Fin Cascade

Prices as of 8 Oct 2026 close · Not investment advice

Hindustan Aeronautics

NSE: HALAerospace & Defense

Share price

₹4,647.40

-2.08% close of 8 Oct 2026

Market cap ₹3.10L CrP/E 33.3

Business score

How strong the business is, in one number. The parts behind it are in Pro.

64

out of 100 · worked out 8 Oct 2026

Your ratios

The numbers you want to see first. Tap Edit to change them.

Market cap

₹3.10L Cr

P/E ratio

33.3

P/B ratio

7.6

ROCE

32.0%

ROE

24.0%

Dividend yield

0.9%

Price & valuation chart

How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.

Prices as of 8 Oct 2026 close52-week high ₹5,099.0052-week low ₹3,487.20

Answers

Simple answers to the questions investors ask most, from the company's own numbers.

How fast it has been growing

Sales grew 7.4% over the past year, and 8.0% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales improved from 22.7% to 27.9% over the last four years.

Whether it grew faster than its sector

It grew 8.0% a year against a sector median of 10.6% — 2.7 percentage points slower.

Room to re-rate, or risk of de-rating

At 33.3× earnings against a market that pays 23.9× across 2199 companies we can price. Its own industry sits at 73.8×, across 5 companies. It is against its own five-year median of 30.7×, the 63rd percentile of its own range.

Whether growth justifies the valuation

Priced at 2.1 times its growth rate, on earnings growth of 16%.

Profit growthPrice per ₹1 profitPer 1% growth
Hindustan Aeronautics — this one16%/yr33.3×₹2.1
Bharat Electronics27%/yr43.7×₹1.6
Bharat Dynamics Limited6%/yr73.8×₹12.3
Garden Reach Shipbuilders & Engineers Limited50%/yr28.9×₹0.58
Data Patterns (India) Limited26%/yr84.4×₹3.2
SIGMA ADVANCED SYSTEMS LIMITED228%/yr109.3×—

Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

How it compares with its peers

Against companies the exchange files under the same label (Aerospace & Defense), it ranks 4 of 26 on returns, 17 of 24 on growth, 5 of 26 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

What makes it hard to beat — and is that still true?

A wide advantage: it earns 32% on capital, ahead of 85% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

Whether its growth pays for itself

Yes — Over the last five years it made ₹51775 crore of cash from the business, spent ₹9242 crore on plant and equipment, and returned ₹11123 crore to lenders and shareholders. And the profit is real: of every 100 rupees it reported over 10 years, about 122 arrived as cash (before interest, which is why it can exceed the profit). Its cash comes back more slowly than it used to: it went from being waiting 111 days for its cash to waiting 301 days for its cash.

Profit reality check

Is the profit real cash? Simple checks on the accounts. Facts only, not advice.

7 of 9 checks clear · 78%

Latest result · Q1 FY27

What the last results showed. Whether management kept its word is in Pro.

Revenue and earnings per share both came in above the pre-result consensus.

Announced 12 Aug 2026 · Consolidated · Audited

Revenue

₹5,515 Cr

Revenue vs last year

+14.4%

Revenue vs last quarter

-60.4%

Net profit

₹1,590 Cr

Profit vs last year

+14.9%

Profit vs last quarter

-62.1%

Net margin

28.8%

EPS

₹23.77

Checklist before you investPRO

Points for and against, in one list.

Key numbers & peers

The main numbers grouped by topic, and how the company compares with similar ones.

Price

Market cap
₹3.10L Cr
Prev close
₹4,647.40
52w High
₹5,150
52w Low
₹3,479
Enterprise value
₹2.65L Cr
Beta
1.1
Price CAGR 1y
-1.0%
Price CAGR 3y
35.0%
Price CAGR 5y
48.0%
Price CAGR 10y
—

Ratios

Return on assets
6.8%
PEG ratio
2.1
P/E ratio
33.3
P/B ratio
7.6
EV / EBITDA
31.8
Industry P/E
83.4
ROCE
32.0%
ROCE 5y average
33.2%
ROE
24.0%
Debt / Equity
0.0
Interest coverage
507.3
Dividend yield
0.9%
ROE 3y average
26.0%
ROE last year
24.0%

Annual P&L

Annual revenue
₹33,089 Cr
Annual profit
₹9,116 Cr
Operating margin
30.0%
Net profit margin
27.5%
EBITDA margin
29.6%
Sales growth 3y
7.1%
Sales growth 5y
7.8%
Profit growth 3y
16.0%
Profit growth 5y
23.0%
EPS
₹136
Sales growth TTM
7.0%
Profit growth TTM
12.0%
Dividend payout
33.0%

Quarter P&L

Sales latest quarter
₹5,515 Cr
Profit latest quarter
₹1,590 Cr
YoY quarterly sales growth
14.4%
YoY quarterly profit growth
14.9%
OPM latest quarter
27.7%

Balance Sheet

Book Value
₹614
Face Value
₹5.0
Total debt
₹66 Cr
Total cash
₹46,197 Cr
Borrowings
₹66 Cr
Reserves / Equity
121.9

Cash Flow

Operating cash flow
₹10,906 Cr
Free cash flow
₹8,438 Cr
FCF yield
2.7%
Net cash flow
-₹781 Cr

Shareholding

Promoter holding
71.6%
FII holding
9.3%
DII holding
11.9%
Public holding
7.0%

Quarterly results

Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.

Consolidated · to 30 Jun 2026
Line itemJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales3,9155,6366,06114,7694,3485,9766,95713,7004,8196,6297,69913,9425,515
Expenses3,0394,1084,6268,8673,3574,3365,2758,4053,5375,0715,8288,8843,988
Material Cost11,5473,1604,0694,52712,1142,777
Change in Inventories-6,828-1,725-1,273-1,116-5,915-1,030
Purchases of Stock-in-Trade250105118159209169
Employee Cost1,8111,3831,3341,6661,7251,524
Other Expenses1,624613823592751548
Operating Profit8771,5281,4355,9019911,6401,6835,2951,2821,5581,8715,0591,527
OPM %22272440232724392724243628
Other Income4144744675697425606376697578959271,164912
Exceptional items (within Other Income)000000
Interest00031000800140
Depreciation201350212644149178277736185226310634304
Profit before tax1,0891,6511,6895,7951,5842,0232,0425,2191,8542,2272,4875,5842,134
Tax %2525252692530242525252526
Net Profit8141,2371,2624,3091,4371,5101,4403,9771,3841,6691,8674,1961,590
EPS in Rs12181964212322592125286324
Diluted EPS in Rs592125286324

Profit & loss

Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.

Consolidated · to 31 Mar 2026
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales15,93916,75817,95018,52020,00821,44522,75524,62026,92730,38130,98133,08933,785
Expenses13,56014,28514,71915,07115,45716,53117,39719,20520,24220,63021,36023,30123,771
Material Cost19,23423,871
Change in Inventories-7,626-10,030
Purchases of Stock-in-Trade679591
Employee Cost5,7306,108
Other Expenses3,3542,779
Operating Profit2,3792,4743,2313,4494,5514,9145,3575,4156,6869,7529,6219,78810,014
OPM %15151819232324222532313030
Other Income1,6501,6081,0587763764233659851,6731,9232,6083,7433,897
Exceptional items (within Other Income)5.890
Interest156163517836026765644322246
Depreciation8228636819471,0259991,1781,1111,7851,4071,3401,3551,474
Profit before tax3,1913,2133,5923,2433,7253,9794,2775,2256,51010,22510,86712,15212,432
Tax %25382739372824310252325
Net Profit2,3992,0042,6251,9902,3282,8833,2395,0805,8287,6218,3649,1169,321
EPS in Rs252836303543487687114125136139
Diluted EPS in Rs125136
Dividend Payout %203130542839312632313233

Compounded growth

Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.

Compounded sales growth

10 years
7%
5 years
8%
3 years
7%
TTM
7%

Compounded profit growth

10 years
16%
5 years
23%
3 years
16%
TTM
12%

Stock price CAGR

10 years
—
5 years
48%
3 years
35%
1 year
-1%

Return on equity

10 years
25%
5 years
27%
3 years
26%
Last year
24%

Balance sheet

What the company owns and what it owes, at the end of each year. ₹ crore.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital482362362334334334334334334334334334
Reserves16,32210,67112,1989,17711,74812,91415,07818,97923,23828,80434,64740,707
Borrowings165801,0229054,1165,927514952505166
Other Liabilities47,37045,42038,16338,04735,29835,02737,81540,89245,65251,72373,66593,288
Minority Interest3.563.48
Total Liabilities64,33956,53251,74448,46351,49654,20353,27860,25469,27680,9111,08,6981,34,395
Fixed Assets7,3666,9257,3507,5667,4597,3577,4916,7666,8346,7376,6717,293
CWIP2351,0251,3891,4621,5022,0432,0782,4731,8852,4933,0983,313
Investments5709169941,0109109911,0561,3631,4581,5911,7541,914
Other Assets56,16847,66642,01138,42541,62543,81242,65449,65359,09970,08997,1761,21,875
Total Assets64,33956,53251,74448,46351,49654,20353,27860,25469,27680,9111,08,6981,34,395

Cash flows

Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-404-748-7,7001,52715,26310,1738,8308,22313,64310,906
Cash from Investing Activity3,0125975,294-1,339-1,271-12,785-5,728-6,410-10,771-8,337
Cash from Financing Activity-164-2,5402,32664-7,125-1,464-1,731-1,999-2,579-3,350
Net Cash Flow2,443-2,691-802526,867-4,0761,370-186294-781
Free Cash Flow-1,907-2,000-9,09414813,9478,6767,0546,47611,8908,437

Ratios

How fast customers pay, how long stock sits, and how well capital earns — year by year.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days14410586133227191906964555545
Inventory Days1,1041,016879870881815605607527544736859
Days Payable1039164721131637696116116156116
Cash Conversion Cycle1,1451,030900931995843620580475484634788
Working Capital Days39-5741012211851411113837121301
ROCE %2329272924263031393432

Shareholding pattern

Who owns the company — founders (promoters), foreign funds, Indian funds and the public. In %.

Consolidated · to 30 Jun 2026
Line itemSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters727272727272727272727272
FIIs13131212121212121211109.34
DIIs9.729.139.588.818.378.138.268.678.649.681012
Government000000.030.040.050.070.070.070.07
Public6.026.286.367.868.137.957.977.727.647.777.667.03
No. of Shareholders4,91,9696,19,1517,14,09111,16,20412,72,49512,75,63213,52,37713,02,82012,77,74912,64,05812,91,77112,11,981

Price trend

The price as a Renko brick chart: small moves drop out so the bigger path stands out.

Change over 1 year -4.1% (₹4,846.30 → ₹4,647.40)Brick size ₹114.83 (fixed)Bricks 40
₹4,000₹4,500₹5,000₹4,647Nov '25Jan '26Mar '26May '26Jul '26Sep '26
Price moved up one brickPrice moved down one brickLast close ₹4,647.40 on 8 Oct 2026

Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.

Open interestPRO

Where option traders are positioned on this stock.

Industry numbers

The numbers that matter most in this industry, from the company's own filings.

1 when an audit qualification is filed as repetitive

0.00flag

2026-03-31

the company's own unlisted debt securities in default at period end

0.00cr

2026-06-30

exports as % of revenue

6.02

the company's own loans / revolving facilities in default at period end (standalone filing)

0.00cr

2026-06-30

guarantees / comfort given for promoter, promoter group, directors and KMP

0.00cr

2026-03-31

loans outstanding to promoter, promoter group, directors and KMP (governance filing)

0.00cr

2026-03-31

security given for the borrowing of promoter, promoter group, directors and KMP

0.00cr

2026-03-31

FY revenue / permanent employees + workers, same basis (calc)

93,03,770inr

2026-03-31

News

News and filings about Hindustan Aeronautics. Open one to see why it matters.

No recent news for this company.

Supply chain

Who it buys from, sells to and competes with — as recorded in our map of company links.

Uses as raw material

  • Aero Forgings
  • Aerospace Alloys
  • Avionics Components
  • Nickel Superalloys
  • Special Steel
  • Titanium Alloys

Depends on the price of

  • aluminium
  • steel

Buys from

Sells to

  • Ministry of Defence · Aircraft, helicopters & aero-engines (LCA Tejas, LCH, Su-30MKI, AL-31FP)

About

What the company is, from our own records: where it sits, where it makes things, and what it is made of.

Sector
Capital Goods
Industry
Aerospace & Defense
Classification
Capital Goods › Aerospace & Defense
ISIN
INE066F01020

Plants

  • HAL Bangalore Complex
  • HAL Hyderabad · Hyderabad, Telangana
  • HAL Koraput · Koraput, Odisha
  • HAL Korwa
  • HAL Lucknow · Lucknow, Uttar Pradesh
  • HAL Nashik · Nashik, Maharashtra
  • HAL Tumakuru Helicopter Plant

News impact

Big market events that reach Hindustan Aeronautics, and how the effect spreads.

Who it hits first

  • Axiscades Technologies Limited, a Capital Goods engineering company that supplies parts to Bharat Electronics and Hindustan Aeronautics, saw large funds buy about Rs 830 crore of its shares at Rs 1,824 each.
  • Its stock jumped over 7% as the market read buying by Kotak Mutual Fund and Abakkus as a strong vote of confidence.
  • The trade moves existing shares between sellers and new fund owners, so the company gets no new cash or orders, only a higher price and stronger holders.

Who may gain

  • Existing Axiscades shareholders, whose holdings rose over 7% on the fund buying.
  • The sellers in the stake sale, who could sell a large Rs 830 crore block at Rs 1,824 without crashing the price.
  • Kotak Mutual Fund and Abakkus, who built a large position in one go at a fixed price.

Along the supply chain

Downstream

No downstream impact — customers Bharat Electronics and Hindustan Aeronautics keep buying as before, since the share sale does not change what Axiscades makes or delivers.

Upstream

No upstream impact — suppliers of parts and materials see no new orders because this was a trade in existing Axiscades shares, not new production.

Where demand moves

Business

No new business demand — no fresh orders or contracts for Axiscades or its rivals; factories and order books are unchanged, only share ownership changed.

Capital

Strong capital demand for Axiscades shares — about Rs 830 crore of fund money flowed into the stock at Rs 1,824, lifting the price over 7% and tightening shares available for sale.

How it spreads across sectors

Capital Goods

Light positive mood for small defence engineering peers like Data Patterns and Apollo, but no new orders, so any lift fades fast.

Information Technology

No real readthrough — Axiscades is a Capital Goods supplier despite the tag, so software and IT services firms see no change.

When it plays out

Immediate

Axiscades stays firm near Rs 1,824 with heavy trading as the market digests the Rs 830 crore block and the over 7% jump; peers stay flat.

Medium term

Price follows earnings and order wins, not the block deal; the stake sale matters only as proof that big funds back the story.

Short term

Axiscades drifts on overall market mood and results, with the fund holding acting as a floor; no follow-on orders expected for rivals.

Who it hits first

  • Hindustan Aeronautics, the state-run company that builds the Tejas fighter jet, is nearing Tejas Mk1A deliveries that make up 43% of its order book.
  • Its chief now expects to deliver 10 jets this year, double the 5 that Jefferies had earlier pencilled in.
  • Brokerage Jefferies kept its Buy rating with a Rs 6,800 target, calling rising delivery visibility a trigger for the shares to be re-rated.

Who may gain

  • Hindustan Aeronautics (fighter-jet maker) — turns 43% of its order book into sales as 10 Tejas jets deliver this year
  • HAL's jet parts suppliers (electronics, radar, special-metal, and precision-parts makers) — faster component orders as output doubles
  • Defence investors broadly — a marquee deliveryhitting its guide lifts mood across the sector (sentiment only)

Along the supply chain

Downstream

Downstream (buyers of the jet): the Indian Air Force gets its fighters sooner, which strengthens squadrons, but no listed company sits on this side so no stock moves.

Upstream

Upstream (parts for the jet): electronics, radar, special-alloy, and precision-parts suppliers to HAL should see faster orders as jet output doubles from 5 to 10; telecom-gear firms with similar names are not part of this chain.

Where demand moves

Business

Business demand flows to HAL first, since each delivered Tejas jet converts order book into sales, and then to its jet parts suppliers as output doubles from 5 toward 10 aircraft. Rival jet makers win nothing, and telecom firms that share the Tejas name sit outside this demand chain entirely.

Capital

Investor money should rotate into HAL on Jefferies' repeated Buy call and Rs 6,800 target, with lighter sympathy flows into its listed suppliers. Broader defence peers may catch a mild sentiment bid, while mistaken-identity buying in telecom lookalikes should fade fast.

How it spreads across sectors

Capital Goods

HAL hitting its jet guide lifts the defence corner of the sector and pulls supplier orders forward, supporting sentiment for peers.

Telecommunication

No ripple at all — Tejas Networks only shares the jet's name and sells telecom gear, so HAL's news does not travel there.

When it plays out

Immediate

1–7 days: HAL shares firm on the doubled delivery guide and Jefferies' Buy repeat; suppliers tick up while telecom lookalikes stay flat.

Medium term

1–6 months: each confirmed jet handover converts more of the 43% order-book share into reported sales, deciding whether the re-rating sticks.

Short term

1–4 weeks: investors watch for delivery milestones and engine-supply updates that confirm the 10-jet guide is on track.

Who it hits first

  • Avantel, which makes telecom and defence electronics, won a Rs 177.35 crore purchase order from Zetwerk Manufacturing Businesses for satellite communication equipment.
  • The work runs to March 2027 and lifts sales visibility after strong Q1 FY27, sending shares up 8-9%.
  • Rival equipment makers won none of this order, so they see no sales gain.

Who may gain

  • Avantel gains about Rs 177.35 crore of confirmed domestic manufacturing work through March 2027.
  • Zetwerk secures home-made satellite communication gear for its own delivery needs.
  • Short-term Avantel shareholders benefit from the 8-9% price jump on the news.

Along the supply chain

Downstream

Downstream, Zetwerk receives the satcom equipment, while Avantel's listed customers Bharat Electronics and Larsen & Toubro see no change from this separate deal.

Upstream

No named parts suppliers for Avantel appear in the pack, so no upstream vendor books work from this order yet.

Where demand moves

Business

New equipment demand flows to Avantel's factory as it builds satcom gear for Zetwerk; rivals book nothing from this tender.

Capital

Buyers chased Avantel shares up 8-9% on the order, while peer defence names see only light sympathy buying without fresh inflows.

How it spreads across sectors

Defence

Mild positive mood as a Rs 177 crore satcom order confirms defence electronics demand, but no sales spread to peers.

Telecom

Little effect — the gear is satellite communication equipment for one buyer, not a telecom network rollout.

When it plays out

Immediate

1–7 days: Avantel stays bid after the 8-9% jump as the Rs 177.35 crore order sinks in; peers drift flat.

Medium term

1–6 months: revenue builds as Avantel executes; re-rating needs more wins beyond this one order.

Short term

1–4 weeks: focus shifts to execution timeline to March 2027 and margins; no follow-on orders yet.

Who it hits first

  • HAL, BEL, Mazdock, BDL and Cochin Shipyard gain Vietnam export optionality across air, sea and electronics.
  • Export orders carry better margins and diversify books beyond domestic nomination.
  • Near-term numbers unchanged — talks precede orders by years.

Who may gain

  • HAL (aircraft) and BEL (electronics) most aligned to Vietnam stated needs.

Along the supply chain

Downstream

Vietnam armed forces get diversified supply; Indian services share training and doctrine.

Upstream

Defence MSME suppliers (forgings, electronics, composites) gain future order visibility.

Where demand moves

Business

Vietnam defence budgets flow to joint-production lines over years; Indian private suppliers follow DPSU primes.

Capital

Money nibbles defence primes on export narrative; private defence suppliers ride coattails.

How it spreads across sectors

Capital Goods

Defence sub-segment positive on export narrative; private players (Data Patterns, MTar) follow.

When it plays out

Immediate

Defence primes firm 1-3% on headline sentiment.

Medium term

Actual RFPs and orders over 1-3 years convert narrative to numbers.

Short term

MoUs and working-group outcomes show whether talks have teeth.

Who it hits first

  • Adani Defence (ADANIENT): Rs 1,800 cr Verba nomination plus six Igla-S contracts — concrete order wins
  • BDL: long-range air-to-air missile contract with Russian tech transfer
  • HAL: Su-30MKI upgrade lead with Russian consultancy; Prachand fuselage line

Who may gain

  • HAL, BDL direct; BEL mixed (budgets up, new rival in); subsystem suppliers (Data Patterns, Astra, Paras, Zen, MTAR, Cyient DLM, BEML, Premier Explosives)

Along the supply chain

Downstream

Armed forces get indigenous air-defence cover faster via emergency and single-vendor routes.

Upstream

Russian tech-transfer inputs plus domestic subsystems (RF, optics, explosives, simulators) ramp.

Where demand moves

Business

Missile and upgrade orders flow from forces to primes (HAL/BDL/Adani) then to subsystem and explosives suppliers.

Capital

Defence multiples extend on order visibility; PSU incumbents vs private disruptor positioning debated.

How it spreads across sectors

Capital Goods

defence primes and suppliers bid up 1-4% on order visibility

Metals & Mining

Adani Enterprises mildly positive — defence small vs group scale

When it plays out

Immediate

Defence names pop 1-4% on order headlines

Medium term

Execution and indigenisation pace decide multi-year compounding

Short term

Verba contract signing and Pantsir MoU watch

Dividends, splits & big trades

Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.

Dividends

14 Aug 2026unspecified₹10
18 Feb 2026interim₹35
21 Aug 2025unspecified₹15
18 Feb 2025interim₹25
21 Aug 2024unspecified₹13
20 Feb 2024interim₹22
28 Sep 2023split₹0
24 Aug 2023unspecified₹15

Splits, bonuses & buybacks

  • daily-prices repair: 8 rows from NSE's archive (replace 1, delete 1, insert 6), 2020-02-01..2026-02-01 (docs/flat_day_repair.md)1× · 1 Feb 2020

Documents

Annual reports, results presentations and earnings calls, straight from the source.

Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.