Hindustan Aeronautics Ltd
HAL NSE
Hindustan Aeronautics Ltd
Aerospace & Defense F&ONSE: HAL BSE: 541154 Engineering
Key Fundamentals
LargecapEngineeringAerospace & DefenseMarket Cap
3.4L Cr
Volatility
High Risk
P/E Ratio
36.68
EBITDA
₹13,469 Cr
Return on Equity
22.21%
Debt to Equity
0
Book Value
₹613.68
EPS
₹113.89
52W High
₹5,149.9
52W Low
₹3,479.1
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Hindustan Aeronautics Ltd insights
42 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
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 8.24 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
Growth Rate
Revenue Growth
9.68% ↗
Net Income Growth
8.98% ↗
Cash Flow Change
-20.06% ↘
ROE
-7.11% ↗
ROCE
-21.10% ↗
EBITDA Margin (Avg.)
0.91% ↗
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 5d agoAI opinion · based on fundamentals
Risk medium
Hindustan Aeronautics Ltd is a near-debt-free defence PSU with a market cap of ₹3,32,649 Cr trading at a PE of 35.6x and PB of 8.08x. The company has delivered a consistent ROE of 24-27% over the past decade but revenue growth has remained modest at 7-8% CAGR over 5 and 10 year periods, while working capital days have nearly doubled from 153 to 301 days.
Bull Case 7
- Company is virtually debt-free, providing significant financial flexibility and resilience against interest rate cycles
- Consistent return on equity of 26% over 3 years and 27% over 5 years, indicating efficient capital deployment in a capital-intensive sector
- Compounded profit growth of 23% CAGR over 5 years significantly outpaces revenue growth, reflecting improving margins and operational leverage
- Healthy dividend payout ratio of 31.9% with a current yield of 0.9%, demonstrating shareholder return commitment
- Stock has delivered a 3-year CAGR of 37% and 5-year CAGR of 56%, reflecting strong market confidence in the defence indigenisation theme
- TTM profit growth of 12% continues to outpace TTM sales growth of 7%, suggesting ongoing margin expansion
- 10-year ROE averaging 25% demonstrates structural profitability rather than cyclical outperformance
Bear Case 8
- Stock trades at 8.08x book value, a steep premium that leaves limited margin of safety if execution falters
- Revenue CAGR of only 7-8% over 5 and 10 year horizons is modest for a stock commanding a PE of 35.6x
- Working capital days have nearly doubled from 153 to 301 days, indicating significant deterioration in cash conversion efficiency
- Earnings quality concern as other income of ₹3,897 Cr forms a material portion of total profits, inflating reported earnings
- PE of 35.6x prices in substantial future growth that the historical 7% sales CAGR does not yet support
- TTM sales growth has decelerated to 7%, matching the long-term average with no visible acceleration trend
- Dividend yield of only 0.9% offers limited downside protection relative to the elevated valuation multiples
- Last year ROE of 24% has slightly declined from the 5-year average of 27%, suggesting potential peaking of return ratios
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 17h ago Positives 5
- Q1FY27 net profit up 15% Aug 12
Standalone net profit rose 14.8% YoY to ₹1,580.61 crore in Q1FY27. Board also recommended ₹10 final dividend for FY26.
- Record order book ₹2.55 lakh Cr Aug 4
Order book stands at ₹2,54,538 crore as of March 31, 2026, providing 7-8 years of revenue visibility with major contracts for 97 LCA MK1A, 6 ALH MKIII MR, and 2 DO-228.
- FY25 PAT up 9% to ₹9,076 Cr Aug 4
Full-year PAT grew 9% to ₹9,076 crore with 6% turnover growth to ₹31,792 crore for FY25.
- Export orders worth ₹33,026 Cr Aug 4
Secured export orders of ₹33,026 crore with total export sales reaching ₹50,131 crore across Guyana, UK, USA, and Russia.
- 40% renewable energy usage Aug 4
HAL sources 40% electricity from renewables in FY26, targeting 100% by 2030, with zero fatalities and 100% safety assessments.
Neutral 4
- Su-30MKI production revived Aug 10
HAL has revived Su-30MKI fighter jet production alongside a ₹60,000 crore fleet upgrade programme, signalling significant platform activity.
- 63rd AGM set for Aug 28 Aug 4
Annual General Meeting scheduled for August 28, 2026 via video conferencing. Tax document deadline for shareholders is August 14.
- ED Finance Pradhan transfers out Jul 29
Shri Bankim Kumar Pradhan ceased as Executive Director (Finance) on July 29, 2026 due to transfer per SEBI Regulation 30.
- CMD Kota Ravi ops charge extended Jul 29
Ministry of Defence approved three-month extension of additional charge for Director (Operations) to CMD Kota Ravi from August 1, 2026.
TL;DR: HAL is firing on all cylinders with strong profit growth (Q1 up 15% YoY), a record order book of ₹2.55 lakh crore offering 7-8 years of visibility, and growing export traction. No material headwinds are visible in recent news flow. The Su-30MKI revival and fleet upgrade programme add medium-term revenue optionality, and the trend remains firmly positive heading into FY27.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 | 414 | 474 | 467 | 569 | 742 | 560 | 637 | 669 | 757 | 895 | 927 | 1,164 | 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 | 1,089 | 1,651 | 1,689 | 5,795 | 1,584 | 2,023 | 2,042 | 5,219 | 1,854 | 2,227 | 2,487 | 5,584 | 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 in Rs | 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
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 3,743 | 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 | 12,152 | 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 in Rs | 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
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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% |
Documents
1
Board Meeting Intimation for Intimation Of Board Meeting Date For Considering The Audited
Financial Results For The Quarter And Year Ended 31St March, 2026
4 May - Board meeting on 14 May 2026 to consider audited Q4 and FY26 results. 4 May - Board meeting on 14 May 2026 to consider audited Q4 and FY26 results.
3
General Updates
10h - MoD approved CMD Kota Ravi’s additional charge as Director (Operations) for three months from 1 May 2026. 10h - MoD approved CMD Kota Ravi’s additional charge as Director (Operations) for three months from 1 May 2026.
4
Announcement under Regulation 30 (LODR)-Change in Directorate
1 May - Dr. D K Sunil ceases as HAL Chairman and Managing Director on 30 April 2026. 1 May - Dr. D K Sunil ceases as HAL Chairman and Managing Director on 30 April 2026.
5
Announcement under Regulation 30 (LODR)-Change in Directorate
1 May - HAL appointed Shri Kota Ravi as Chairman and Managing Director effective 1 May 2026. 1 May - HAL appointed Shri Kota Ravi as Chairman and Managing Director effective 1 May 2026.
Frequently Asked Questions about Hindustan Aeronautics Ltd
What does Hindustan Aeronautics Ltd do?
Hindustan Aeronautics is engaged in the business of Manufacture of Aircraft and Helicopters and Repair, Maintenance of Aircraft and Helicopters.(Source : 2002-2003 Annual Report Page No:46)
Where is Hindustan Aeronautics Ltd (HAL) listed?
Hindustan Aeronautics Ltd is listed on the Indian stock exchanges. It is listed on NSE: HAL and BSE: 541154. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Hindustan Aeronautics Ltd belong to?
Hindustan Aeronautics Ltd operates in the Aerospace & Defense sector within the Engineering industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Hindustan Aeronautics Ltd?
Hindustan Aeronautics Ltd has a market capitalisation of approximately ₹338981.98 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Hindustan Aeronautics Ltd?
The Price-to-Earnings (PE) ratio of Hindustan Aeronautics Ltd is 36.68. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Hindustan Aeronautics Ltd?
Over the past 52 weeks, Hindustan Aeronautics Ltd has traded between a low of ₹3,479.1 and a high of ₹5,149.9. This range helps investors understand the stock's price volatility and recent trading levels.
Does Hindustan Aeronautics Ltd pay dividends?
Yes, Hindustan Aeronautics Ltd has a dividend yield of 0.89%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Hindustan Aeronautics Ltd?
Hindustan Aeronautics Ltd has a Return on Equity (ROE) of 22.21%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Hindustan Aeronautics Ltd on Tapetide?
On Tapetide, you can view Hindustan Aeronautics Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
Hindustan Aeronautics is engaged in the business of Manufacture of Aircraft and Helicopters and Repair, Maintenance of Aircraft and Helicopters.(Source : 2002-2003 Annual Report Page No:46)
Website hal-india.co.in
CEO Dr. D. K. Sunil
Employees 22,033
Listed 2018-03-28
Face Value ₹ 5
Issued Size 66,87,75,000