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Hindustan Aeronautics Ltd (HAL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 541154 NSE: HAL Defence | Large Cap | Hindustan Aeron Share Price

₹4,191.50 -71.05 (-1.67%)

As on 04-Jun'26 16:59

Hindustan Aeronautics Ltd (HAL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 541154 NSE: HAL Defence | Large Cap | Hindustan Aeron Share Price

₹4,191.50 -71.05 (-1.67%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹2,80,317 Cr.
Current Price
₹4,191.5
52-Week Low / High
₹3,479 / 5,150
TTM EPS
₹136.3
TTM Sales
₹33,089 Cr.
Book Value per Share
₹613.7
P/E Ratio
30.75
Higher than its 5-year historical median
Industry PE
44
Price to Book (P/B)
6.83
Lower than its 5-year historical median
Price to Sales (P/S)
8.47
In line with its 5-year historical median
EV/EBITDA
17.38
Lower than its 5-year historical median
Dividend Yield
0.96%
Profitability Efficiency
Return on Equity (ROE)
26.09%
In line with industry median
Return on Capital Employed (ROCE)
33.91%
Outperforms industry median
Return on Assets (ROA)
9.22%
Operating Profit Margin
31.2%
Net Profit Margin
27%
Gross Profit Margin
39.3%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
1.97%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-1.34%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
9.75%
Asset Quality
Promoter Holding
71.64%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹40,707 Cr.
Equity
₹334.4 Cr.
Face Value
₹5
All Time Low / High
₹224.00 / 5675.00

Hindustan Aeronautics stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Hindustan Aeronautics Ltd a good quality company?
Hindustan Aeronautics Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Hindustan Aeronautics Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Hindustan Aeronautics Ltd vs industry peers?
Hindustan Aeronautics Ltd revenue CAGR is 7.63%, compared to the industry median CAGR of 10.25%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of Hindustan Aeronautics Ltd?
Promoters hold 71.64% of the Hindustan Aeronautics Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Hindustan Aeronautics Ltd over the last decade?
Over the last 5 year(s), the stock has delivered a CAGR of 53.65% based on the current price.

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Hindustan Aeronautics Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 22.9%29.2%27.3%29.3%24.5%26.3%30.4%30.6%38.9%33.9%-
Value Creation
Index
1.01.61.41.61.21.31.71.72.52.0-

Growth Parameters

Sales 16,75917,95018,52020,00821,44522,88224,62026,92730,38130,98133,089
Sales YoY Gr.-7.1%3.2%8%7.2%6.7%7.6%9.4%12.8%2%-
Adj EPS 29.135.730.635.343.948.975.888.7114125.6136.3
YoY Gr.-22.8%-14.5%15.5%24.5%11.4%55%17%28.6%10.1%-
BVPS (₹) 152.6173.7142.2180.7198.1230.6288.8352.5435.7523.1613.7
Adj Net
Profit
2,1042,5832,0432,3602,9373,2725,0705,9317,6278,3989,115
Cash Flow from Ops. 3,148-405-748-7,7001,52715,11710,1738,8308,22313,643-
Debt/CF from Ops. 0-2.5-1.2-0.53.900000-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 7.1%7.6%8%2%
Adj EPS 17.6%23.4%18.3%10.1%
BVPS14.7%21.4%21.9%20.1%
Share Price - 51.1% 36.7% -17.4%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
15.121.918.521.923.222.829.227.728.926.224
Op. Profit
Mgn %
13.618.2192323.823.522.125.432.231.229.5
Net Profit
Mgn %
12.614.41111.813.714.320.62225.127.127.6
Debt to
Equity
00.10.10.30.5000000
Working Cap
Days
774640605653703609498464450556548
Cash Conv.
Cycle
583488467480458357253184145184312

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales16,75917,95018,52020,00821,44522,88224,62026,92730,38130,981
Operating Expenses + 14,62114,68715,07115,45716,53117,53819,20420,24220,63021,360
Manufacturing Costs996914977859688724737734985938
Material Costs8,6139,2068,7748,8359,38711,19110,00110,10211,05912,288
Employee Cost 3,2733,5694,3084,3114,7784,3054,6044,9105,2915,730
Other Costs 1,7399981,0121,4521,6781,3173,8624,4953,2952,404
Operating Profit 2,1383,2633,4494,5514,9145,3445,4166,6869,7529,621
Operating Profit Margin (%) 12.8%18.2%18.6%22.7%22.9%23.4%22.0%24.8%32.1%31.1%
Other Income + 1,9321,0427623762973579851,6701,8972,562
Exceptional Items 000011920006
Interest 6163517836026765644322
Depreciation 8637139471,0259991,1581,1111,7851,4071,340
Profit Before Tax 3,2133,5923,2433,7253,9794,2835,2256,51010,22510,867
Tax 1,2099671,2521,3961,0961,0381456822,6042,503
Profit After Tax 2,0042,6251,9902,3282,8833,2465,0805,8287,6218,364
PAT Margin (%) 12.0%14.6%10.8%11.6%13.4%14.2%20.6%21.6%25.1%27.0%
Adjusted EPS (₹)27.736.329.834.843.148.576.087.1114.0125.1
Dividend Payout Ratio (%)31.40%30.40%54.10%28.40%38.30%30.90%32.90%31.60%30.70%32%

Valuation of Hindustan Aeron - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 11,03212,5599,51112,08213,24915,42419,31323,57229,13834,982
Share Capital 362362334334334334334334334334
Reserves 10,67112,1989,17711,74812,91415,09018,97923,23828,80434,647
Debt +09508644,1165,88790000
Long Term Debt00100100000000
Short Term Debt09507644,0165,88790000
Minority Interest00-04444444
Trade Payables2,1511,5741,6662,6294,0842,2562,5583,1353,4135,106
Others Liabilities 43,34836,46235,64931,62229,58434,01935,95239,36744,08664,608
Total Liabilities 56,53251,54547,68950,45452,80751,71257,82666,07876,6411,04,699

Fixed Assets

Net Fixed Assets +6,6357,3927,6307,7547,6927,5647,2967,9647,8787,821
Gross Block13,3258,92410,10811,25112,18013,17214,00315,85717,16818,445
Accumulated Depreciation6,6901,5322,4783,4974,4885,6086,7077,8939,29010,624
CWIP 1,4011,3891,4621,5022,0431,9502,4731,8852,4933,098
Investments 9169941,0109109911,1211,3631,4581,5911,754
Inventories23,98221,32119,35819,66419,43616,67314,34712,14913,21821,676
Trade Receivables4,8374,2206,75212,45811,2355,6684,6424,7194,6174,648
Cash Equivalents flag 13,30311,1496,5461243177,17714,34820,31726,43238,182
Others Assets 5,4585,0804,9338,04311,09511,55813,35817,58720,41227,520
Total Assets 56,53251,54547,68950,45452,80751,71257,82666,07876,6411,04,699

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 3,148-405-748-7,7001,52715,11710,1738,8308,22313,643
PBT 3,2233,6013,2433,7253,9794,2835,2256,51010,22510,867
Adjustment 8751,5422,0862,4812,5522,4614,3874,6243,0921,559
Changes in Working Capital -90-4510-4566-12814-318392481589452-31254756
Tax Paid -861-1,037-1,510-1,092-1,820-875-1,027-2,756-1,969-3,538
Cash Flow From Investing Activity + 1,3473,0125975,294-1,339-1,180-12,785-5,728-6,410-10,771
Capex -1,471-1,502-1,253-1,393-1,379-1,207-1,497-1,776-1,747-1,754
Net Investments 2,8184,5141,8486,424-17-61-11,491-4,693-6,412-11,577
Others 00126458882037411,7492,559
Cash Flow From Financing Activity + -5,880-164-2,5402,32664-7,070-1,464-1,731-1,999-2,579
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 001000000000
Interest Paid 0-10-29-170-348-204-117-56-26-37
Dividend Paid 0-1,104-1,295-798-1,340-1,003-1,338-1,672-1,973-2,541
Others -5,880950-1,3173,2941,753-5,863-9-4-0-0
Net Cash Flow -1,3852,443-2,691-802526,867-4,0761,370-186294

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)14.422.2518.0421.5722.7622.6429.2527.1828.9226.09
ROCE (%)22.9129.2227.3129.2824.526.2630.3730.5938.8933.91
Asset Turnover Ratio0.280.340.380.410.420.440.450.430.430.34
PAT to CFO Conversion(x)1.57-0.15-0.38-3.310.534.6621.521.081.63
Working Capital Days
Receivable Days118.5089.10107.50175.20201.60134.8076.4063.4056.1054.60
Inventory Days523445.60398.60355.90332.80288229.90179.60152.40205.60
Payable Days95.2073.9067.4088.70130.50103.4087.80102.80108.10126.50

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Hindustan Aeronautics Ltd FAQs

The current trading price of Hindustan Aeron on 04-Jun-2026 16:59 is ₹4,191.5.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Jun-2026 the market cap of Hindustan Aeron stood at ₹2,80,317 Cr

The latest P/E ratio of Hindustan Aeron as of 03-Jun-2026 is 30.89.

The latest P/B ratio of Hindustan Aeron as of 03-Jun-2026 is 6.86.

The 52-week high of Hindustan Aeron is ₹5,149.8 and the 52-week low is ₹3,479.2.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Hindustan Aeron is ₹33,090 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Hindustan Aeronautics Ltd is a good quality company.

The key valuation ratios of Hindustan Aeronautics Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Hindustan Aeronautics Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Hindustan Aeronautics Ltd

Hindustan Aeronautics Limited (HAL) is a limited Company incorporated in India. It is presently a Government Company within the meaning of Section 2(45) of the Companies Act, 2013 as the President of India acting through the Ministry of Defense (MoD) holds 89.97% equity shares of the Company.

Hindustan Aeronautics has been conferred with the ‘Navratna’ status by the GoI in June 2007 and is the largest DPSU in terms of value of production according to the MoD Annual Report 2016-2017. It was the largest aerospace company in the world in terms of revenue in 2016 according to Flight International. Its operations is organised into five complexes, namely the Bangalore Complex, MiG Complex, Helicopter Complex, Accessories Complex, and Design Complex, which together include many production divisions and various research and design centres (R&D Centres) located across India. It rely on indigenous research as well as enter into technology transfer and licence agreements to manufacture its products.

Business area of the company

HAL is engaged in the design, development, manufacture, repair, overhaul, upgrade and servicing of a wide range of products including, aircraft, helicopters, aero-engines, avionics, accessories and aerospace structures. The Company has been set up to meet the requirement of Indian Defense Forces (namely Indian Airforce, Indian Navy, Indian Army and Coast Guard) in the area of Aerospace.
Products and services offered by the company

Products

  • Aircrafts
  • Helicopters
  • Future Products
  • Power Point
  • Avionics
  • System and Accessories
  • Aerospace
  • Materials

Services

  • Aircraft MRO
  • Helicopters MRO
  • Power Plant Services
  • Systems, Accessories and Avionics

Exports

  • Aerostructures
  • Software
  • Dornier-228
  • Spares & Services
  • Helicopters
  • Engines
  • Avionics
  • Casting/Forgings

Awards

FY2017-18

  • The President of India, Shri Pranab Mukherjee honored HAL with ‘SCOPE Meritorious Award 2014-15’ for Corporate Governance at New Delhi on April 11, 2017.
  • HAL has been conferred ‘Golden Peacock Innovative Product/ Service Award - 2017’ by the Institute of Directors during its ‘Dubai Global Convention - 2017’ held on April 19, 2017.
  • HAL has been conferred ‘Raksha Mantri’s awards for Excellence’ for the year 2015-16 by Shri Arun Jaitley, Defence Minister in New Delhi on May 30, 2017.
  • Shri T Suvarna Raju, CMD, has been conferred the ‘Digital Transformer Award 2017’ by International Data Corporation (IDC) at New Delhi on August 4, 2017.

FY2018-19

  • Golden Peacock Innovative Product / Service Award for the year 2018 for the project ‘Repair of Non ToT Test equipment ARM-RLSU (SNK-30 MK) used for checking of Radar Complex of Su-30 MKI Aircraft, during the global Convention held between 17th and April 19, 2018 at Dubai.
  • Star Performer Award for the year 2016-17 in the Product Group - Defence Related Items, Large Enterprise, was presented by the Engineering Export Promotion Council (EEPC) India on May 31, 2018 at New Delhi.
  • The Gold Trophy in recognition of outstanding contribution to Skill Development was awarded to HAL in the Best PSU- Public  Sector Training Programme” category, during the Summit-cum-Awards function on Skilling India, organised by ASSOCHAM on November 01, 2018 at New Delhi.
  • ‘Governance Now’ 6th PSU Award Teconology Adaption under Navratna Category at New Delhi on January 17, 2019

FY2019-20

  • HAL received SCOPE Corporate Communications Excellence Award 2019 on August 3, 2019 at New Delhi.
  • HAL received Karnataka State Export Award for the year 2016-17 under the PSU category
  • HAL was conferred with Governance Now 7th 146 award for ‘Research and Innovation’ on February 19, 2020.

Major Events and Milestones:

  • 1964: Hindustan Aircraft Limited was amalgamated with Company pursuant to the order of the Company Law Board dated September 28, 1964.
  • 1970: Company established the Helicopter factory at Bangalore.
  • 1983: Company established the Korwa Division for Advanced Avionics at Korwa, Uttar Pradesh.
  • 1998: Company established the Industrial and Marine Gas Turbine Division for aeroderivative gas turbines and industrial engines at Bangalore.
  • 2000: Company established the Airport Service Centre at Bangalore.
  • 2006: Company upgraded the Barrackpore Branch Factory to a Division.
  • 2008: Company created a separate Helicopter Complex.
  • 2015: Restructuring of all R&D Centres under Design Complex.
  • 2016: Upgradation of the Korwa branch of Aerospace Systems and Equipment Research and Design Centre to an R&D Centre.
  • 2016: 100% subsidiary of Company, Naini Aerospace Limited, incorporated on December 29, 2016.
  • 2017: A subsidiary of Company, Indo-Russian Helicopters Limited, incorporated on May 2, 2017.
  • 2018: LCA Tejas successfully completed mid air refuelling trial on September 18, 2018
  • 2018: Astra Missile integrated in Su-30 MKI Aircraft and test fired on September 26,2018
  • 2019: HTT-40 successfully demonstrated 6-turn spin capability at Bengaluru on October 1, 2019
  • 2020: LCA Navy Mk-1 prototype-2 successfully demonstrated arrested landing on ship INS Vikramaditya on January 11,2020
  • 2020: First Light Combat (LCA) in FOC standard took to the skies for maiden fight on March 17, 2020
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