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Hindustan Aeronautics Ltd.

•
hal-india.co.inBSE: 541154NSE: HAL
Market Cap₹ 3,27,616 Cr.
Current Price
High / Low₹ 5,150 / 3,479
Stock P/E35.3
Book Value₹ 635
Price to Book5.71
Dividend Yield0.92 %
ROCE32.0 %
ROE24.0 %
Face Value₹ 5

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

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.

Confidence
72%
View full sector analysis →

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%
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.31x)
  • Company has been maintaining a healthy dividend payout of 33.2%

CONS

  • A large part of profit comes from other income (30.6% of PBT)
  • Recent results are weak - TTM profit is down 13.2% 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

Capital GoodsCapital GoodsAerospace & Defense
Part ofNIFTY NEXT 50NIFTY100 QUALTY30NIFTYLARGEMIDCAP250NIFTY100 EQL WGTNIFTY200 QUALITY 30
S.No.Name
1.HAL4898.7535.15327616.150.921589.6614.885515.1714.4531.9927.89
2.BEL405.5048.23296411.530.621054.538.825546.9824.9436.6825.22
3.BDL1190.5083.8043639.270.41118.79547.36572.24147.6313.9114.52
4.DATAPATTNS4832.903517.8127056.490.21220.60765.101160.301068.1323.1827.04
5.ASTRAMICRO1677.9584.2715931.300.1412.35-24.12176.66-11.5520.2920.40
6.APOLLO421.95129.2415679.640.06252.161325.842512.931781.1714.5221.38
7.ZENTEC1722.8586.3515556.120.0631.85-39.99141.64-10.4816.8327.13
8.AEQUS226.05304.4315160.400.00-532.28-6067.263955.451486.691.504.47
9.PARAS1433.00122.2711548.160.0720.7445.34127.9137.2618.6824.95
10.UNIMECH1609.30113.748191.660.0027.8645.70107.6270.8512.1036.35
11.AXISCADES1831.10214.347788.310.00-14.76-170.76183.35-24.7714.564.73
12.CENTUM4210.75125.276215.920.1210.55135.70204.15-22.5326.0211.54
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
3,9155,6366,06114,7694,3485,9776,95713,7004,8196,6287,69913,9435,515
3,0364,1074,6278,8723,3544,3465,2768,4083,5355,0715,8308,8854,293
Operating Profit8801,5291,4345,8969941,6301,6815,2921,2841,5571,8695,0581,222
OPM %22.47%27.13%23.66%39.92%22.86%27.28%24.16%38.63%26.65%23.49%24.28%36.28%22.17%
4114714605577385506316537498899141,152903
Interest00031000800140
Depreciation201349212644149177277736185225310634304
Profit before Tax1,0891,6501,6815,7781,5822,0032,0355,2001,8482,2202,4725,5722,125
Tax %25.24%25.14%25.45%25.72%9.26%25.58%29.60%23.88%25.47%25.13%25.09%24.91%25.63%
Net Profit8141,2351,2544,2921,4361,4901,4333,9581,3771,6631,8524,1841,581
12.1718.4718.7464.1821.4722.2821.4259.1920.5924.8627.6962.5723.63

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
17,95018,51920,00821,44522,88224,62026,92830,38130,98133,09033,786
14,68215,05915,44016,56517,54119,20020,25820,63121,37123,30424,079
Operating Profit3,2683,4604,5694,8805,3415,4206,6699,7499,6109,7869,707
OPM %18.21%18.68%22.83%22.76%23.34%22.01%24.77%32.09%31.02%29.57%28.73%
1,0447613764153609861,6721,8992,5713,7043,858
Interest163517735926765644322236
Depreciation7139471,0249981,1571,1101,7841,4061,3401,3541,473
Profit before Tax3,5833,2403,7423,9384,2775,2316,49310,19910,82012,11212,390
Tax %26.99%38.66%37.31%27.83%24.27%2.77%10.50%25.53%23.14%25.07%25.11%
Net Profit2,6161,9872,3462,8423,2395,0865,8117,5958,3179,0769,279
EPS72.3556.1570.1684.9996.88152.1186.89113.57124.36135.70—
Dividend Payout %30.54%54.18%28.22%38.83%30.97%32.87%31.65%30.82%32.17%33.16%—

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

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

2026

Aug 14

₹ 2

Rs.10.0000 per share(200%)Final Dividend

2026

Feb 18

₹ 7

Rs.35.0000 per share(700%)Interim Dividend

2025

Aug 21

₹ 3

Rs.15.0000 per share(300%)Final Dividend

2025

Feb 18

₹ 5

First Interim Dividend

2024

Aug 21

₹ 2.60

Rs.13.0000 per share(260%)Final Dividend

2024

Feb 20

₹ 4.40

First Interim Dividend

2023

Aug 24

₹ 1.50

Rs.15.0000 per share(150%)Final Dividend

2023

Mar 20

₹ 2

Second Interim Dividend

2022

Nov 18

₹ 2

First Interim Dividend

2022

Aug 19

₹ 1

Rs.10.0000 per share(100%)Final Dividend

2022

Feb 17

₹ 2.60

Second Interim Dividend

2021

Nov 23

₹ 1.40

Rs.14.0000 per share (140%) First Interim Dividend

2021

Mar 5

₹ 1.50

Second Interim Dividend

2020

Dec 17

₹ 1.50

Rs.15.0000 per share (150%)First Interim Dividend

2020

Mar 23

₹ 3.33

First Interim Dividend

2018

Apr 2

Rs.8.2500 per share(82.5%)Second Interim Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital362334334334334334334334334334
12,1759,15111,74112,86515,03418,93023,17228,71234,50840,528
11,3619,72512,91913,4959,67512,78911,45311,05025,31845,223
Trade Payables1,5741,6662,6334,0892,2612,5603,1373,4155,1114,436
26,03726,78422,80121,95624,33323,14327,89533,01839,27440,568
Total Liabilities51,50947,66150,42852,74051,63757,75565,99276,5291,04,5451,31,089
7,3507,5667,4547,3517,1586,7586,8276,7306,6637,287
Capital Work in Progress6216176998576629486369361,0911,026
9819899029401,0551,2941,3851,4971,6271,752
21,34019,37519,68519,45416,68914,36412,16113,22621,67630,851
00000004,6174,6484,066
Cash & Bank11,1176,524952987,16614,34420,30626,42238,17146,192
10,10112,58921,59223,83918,90720,04824,67623,10230,66939,915
Total Assets51,50947,66150,42852,74051,63757,75565,99276,5291,04,5451,31,089

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
614776-6,6013,35715,99911,20811,5918,22613,64510,920
Cash from Investing3,0215945,292-1,334-1,190-12,789-5,734-6,412-10,774-8,346
Cash from Financing-164-2,5402,32164-7,070-1,464-1,731-1,999-2,579-3,353
2,433-2,680-802666,864-4,0721,370-185293-780

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
71.6471.6471.6471.6471.6471.6471.6471.6471.64
11.6811.8512.2612.0811.9012.0010.8610.209.34
8.818.378.138.268.678.649.6810.4311.90
Government0.000.000.000.000.000.000.000.000.00
Public7.878.137.957.987.737.657.767.657.04

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10
Change in Director(s)

2026-09-10 - Hindustan Aeronautics Limited has informed the Exchange regarding Change in Director(s) of the company.

2026-09-08
General Updates

2026-09-08 - Hindustan Aeronautics Limited has informed the Exchange about General Updates

2026-09-08
Change in Auditors

2026-09-08 - Hindustan Aeronautics Limited has informed the Exchange regarding Change in Auditors of the company.

2026-09-04
Updates

2026-09-04 - Hindustan Aeronautics Limited has informed the Exchange regarding 'Revised Policy'.

2026-08-31
General Updates

2026-08-31 - Hindustan Aeronautics Limited has informed the Exchange about General Updates

2026-08-31
Shareholders meeting

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
Shareholders meeting

2026-08-28 - Hindustan Aeronautics Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 28, 2026

2026-08-26
Press Release

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
Updates

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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