Hindustan Aeronautics Ltd
NSE:HAL
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Hindustan Aeronautics Ltd
NSE:HAL
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Hindustan Aeronautics Ltd
Hindustan Aeronautics Ltd. is India’s main state-owned aerospace and defense manufacturer. It designs, builds, and upgrades military aircraft, helicopters, engines, avionics, and related parts, and it also repairs and maintains equipment after delivery. Its core customers are the Indian Air Force, Navy, Army, other government defense users, and a smaller set of export buyers. The company makes money by selling aircraft, helicopters, spare parts, and long-term maintenance, repair, and overhaul work. A large part of its business comes from defense contracts, where it may build equipment on its own design or manufacture items under license from foreign suppliers. It also earns fees from upgrades, retrofits, and service support for aircraft already in use. What makes HAL different is its role in the national defense supply chain. It is not just a factory; it sits at the center of India’s military aviation ecosystem, covering design, production, testing, and after-sales support in one place. That gives it a unique position as the main domestic source for complex military aircraft and helicopter programs.
Hindustan Aeronautics Ltd. is India’s main state-owned aerospace and defense manufacturer. It designs, builds, and upgrades military aircraft, helicopters, engines, avionics, and related parts, and it also repairs and maintains equipment after delivery. Its core customers are the Indian Air Force, Navy, Army, other government defense users, and a smaller set of export buyers.
The company makes money by selling aircraft, helicopters, spare parts, and long-term maintenance, repair, and overhaul work. A large part of its business comes from defense contracts, where it may build equipment on its own design or manufacture items under license from foreign suppliers. It also earns fees from upgrades, retrofits, and service support for aircraft already in use.
What makes HAL different is its role in the national defense supply chain. It is not just a factory; it sits at the center of India’s military aviation ecosystem, covering design, production, testing, and after-sales support in one place. That gives it a unique position as the main domestic source for complex military aircraft and helicopter programs.
Revenue: HAL reported FY 2025-26 revenue from operations of INR 33,050 crores, up 7% from INR 30,981 crores last year, despite global aerospace supply chain disruptions.
Margins: EBITDA rose 11% to INR 13,472 crores, and operating EBITDA margin stayed at 30%; management said EBITDA margin should remain around 30% to 31% in FY 2026-27.
LCA delays: Delivery of the Tejas Mark-1A is still delayed, but management said the program is moving in a positive direction and expects deliveries to start by August or September, helped by more GE engines coming through.
Growth outlook: Management guided for double-digit revenue growth in FY 2026-27, saying that means roughly 10% to 12%, with manufacturing expected to drive more of the growth.
Order flow: Fresh orders in FY 2025-26 were INR 97,028 crores, and the order book expanded to INR 2,54,538 crores; HAL expects about INR 90,000 crores of orders over the next two years, including ROH.
Program pipeline: HAL said Tejas Mk-II rollout is targeted for March, HTT-40 deliveries should start in FY 2026-27, and Su-30 deliveries are slated to begin in FY 2027-28.
Cost support: Management said inventory, long-lead purchasing, and contract clauses such as exchange-rate variation and material escalation should protect margins even as manufacturing scales up.
