HAL

Hindustan Aeronautics Limited

State-owned aerospace and defence maker — military aircraft, helicopters, engines, overhauls

Industrials›Capital Goods›Aerospace & Defense›Aerospace & Defense

hal-india.co.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹4989.00
Market cap
3,33,652 Cr
Stock P/E
35.8
P/B
8.13
Dividend yield
1.0%
ROE (FY26)
22.2%
ROCE (FY26)
29.6%
Operating margin (FY26)
25.4%
Debt / equity (FY26)
0.00
OCF / EBITDA (FY26)
111.6%
OCF / EBITDA (3Y)
112.5%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

HAL (Hindustan Aeronautics) builds military aircraft, helicopters and aero-engines and does repair and overhaul work, selling mainly to the Indian defence customer.

Company snapshot

1stBy market cap

Ranked among 25 companies in Aerospace & Defense.

What we see

Positives
  • ✓Net margin of 27.5% — the business keeps a healthy share of every rupee it earns.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales5,636 Cr6,061 Cr14,769 Cr4,348 Cr5,976 Cr6,957 Cr13,700 Cr4,819 Cr6,629 Cr7,699 Cr13,942 Cr5,515 Cr
Operating expenses (approx.)4,108 Cr4,626 Cr8,867 Cr3,357 Cr4,336 Cr5,275 Cr8,405 Cr3,537 Cr5,071 Cr5,828 Cr8,884 Cr3,988 Cr
EBITDA1,528 Cr1,435 Cr5,901 Cr991 Cr1,640 Cr1,683 Cr5,295 Cr1,282 Cr1,558 Cr1,871 Cr5,059 Cr1,527 Cr
OPM %27.1%23.7%40.0%22.8%27.4%24.2%38.6%26.6%23.5%24.3%36.3%27.7%
Other income469 Cr460 Cr557 Cr736 Cr542 Cr631 Cr652 Cr747 Cr888 Cr914 Cr1,151 Cr900 Cr
Interest0.32 Cr0.36 Cr31 Cr0.14 Cr0.02 Cr0.08 Cr8 Cr0.30 Cr0.36 Cr0.98 Cr4 Cr0.35 Cr
Depreciation350 Cr212 Cr644 Cr149 Cr178 Cr277 Cr736 Cr185 Cr226 Cr310 Cr634 Cr304 Cr
Profit before tax1,651 Cr1,689 Cr5,795 Cr1,584 Cr2,023 Cr2,042 Cr5,219 Cr1,854 Cr2,227 Cr2,487 Cr5,584 Cr2,134 Cr
Tax %25.1%25.3%25.6%9.3%25.3%29.5%23.8%25.4%25.1%24.9%24.9%25.5%
Net profit1,237 Cr1,262 Cr4,309 Cr1,437 Cr1,510 Cr1,440 Cr3,977 Cr1,384 Cr1,669 Cr1,867 Cr4,196 Cr1,590 Cr
EPS (₹)₹18.49₹18.86₹64.43₹21.49₹22.59₹21.53₹59.46₹20.69₹24.96₹27.91₹62.74₹23.77

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales18,553 Cr18,624 Cr20,008 Cr21,522 Cr22,755 Cr24,620 Cr26,927 Cr30,381 Cr30,981 Cr33,089 CrSign in free for the trailing twelve months
Operating expenses (approx.)15,329 Cr15,122 Cr15,465 Cr16,594 Cr17,405 Cr19,211 Cr20,248 Cr20,640 Cr21,373 Cr23,319 CrSign in free for the trailing twelve months
EBITDA3,224 Cr3,502 Cr4,543 Cr4,928 Cr5,349 Cr5,409 Cr6,679 Cr9,741 Cr9,608 Cr9,770 CrSign in free for the trailing twelve months
OPM %17.4%18.8%22.7%22.9%23.5%22.0%24.8%32.1%31.0%29.5%Sign in free for the trailing twelve months
Other income1,042 Cr762 Cr376 Cr294 Cr358 Cr985 Cr1,670 Cr1,897 Cr2,562 Cr3,699 CrSign in free for the trailing twelve months
Interest10 Cr5 Cr170 Cr348 Cr259 Cr58 Cr58 Cr32 Cr9 Cr6 CrSign in free for the trailing twelve months
Depreciation681 Cr947 Cr1,025 Cr999 Cr1,178 Cr1,111 Cr1,785 Cr1,407 Cr1,340 Cr1,355 CrSign in free for the trailing twelve months
Profit before tax3,592 Cr3,326 Cr3,725 Cr4,001 Cr4,277 Cr5,225 Cr6,510 Cr10,225 Cr10,867 Cr12,152 CrSign in free for the trailing twelve months
Tax %26.9%37.7%37.5%27.6%24.3%2.8%10.5%25.5%23.0%25.0%Sign in free for the trailing twelve months
Net profit2,625 Cr2,073 Cr2,328 Cr2,898 Cr3,239 Cr5,080 Cr5,828 Cr7,621 Cr8,364 Cr9,116 CrSign in free for the trailing twelve months
EPS (₹)₹72.61₹58.58₹69.63₹86.66₹96.87₹151.92₹174.28₹113.95₹125.07₹136.30Sign in free for the trailing twelve months
Dividend payout %————31.0%26.3%28.7%25.9%30.4%36.7%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital362 Cr334 Cr334 Cr334 Cr334 Cr334 Cr334 Cr334 Cr334 Cr334 Cr
Reserves12,198 Cr11,725 Cr11,748 Cr12,904 Cr15,078 Cr18,979 Cr23,238 Cr28,804 Cr34,647 Cr40,707 Cr
Borrowings950 Cr864 Cr4,116 Cr5,775 Cr9 Cr—————
Other liabilities38,036 Cr36,294 Cr34,511 Cr34,249 Cr36,521 Cr39,075 Cr43,628 Cr48,953 Cr71,282 Cr91,370 Cr
Total liabilities51,545 Cr49,216 Cr50,714 Cr53,268 Cr51,946 Cr58,392 Cr67,204 Cr78,095 Cr1,06,267 Cr1,32,415 Cr
Fixed assets (net)5,838 Cr6,220 Cr6,288 Cr6,351 Cr6,547 Cr5,928 Cr5,799 Cr5,780 Cr5,970 Cr6,168 Cr
CWIP621 Cr621 Cr702 Cr860 Cr792 Cr949 Cr637 Cr937 Cr1,091 Cr1,026 Cr
Investments994 Cr1,010 Cr910 Cr991 Cr1,056 Cr1,363 Cr1,458 Cr1,591 Cr1,754 Cr1,914 Cr
Loans & advances———19 Cr15 Cr8 Cr8 Cr11 Cr7 Cr13 Cr
Inventories21,321 Cr19,358 Cr19,664 Cr19,436 Cr16,545 Cr14,347 Cr12,149 Cr13,218 Cr21,676 Cr30,851 Cr
Trade receivables4,220 Cr7,742 Cr12,458 Cr19,067 Cr13,984 Cr12,450 Cr4,719 Cr4,617 Cr4,648 Cr4,066 Cr
Cash & bank2,804 Cr113 Cr27 Cr279 Cr7,146 Cr3,070 Cr4,441 Cr4,255 Cr4,549 Cr3,768 Cr
Other assets15,747 Cr14,153 Cr10,664 Cr6,265 Cr5,862 Cr20,277 Cr37,994 Cr47,687 Cr66,572 Cr84,610 Cr
Total assets51,545 Cr49,216 Cr50,714 Cr53,268 Cr51,946 Cr58,392 Cr67,204 Cr78,095 Cr1,06,267 Cr1,32,415 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-404 Cr-755 Cr-7,700 Cr1,621 Cr15,263 Cr10,033 Cr8,830 Cr8,223 Cr13,643 Cr10,906 Cr
Cash from investing3,012 Cr589 Cr5,294 Cr-1,329 Cr-1,271 Cr-12,760 Cr-5,728 Cr-6,410 Cr-10,771 Cr-8,337 Cr
Cash from financing-164 Cr-2,517 Cr2,326 Cr-40 Cr-7,125 Cr-1,349 Cr-1,731 Cr-1,999 Cr-2,579 Cr-3,350 Cr
Net cash flow2,443 Cr-2,683 Cr-80 Cr252 Cr6,867 Cr-4,076 Cr1,370 Cr-186 Cr294 Cr-781 Cr
Free cash flow (OCF − Capex)——-9,095 Cr240 Cr13,945 Cr8,532 Cr7,049 Cr6,468 Cr11,887 Cr8,357 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %26.7%25.8%24.0%22.7%29.4%27.3%27.9%35.2%31.1%29.6%
ROE %20.9%17.2%19.3%21.9%21.0%26.3%24.7%26.2%23.9%22.2%
Debtor days8315122732322418464555545
Inventory days923900973869776597442391410470
Days payable68771301831051061141019768
Cash conversion cycle93897410701010894674392345368448
OCF / EBITDA %-12.5%-21.6%-169.5%32.9%285.3%185.5%132.2%84.4%142.0%111.6%
OCF / EBITDA % (3 years)——-78.6%-52.7%62.0%171.6%195.7%124.1%117.9%112.5%
Debt / equity0.080.070.340.440.00060.000.000.000.000.00
Current ratio1.571.461.411.331.571.801.681.732.042.61
Net debt / EBITDA-0.57—0.901.12-1.33-0.57-0.66-0.44-0.47-0.39