

Balance Sheet

₹ Cr
HAL balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
482
362
362
334
334
334
334
334
334
334
334
334
Reserves
16,322
10,671
12,198
9,177
11,748
12,914
15,078
18,979
23,238
28,804
34,647
40,707
Borrowings
165
80
1,022
905
4,116
5,927
51
49
52
50
51
66
Other Liabilities
47,370
45,420
38,163
38,047
35,298
35,027
37,815
40,892
45,652
51,723
73,665
93,288
Total Liabilities
64,339
56,532
51,744
48,463
51,496
54,203
53,278
60,254
69,276
80,911
1,08,698
1,34,395
Fixed Assets
7,366
6,925
7,350
7,566
7,459
7,357
7,491
6,766
6,834
6,737
6,671
7,293
CWIP
235
1,025
1,389
1,462
1,502
2,043
2,078
2,473
1,885
2,493
3,098
3,313
Investments
570
916
994
1,010
910
991
1,056
1,363
1,458
1,591
1,754
1,914
Other Assets
56,168
47,666
42,011
38,425
41,625
43,812
42,654
49,653
59,099
70,089
97,176
1,21,875
Total Assets
64,339
56,532
51,744
48,463
51,496
54,203
53,278
60,254
69,276
80,911
1,08,698
1,34,395

Cash Flow

₹ Cr
HAL cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
—
—
−404
−748
−7,700
1,527
15,263
10,173
8,830
8,223
13,643
10,906
Investing
—
—
3,012
597
5,294
−1,339
−1,271
−12,785
−5,728
−6,410
−10,771
−8,337
Financing
—
—
−164
−2,540
2,326
64
−7,125
−1,464
−1,731
−1,999
−2,579
−3,350
Net Cash Flow
—
—
2,443
−2,691
−80
252
6,867
−4,076
1,370
−186
294
−781
Free Cash Flow
—
—
−1,907
−2,000
−9,094
148
13,947
8,676
7,054
6,476
11,890
8,438
CFO/OP
—
—
20
22
−145
68
298
207
173
105
179
142

Ratios

HAL financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
144
105
86
133
227
191
90
69
64
55
55
45
Inventory Days
1,104
1,016
879
870
881
815
605
607
527
544
736
859
Days Payable
103
91
64
72
113
163
76
96
116
116
156
116
Cash Conversion Cycle
1,145
1,030
900
931
995
843
620
580
475
484
634
788
Working Capital Days
39
−5
74
101
221
185
141
111
38
37
121
301
ROCE %
—
23%
29%
27%
29%
24%
26%
30%
31%
39%
34%
32%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Hindustan Aeronautics insights

67 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 71.64%
  • DIIs 12.56%
  • FIIs 9.42%
  • Public 5.51%
  • Others 0.87%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Hindustan Aeronautics

What does Hindustan Aeronautics Ltd do?
Hindustan Aeronautics Ltd (HAL), a 71.64% Government-owned Maha-Ratna CPSE, designs, manufactures, upgrades and provides lifecycle MRO for aircraft, helicopters, aero -engines, avionics /accessories and aerostructures, principally for India’s armed forces.
Where is Hindustan Aeronautics Ltd (HAL) listed?
Hindustan Aeronautics Ltd trades as HAL on the NSE and under code 541154 on the BSE.
Which sector does Hindustan Aeronautics Ltd belong to?
Hindustan Aeronautics Ltd is classified under the Aerospace & Defense sector, in the Engineering industry.
What is the PE ratio of Hindustan Aeronautics Ltd?
Hindustan Aeronautics Ltd trades at a PE ratio of 36.44 as of 4 Nov 2026, on earnings per share of ₹139.38, against a book value of ₹613.68 per share.
What is the 52-week high and low of Hindustan Aeronautics Ltd?
Over the last 52 weeks Hindustan Aeronautics Ltd has traded between ₹3,479.1 and ₹5,149.9 as of 4 Nov 2026.
Does Hindustan Aeronautics Ltd pay dividends?
Hindustan Aeronautics Ltd has a dividend yield of 0.91%.
What is the Return on Equity (ROE) of Hindustan Aeronautics Ltd?
Hindustan Aeronautics Ltd reported a return on equity of 24.00%. Its debt-to-equity ratio is 0.00.

Company Information

Hindustan Aeronautics Ltd (HAL), a 71.64% Government-owned Maha-Ratna CPSE, designs, manufactures, upgrades and provides lifecycle MRO for aircraft, helicopters, aero -engines, avionics /accessories and aerostructures, principally for India’s armed forces.

Website hal-india.co.in
CEO Dr. D. K. Sunil
Employees 22,033
Listed 28 Mar 2018
Face Value ₹5

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