Hindustan Aeronautics Ltd (HAL) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: Not available

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↓

-1.00%

Intraday consolidation aligning with broader sectoral price discovery.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 9.3%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 24.0%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹4,775.79

200-Day DMA ● Overlay

₹4,429.36

14-Day RSI ● Overlay

48.5 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹3.08 Lakh Cr

Large cap

Stock P/E (TTM) Valuation

33.0x

Price / EPS

Book Value (₹) Assets

₹614.0

P/B: 7.5x

ROE (%) Quality

24.0%

Net Profit / Equity

ROCE (%) Efficiency

32.0%

EBIT / Capital

Dividend Yield Yield

0.98%

Face Value: ₹10

Debt / Equity Solvency

0.00x

Low Debt

EPS (TTM) Per Share

₹139.42

Trailing 12M

OPM (%) Spread

30.0%

EBITDA Margin

Free Cash Flow Cash

₹8,438 Cr

CFO - Capex

About Hindustan Aeronautics Ltd

HAL is an Indian state-owned aerospace and defense company headquartered in Bengaluru, manufacturing fighter jets, helicopters, and aero-engines.

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 21.6% × Turnover: 0.85x × Leverage: 1x = ROE: 24%

✓ Company Strengths (Pros)

• Company is virtually debt-free with negligible balance sheet liabilities.
• Company has a stellar track record of return on equity (ROE of 24.0%).

⚠ Key Considerations & Risks (Cons)

• Stock is trading at a premium of 7.5x its book value.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹33,785 Cr

Latest PAT

₹9,321 Cr

EPS (TTM)

₹139.42

OPM %

30.0%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales / Revenue	₹3,915 Cr	₹5,636 Cr	₹6,061 Cr	₹14,769 Cr	₹4,348 Cr	₹5,976 Cr	₹6,957 Cr	₹13,700 Cr	₹4,819 Cr	₹6,629 Cr	₹7,699 Cr	₹13,942 Cr	₹5,515 Cr
Operating Profit (EBITDA)	₹877.00 Cr	₹1,528 Cr	₹1,435 Cr	₹5,901 Cr	₹991.00 Cr	₹1,640 Cr	₹1,683 Cr	₹5,295 Cr	₹1,282 Cr	₹1,558 Cr	₹1,871 Cr	₹5,059 Cr	₹1,527 Cr
OPM %	22.0%	27.0%	24.0%	40.0%	23.0%	27.0%	24.0%	39.0%	27.0%	24.0%	24.0%	36.0%	28.0%
Interest Expense	₹0 Cr	₹0 Cr	₹0 Cr	₹31.00 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹8.00 Cr	₹0 Cr	₹0 Cr	₹1.00 Cr	₹4.00 Cr	₹0 Cr
Depreciation	₹201.00 Cr	₹350.00 Cr	₹212.00 Cr	₹644.00 Cr	₹149.00 Cr	₹178.00 Cr	₹277.00 Cr	₹736.00 Cr	₹185.00 Cr	₹226.00 Cr	₹310.00 Cr	₹634.00 Cr	₹304.00 Cr
Profit before Tax (PBT)	₹1,089 Cr	₹1,651 Cr	₹1,689 Cr	₹5,795 Cr	₹1,584 Cr	₹2,023 Cr	₹2,042 Cr	₹5,219 Cr	₹1,854 Cr	₹2,227 Cr	₹2,487 Cr	₹5,584 Cr	₹2,134 Cr
Net Profit (PAT)	₹814.00 Cr	₹1,237 Cr	₹1,262 Cr	₹4,309 Cr	₹1,437 Cr	₹1,510 Cr	₹1,440 Cr	₹3,977 Cr	₹1,384 Cr	₹1,669 Cr	₹1,867 Cr	₹4,196 Cr	₹1,590 Cr
EPS in ₹	₹12.17	₹18.49	₹18.86	₹64.43	₹21.49	₹22.59	₹21.53	₹59.46	₹20.69	₹24.96	₹27.91	₹62.74	₹23.77

Annual P&L (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	₹15,939 Cr	₹16,758 Cr	₹17,950 Cr	₹18,520 Cr	₹20,008 Cr	₹21,445 Cr	₹22,755 Cr	₹24,620 Cr	₹26,927 Cr	₹30,381 Cr	₹30,981 Cr	₹33,089 Cr	₹33,785 Cr
Expenses	₹13,560 Cr	₹14,285 Cr	₹14,719 Cr	₹15,071 Cr	₹15,457 Cr	₹16,531 Cr	₹17,397 Cr	₹19,205 Cr	₹20,242 Cr	₹20,630 Cr	₹21,360 Cr	₹23,301 Cr	₹23,771 Cr
Operating Profit	₹2,379 Cr	₹2,474 Cr	₹3,231 Cr	₹3,449 Cr	₹4,551 Cr	₹4,914 Cr	₹5,357 Cr	₹5,415 Cr	₹6,686 Cr	₹9,752 Cr	₹9,621 Cr	₹9,788 Cr	₹10,014 Cr
OPM %	15%	15%	18%	19%	23%	23%	24%	22%	25%	32%	31%	30%	30%
Interest	₹15.00 Cr	₹6.00 Cr	₹16.00 Cr	₹35.00 Cr	₹178.00 Cr	₹360.00 Cr	₹267.00 Cr	₹65.00 Cr	₹64.00 Cr	₹43.00 Cr	₹22.00 Cr	₹24.00 Cr	₹6.00 Cr
Depreciation	₹822.00 Cr	₹863.00 Cr	₹681.00 Cr	₹947.00 Cr	₹1,025 Cr	₹999.00 Cr	₹1,178 Cr	₹1,111 Cr	₹1,785 Cr	₹1,407 Cr	₹1,340 Cr	₹1,355 Cr	₹1,474 Cr
Profit before Tax	₹3,191 Cr	₹3,213 Cr	₹3,592 Cr	₹3,243 Cr	₹3,725 Cr	₹3,979 Cr	₹4,277 Cr	₹5,225 Cr	₹6,510 Cr	₹10,225 Cr	₹10,867 Cr	₹12,152 Cr	₹12,432 Cr
Net Profit	₹2,399 Cr	₹2,004 Cr	₹2,625 Cr	₹1,990 Cr	₹2,328 Cr	₹2,883 Cr	₹3,239 Cr	₹5,080 Cr	₹5,828 Cr	₹7,621 Cr	₹8,364 Cr	₹9,116 Cr	₹9,321 Cr
EPS in Rs	24.89	27.72	36.30	29.76	34.82	43.10	48.44	75.96	87.14	113.96	125.07	136.30	139.38

Balance Sheet (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	₹482.00 Cr	₹362.00 Cr	₹362.00 Cr	₹334.00 Cr	₹334.00 Cr	₹334.00 Cr	₹334.00 Cr	₹334.00 Cr	₹334.00 Cr	₹334.00 Cr	₹334.00 Cr	₹334.00 Cr
Reserves & Surplus	₹16,322 Cr	₹10,671 Cr	₹12,198 Cr	₹9,177 Cr	₹11,748 Cr	₹12,914 Cr	₹15,078 Cr	₹18,979 Cr	₹23,238 Cr	₹28,804 Cr	₹34,647 Cr	₹40,707 Cr
Borrowings (Debt)	₹165.00 Cr	₹80.00 Cr	₹1,022 Cr	₹905.00 Cr	₹4,116 Cr	₹5,927 Cr	₹51.00 Cr	₹49.00 Cr	₹52.00 Cr	₹50.00 Cr	₹51.00 Cr	₹66.00 Cr
Total Liabilities	₹64,339 Cr	₹56,532 Cr	₹51,744 Cr	₹48,463 Cr	₹51,496 Cr	₹54,203 Cr	₹53,278 Cr	₹60,254 Cr	₹69,276 Cr	₹80,911 Cr	₹1.09 Lakh Cr	₹1.34 Lakh Cr
Fixed Assets	₹7,366 Cr	₹6,925 Cr	₹7,350 Cr	₹7,566 Cr	₹7,459 Cr	₹7,357 Cr	₹7,491 Cr	₹6,766 Cr	₹6,834 Cr	₹6,737 Cr	₹6,671 Cr	₹7,293 Cr
Total Assets	₹64,339 Cr	₹56,532 Cr	₹51,744 Cr	₹48,463 Cr	₹51,496 Cr	₹54,203 Cr	₹53,278 Cr	₹60,254 Cr	₹69,276 Cr	₹80,911 Cr	₹1.09 Lakh Cr	₹1.34 Lakh Cr

Cash Flows (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operations (CFO)	₹0 Cr	₹0 Cr	-₹404.00 Cr	-₹748.00 Cr	-₹7,700 Cr	₹1,527 Cr	₹15,263 Cr	₹10,173 Cr	₹8,830 Cr	₹8,223 Cr	₹13,643 Cr	₹10,906 Cr
Cash from Investing (CFI)	₹0 Cr	₹0 Cr	₹3,012 Cr	₹597.00 Cr	₹5,294 Cr	-₹1,339 Cr	-₹1,271 Cr	-₹12,785 Cr	-₹5,728 Cr	-₹6,410 Cr	-₹10,771 Cr	-₹8,337 Cr
Cash from Financing (CFF)	₹0 Cr	₹0 Cr	-₹164.00 Cr	-₹2,540 Cr	₹2,326 Cr	₹64.00 Cr	-₹7,125 Cr	-₹1,464 Cr	-₹1,731 Cr	-₹1,999 Cr	-₹2,579 Cr	-₹3,350 Cr
Free Cash Flow (FCF)	₹0 Cr	₹0 Cr	-₹1,907 Cr	-₹2,000 Cr	-₹9,094 Cr	₹148.00 Cr	₹13,947 Cr	₹8,676 Cr	₹7,054 Cr	₹6,476 Cr	₹11,890 Cr	₹8,438 Cr

Efficiency Ratios	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days (DSO)	144	105	86	133	227	191	90	69	64	55	55	45
Inventory Days	1104	1016	879	870	881	815	605	607	527	544	736	859
Cash Conversion Cycle (Days)	1145	1030	900	931	995	843	620	580	475	484	634	788
ROCE %	0%	23%	29%	27%	29%	24%	26%	30%	31%	39%	34%	32%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹2,129.32 • Premium / Overvalued

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹4,949.00

DCF Fair Value

₹2,129.32

Graham Number

₹1,387.84

Margin of Safety

-63.7%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹2,129.32

Premium / Overvalued (Margin: -63.7%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹2,072	₹2,053	₹2,035	₹2,017
10%	₹2,110	₹2,091	₹2,072	₹2,054
12%	₹2,149	₹2,129	₹2,110	₹2,091
14%	₹2,187	₹2,167	₹2,148	₹2,129

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹2,129	Fairly Valued
Benjamin Graham Number	₹1,388	Market Priced
Historical Sector P/E	₹3,067	Premium
EV / EBITDA Multiplier	₹5,196	In-Line
Free Cash Flow Yield Model	₹4,850	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 9/9 (Strong Financial Health)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

9 / 9 Pass

Altman Z-Score

6.01 (Safe Zone (Low Distress))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Debt/Equity: 0.00x (Safe)

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Positive Operating & Free Cash Flow

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 30.0%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

71.64%

FIIs (Foreign)

9.34%

DIIs (Domestic)

11.90%

Government

0.15%

Public / Retail

7.03%

Swipe → to view historical quarters

Category	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
+ Promoters	71.64%	71.64%	71.64%	71.64%	71.64%	71.64%	71.64%	71.64%	71.64%	71.64%	71.64%	71.64%
+ FIIs (Foreign Portfolio)	12.63%	12.93%	12.42%	11.68%	11.85%	12.26%	12.08%	11.90%	12.00%	10.86%	10.21%	9.34%
+ DIIs (Mutual Funds / Insurance)	9.72%	9.13%	9.58%	8.81%	8.37%	8.13%	8.26%	8.67%	8.64%	9.68%	10.43%	11.90%
+ Public (Retail & HNIs)	6.02%	6.28%	6.36%	7.86%	8.13%	7.95%	7.97%	7.72%	7.64%	7.77%	7.66%	7.03%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Defense & Aerospace.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

HAL Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

HAL Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

HAL Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹6,334.72

Accelerated market share capture in Defense & Aerospace, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹5,542.88

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 33x P/E.

🐻 Bear Case (15%) -12.0%

₹4,355.12

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Defense & Aerospace)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 18:50 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	D/E	Market Cap
★ Hindustan Aeronautics Ltd (HAL)	Target Stock	₹4,949.00	-1.00%	33.0x	24.0%	32.0%	0.00	₹3.08 Lakh Cr
Bharat Electronics Ltd (BEL)	Defense Radars & Weapon Systems	₹399.00	+1.13%	45.7x	27.8%	37.0%	0.00	₹2.80 Lakh Cr
Mazagon Dock Shipbuilders Ltd (MAZDOCK)	Warships & Submarine Construction	₹1,890.00	+0.64%	33.0x	30.4%	41.3%	0.00	₹83,258 Cr
Bharat Dynamics Ltd (BDL)	Guided Missile Systems & Torpedoes	₹1,100.00	-0.87%	76.9x	10.2%	13.9%	0.00	₹40,029 Cr
Cochin Shipyard Ltd (COCHINSHIP)	Aircraft Carriers & Vessel Ship Repair	₹1,202.00	-6.82%	57.3x	11.2%	14.5%	0.27	₹33,858 Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	18:50:52 IST	✓ Live Sync
Financial Statements (10Y)	Hindustan Aeronautics Ltd Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

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TickerPulse Academy

Hindustan Aeronautics Ltd

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About Hindustan Aeronautics Ltd

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Defense & Aerospace)

Metric Explainer

Stock DNA Methodology

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