Hindustan Aeronautics Ltd(HAL)

NSE: HALBSE: 541154

₹ 4,718.05-3.22%refreshed 23 Oct, 03:51 pm ISTMarket cap: ₹ 3.16 L crWebsite: www.hal-india.co.inUpdated: 24 Oct 2026

About

Hindustan Aeronautics Limited (HAL) is India's state-owned aerospace and defence manufacturer. It designs and produces military aircraft, helicopters and aero-engines, and provides repair and overhaul (ROH) services, almost entirely for the Indian defence services. It reported revenue of Rs 33,088.82 crore in FY26. HAL was granted Maharatna status in October 2024, the first defence PSU to receive it.^[1][2][3]

Business segments

ROH (repair, overhaul and spares): about 70% of revenue in FY25. It stayed broadly flat because no new platforms entered the MRO base during FY26.^[3]
Manufacturing (new aircraft, helicopters and engines): about 28% of revenue in FY26, up from about 23% in FY25, driven by ALH Dhruv, AL-31FP and RD-33 engine deliveries.^[1]
Export revenue: ₹501 crores in FY26, up 25% from ₹400 crores in FY25.^[1]

Order book and inflows

Order book: ₹2,54,538 crores at the end of FY26, up from ₹1,89,302 crores at the start of FY26, after ₹31,792 crores of revenue was booked against it during the year.^[1]
Fresh orders in FY26: ₹97,028 crores in total, of which ₹69,668 crores was manufacturing (including the 97-aircraft LCA Mark-1A contract with the IAF) and ₹26,539 crores was ROH.^[1]
New orders in FY25 totalled ₹1,25,280 crore, taking the order book to ₹1,89,302 crore at March 2025.^[4]
FY25 orders included 240 AL-31FP engines (₹25,500 cr), 156 LCH Prachand (₹62,777 cr) and 12 Sukhoi-30MKI (₹13,454 cr).^[3]
FY25 order inflows: ₹1,02,337 crores in manufacturing and ₹19,271 crores in ROH.^[3]

Key operating numbers

Manufacturing revenue: ₹9,227 crores in FY26, up from ₹7,957 crores in FY25.^[1]
ROH revenue: ₹20,524 crores in FY26. Spares sales fell by about ₹500 - 600 crores year-on-year.^[1]
R&D expenditure: ₹2,794 crores in FY26, about 8.4% of revenue.^[1]
Capex: ₹2,386 crores in FY26. It was ₹2,026 crore in FY25, against ₹2,168 crore in FY24.^[1][4]
Inventory days rose to 263 days in FY25 from 159 days in FY24.^[3]

Production capacity and facilities

A third LCA Mark-1A production line opened at Nashik in October 2025, with capacity of 8 aircraft per annum.^[1]
LCA Mark-1A installed capacity is about 24 aircraft per annum across HAL lines. Combined capacity with private partners is targeted at about 30 per annum.^[3]
Helicopters: capacity of 30 ALH per annum at the Bangalore plant. A new factory at Tumkuru is being set up to build the LCH Prachand at 30 per annum.^[3]
An Airbus A320 C-check MRO facility has been set up at Nashik. DGCA and EASA certification is under way, and some initial work for IndiGo has started.^[3]

Products and platforms

The indigenous LCA Mk1A, ALH, LCH, LUH and HTT-40 are expected to remain HAL's main source of revenue (FY25 annual report).^[4]
LCA Tejas Mark-1A: 21 - 22 aircraft structures were fully built with engine ground-runs completed as of end-March 2026. They await software certification before formal delivery.^[1]
ALH Dhruv NG made its maiden flight on 30 December 2025.^[1]
HTT-40: the first series-production aircraft flew its maiden sortie on 24 October 2025.^[1]
Shakti civil engine: HAL received DGCA certification for indigenous manufacturing on 30 December 2025.^[1]
AL-31FP engines are targeted at 32 - 35 deliveries per annum. The final 15 RD-33 units are due in FY27, completing that programme.^[1]

Customers and risks

First export of the Hindustan-228: an order for 2 aircraft from Guyana in FY26.^[1]
The FY25 annual report lists as risks: reliance on foreign OEMs for critical components and spares, a small customer base, and a possible move by customers from nomination to competitive procurement.^[4]

Expansion and capex

HAL plans to invest about ₹12,000 crores by 2030 in LCA Mark-2, GE F414 engine manufacturing, the IMRH engine, SSLV facilities and other infrastructure.^[1]
The FY25 annual report set a five-year capex plan of ₹14,000-15,000 crore for capacity, ROH, LCA Mk2, GE-414 and IMRH.^[4]
The 156-helicopter LCH order will be built at Tumkuru over about 5.5 - 6 years, starting in FY27 - 28.^[3]
Su-30 MKI 12-aircraft contract: 1 delivery planned in FY28 and the remaining 11 in FY29.^[1]

Recent developments

October 2026: HAL bought the remaining 50% of HATSOFF Helicopter Training from CAE Canada for nil consideration, making it a wholly-owned subsidiary. HATSOFF's FY26 turnover was ₹80.95 crores.^[5]
10 September 2025: HAL signed an SSLV technology transfer agreement with ISRO, IN-SPACe and NSIL, giving it a non-exclusive licence to manufacture the launch vehicle.^[1]
October 2025: HAL signed an MoU with Russia's UAC to produce the SJ-100 civil commuter aircraft in India.^[1]
June 2025: HAL signed an agreement with Safran Aircraft Engines to produce rotating parts for LEAP engines.^[1]
A Maharashtra sales tax dispute was settled at ₹2,471 crores against a demand of ₹10,079 crores. The Indian Air Force reimbursed the full amount.^[3]
12 October 2024: HAL was granted Maharatna status, becoming the first defence PSU and the 14th CPSE to receive it.^[3]

Market Cap

₹3,15,531 Cr

High / Low

₹5,150 / 3,479

Stock P/E

33.9

Price / Book

7.7

Book Value

₹614

EPS

₹136.3

No. of Shares

66.88 Cr

ROCE

31.6%

ROE

24.0%

OPM

32.9%

Debt / Equity

0.00

Sales

₹33,089 Cr

Net Profit

₹9,116 Cr

Promoter holding

71.6%

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