Announcement
Announcement under Regulation 30 (LODR)-Acquisition 2 Oct - HAL will acquire CAE Canada's 50% stake in HATSOFF for nil consideration, making it wholly-owned within 60 days.
Source: Bse
Hindustan Aeronautics Limited (HAL)
Large CapIndustrials stocks · Large cap · NSE
Hindustan Aeronautics Limited (HAL) is a strategic Indian aerospace and defense organization engaged in the design, development, manufacturing, repair, and overhaul of aircraft, helicopters, and aero engines. The company plays a crucial role in India's national security and self-reliance in the aerospace sector.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result12 Aug, 02:07 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
57NeutralSMA20 -1.7% / mo · MACD + · near 52W high
Stock trend: 61
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
HALD candles · FIT view+16.3%Latest close ₹4959.00 on 2026-10-19
Bar
-0.4%
RSI
59
MACD hist
33.89
52W pos
89%
2026-10-19O ₹4980.00H ₹5012.00L ₹4923.00C ₹4959.00Vol 5.8L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
HALNifty India ManufacturingNifty 500
- HAL
- +10.4%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +16.0 pp
Chart stats
19 Oct 2026- From 52W high
- -3.7%
- 52W range position
- 89%
- ATR (14)
- 2.2%
- Volume vs 20D
- 0.84x
- Avg traded value
- ₹323 Cr
- 20D price channel
- ₹4,549.3 - ₹5,012
₹5,149.9
₹3,479.1 - ₹5,149.9
₹109.3
Latest completed session
20-session average
28.7% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE54
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good55
Revenue +14.4% · PAT +14.9% YoY
Technical
Neutral57
Price trend and sector-relative-strength timing.
Valuation
Legacy model+9.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence82
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 55/100Rev +14% YoY · PAT +15% YoY · margin expansion
Filed 12 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,515 Cr | +14.4% | -60.4% |
| EBITDA | ₹1,527 Cr | +19.1% | -69.8% |
| Operating margin | 28.0% | +100 bps | -800 bps |
| PAT | ₹1,590 Cr | +14.9% | -62.1% |
| PAT margin | 28.8% | +11 bps | -127 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 35.80
- P/B
- 8.13
- EV/EBITDA
- 29.05
- Market Cap
- 333652.00Cr
Profitability
- ROE
- 24.00%
- ROCE
- 32.00%
- ROA
- 6.94%
- Dividend Y
- 0.90%
Growth (CAGR)
- Revenue 5Y
- 8.00%
- EPS 5Y
- 23.00%
- Revenue 3Y
- 7.00%
- EPS 3Y
- 16.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 1669.00×
- Altman Z
- 3.18
- Book Value
- 614.00
Cash Flow
- FCF Yield
- 0.77%
- FCF Positive Y
- 7/5
- OCF
- 10906.00 Cr
- EPS TTM
- 139.38
Shareholding
- Promoter Hold
- 71.64%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 90%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 31.0k+2.0% vs prev
Net Profit
₹ CrLatest: 9,321+2.2% vs prev
Return on Equity
%Latest: 26.6-14.8% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 59. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~1.7% over last month) — short-term momentum negative.
- RSI(14) at 59 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 4% off 52W high · 43% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
76
RS percentile
Stage 2 UptrendEstablished S2
1M return
+3.3%
3M return
+10.4%
6M return
+12.7%
1Y return
+5.0%
RS 1D
+1
RS 20D
+10
Sector rank
#5
Industry rank
-
Stage evidence
- Price is 10.3% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +2.5%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
31 Jul 2026
S2 age
55 trading sessions
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 107.9+0.43%
RS vs Nifty 500108
Valuation & peers
U-Score 54 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 54 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation2/30
Growth15/25
Quality18/20
Balance Sheet11/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
-1
Raw sum
54
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
54/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 18/20 to the score.
- Balance sheet contributes 11/15 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
35.8
PB
8.1
EV/EBITDA
29.1
ROE
24.0%
ROCE
32.0%
FCF Yield
0.8%
Debt/Equity
0.0
MoS
+9.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
54
Previous: 54
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+9.5%
Previous: +9.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
57
57
57
57
57
55
54
56
54
54
54
54
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹1,387.64
-257.4% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹5,477.63
+9.5% MoS
PEG
1.77
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
AXISCADES
Micro
AXISCADES Technologies Limited
Engineering R&D Services
match 108
32
271.0
11.5%
-524%
WATCHLIST
BEL
Large
Bharat Electronics Limited
Defence Electronics
match 92
57
45.4
27.4%
-14%
FAIR VALUE
MAZDOCK
Large
Mazagon Dock Shipbuilders Limited
Logistics
match 86
63
30.0
29.2%
+26%
UNDERVALUED
APSISAERO
Micro
Apsis Aerocom Ltd.
Aerospace & Defence
match 82
58
84.4
25.5%
-142%
FAIR VALUE
PARAS
Micro
Paras Defence and Space Technologies Limited
IT Services / Digital
match 81
42
112.0
12.4%
-175%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-03T17:38:49.972Z
Management commentary snapshot
HAL reports robust FY26 financials with 7% YoY revenue growth to INR33,050 Cr and 11% YoY EBITDA growth to INR13,472 Cr. Order book surged to INR2,54,538 Cr, driven by new LCA Mark-1A contracts, despite persistent LCA delivery delays.
HAL delivered strong FY26 financial results and significantly boosted its order book, providing long-term revenue visibility. However, repeated delays in LCA Mark-1A deliveries, attributed to software refinements and global supply chain issues for GE engines, are a material concern. Management expects deliveries to commence by Aug/Sep 2026, but past delays warrant skepticism. Future growth hinges on timely execution of new programs and mitigating supply chain risks.
Current business mix
Revenue by Activity (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Manufacturing28.0%
Repair & Overhaul62.0%
Other10.0%
Growth engines
LCA Mark-1A Program
Major orders bagged include contracts for the supply of 97 LCA Mark-1A to IAF.
ALH Dhruv NG & HTT-40
Indigenously designed and developed ALH Dhruv NG took maiden flight. Maiden sortie of the first series production HTT-40 aircraft successfully completed.
Diversification into Civil Aerospace
Signed SSLV Technology Transfer Agreement with ISRO and MoU with United Aircraft Corporation, Russia, for SJ-100 production in India.
Global Aerospace Supply Chain Integration
Signed agreement with Safran Aircraft Engines for industrialization and production of rotating parts of LEAP engines.
Capacity and execution
LCA Mark-1A Production Line
Production capacity of 8 LCA Mark-1A per annum established with the inauguration of the third production line at HAL Nashik on 17th October 2025.
LCA & HTT-40 Manufacturing Ramp-up
Production capacity ramped up for LCA and HTT-40 manufacturing at Bangalore and Nashik plants.
Future Manufacturing Infrastructure
Plan to invest around INR12,000 crores by 2030 for LCA Mark-II, GE 414 engines, IMRH engines, SSLV, and aero engine indigenization.
Tailwinds
Diversified Portfolio
Deliveries of ALH helicopters, AL-35FP engines, RD-33 engines and ROH revenues helped offset delays in Tejas Mark-1A and HTT-40 programs, enabling balanced growth.
Strong Order Book
The order book improved to INR2,54,538 crores, providing significant revenue visibility and stability.
Government Push for Indigenization
Indian aerospace and defense ecosystem is undergoing transformational growth, supporting self-reliance.
Headwinds
Global Supply Chain Disruptions
Global aerospace supply chain disruptions caused slowness in component receipts, impacting delivery timelines.
GE Engine Supply Issues
GE engine supply issues contributed to delays in LCA Mark-1A deliveries, though GE has committed more engines for the current year.
Risk radar
LCA Mark-1A Delivery Delays
Deliveries of LCA Mark-1A have been stretched multiple times due to software refinements and engine supply, causing investor anxiety.
Execution Risks for New Programs
Executing first-time design and development projects like LCA involves iterations and refinements, posing execution challenges.
Supply Chain Vulnerability
Ongoing global geopolitical situation causes slowness in vendor item receipts, potentially impacting delivery schedules for various platforms.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The document primarily presents full financial year (FY26 vs FY25) results and discusses annual targets, making year-over-year comparison most relevant for assessing overall performance and growth trends.
Sector KPIs management disclosed
Revenue from Operations
Achieved revenue from operations of INR33,050 crores for financial year 2025-'26 in comparison to INR30,981 crores in financial year 2024-'25, an increase of 7%.
EBITDA
EBITDA grew by 11% to reach INR13,472 crores as against INR12,168 crores of the previous year.
Operating EBITDA Margin
Operating EBITDA was at 30% of the revenue and was maintained at the levels of the previous year.
Order Inflow (FY26)
Fresh orders received by the company were INR97,028 crores, which includes manufacturing orders of INR69,668 crores and ROH orders of INR26,539 crores.
Management forward view
FY27 Revenue Growth Guidance
Management is hopeful of maintaining a double-digit revenue growth in the current financial year '26-'27, in the range of 10% to 12% minimum.
FY27 EBITDA Margin Guidance
EBITDA margin, historically around 30-31%, is expected to be maintained in FY27.
LCA Mark-1A Delivery Outlook
Expects to start LCA Mark-1A deliveries by August or September 2026, targeting around 20 deliveries in FY27.
Order Pipeline Outlook
Expects to receive additional orders of INR90,000 crores, including ROH orders, during the next 2 years, with major anticipated contracts for 143 ALH and Su-30 upgrade.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| LCA Mark-1A Deliveries | Delayed, expected to start by Aug/Sep 2026, targeting 20 deliveries in FY27. | Actual commencement and ramp-up of deliveries to the Indian Air Force as per revised timelines. |
| FY27 Revenue Growth | Management guidance of 10-12% double-digit growth. | Achievement of the guided double-digit revenue growth, particularly driven by manufacturing sales. |
| Tejas Mark II Prototype Rollout | Expected in the last quarter of FY27 (March 2027). | Timely rollout of the Tejas Mark II prototype and subsequent progress in flight testing. |
| GE F414 Engine Order | Expected by the end of next 2 years. | Progress on flight testing and finalization of the order for GE F414 engines for LCA Mark-II. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
82Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 94th percentile of the scored universe and 94th percentile within Industrials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
46 docs text-extracted · 17 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
94th percentile
overall median 67 · Industrials: 94th pctile, median 68 · Large: 86th pctile, median 73
Evidence depth
Financial-only
46 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
72
acceptable · capital discipline
Results
77
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 71.6%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.8%.
- ▸7 years of positive FCF.
Trust risks
- ▸ROCE trend is -3%.
- ▸OPM spread across recent quarters is 15%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Hindustan Aeronautics Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 10 Sep - HAL appointed Dr. Nikhil Agarwal as Additional Independent Director for three years from 9 September 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 28 Sep - Shri R Sriram, Executive Director (Finance), retires on 30 September 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 8 Sep - B K Ramadhyani & Co. LLP appointed as HAL statutory auditors for FY 2026-27.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Management 29 Jun - Board recommended final dividend for FY2025-26; record date set for 14 August 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Aug
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Management 1 Jul - HAL appointed Prikshat Sharma, Dr. Kotta Srinivasa Rao, and Raju Ranjan Thakur as GMs on 1 July 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Change in Management 26 Jun - Shri Shantanu Chakraborty, GM (Finance), retires on 30 June 2026 due to superannuation.
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
AnnouncementMay 2026
May 2026 · Announcement under Regulation 30 (LODR)-Change in Management 27 May - HAL հայտնումs Shri Suji Abraham, GM (Planning), retires on 31 May 2026 due to superannuation.
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.