Hindustan Aeronautics Ltd.
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ABOUT
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company has delivered good profit growth of 22.9% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 34.9%
- Company has a good return on equity (ROE) track record: 3 Years ROE 26.3%
- Company has consistently been profitable over the last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.31x)
CONS
- A large part of profit comes from other income (30.4% of PBT)
- Recent results are weak - TTM profit is down 13.1% versus prior year
- Working capital days have increased from 542 to 789 days
- Stock is trading at 5.7x its book value
- Company has delivered a poor sales growth of 7.7% over past five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| HAL | 4955.00 | 35.55 | 331378.01 | 0.91 | 1589.66 | 14.88 | 5515.17 | 14.45 | 31.99 | 27.89 |
| BEL | 403.00 | 47.93 | 294584.09 | 0.62 | 1054.53 | 8.82 | 5546.98 | 24.94 | 36.68 | 25.22 |
| BDL | 1191.00 | 83.83 | 43657.59 | 0.41 | 118.79 | 547.36 | 572.24 | 147.63 | 13.91 | 14.52 |
| DATAPATTNS | 4774.10 | 3475.01 | 26727.31 | 0.21 | 220.60 | 765.10 | 1160.30 | 1068.13 | 23.18 | 27.04 |
| ASTRAMICRO | 1694.95 | 85.13 | 16092.70 | 0.14 | 12.35 | -24.12 | 176.66 | -11.55 | 20.29 | 20.40 |
| ZENTEC | 1749.35 | 87.67 | 15795.39 | 0.06 | 31.85 | -39.99 | 141.64 | -10.48 | 16.83 | 27.13 |
| AEQUS | 230.10 | 309.89 | 15432.02 | 0.00 | -532.28 | -6067.26 | 3955.45 | 1486.69 | 1.50 | 4.47 |
| APOLLO | 412.90 | 126.47 | 15343.34 | 0.06 | 252.16 | 1325.84 | 2512.93 | 1781.17 | 14.52 | 21.38 |
| PARAS | 1451.10 | 123.81 | 11694.03 | 0.07 | 20.74 | 45.34 | 127.91 | 37.26 | 18.68 | 24.95 |
| UNIMECH | 1570.20 | 110.97 | 7992.63 | 0.00 | 27.86 | 45.70 | 107.62 | 70.85 | 12.10 | 36.35 |
| AXISCADES | 1868.35 | 218.70 | 7946.74 | 0.00 | -14.76 | -170.76 | 183.35 | -24.77 | 14.56 | 4.73 |
| CENTUM | 4212.10 | 125.31 | 6217.91 | 0.12 | 10.55 | 135.70 | 204.15 | -22.53 | 26.02 | 11.54 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,915 | 5,636 | 6,061 | 14,769 | 4,348 | 5,976 | 6,957 | 13,700 | 4,819 | 6,629 | 7,699 | 13,942 | 5,515 | |
| 3,039 | 4,108 | 4,626 | 8,867 | 3,357 | 4,336 | 5,275 | 8,405 | 3,537 | 5,071 | 5,828 | 8,884 | 4,293 | |
| Operating Profit | 877 | 1,528 | 1,435 | 5,901 | 991 | 1,640 | 1,683 | 5,295 | 1,282 | 1,558 | 1,871 | 5,059 | 1,222 |
| OPM % | 22.39% | 27.11% | 23.68% | 39.96% | 22.79% | 27.44% | 24.18% | 38.65% | 26.61% | 23.50% | 24.30% | 36.28% | 22.17% |
| 410 | 469 | 460 | 557 | 736 | 548 | 631 | 652 | 747 | 888 | 914 | 1,151 | 900 | |
| Interest | 0 | 0 | 0 | 31 | 0 | 0 | 0 | 8 | 0 | 0 | 1 | 4 | 0 |
| Depreciation | 201 | 350 | 212 | 644 | 149 | 178 | 277 | 736 | 185 | 226 | 310 | 634 | 304 |
| Profit before Tax | 1,085 | 1,647 | 1,683 | 5,783 | 1,578 | 2,011 | 2,037 | 5,202 | 1,844 | 2,220 | 2,474 | 5,571 | 2,134 |
| Tax % | 25.33% | 25.18% | 25.43% | 25.70% | 9.29% | 25.47% | 29.58% | 23.88% | 25.52% | 25.14% | 25.07% | 24.91% | 25.52% |
| Net Profit | 0 | 0 | 0 | 0 | 1,437 | 1,510 | 1,440 | 3,977 | 1,384 | 1,669 | 1,867 | 4,196 | 1,590 |
| 12.17 | 18.49 | 18.86 | 64.43 | 21.49 | 22.59 | 21.53 | 59.46 | 20.69 | 24.96 | 27.91 | 62.74 | 23.77 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 17,950 | 18,520 | 20,008 | 21,445 | 22,882 | 24,620 | 26,927 | 30,381 | 30,981 | 33,089 | 33,785 | |
| 14,687 | 15,071 | 15,457 | 16,531 | 17,538 | 19,204 | 20,242 | 20,630 | 21,360 | 23,301 | 24,075 | |
| Operating Profit | 3,263 | 3,449 | 4,551 | 4,914 | 5,344 | 5,416 | 6,686 | 9,752 | 9,621 | 9,788 | 9,710 |
| OPM % | 18.18% | 18.62% | 22.75% | 22.92% | 23.35% | 22.00% | 24.83% | 32.10% | 31.05% | 29.58% | 28.74% |
| 1,042 | 762 | 376 | 415 | 359 | 985 | 1,670 | 1,897 | 2,568 | 3,699 | 3,852 | |
| Interest | 16 | 35 | 178 | 360 | 267 | 65 | 64 | 43 | 22 | 24 | 6 |
| Depreciation | 713 | 947 | 1,025 | 999 | 1,158 | 1,111 | 1,785 | 1,407 | 1,340 | 1,355 | 1,474 |
| Profit before Tax | 3,592 | 3,243 | 3,725 | 3,979 | 4,283 | 5,225 | 6,510 | 10,225 | 10,867 | 12,152 | 12,399 |
| Tax % | 26.92% | 38.62% | 37.49% | 27.55% | 24.23% | 2.77% | 10.47% | 25.47% | 23.03% | 24.99% | 25.09% |
| Net Profit | 2,625 | 1,990 | 2,328 | 2,883 | 3,246 | 5,080 | 5,828 | 7,621 | 8,364 | 9,116 | 9,288 |
| EPS | 72.61 | 56.23 | 69.63 | 86.21 | 97.06 | 151.92 | 87.14 | 113.95 | 125.07 | 136.30 | — |
| Dividend Payout % | 30.44% | 54.09% | 28.43% | 38.28% | 30.91% | 32.91% | 31.56% | 30.71% | 31.98% | 33.01% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 7%
- 5 Years:
- 8%
- 3 Years:
- 7%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 16%
- 5 Years:
- 23%
- 3 Years:
- 16%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 48%
- 3 Years:
- 36%
- 1 Year:
- 7%
RETURN ON EQUITY
- 10 Years:
- 24%
- 5 Years:
- 27%
- 3 Years:
- 26%
- Last Year:
- 24%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 362 | 334 | 334 | 334 | 334 | 334 | 334 | 334 | 334 | 334 |
| Minority Interest | 0 | -0 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 3 |
| 12,198 | 9,177 | 11,748 | 12,914 | 15,090 | 18,979 | 23,238 | 28,804 | 34,647 | 40,707 | |
| 11,361 | 9,725 | 12,919 | 13,495 | 9,676 | 12,790 | 11,454 | 11,051 | 25,318 | 45,224 | |
| Trade Payables | 1,574 | 1,666 | 2,629 | 4,084 | 2,256 | 2,558 | 3,135 | 3,413 | 5,106 | 4,432 |
| 26,051 | 26,788 | 22,820 | 21,976 | 24,352 | 23,162 | 27,914 | 33,035 | 39,290 | 40,580 | |
| Total Liabilities | 51,545 | 47,689 | 50,454 | 52,807 | 51,712 | 57,826 | 66,078 | 76,641 | 1,04,699 | 1,31,280 |
| 7,350 | 7,566 | 7,459 | 7,357 | 7,166 | 6,766 | 6,834 | 6,737 | 6,671 | 7,293 | |
| Capital Work in Progress | 621 | 621 | 702 | 860 | 663 | 949 | 637 | 937 | 1,091 | 1,026 |
| 994 | 1,010 | 910 | 991 | 1,121 | 1,363 | 1,458 | 1,591 | 1,754 | 1,914 | |
| 21,321 | 19,358 | 19,664 | 19,436 | 16,673 | 14,347 | 12,149 | 13,218 | 21,676 | 30,851 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,617 | 4,648 | 4,066 | |
| Cash & Bank | 11,149 | 6,546 | 124 | 317 | 7,177 | 14,348 | 20,317 | 26,432 | 38,182 | 46,197 |
| 10,110 | 12,589 | 21,595 | 23,847 | 18,911 | 20,054 | 24,684 | 23,110 | 30,677 | 39,933 | |
| Total Assets | 51,545 | 47,689 | 50,454 | 52,807 | 51,712 | 57,826 | 66,078 | 76,641 | 1,04,699 | 1,31,280 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 633 | 762 | -6,608 | 3,347 | 15,992 | 11,201 | 11,585 | 8,223 | 13,643 | 10,906 | |
| Cash from Investing | 3,012 | 597 | 5,294 | -1,339 | -1,180 | -12,785 | -5,728 | -6,410 | -10,771 | -8,337 |
| Cash from Financing | -164 | -2,540 | 2,326 | 64 | -7,070 | -1,464 | -1,731 | -1,999 | -2,579 | -3,350 |
| 2,443 | -2,691 | -80 | 252 | 6,867 | -4,076 | 1,370 | -186 | 294 | -781 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - Hindustan Aeronautics Limited has informed the Exchange regarding Change in Director(s) of the company.
2026-09-08 - Hindustan Aeronautics Limited has informed the Exchange about General Updates
2026-09-08 - Hindustan Aeronautics Limited has informed the Exchange regarding Change in Auditors of the company.
2026-09-04 - Hindustan Aeronautics Limited has informed the Exchange regarding 'Revised Policy'.
2026-08-31 - Hindustan Aeronautics Limited has informed the Exchange about General Updates
2026-08-31 - Hindustan Aeronautics Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 28, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-28 - Hindustan Aeronautics Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 28, 2026
2026-08-26 - Hindustan Aeronautics Limited has informed the Exchange regarding a press release dated August 26, 2026, titled "HAL and SafranHelicopter Engines sign final contract with SAFHAL, launchingdevelopment and production of the Aravalli engine".
2026-08-20 - Hindustan Aeronautics Limited has informed the Exchange regarding 'General Updates'.
News
Recent coverage and analyst commentary for HAL
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