NSE/HAL

HALHindustan Aeronautics Ltd

Defence · NSE

₹4,388.1+0.57%

52-wk low52-WEEK RANGE52-wk high

₹3,487.2+25.8% from low ·-14.4% from high₹5,127.7

Price chart · 1M–10Y · daily-close

NSE bhavcopy + 10Y historical

HAL+8.87% · 1Y

Range high ₹5,165Range low ₹3,479.1Latest ₹4,388.1252 bars · daily-close · NSE bhavcopy + 10Y history

DefenceAerospace & DefenseLargecapLow Risk

Stock scorecard

Auto-computed from latest ratios + sector context · not a buy/sell signal

Composite63/100

Performance

Low

Hasn't fared well — amongst the weak performers.

· 52w return +1.8%
· Below 200-DMA (-1.5%) — downtrend

Valuation

Low

Appears to be fairly valued to cheap vs peers.

· P/E 32.7 vs sector median 60.4 — 46% cheaper
· P/B 7.83 below sector median 11.83

Growth

Medium

Steady but not standout growth.

· Revenue YoY +10.7%
· Profit YoY +29.6% — strong earnings growth

Profitability

High

Showing good signs of profitability & efficiency.

· ROE 24.0% — high-quality compounder
· Net margin 27.0% — strong pricing power

DVM composite · Durability · Valuation · Momentum

Trendlyne-style 3-axis composite · all drivers shown below · not a buy/sell signal

CompositeA(75/100)

Durability

A+

94/100

Financially resilient — strong quality + solvency profile.

Show 3 drivers

Piotroski F-score8/9 (89pt)
Debt/Equity0.00 (100pt)
ROE24.0% (96pt)

Valuation

76/100

Attractively valued vs peers and growth — good margin of safety.

Show 4 drivers

P/E vs sector (32.7 / 60.4)54% (100pt)
P/B7.83 (100pt)
Dividend yield1.14% (28pt)
EV/EBITDA30.3 (19pt)

Momentum

54/100

Momentum is muted; trend is unclear or rolling over.

Show 5 drivers

52w change+1.8% (47pt)
DMA-trend alignmentsideways (50pt)
RSI (14)71.6 (65pt)
Price vs 200-DMA-1.4% (50pt)
MACD regimebullish (75pt)

Valuation positioning

Current ratio vs sector peer distribution

P/E (TTM)32.68

UNDERVALUED

CheapestP/E 32.7 at 9th %ile of sector — cheaper than 91% of peers.Most expensive

P/B7.83

UNDERVALUED

CheapestP/B 7.83 at 27th %ile of sector.Most expensive

EV/EBITDA30.29

OVERVALUED

Monthly seasonality

Avg monthly return over 8 years · historical — not a forecast

Best: May +8.95% · Worst: Feb -5.30%

Jan

+4.3%

75% win

Feb

-5.3%

38% win

Mar

+2.9%

63% win

Apr

+7.0%

75% win

May

+8.9%

88% win

Jun

+5.1%

63% win

Monthly return distribution

Distribution of 96 monthly returns

Mean

+2.82%

Median

+1.84%

Std dev

11.70%

Best

+38.8%

Worst

-24.2%

% positive

56%

SWOT analysis

Auto-derived from ratios + sector context + forensics · research only, not a recommendation

STRENGTHS · 5

High-quality compounder (ROE 24.0%)
Above 20% ROE consistently flags capital-efficient businesses
Lean balance sheet (D/E 0.00)
Low leverage means earnings are less sensitive to rate cycles
Strong net margin (27.0%)
High margin indicates pricing power + operating efficiency
Financial quality score 8/9
Piotroski ≥7 historically associated with outperformance
Top quartile ROE in Defence
Rank 3 of 11 peers

WEAKNESSES · 0

No material weaknesses flag from the numbers

OPPORTUNITIES · 1

18% upside to consensus target (₹5107)
21 analysts see fair value materially higher

THREATS · 0

No immediate threats from the data

RETURNS · DAILY-CLOSE BASED

3Y+ shown as CAGR

+0.6%

+6.7%

+12.1%

-2.0%

-8.6%

+8.6%

+47.5%

+51.1%

10Y

+28.8%

Fundamentals

VALUATION

Market cap

₹2,90,549 Cr

P/E (TTM)

32.7

P/E (fwd)

29.7

next 12m

P/B

7.83

EV/EBITDA

30.3

Book value

₹555.02

per share

PROFITABILITY · QUALITY

ROE

24.0%

ROCE

—

Net margin

27.0%

Op margin

15.1%

Gross margin

57.6%

D/E

0.00

GROWTH · MARKET

Rev YoY

+10.7%

Profit YoY

+29.6%

Div yield

1.14%

Payout

30.1%

52w change

+1.8%

Beta

0.41

defensive

Pros and cons

Auto-derived from ratios · not a buy/sell recommendation

PROS · 5

+Trading at -45.9% vs sector median P/EP/E 32.7 vs Defence median 60.4 — relative value on earnings
+High ROE of 24.0%Capital-efficient business — every rupee of equity generates 24.0 paise of earnings
+Profit growing fast (+29.6% YoY)Operating leverage kicking in — bottom line out-growing top line
+Nearly debt-free (D/E 0.00)Low financial risk — funds growth from internal accruals, resilient in downturns
++18% upside to analyst consensus target21 analysts average target of ₹5107 vs current ₹4345

CONS · 0

No material concerns surface from the ratios alone — still layer qualitative research.

Sector-relative context

Defence · 11 peers

P/E (TTM)

This stock

32.68

Sector median

60.36

Rank 1/11 (100th %ile)

ROE

This stock

24.0%

Sector median

14.9%

Rank 9/11 (27th %ile)

P/B

This stock

7.83

Sector median

11.83

Rank 3/11 (82th %ile)

Quality score · Piotroski F-score

8 / 9

Strong quality — passes most F-score checks

✓Profitable (positive net income)· Most basic check — company makes money
✓Positive return on assets· Assets generate returns
✓Positive operating cash flow· Profits are backed by real cash, not accruals
✓Operating CF exceeds net profit· Healthy cash conversion — no aggressive revenue recognition
✓Long-term debt decreased YoY· Deleveraging — lower refinancing risk
✓ROA improved YoY· Getting more productive with the asset base
✗Operating margin expanded YoY· Pricing power or cost discipline
✓

Analyst consensus

21 analysts · BUY

Target mean

₹5106.81

Target high

₹6220.00

Target low

₹3200.00

Upside vs today

+17.5%

Street consensus target is +17.5% vs current price. Consensus is a lagging sentiment read, not a forecast.

Company + balance sheet snapshot

Industry

Aerospace & Defense

Shares out

66.9

Revenue (TTM)

₹32,846 Cr

EBITDA

₹8,221 Cr

Total debt

₹11 Cr

Cash

₹44,471 Cr

Net debt

₹-44,460 Cr

Quarterly results

Last 6 quarters · ₹ Cr (Screener.in-grade depth)

Metric	2024-Q3	2024-Q4	2025-Q1	2025-Q2	2025-Q3	2025-Q4
Revenue	—	6,957	12,824	4,819	6,629	7,699
Operating profit	—	1,415	4,711	1,099	1,334	1,565
OPM %	—	20.3%	36.7%	22.8%	20.1%	20.3%

Annual P&L

Last 4 years · ₹ Cr · all line items

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Revenue	24,361	26,361	28,162	30,105
Operating profit	4,532	5,709	8,405	8,435
OPM %	18.6%	21.7%	29.8%	28.0%
Interest	58	58	32	9

Peer	Last close	1Y change	Mcap ₹Cr	P/E	P/B	ROE	D/E	Rev YoY
HALTHIS Hindustan Aeronautics Limited	₹4,388.1	+1.8%	2,90,549	32.7	7.83	24.0%	0.00	+10.7%
BEL Bharat Electronics Limited	₹462.75	+54.3%	3,36,177	56.5	15.60	27.6%	0.00	+17.9%
SOLARINDS Solar Industries India Limited	₹15,089	+21.0%	1,35,518	93.6	26.49	—	0.16	+24.2%
MAZDOCK Mazagon Dock Shipbuilders Limited	₹2,616.4	-5.4%	1,05,423	43.8	11.83	—	0.00	+20.8%
BDL Bharat Dynamics Limited	₹1,380.7	-3.3%	50,076	86.0	11.87	13.8%	0.00	+41.2%
COCHINSHIP Cochin Shipyard Limited	₹1,561.1	+5.0%	40,876	56.2	7.17	12.8%	0.20	+24.2%
GRSE Garden Reach Shipbuilders & Engineers Limited	₹2,712	+55.8%	30,574	44.3	13.31	30.0%	0.01	+41.3%
DATAPATTNS Data Patterns (India) Limited	₹3,494.2	+78.4%	19,992	81.1	12.99	16.0%	0.00	+36.3%
ASTRAMICRO Astra Microwave Products Limited	₹1,093.45	+35.6%	10,269	64.2	8.82	13.7%	0.24	+16.3%

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Research tool · not investment advice.

Axel Markets is an information + analytics product. We are not a SEBI-registered Research Analyst (RA) or Investment Adviser (IA). Nothing on this page is a buy, sell, or hold recommendation. Past performance is not indicative of future returns. Verify all data against the authoritative source (NSE, BSE, AMFI, SEBI, company RHP / factsheet) before acting. Daily OHLCV sourced primarily from our NSE bhavcopy ingest (public sec_bhavdata_full CSV), with Stooq as a fallback for historical gaps. Split + bonus adjusted. Excludes dividends. Not a recommendation. Past performance does not predict future returns. For authoritative live quotes see NSE / BSE directly.

Quarter	EPS estimate	EPS actual	Surprise %
-1q	27.11	27.91	+2.9%
-2q	26.00	24.96	-4.0%
-3q	17.25	20.69	+19.9%
-4q	47.37	59.46	+25.5%

Date	Amount
2026-02-18	₹35.00
2025-08-21	₹15.00
2025-02-18	₹25.00
2024-08-21	₹13.00
2024-02-20	₹22.00
2023-08-24	₹7.50
2023-03-20	₹10.00
2022-11-18	₹10.00
2022-08-19	₹5.00
2022-02-17	₹13.00
2021-11-23	₹7.00
2021-03-05	₹7.50
2020-12-17	₹7.50
2020-03-23	₹16.63
2019-03-28	₹9.90

Date	Ratio
2023-09-29	2:1
2023-09-28	2:1

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Equity capital	334	334	334	334
Borrowings	2	3	1	1
Other liabilities	368	369	352	344
Total liabilities	58,392	67,204	78,095	1,06,267
Fixed assets	7,099	6,611	6,960	7,323
CWIP	1,171	812	1,180	1,353
Investments	1,195	1,289	1,390	1,496
Other assets	0	0	2,401	2,687
Total assets	58,392	67,204	78,095	1,06,267

Metric	2022-FY	2023-FY	2024-FY	2025-FY
CF Operating	10,173	8,830	8,223	13,643
CF Investing	-12,785	-5,728	-6,410	-10,771
CF Financing	-1,464	-1,731	-1,999	-2,579
Net cash flow	-4,076	1,370	-186	294
Free cash flow	8,673	7,049	6,468	11,887

Metric	2025-FY	2024-FY	2023-FY	2022-FY
OPM %	28.0%	29.8%	21.7%	18.6%
Net margin %	27.8%	27.1%	22.1%	20.9%
Dividend payout %	30%	26%	29%	26%
Interest coverage	1253.0×	319.4×	113.3×	90.8×
Revenue growth YoY	+6.9%	+6.8%	+8.2%	—
Profit growth YoY	+9.8%	+30.8%	+14.7%	—

HALHindustan Aeronautics Ltd

Price chart · 1M–10Y · daily-close

Stock scorecard

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

SWOT analysis

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Peer comparison · Defence

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Recent news

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Technical snapshot

Earnings history + surprises

Dividends + splits history

Stock scorecard

SWOT analysis

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

Recent news

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Balance sheet

Cash flow statement

Ratios

Peer comparison · Defence