We attended Hindustan Aeronautics’ (HAL) earnings call. Key highlights: 1) double-digit revenue growth is likely FY25 onwards; 2) manufacturing is expected to stay subdued in FY24 with ‘repair & overhaul’ (RoH) revenue uptrend to sustain; 3) EBITDA margin (incl. other Income) might not sustain at 31% (as in Q4FY23), but is likely to remain robust owing to cost efficiencies.