NSE:HAL · Risk Score Report

NSE:HALNSEIndustrials

Hindustan Aeronautics Limited

📊 Aerospace & Defense

Day ₹4,346

₹4,397 Oversold

52W ₹3,479

₹5,165 Neutral

₹4,354.20

▲ ₹12.80 (+0.29%)

Vol: 320,065 · Avg: 1,754,400

As of April 29, 2026 · 06:24 IST

COMPOSITE RISK SCORE

VAL:14/25 · FIN:21/25 · GRO:18/25 · TECH:17/25

📈 P/E RATIO

32.8x

Trailing

📖 P/B RATIO

7.8x

Price to Book

💰 EPS

₹132.85

TTM

🏛 MARKET CAP

₹291,198Cr

Large Cap

📊 ROE

23.9%

Return on Equity

📈 REV GROWTH

10.7%

YoY

🏢 Company Analysis · Hindustan Aeronautics Limited

💼 BUSINESS MODEL

Hindustan Aeronautics Limited engages in the design, development, manufacture, repair, overhaul, upgrade, and servicing of aircraft, helicopters, aero-engines, avionics, accessories, and aerospace structures in India and internationally..
The company offers basic trainer and light combat aircraft, light transport aircraft, intermediate jet trainer aircraft, light utility and combat helicopters, maritime utility helicopters, and turbofan and turboshaft engines, as well as aerospace products, which include aluminum alloy riveted structures, propellant tanks, and cryogenic engines..
It also provides avionics, accessories, and materials comprising flight data recorders, laser range systems, head up displays, auto stabilizers, inertial navigation systems, hydraulic pumps, fuel management systems, oxygen systems, gyroscopic/barometric instruments, panel instruments, ejector release units, flight control systems, wheels and brake systems, ground radars, radar computers, missile inertial navigation solutions, air borne secondary radars, radio navigation equipment, communication equipment, rolled rings, rubber products, powder metallurgy, forgings, and castings..
In addition, the company offers air data computer that measures pressure altitude, calibrated airspeed, true airspeed, Mach number, vertical speed, and temperature in the atmosphere..
Operates in Aerospace & Defense within the Industrials sector.

🏰 MOAT & COMPETITION

Mega-cap (₹291,198 Cr) — dominant market position with significant scale advantages.
Profit margin of 27.1% suggests pricing power / cost moat.
Key competitors: Bharat Electron, Hind.Aeronautics, Garden Reach Sh., Zen Technologies.

🚀 CATALYSTS

Company has delivered good profit growth of 24.5% CAGR over last 5 years
India's Hindustan Aeronautics posts 30% jump in quarterly profit as order execution improves (Reuters)
India's Hindustan Aeronautics posts 11% rise in quarterly profit; key margin contracts (Reuters)
Earnings growth of 30% signals execution on profitability.

⚖️ ASYMMETRY CHECK

Analyst target range: ₹3,200 — ₹6,220 (mean ₹5,107, 21 analysts).
Moderate asymmetry — upside +43% vs downside -27% (1.6x).
P/E of 32.8x — fair value territory; catalysts needed for re-rating.

🔭 FUTURE OUTLOOK

Analyst consensus: Buy (21 analysts).
Latest quarter earnings grew 30% YoY — positive trajectory.

✅ PROS

Company has reduced debt.
Company is almost debt free.
Company has delivered good profit growth of 24.5% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 27.3%
Company has been maintaining a healthy dividend payout of 31.4%

❌ CONS

Stock is trading at 7.86 times its book value
The company has delivered a poor sales growth of 7.63% over past five years.
Working capital days have increased from 65.2 days to 121 days

VALUATION

14/25

25% WEIGHT

P/E at 33x
P/B at 7.8x
Analyst target: ₹5107 (+17.3%)
1Y return: -4.4%

FINANCIAL HEALTH

21/25

25% WEIGHT

ROE: 23.9%
Profit margin: 27.1%
Revenue growth: 10.7%
Debt/Equity: 0%

GROWTH

18/25

25% WEIGHT

Revenue growth: 10.7%
Earnings growth: 29.6%
Beta: 0.41
Sector: Industrials

TECHNICAL

17/25

25% WEIGHT

RSI, MACD, MA crossovers
200 DMA & 50 EMA position
Volume trend analysis
Price momentum signals

📈 Price Movement

🕯 Candlestick Chart

🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗

📉 Valuation Trends (at current CMP)

P/E Ratio at current CMP

💎 Valuation & Financial Metrics

P/E RATIO

32.8x

Trailing twelve months

P/B RATIO

7.8x

Price to Book value

ROE

23.9%

Return on Equity

PROFIT MARGIN

27.1%

Net profit margin

OPM

15.1%

Operating profit margin

ANALYST TARGET

₹5,107

Range: ₹3,200 - ₹6,220

Yahoo Finance ↗

PEG RATIO

1.82

Price/Earnings to Growth

EV/EBITDA

29.9x

Enterprise value ratio

CURRENT RATIO

N/A

Liquidity measure

DIVIDEND YIELD

1.15%

Annual yield

ROA

7.2%

Return on Assets

GROSS MARGIN

57.6%

Gross profit margin

INDUSTRY AVERAGES — AEROSPACE & DEFENSE

P/E 53.7x (below avg)

P/B 5.0x (sector fair)

ROCE 29.0% (above avg)

ROE 20% (sector good)

OPM 20% (sector good)

Div Yield 0.22%

D/E <30 (sector comfort)

📋 Quarterly Performance Trend

Quarter	Revenue	QoQ %	Net Profit	QoQ %	Op. Cash Flow	EBITDA Margin
Q2 FY25	N/A	—	N/A	—	N/A	N/A
Q3 FY25	₹6,957 Cr	—	₹1,440 Cr	—	N/A	29.4%
Q4 FY25	₹12,824 Cr	+84.3%	₹3,977 Cr	+176.2%	N/A	40.8%
Q1 FY26	₹4,819 Cr	-62.4%	₹1,384 Cr	-65.2%	N/A	38.5%
Q2 FY26	₹6,629 Cr	+37.6%	₹1,669 Cr	+20.6%	N/A	33.6%
Q3 FY26	₹7,699 Cr	+16.1%	₹1,867 Cr	+11.8%	N/A	32.3%

📊 Year-on-Year Trend

FY	Revenue	YoY %	Net Profit	YoY %	Op. Cash Flow	YoY %
FY22	₹24,361 Cr	—	₹5,080 Cr	—	₹10,173 Cr	—
FY23	₹26,361 Cr	+8.2%	₹5,828 Cr	+14.7%	₹8,830 Cr	-13.2%
FY24	₹28,162 Cr	+6.8%	₹7,621 Cr	+30.8%	₹8,223 Cr	-6.9%
FY25	₹30,105 Cr	+6.9%	₹8,364 Cr	+9.8%	₹13,643 Cr	+65.9%

📈 Revenue vs Earnings

🎯 EPS: Estimate vs Actual

💰 How Hindustan Aeronautics Limited Makes Its Money

🏦 Snapshot of Hindustan Aeronautics Limited's Balance Sheet

💸 Looking into Hindustan Aeronautics Limited's Cash Flow

📅 Quarterly Results Source: Screener ↗

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales +	3,915	5,636	6,061	14,769	4,348	5,976	6,957	13,700	4,819	6,629	7,699
YOY Sales Growth %	8.09%	9.54%	6.99%	18.20%	11.04%	6.04%	14.78%	-7.24%	10.85%	10.92%	10.66%
Expenses +	3,039	4,108	4,626	8,867	3,357	4,336	5,275	8,405	3,537	5,071	5,828
Material Cost %	26.16%	41.73%	46.77%	32.83%	33.38%	40.93%	49.17%	36.28%	31.97%	43.95%	46.37%
Employee Cost %	35.85%	21.22%	21.46%	9.42%	28.70%	23.01%	18.63%	13.22%	28.69%	20.13%	21.64%
Operating Profit	877	1,528	1,435	5,901	991	1,640	1,683	5,295	1,282	1,558	1,871
OPM %	22%	27%	24%	40%	23%	27%	24%	39%	27%	24%	24%
Other Income +	414	474	467	569	742	560	637	669	757	895	927
Exceptional items	0	0	0	0	0	6	0	0	0	0	0
Other income normal	414	474	467	569	742	554	637	669	757	895	927
Interest	0	0	0	31	0	0	0	8	0	0	1
Depreciation	201	350	212	644	149	178	277	736	185	226	310
Profit before tax	1,089	1,651	1,689	5,795	1,584	2,023	2,042	5,219	1,854	2,227	2,487
Tax %	25%	25%	25%	26%	9%	25%	30%	24%	25%	25%	25%
Net Profit +	814	1,237	1,262	4,309	1,437	1,510	1,440	3,977	1,384	1,669	1,867
Minority share	0	0	-0	0	0	-0	0	0	0	0	0
Exceptional items AT	0	0	0	0	0	4	0	0	0	0	0
Profit excl Excep	814	1,237	1,262	4,309	1,437	1,506	1,440	3,977	1,384	1,669	1,867
Profit for PE	814	1,237	1,261	4,309	1,437	1,506	1,440	3,977	1,384	1,669	1,867
Profit for EPS	814	1,237	1,261	4,309	1,437	1,510	1,440	3,977	1,384	1,669	1,867
YOY Profit Growth %	31%	1%	9%	52%	76%	22%	14%	-8%	-4%	11%	30%
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
Raw PDF

📊 Profit & Loss Statement Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales +	18,520	20,008	21,445	22,882	24,620	26,927	30,381	30,981	32,846
Sales Growth %	3.17%	8.04%	7.18%	6.70%	7.59%	9.37%	12.83%	1.97%
Expenses +	15,071	15,457	16,531	17,538	19,205	20,242	20,630	21,360	22,840
Manufacturing Cost %	7.93%	6.51%	4.85%	4.84%	4.65%	5.21%	4.67%	4.62%
Employee Cost %	23.28%	21.55%	22.28%	18.81%	18.70%	18.24%	17.41%	18.50%
Other Cost %	4.60%	6.84%	7.43%	5.25%	15.07%	15.16%	10.40%	7.22%
Operating Profit	3,449	4,551	4,914	5,344	5,415	6,686	9,752	9,621	10,006
OPM %	19%	23%	23%	23%	22%	25%	32%	31%	30%
Other Income +	776	376	423	364	985	1,673	1,923	2,608	3,248
Exceptional items	0	1	119	2	2	3	6	8
Other income normal	775	376	303	362	983	1,670	1,917	2,600
Interest	35	178	360	267	65	64	43	22	10
Depreciation	947	1,025	999	1,158	1,111	1,785	1,407	1,340	1,457
Profit before tax	3,243	3,725	3,979	4,283	5,225	6,510	10,225	10,867	11,787
Tax %	39%	37%	28%	24%	3%	10%	25%	23%
Net Profit +	1,990	2,328	2,883	3,246	5,080	5,828	7,621	8,364	8,896
Minority share	0	0	0	0	0	0	0	0
Exceptional items AT	0	0	84	2	1	2	4	6
Profit excl Excep	1,990	2,328	2,799	3,244	5,079	5,826	7,617	8,358
Profit for PE	1,990	2,328	2,799	3,244	5,079	5,826	7,617	8,358
Profit for EPS	1,990	2,329	2,883	3,246	5,080	5,828	7,621	8,364
Profit Growth %	-24%	17%	20%	16%	57%	15%	31%	10%
EPS in Rs	29.76	34.82	43.10	48.53	75.96	87.14	113.96	125.07	133.02
Dividend Payout %	54%	28%	39%	31%	26%	32%	31%	32%

🏦 Balance Sheet Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	334	334	334	334	334	334	334	334	334
Reserves	9,177	11,748	12,914	15,090	18,979	23,238	28,804	34,647	36,780
Borrowings +	905	4,116	5,927	53	49	52	50	51	11
Long term Borrowings	100.00	100.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Short term Borrowings	764.06	4,016.20	5,886.50	9.07	0.00	0.00	0.00	0.00	0.00
Lease Liabilities	0.00	0.00	0.00	2.39	2.49	2.65	1.10	1.16	11.40
Other Borrowings	40.46	0.00	40.47	41.82	46.78	49.04	49.02	50.28
Other Liabilities +	38,047	35,298	35,027	37,619	40,892	45,652	51,723	73,665	86,019
Non controlling int	-0	4	4	4	4	4	4	4	4
Trade Payables	1,666	2,629	4,084	2,256	2,558	3,135	3,413	5,106	6,033
Advance from Customers	4,575	13,753	12,601	16,553	4,352	5,540	7,363	9,789
Other liability items	31,807	18,911	18,338	18,806	33,979	36,974	40,943	58,767	79,983
Total Liabilities	48,463	51,496	54,203	53,096	60,254	69,276	80,911	108,698	123,145
Fixed Assets +	7,566	7,459	7,357	7,166	6,766	6,834	6,737	6,671	9,062
Land	30	29	33	33	28	28	28	28
Building	1,099	1,206	1,372	1,432	1,456	1,866	1,892	1,979
Plant Machinery	1,765	2,039	2,291	2,275	2,364	2,496	2,711	2,951
Equipments	4,690	5,066	5,438	5,915	6,212	6,752	7,254	7,815
Furniture n fittings	72	82	86	85	90	103	112	130
Railway sidings	0	0	0	0	0	0	0	0
Vehicles	254	375	391	412	415	483	490	497
Intangible Assets	1,712	1,955	2,061	2,507	2,919	3,287	3,788	4,089	2,950
Other fixed assets	486	498	507	513	519	842	892	954
Gross Block	10,108	11,251	12,180	13,172	14,003	15,857	17,168	18,445
Accumulated Depreciation	2,542	3,792	4,822	6,006	7,237	9,023	10,431	11,774
CWIP	1,462	1,502	2,043	1,950	2,473	1,885	2,493	3,098	1,112
Investments	1,010	910	991	1,121	1,363	1,458	1,591	1,754	1,767
Other Assets +	38,425	41,625	43,812	42,860	49,653	59,099	70,089	97,176	111,204
Inventories	20,131	20,447	20,361	18,005	16,210	14,221	16,033	24,107	28,420
Cash Equivalents	6,546	124	317	7,177	14,348	20,317	26,432	38,182	44,471
Loans n Advances	945	1,042	1,170	951	-962	-1,093	-41	-186	440
Other asset items	4,052	7,555	10,729	11,058	15,416	20,935	23,049	30,424	33,457
Total Assets	48,463	51,496	54,203	53,096	60,254	69,276	80,911	108,698	123,145

💰 Cash Flow Statement Source: Screener ↗

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	-404	-748	-7,700	1,527	15,117	10,173	8,830	8,223	13,643
Profit from operations	5,143	5,329	6,206	6,531	6,744	9,611	11,134	13,317	12,426
Receivables	571	-3,563	-9,334	-1,884	4,996	611	-1,750	-2,474	-4,177
Inventory	2,666	1,835	201	46	2,456	1,766	1,917	-2,070	-8,535
Payables	-347	-98	960	1,454	-1,836	302	577	278	1,693
Other WC items	-7,400	-2,740	-4,641	-2,800	3,633	-1,090	-293	1,142	15,775
Working capital changes	-4,510	-4,566	-12,814	-3,183	9,248	1,589	452	-3,125	4,756
Direct taxes	-1,037	-1,510	-1,092	-1,820	-875	-1,027	-2,756	-1,969	-3,538
Cash from Investing Activity +	3,012	597	5,294	-1,339	-1,180	-12,785	-5,728	-6,410	-10,771
Fixed assets purchased	-1,514	-1,254	-1,395	-1,381	-1,209	-1,501	-1,781	-1,755	-1,757
Fixed assets sold	12	1	2	2	1	3	5	8	3
Investments purchased	-64	-64	0	-76	-67	-235	-95	-100	-107
Investments sold	0	0	96	0	0	0	0	0	0
Interest received	0	0	262	66	77	201	739	1,746	2,555
Dividends received	0	1	2	1	1	2	2	3	5
Investment in group cos	-16	0	0	-1	0	-10	0	-10	-13
Other investing items	4,593	1,913	6,327	50	16	-11,246	-4,598	-6,301	-11,457
Cash from Financing Activity +	-164	-2,540	2,326	64	-7,070	-1,464	-1,731	-1,999	-2,579
Proceeds from borrowings	950	0	3,289	1,753	0	0	0	0	0
Repayment of borrowings	0	0	0	0	-5,860	-9	0	0	0
Interest paid fin	-10	-29	-170	-348	-204	-117	-56	-26	-37
Dividends paid	-1,104	-1,295	-798	-1,340	-1,003	-1,338	-1,672	-1,973	-2,541
Financial liabilities	0	-3	0	-0	-3	-0	-4	-0	-0
Other financing items	0	-1,214	5	0	0	0	0	0	0
Net Cash Flow	2,443	-2,691	-80	252	6,867	-4,076	1,370	-186	294
Free Cash Flow	-1,907	-2,000	-9,094	148	13,910	8,676	7,054	6,476	11,890
CFO/OP	20%	22%	-145%	68%	299%	207%	173%	105%	179%

📈 Key Financial Ratios

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	86	133	227	191	90	69	64	55	55
Inventory Days	879	870	881	815	602	607	527	544	736
Days Payable	64	72	113	163	75	96	116	116	156
Cash Conversion Cycle	900	931	995	843	617	580	475	484	634
Working Capital Days	74	101	221	185	145	111	38	37	121
ROCE %	29%	27%	29%	24%	26%	30%	31%	39%	34%

🏭 Industry Peers — Aerospace & Defense

#	Company	CMP	P/E	Mkt Cap	ROCE	Qtr Profit	Score
1	Bharat Electron ★	₹438	53.7	₹320,241	38.9%	+20.4%	91
2	Hind.Aeronautics	₹4,352	32.8	₹291,034	33.9%	+29.6%	89
3	Garden Reach Sh.	₹3,121	47.8	₹35,752	43.0%	+24.1%	76
4	Zen Technologies	₹1,683	58.0	₹15,198	37.2%	+37.9%	71
5	C2C Advanced	₹467	18.5	₹793	26.2%	+143.2%	70
6	Krishna Defence	₹1,083	48.6	₹1,617	24.3%	+163.7%	66
7	Sika Interplant	₹1,055	60.9	₹2,236	29.0%	+32.7%	65
8	CFF Fluid	₹847	61.4	₹1,777	22.1%	+36.2%	61
9	Astra Microwave	₹1,109	65.7	₹10,532	18.7%	-1.3%	58

★ Bharat Electron ranks higher on combined P/E, ROCE, and growth metrics in Aerospace & Defense

🏛 Shareholding Pattern

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	71.64%	71.64%	71.64%	71.64%	71.64%	71.64%
FIIs	12.26%	12.08%	11.90%	12.00%	10.86%	10.21%
DIIs	8.13%	8.26%	8.67%	8.64%	9.68%	10.43%
Government	0.03%	0.04%	0.05%	0.07%	0.07%	0.07%
Public	7.95%	7.97%	7.72%	7.64%	7.77%	7.66%
No. of Shareholders	12,75,632	13,52,377	13,02,820	12,77,749	12,64,058	12,91,771

🟢 CATALYSTS

🏆Positive Revenue Growth: Revenue growing at 10.7% YoY.

💹High ROE (23.9%): Above sector norm of 20% — efficient capital use.

🔀Healthy Margins (27.1%): Above sector norm of 20%.

🇮Analyst Upside (17%): Mean target of ₹5107 above current price.

🇳Low Beta (0.41): Less volatile than market — defensive play.

🔬Earnings Growth (30%): Above sector norm — strong profit expansion.

🔴 RISKS

📜Market Risk: Broader market correction or sentiment shift could impact stock.

💰Sector Risk: Regulatory or competitive changes in Industrials space.

🔓Execution Risk: Growth may not meet elevated expectations.

🕸 Factor Analysis · Radar

Momentum 6/10
1M +24.9%, 6M -6.5%, RSI 64, MACD bullish, Below 200DMA

Sentiment 8/10
Analyst upside +17.3%, Rec: buy

Value 4/10
P/E 32.8, P/B 7.8, PEG 1.82, EV/EBITDA 29.9

Quality 7/10
Margin 27.1%, D/E 0

Low Volatility 9/10
Beta 0.41, Ann. vol 27%

🎯 Decision Matrix

Action	If Stock Rises	If Stock Falls
BUY	Capture 17.3% analyst upside; strong 34% ROCE compounds	OPM of 15% provides margin buffer
HOLD	Retain existing position; wait for better entry; FII stake falling (-0.65%)	Miss further upside if momentum continues; 1M return of +24.9% shows momentum
SELL	Lock in -4.4% 1Y return	Avoid further drawdown

REASONS TO BUY

Analyst upside of 17.3% with mean target of ₹5,107
ROCE at 34% indicates strong capital efficiency
ROE of 23.9% above sector norm of 20%
Revenue growing at 10.7% YoY (sector norm: 6%)

REASONS TO SELL / AVOID

FII stake falling (-0.65%) — institutional exit signal

📰 Latest News

Strength in Defense & Propulsion Unit Drives GE Aerospace: Can It Sustain?

Zacks · 2026-02-16T14:53

India's Hindustan Aeronautics posts 30% jump in quarterly profit as order execution improves

Reuters · 2026-02-12T08:20

India's Tejas jet-maker HAL calls Dubai crash an isolated occurrence

Reuters · 2025-11-24T07:32

India's Hindustan Aeronautics posts 11% rise in quarterly profit; key margin contracts

Reuters · 2025-11-12T10:41

India signs pact with sanctioned Russian firm to build civil aircraft

Reuters · 2025-10-28T08:43

India signs $7 billion deal for homegrown Tejas fighter jets

Reuters · 2025-09-25T09:10

RECOMMENDATION

BUY

COMPOSITE SCORE

70/100

Hindustan Aeronautics Limited trades at ₹4,354.20 with a composite risk score of 70/100. The stock scores 14/25 on valuation, 21/25 on financial health, 18/25 on growth, and 17/25 on technicals. The company is currently profitable with strong return on equity.

Analyst consensus suggests upside of 17.3% with a mean target of ₹5107. Revenue growth is at 10.7%.

Within Aerospace & Defense, Bharat Electron (P/E 53.7, ROCE 38.9%) ranks higher on techno-fundamental metrics and may be worth considering.

Bottom Line: Attractive risk/reward for Industrials at current levels. The current recommendation is BUY.

PROFITABLE HIGH ROE UPSIDE POTENTIAL