HAL

Hindustan Aeronautics share price & financials

Price
₹4,500.7
Market cap
₹3.3L Cr
Sector
Capital Goods
Calls analysed
6
Latest concall · Q4 FY26 · call held 15 May 2026

Hind.Aeronautics Q4 FY26

Revenue from Operations ₹33,050 cr +7%EBITDA ₹13,472 cr +11%Operating EBITDA Margin 30%

What went well

  • Revenue from operations grew 7% to INR33,050 crores in FY26, despite global aerospace supply chain disruptions.
  • EBITDA grew 11% to INR13,472 crores in FY26, with operating EBITDA margin maintained at 30%.
  • Profit before tax increased 12% to INR12,112 crores in FY26.

What to watch

  • LCA Mark-1A deliveries have been repeatedly delayed, with initial deliveries now expected by August or September 2026.
  • Global aerospace supply chain disruptions are causing 'slowness' in component supply, potentially leading to minor delays in programs.
Read the full call →

What Hindustan Aeronautics Limited does

Hindustan Aeronautics Limited is India's Maharatna defence public-sector undertaking, engaged in the design, development, manufacture, repair and overhaul of military aircraft, helicopters, aero-engines, avionics and accessories. Its principal customers are the Indian armed forces — the Air Force, Army, Navy and Coast Guard — along with paramilitary forces and ISRO, and it also exports aerospace components. Revenue comes from new-build manufacturing contracts and from the repair, overhaul and upgrade (ROH) of in-service platforms, supplemented by spares, design-and-development projects and exports.

Segments

  • Manufacturing
  • Repair & Overhaul (ROH)
  • Spares
  • Design & Development Projects
  • Exports
Corporate status
Maharatna defence PSU under Ministry of Defence
Employees
31,144
Production complexes
Bangalore, MiG, Helicopter and Accessories complexes
LCA Tejas production lines
3 (two in Bangalore, one in Nasik)
Manufacturing locations
Bangalore, Nasik, Koraput, Kanpur, Lucknow, Hyderabad
Greenfield facility
Helicopter Factory at Tumakuru, Karnataka
Founded 1963Headquarters Bengaluru, Karnataka, IndiaEmployees 31,144 (March 31, 2025) Company website

Guidance record · Q4 FY26

what the last two calls moved 16 tracked 2 delivered 4 missed 10 open
  • Order Book delivered said Q4 FY24 Promised: Rs 1,20,000 crores by March 2025 Q4 FY26: Promise remains achieved. Order book has further grown to Rs 2,54,538 crores.
  • Revenue Growth missed said Q4 FY23 Promised: Double-digit from FY25, then 12-13%, stabilizing at 14-15% Q4 FY26: Achieved 7% growth in FY26, missing the revised 8-10% guidance. Double-digit growth target (10-12%) is now pushed to FY27.
  • 5-Year CAPEX revised down said Q4 FY24 Promised: Rs 14,000-15,000 crores over 5 years Q4 FY26: New guidance is to invest 'around INR12,000 crores... by 2030'. This represents a smaller amount over a longer timeframe than the original plan.

All 16 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 14.4%, net profit up 14.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue5,976 6,957 13,700 4,819 6,629 +11%7,699 +11%13,942 +2%5,515 +14%
EBITDA1,640 1,683 5,295 1,282 1,558 −5%1,871 +11%5,059 −4%1,527 +19%
Net profit1,510 1,440 3,977 1,384 1,669 +11%1,867 +30%4,196 +6%1,590 +15%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +7.6% 1Y

₹3.5k₹4.0k₹4.5k₹5.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q4 FY26 — 15 May 2026

1Y: ₹4,557.5 on 10 Sept 2025 → ₹4,905. High ₹5,099 (18 Aug 2026), low ₹3,487.2 (30 Mar 2026).

How the price took the results

close before → close after

Q4 FY26
−4.8%
15 May

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 7.1% a year over 3 years, FY23 to FY26. Operating margin widened to 29.5%.

Year endingFY23FY24FY25FY26
Revenue₹26.9k Cr₹30.4k Cr₹31.0k Cr₹33.1k Cr
Operating profit₹6.7k Cr₹9.7k Cr₹9.6k Cr₹9.8k Cr
Operating margin24.8%32.1%31.0%29.5%
Interest₹57 Cr₹31 Cr₹8 Cr₹5 Cr
Depreciation₹1.8k Cr₹1.4k Cr₹1.3k Cr₹1.4k Cr
Net profit₹5.8k Cr₹7.6k Cr₹8.4k Cr₹9.1k Cr
Net margin21.6%25.1%27.0%27.5%
Cash from operations₹8.8k Cr₹8.2k Cr₹13.6k Cr₹10.9k Cr
Free cash flow₹7.1k Cr₹6.5k Cr₹11.9k Cr₹8.4k Cr
ROCE31.0%39.0%34.0%32.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹334 Cr₹334 Cr₹334 Cr₹334 Cr₹334 Cr₹334 Cr
Reserves₹15.1k Cr₹19.0k Cr₹23.2k Cr₹28.8k Cr₹36.8k Cr₹40.7k Cr
Borrowings₹51 Cr₹49 Cr₹52 Cr₹50 Cr₹11 Cr₹66 Cr
Other liabilities₹37.8k Cr₹40.9k Cr₹45.7k Cr₹51.7k Cr₹86.0k Cr₹93.3k Cr
Total liabilities₹53.3k Cr₹60.3k Cr₹69.3k Cr₹80.9k Cr₹123.1k Cr₹134.4k Cr
Fixed assets₹7.5k Cr₹6.8k Cr₹6.8k Cr₹6.7k Cr₹9.1k Cr₹7.3k Cr
Capital work in progress₹2.1k Cr₹2.5k Cr₹1.9k Cr₹2.5k Cr₹1.1k Cr₹3.3k Cr
Investments₹1.1k Cr₹1.4k Cr₹1.5k Cr₹1.6k Cr₹1.8k Cr₹1.9k Cr
Other assets₹42.7k Cr₹49.7k Cr₹59.1k Cr₹70.1k Cr₹111.2k Cr₹121.9k Cr
Total assets₹53.3k Cr₹60.3k Cr₹69.3k Cr₹80.9k Cr₹123.1k Cr₹134.4k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +3.23 pp while FIIs trimmed −2.56 pp. The shareholder count shrank 7% to 12,11,981.

Promoters
71.6%
FIIs
9.3%
DIIs
11.9%
Government
0.1%
Public
7.0%

Since Jun 2025

  • DIIs +3.23 pp
  • FIIs −2.56 pp
  • Public −0.69 pp

How it drifted, 12 quarters

Over this window FIIs fell from 12.6% to 9.3% — −3.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 71.6%, FIIs 12.6%, DIIs 9.7%, Public 6.0%.Dec '23: Promoters 71.6%, FIIs 12.9%, DIIs 9.1%, Public 6.3%.Mar '24: Promoters 71.6%, FIIs 12.4%, DIIs 9.6%, Public 6.4%.Jun '24: Promoters 71.6%, FIIs 11.7%, DIIs 8.8%, Public 7.9%.Sep '24: Promoters 71.6%, FIIs 11.8%, DIIs 8.4%, Public 8.1%.Dec '24: Promoters 71.6%, FIIs 12.3%, DIIs 8.1%, Government 0.0%, Public 8.0%.Mar '25: Promoters 71.6%, FIIs 12.1%, DIIs 8.3%, Government 0.0%, Public 8.0%.Jun '25: Promoters 71.6%, FIIs 11.9%, DIIs 8.7%, Government 0.1%, Public 7.7%.Sep '25: Promoters 71.6%, FIIs 12.0%, DIIs 8.6%, Government 0.1%, Public 7.6%.Dec '25: Promoters 71.6%, FIIs 10.9%, DIIs 9.7%, Government 0.1%, Public 7.8%.Mar '26: Promoters 71.6%, FIIs 10.2%, DIIs 10.4%, Government 0.1%, Public 7.7%.Jun '26: Promoters 71.6%, FIIs 9.3%, DIIs 11.9%, Government 0.1%, Public 7.0%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Hindustan Aeronautics Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
President Of India 71.64%unchanged
Life Insurance Corporation Of India Insurer3.35%+0.24 pp
ICICI Prudential Manufacturing Fund Mutual fund1.30%newly disclosed
ICICI Prudential Mutual Fund Mutual fund—off the list

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in HAL

Filings to Aug 2026

2 new, 15 added, 5 trimmed, 0 sold out — net +13.38 L shares (+11.1%).

Held by funds
₹6.4k Cr
42 schemes
Biggest holder
HDFC Defence Fund
₹1.3k Cr · 12.4% of that fund
SchemeHoldingLast month
HDFC Defence Fund HDFC Mutual Fund₹1.3k Cr+1.25 L
SBI Arbitrage Fund SBI Mutual Fund₹624 Cr+5.08 L
HDFC Balanced Advantage Fund HDFC Mutual Fund₹457 Crheld
Nippon India Small Cap Fund Nippon India Mutual Fund₹414 Crheld
Nippon India Large Cap Fund Nippon India Mutual Fund₹365 Cr+0.70 L
Nippon India Focused Fund Nippon India Mutual Fund₹329 Crheld
Nippon India ETF Nifty Next 50 Junior BeES Nippon India Mutual Fund₹322 Cr+0.22 L
Nippon India Growth Mid Cap Fund Nippon India Mutual Fund₹264 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

15 added, 5 trimmed — net +13.38 L shares (+11.1%)

Funds are sitting on
+35%
vs est. average cost
Held by funds
₹6.4k Cr
42 schemes · ≈ 1.8% of the company
Biggest holder
HDFC Defence Fund
₹1.3k Cr · 12.4% of that fund
Longest holder
Nippon India Small Cap Fund
7y 3m · since Jun '19

Shares held by these funds −53%

Aug '23 1.24 cr shares Jul '26

What the price assumes

Growth the price implies
A decline
for 7 years, fading to 4%
It has actually compounded at
Not enough history
The gap
—
between what it did and what it must do
Price today ₹4,905 Cyclical — a peak-earnings base overstates value

Change the assumptions yourself →

All earnings calls (6)

Read the Q4 FY26 call →

Learn to analyse Hindustan Aeronautics Limited

Guides on how to read this kind of business and the numbers that matter.