Hindustan Aeronautics is engaged in the business of Manufacture of Aircraft and Helicopters and Repair, Maintenance of Aircraft and Helicopters.(Source : 202003 Annual Report Page No:46)
Business Segments1) Manufacturing (24% in FY25 vs 19% in FY23):The Company manufactures Aircraft, Helicopters, and their Engines, and Accessories.[1][2]The segmental revenue grew by 16% between FY25 and FY23. It has secured manufacturing contracts during the year, including major orders for: 156 LCH for the Indian Army and IAF, 240 AL-31FP engines for the IAF’s Su-30MKI fleet, 12 Su-30MKI aircraft for the IAF, Mid-Life Upgrade of Dornier-228 aircraft for the IAF[3][4][5][6]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Hind.Aeronautics | 4516.00 | 35.82 | 302018.79 | 0.89 | 1662.52 | 11.88 | 6628.46 | 10.91 | 33.86 | 32104.40 | 30.57 | 8430.52 | 1662.52 | 8.17 | 8.78 | 0.00 |
| 2. | Bharat Electron | 413.10 | 53.02 | 301966.96 | 0.58 | 1287.16 | 17.88 | 5792.09 | 25.78 | 38.88 | 25152.11 | 29.52 | 5695.67 | 1287.77 | 14.00 | 13.21 | 0.00 |
| 3. | Bharat Dynamics | 1542.50 | 86.44 | 56542.27 | 0.30 | 215.88 | 76.19 | 1147.03 | 110.55 | 19.66 | 4004.08 | 14.19 | 654.13 | 215.88 | 13.41 | 4.94 | 0.00 |
| 4. | Garden Reach Sh. | 2507.50 | 46.60 | 28723.91 | 0.55 | 153.79 | 57.30 | 1677.38 | 45.49 | 36.64 | 5900.30 | 9.56 | 616.41 | 153.79 | 12.51 | 5.02 | 0.01 |
| 5. | Data Pattern | 2678.60 | 64.24 | 14995.87 | 0.29 | 49.19 | 62.45 | 307.46 | 237.79 | 21.00 | 920.04 | 33.05 | 233.43 | 49.19 | 9.75 | 12.18 | 0.00 |
| 6. | Zen Technologies | 1350.20 | 49.31 | 12191.00 | 0.15 | 61.91 | -6.29 | 173.57 | -28.23 | 37.22 | 808.97 | 38.44 | 247.25 | 58.73 | 6.79 | 21.38 | 0.01 |
| 7. | Apollo Micro Sys | 266.55 | 111.73 | 9523.63 | 0.09 | 33.05 | 108.25 | 225.26 | 40.17 | 14.54 | 669.00 | 26.04 | 85.24 | 33.05 | 8.25 | 5.20 | 0.29 |
| – | Median: 26 Co. | 652.95 | 61.58 | 5073.61 | 0.11 | 15.64 | 38.59 | 130.38 | 19.21 | 18.09 | 533.43 | 21.82 | 44.56 | 15.64 | 8.17 | 7.67 | 0.08 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 5,666 | 6,061 | 6,957 | 3,915 | 4,348 | 4,819 | 12,495 | 14,769 | 13,700 | 5,145 | 5,636 | 5,977 | 6,628 |
Expenses | 4,680 | 4,627 | 5,276 | 3,036 | 3,354 | 3,535 | 9,252 | 8,872 | 8,408 | 3,535 | 4,107 | 4,346 | 5,071 |
Operating Profit | 986 | 1,434 | 1,681 | 880 | 994 | 1,284 | 3,242 | 5,896 | 5,292 | 1,610 | 1,529 | 1,630 | 1,557 |
Other Income | 497 | 460 | 631 | 411 | 738 | 749 | 722 | 557 | 653 | 261 | 471 | 550 | 889 |
Profit before tax | 1,212 | 1,681 | 2,035 | 1,089 | 1,582 | 1,848 | 2,854 | 5,778 | 5,200 | 1,619 | 1,650 | 2,003 | 2,220 |
Tax % | 5% | 25% | 30% | 25% | 9% | 25% | 0% | 26% | 24% | 25% | 25% | 26% | 25% |
Net Profit | 1,154 | 1,254 | 1,433 | 814 | 1,436 | 1,377 | 2,841 | 4,292 | 3,958 | 1,209 | 1,235 | 1,490 | 1,663 |
EPS in Rs | 17.25 | 18.74 | 21.42 | 12.17 | 21.47 | 20.59 | 42.48 | 64.18 | 59.19 | 18.08 | 18.47 | 22.28 | 24.86 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 15,135 | 15,730 | 16,758 | 17,950 | 18,519 | 20,008 | 21,438 | 22,882 | 24,620 | 26,928 | 30,381 | 30,981 | 32,104 |
Expenses | 13,565 | 13,379 | 14,281 | 14,714 | 15,059 | 15,440 | 16,565 | 17,541 | 19,200 | 20,258 | 20,631 | 21,371 | 22,290 |
Operating Profit | 1,570 | 2,351 | 2,478 | 3,236 | 3,460 | 4,569 | 4,873 | 5,341 | 5,420 | 6,669 | 9,749 | 9,610 | 9,814 |
Other Income | 2,618 | 1,642 | 1,598 | 1,044 | 761 | 376 | 412 | 360 | 986 | 1,672 | 1,899 | 2,571 | 2,922 |
Interest | 8 | 15 | 6 | 16 | 35 | 177 | 359 | 267 | 65 | 64 | 43 | 22 | 9 |
Depreciation | 603 | 806 | 863 | 681 | 947 | 1,024 | 998 | 1,157 | 1,110 | 1,784 | 1,406 | 1,340 | 1,424 |
Profit before tax | 3,578 | 3,173 | 3,207 | 3,583 | 3,240 | 3,742 | 3,928 | 4,277 | 5,231 | 6,493 | 10,199 | 10,820 | 11,303 |
Net Profit | 2,693 | 2,388 | 1,998 | 2,616 | 1,987 | 2,346 | 2,832 | 3,239 | 5,086 | 5,811 | 7,595 | 8,317 | 8,431 |
EPS in Rs | 27.93 | 24.77 | 27.63 | 36.18 | 29.72 | 35.08 | 42.35 | 48.44 | 76.05 | 86.89 | 113.57 | 124.36 | 126.06 |
Dividend Payout % | 33% | 20% | 31% | 31% | 54% | 28% | 39% | 31% | 26% | 32% | 31% | 32% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 482 | 482 | 362 | 362 | 334 | 334 | 334 | 334 | 334 | 334 | 334 | 334 | 334 |
Reserves | 14,533 | 16,304 | 10,658 | 12,175 | 9,151 | 11,741 | 12,856 | 15,034 | 18,930 | 23,172 | 28,712 | 34,508 | 36,628 |
Borrowings | 684 | 5 | 80 | 1,022 | 905 | 4,157 | 5,816 | 53 | 49 | 51 | 49 | 51 | 11 |
Other Liabilities | 48,180 | 47,252 | 45,420 | 38,149 | 38,044 | 35,238 | 35,120 | 37,601 | 40,871 | 45,632 | 51,704 | 73,651 | 86,005 |
Total Liabilities | 63,878 | 64,042 | 56,519 | 51,708 | 48,434 | 51,470 | 54,125 | 53,022 | 60,183 | 69,190 | 80,799 | 108,545 | 122,979 |
Fixed Assets | 2,088 | 7,191 | 6,925 | 7,350 | 7,566 | 7,454 | 7,351 | 7,158 | 6,758 | 6,827 | 6,730 | 6,663 | 9,055 |
Gross Block | 4,567 | 11,445 | 13,325 | 8,924 | 10,108 | 11,200 | 12,185 | 13,162 | 13,992 | 15,846 | 17,156 | 18,432 | – |
Accumulated Depreciation | 2,479 | 4,254 | 6,399 | 1,574 | 2,542 | 3,746 | 4,833 | 6,004 | 7,234 | 9,019 | 10,426 | 11,768 | – |
CWIP | 185 | 216 | 1,025 | 1,389 | 1,458 | 1,499 | 2,040 | 1,948 | 2,472 | 1,884 | 2,492 | 3,098 | 1,112 |
Investments | 707 | 745 | 886 | 981 | 989 | 902 | 940 | 1,055 | 1,294 | 1,385 | 1,497 | 1,627 | 1,627 |
Other Assets | 60,898 | 55,890 | 47,682 | 41,988 | 38,421 | 41,615 | 43,794 | 42,861 | 49,659 | 59,093 | 70,080 | 97,156 | 111,184 |
Total Assets | 63,878 | 64,042 | 56,519 | 51,708 | 48,434 | 51,470 | 54,125 | 53,022 | 60,183 | 69,190 | 80,799 | 108,545 | 122,979 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | – | – | – | -423 | -734 | -7,694 | 1,648 | 15,124 | 10,040 | 8,836 | 8,226 | 13,645 |
Cash from Investing Activity | – | – | – | 3,021 | 594 | 5,292 | -1,324 | -1,190 | -12,763 | -5,734 | -6,412 | -10,774 |
Cash from Financing Activity | – | – | – | -164 | -2,540 | 2,321 | -57 | -7,070 | -1,349 | -1,731 | -1,999 | -2,579 |
Net Cash Flow | – | – | – | 2,433 | -2,680 | -80 | 266 | 6,864 | -4,072 | 1,370 | -185 | 293 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 166 | 145 | 105 | 86 | 133 | 227 | 197 | 90 | 69 | 64 | 55 | 55 |
Inventory Days | 971 | 1,118 | 1,017 | 854 | 838 | 882 | 815 | 602 | 608 | 527 | 544 | 735 |
Days Payable | 90 | 101 | 91 | 62 | 69 | 113 | 164 | 76 | 96 | 116 | 116 | 156 |
Cash Conversion Cycle | 1,046 | 1,162 | 1,032 | 878 | 902 | 996 | 849 | 617 | 581 | 475 | 484 | 634 |
Working Capital Days | -68 | -22 | -5 | 74 | 102 | 221 | 187 | 146 | 111 | 38 | 37 | 121 |
ROCE % | 25% | 20% | 23% | 29% | 27% | 29% | 24% | 26% | 30% | 31% | 39% | 34% |
Direct from BSE filings, auto-summarised
External media mentions & references
Editorial & research coverage
May 2025
May 2024
May 2023
Nov 2022
Sep 2022
May 2022
Mar 2022
Nov 2021
Sep 2021
Jul 2021
Jun 2021
Feb 2021
Nov 2020
Jun 2020
Feb 2020
Stock Analysis
Hindustan Aeronautics Limited (HAL) is a prominent Indian state-owned aerospace and defense company involved in the design, manufacturing, and maintenance of aircraft and helicopters.
Major order for 97 LCA Mk1A aircraft worth over ₹62,370 Cr. Strategic expansion into the space sector via SSLV technology transfer with ISRO. MoU to manufacture SJ-100 civil aircraft. Inauguration of new production lines at Nashik.
Order Book: September 2025 = over ₹62,370 Crore for 97 LCA Mk1A. Additional manufacturing contracts include 156 LCH, 240 AL-31FP engines, 12 Su-30MKI aircraft, and Mid-Life Upgrade of Dornier-228 aircraft.
Minor regulatory penalty from exchanges for board composition non-compliance; waiver sought. Q1 FY26 PAT impacted by higher employee pension costs, affecting short-term profitability metrics and year-on-year comparisons.
Board Meeting for Q2 FY26 audited financial results scheduled for November 12, 2025.
Corporate Announcements
