Tejas Mk1A: Flights Dobara Start, Par Delivery Ka Tension Nahi Gaya
Sabse pehle toh achi khabar ye hai ki Hindustan Aeronautics Limited (HAL) apni Tejas Mark 1A fighter jet ki flights next week se phir se start karne ja rahi hai. Chairman DK Sunil ne confirm kiya hai ki aircraft ke brake software mein jo issue tha, woh finally solve ho gaya hai aur local modification committee ne isko clear bhi kar diya hai. Toh, ab testing aur development phir se shuru ho sakegi.
Engine Ki Kaali Badal Aur Delivery Ka Slowdown
Par asli problem toh engine supply ki hai, bhai. General Electric ke F404-IN20 engines ki short supply chal rahi hai. HAL ko 2026 ke doosre half mein sirf 20 engines milne ki umeed hai. Ab Tejas Mk1A ke total 83 aircraft order hain, toh bhai, itne kam engines se kaise chalega? Reports bata rahi hain ki ab tak sirf kuch hi engines mile hain, aur kaafi saare assembled airframes sirf engines ka wait kar rahe hain. Is wajah se deliveries toh already 2 saal se late chal rahi hain.
Investors Chintit Kyun? Stock Girne Ke Peeche Ka Raaz
Is sab ke bawajood, HAL ka stock last month mein 8% gir gaya hai. Investors yahan par execution aur supply chain management ko lekar kaafi concerned hain. FY26 mein company ka revenue ₹32,250 crore raha, jo guidance se kam tha, iska reason Tejas aur HTT-40 programs mein delays tha. Order book toh bhara pada hai, lagbhag ₹2.54 lakh crore ka, jo 7-8 saal ki visibility de raha hai, par iss backlog ko time pe deliver karna hi asli challenge hai.
Safety Concerns Aur Past Incidents Ne Badhai Pareshani
Tejas program mein pehle bhi kuch incidents hue hain, jaise February 2026 mein software glitch se runway excursion, November 2025 mein Dubai mein fatal crash, aur February 2026 mein ek aur runway overshoot. Ye sab incidents investors ke liye warning signs hain, chahe company bole ki safety record strong hai. Aise baatein chalta rehta toh public trust kam ho jata hai.
Valuation Aur Future Ki Umeed
HAL ka market cap lagbhag ₹2.45 lakh crore hai. Iska Price-to-Earnings (P/E) ratio 27-34 ke aas paas hai, jo delivery challenges ko dekhte hue thoda zyada lag sakta hai. Competitors jaise Bharat Electronics ka P/E 51, aur Bharat Dynamics, Data Patterns ka toh 70 se bhi upar hai. Matlab, market expecting high growth, par agar engine supply aur production ki problem solve nahi hui toh yeh expectations poori karna mushkil hoga. Ek teesri LCA Tejas production line lagne wali hai, jisse saal mein 24 aircraft banenge, par current orders clear karne mein phir bhi 8 saal lag jayenge.
Aage Kya Dekhna Hai?
May mein Tejas Mark 1A ka ek important review hone wala hai, jisse Indian Air Force mein iski induction date decide hogi. Isko clear karna aur deliveries shuru karna critical hai. Analysts long-term ko lekar positive hain, unka order book par bharosa hai. Par market abhi engine procurement aur production ko tez karne par hi focus karega, taki HAL apna current stock price justify kar paye.