Hindustan Aeronautics Ltd.

NSE: HAL · Aerospace & Defense

52W Range₹3,479 ₹4,978

Snapshot

Unlock Hindustan Aeronautics Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Hindustan Aeronautics Limited is a state-owned aerospace and defence company that designs, manufactures, and maintains aircraft, helicopters, aero-engines, and avionics. It serves the space, defence, and civil sectors through a comprehensive portfolio of aerospace structures and systems.

Business Model

The company generates revenue through the end-to-end lifecycle management of aerospace assets, including design, manufacturing, and long-term maintenance, repair, and overhaul (MRO) services. It leverages strategic collaborations with global aerospace firms to strengthen its domestic supply chain and manufacturing capabilities.

Growth Outlook

Growth is driven by the increasing indigenisation of defence equipment and the expansion of its supply chain for aero-engines. The company continues to focus on upgrading existing fleets and developing new aerospace technologies to meet domestic and international demand.

Key Risks

  • Geopolitical Dependency. The company's revenue is heavily reliant on government defence budgets and national security priorities, which are subject to political shifts.
  • Technological Obsolescence. Rapid advancements in aerospace technology require continuous and significant capital expenditure to remain competitive against global peers.
  • Supply Chain Concentration. Reliance on specific international partners for critical engine components and technology transfers poses risks to production timelines.
  • Execution Risk. Large-scale aerospace projects are prone to technical complexities and potential delays in development and delivery schedules.

Price

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Key Metrics

REVENUE

₹33,089 Cr

TTM · consolidated

+6.8%YoY

NET PROFIT

₹9,116 Cr

TTM · consolidated

+9.0%YoY

EPS

₹136.30

TTM · consolidated

+9.0%YoY

RETURN ON EQUITY

25.0%

TTM · consolidated

-2.3 ppYoY

RETURN ON CAPITAL EMPLOYED

17.6%

TTM · consolidated

-5.5 ppYoY

P/E

32.5x

Q4 FY26 · consolidated

32.5 vs 33.3x5Y avg

EV/EBITDA

21.7x

Q4 FY26 · consolidated

21.7 vs 31.8x5Y avg

EBITDA MARGIN

40.7%

TTM · consolidated

+1.4 ppYoY

NET PROFIT MARGIN

30.1%

Q4 FY26 · consolidated

+1.1 ppYoY

DEBT TO EQUITY

0.0x

Q4 FY26 · consolidated

+0.00xYoY

Peers · Aerospace & Defense

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Hindustan Aeronautics Ltd.HAL
2,45,88832.5321.746.8%40.7%25.0%17.6%-9.0%
Bharat Electronics Ltd.BEL
3,03,86749.1134.3216.2%31.2%28.9%36.4%+0.2%
Bharat Dynamics Ltd.BDL
43,188226.3170.20-27.0%26.5%10.3%7.6%-29.9%
Garden Reach Shipbuilders & Engineers Ltd.GRSE
24,87239.6827.7338.0%15.3%33.8%43.5%-1.3%
Data Patterns (India) Ltd.DATAPATTNS
18,16178.1352.0444.6%43.4%19.0%25.5%+43.2%
Zen Technologies Ltd.ZENTEC
12,43984.0948.69-29.4%48.4%12.5%16.7%-1.3%

As of Q4 FY26

Financials