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Dossier · HINDUSTAN AERONAUTICS LTD · 28 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
HINDUSTAN AERONAUTICS LTD
NSE: HAL · BSE: 541154
NSE: HAL · BSE: 541154
Industrials › Capital Goods › Aerospace & Defense › Aerospace & Defense
HINDUSTAN AERONAUTICS LTD
StateQ1 FY27 filed
Last close · 27 Oct 2026₹4,855.00
Market cap₹324.7k cr
TTM P/E · P/B · EV/EBITDA34.8 · 7.91 · 23.1
HINDUSTAN AERONAUTICS LTD is a Aerospace & Defense company listed on NSE. The annual-report business brief for this company has not been generated yet; the numbers below are as filed.
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 24,620 | 26,927 | 30,381 | 30,981 | 33,089 |
| EBITDA (ex other income) | 5,409 | 6,679 | 9,741 | 9,614 | 9,770 |
| margin % | 22.0 | 24.8 | 32.1 | 31.0 | 29.5 |
| Owners' profit | 5,080 | 5,828 | 7,621 | 8,364 | 9,116 |
| EPS, as reported (₹) | 151.92 | 174.28 | 113.95 | 125.07 | 136.30 |
| ROE % · ROCE % | 26.3 · 15.8 | 24.7 · 18.0 | 26.2 · 24.5 | 23.9 · 17.4 | 22.2 · 13.7 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 10,033 | 8,830 | 8,223 | 13,643 | 10,906 |
| Capex | (799) | (782) | (916) | (930) | (1,485) |
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · HINDUSTAN AERONAUTICS LTD · 28 October 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,976 | 6,957 | 13,700 | 4,819 | 6,629 | 7,699 | 13,942 | 5,515 |
| Profit before tax | 2,011 | 2,037 | 5,202 | 1,844 | 2,220 | 2,474 | 5,571 | 2,123 |
| Net profit | 1,510 | 1,440 | 3,977 | 1,384 | 1,669 | 1,867 | 4,196 | 1,590 |
| EPS (₹) | 22.59 | 21.53 | 59.46 | 20.69 | 24.96 | 27.91 | 62.74 | 23.77 |
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN AERONAUTICS LTD ◆ | 3,24,693 | 34.8 | 7.91 | 23.8 | 22.2 | 13.7 | 7.8 | 44.0 |
| BHARAT ELECTRONICS LTD | 2,68,964 | 43.8 | 11.20 | 31.0 | 25.3 | 31.9 | 14.4 | 28.1 |
| BHARAT DYNAMICS LIMITED | 36,876 | 70.8 | 8.70 | — | 9.9 | 7.2 | — | 32.6 |
| DATA PATTERNS INDIA LTD | 23,139 | 86.3 | 13.33 | — | 15.6 | 20.3 | — | 33.3 |
| GARDEN REACH SHIP&ENG LTD | 21,994 | 27.5 | 8.38 | — | 28.5 | 36.2 | — | 13.7 |
| APOLLO MICRO SYSTEMS LTD | 15,810 | 123.0 | 12.08 | 72.4 | 8.2 | 10.4 | 34.8 | 22.3 |
| ASTRA MICROWAVE LTD | 14,906 | 78.8 | 11.34 | 42.6 | 14.7 | 17.2 | 12.7 | 20.1 |
| AEQUS LIMITED | 14,647 | — | 9.86 | 93.0 | (7.6) | (3.8) | — | 5.4 |
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 34.8 | 70.8 | 6 of 23 | 77% |
| P/B | 7.9 | 9.9 | 8 of 23 | 68% |
| ROCE | 13.7 | 13.6 | 13 of 26 | 52% |
| ROE | 22.2 | 10.9 | 5 of 23 | 82% |
| Debt / Equity | 0.0 | 0.0 | 1 of 23 | 68% |
| EBITDA margin | 44.0 | 22.3 | 2 of 23 | 96% |
| Revenue growth | 14.4 | 24.9 | 14 of 23 | 41% |
| Profit growth | 14.9 | 14.9 | 11 of 21 | 50% |
| Market cap | 324693 | 6484 | 1 of 26 | 100% |
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · HINDUSTAN AERONAUTICS LTD · 28 October 2026Page 3 of 3
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · HAL Board to approve audited results for September 2026 quarter | results | low | — | — |
| 22 Oct 2026 · HAL corrects designation of director Anindya Biswas | management changes | medium | — | — |
| 7 Oct 2026 · HAL: DRDO's Anindya Biswas replaces Rajalakshmi Menon as govt nominee director | management changes | medium | — | — |
| 2 Oct 2026 · HAL to fully own HATSOFF Helicopter Training by taking its 50% stake from CAE at zero cost | strategic transactions | high | — | — |
| 28 Sept 2026 · Trading window closes Sept 30 ahead of Q2 results | compliance | minimal | — | — |
| 28 Sept 2026 · ED Finance Shri R Sriram to superannuate on Sep 30, 2026 | management changes | medium | — | — |
| 10 Sept 2026 · HAL appoints Dr. Nikhil Agarwal as Independent Director | management changes | medium | — | — |
| 8 Sept 2026 · DAC approves procurement of ALH helicopters under Rs 1.10 lakh crore defence package | business updates | high | — | — |
| 8 Sept 2026 · HAL appoints BK Ramadhyani and Co LLP as statutory auditor for FY27 | management changes | medium | — | — |
| 4 Sept 2026 · HAL Revises Corporate Social Responsibility Policy | general | low | — | — |
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in