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10 Jul 2025 |
Hindustan Aeronautics
|
Consensus Share Price Target
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4915.60 |
5648.00 |
- |
14.90 |
buy
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18 May 2025
|
Hindustan Aeronautics
|
Prabhudas Lilladhar
|
4915.60
|
5500.00
|
5127.70
(-4.14%)
|
11.89 |
Accumulate
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The company achieved an order book of Rs1.89trn in FY25. We revise our FY26/27E EPS estimates upward by 14.5%/9.5%, accounting for the deliveries of LCA Mk1A and improved operating efficiencies. Hindustan Aeronautics (HAL) reported a 7.2% YoY decline in revenue, with EBITDA margin contracting 131bps YoY to 38.6%. During the quarter, HAL received the first GE F-404 engine, with 11 more expected by December 2025, enabling the long awaited LCA Mk1A deliveries to the IAF. Management remains confident in...
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18 May 2025
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Hindustan Aeronautics
|
Motilal Oswal
|
4915.60
|
5650.00
|
5127.70
(-4.14%)
|
14.94 |
Buy
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HAL reported a better-than-expected FY25 performance, driven by improved margins on the back of lower provisions. The company ended the year with a robust order book of INR1.8t, clocking inflows of INR1t.
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24 Apr 2025
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Hindustan Aeronautics
|
Motilal Oswal
|
4915.60
|
5100.00
|
4300.00
(14.32%)
|
Target met |
Buy
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Our recent interactions with industry participants and defense consultants focused on the need to put defense and aerospace projects on a fast track, the potential bidders for future tenders for MRFA, the potential impact on the overall defense budget kitty if such large deals were to go through.
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11 Apr 2025
|
Hindustan Aeronautics
|
Motilal Oswal
|
4915.60
|
5100.00
|
4030.70
(21.95%)
|
Target met |
Buy
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Hindustan Aeronautics (HAL) is a market leader in aerospace defense. It boasts a strong order book of INR1.8t as of 31st Mar’25, along with a promising prospect pipeline of INR6t, which is likely to be awarded over the next few years.
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02 Apr 2025
|
Hindustan Aeronautics
|
ICICI Securities Limited
|
4915.60
|
5000.00
|
4234.40
(16.09%)
|
Target met |
Buy
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Hindustan Aeronautics Limited (HAL) has clocked revenue of INR 304bn in FY25 (vs INR 303.8bn in FY24). Revenue was ~6% below our estimate of INR 322.4bn, mainly because of shortfall in delivery of ALH-Dhruv and other manufacturing revenue.
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26 Mar 2025
|
Hindustan Aeronautics
|
ICICI Securities Limited
|
4915.60
|
5000.00
|
4128.30
(19.07%)
|
Target met |
Buy
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GE Aerospace has delivered the first of 99 (nos.) F404-IN20 engines to HAL for Tejas Mk 1A. We see this is a vital development that allays execution risk concerns. At Aero India, HAL expressed confidence in receiving 12 (nos.) F404- IN20 engines for the LCA Mk 1A this year.
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13 Feb 2025
|
Hindustan Aeronautics
|
Prabhudas Lilladhar
|
4915.60
|
4110.00
|
3660.30
(34.30%)
|
Target met |
Accumulate
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03 Dec 2024
|
Hindustan Aeronautics
|
Geojit BNP Paribas
|
4915.60
|
5470.00
|
4518.85
(8.78%)
|
11.28 |
Buy
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22 Nov 2024
|
Hindustan Aeronautics
|
ICICI Direct
|
4915.60
|
4800.00
|
4111.35
(19.56%)
|
Target met |
Buy
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14 Nov 2024
|
Hindustan Aeronautics
|
Prabhudas Lilladhar
|
4915.60
|
4692.00
|
4087.05
(20.27%)
|
Target met |
Accumulate
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21 May 2024
|
Hindustan Aeronautics
|
ICICI Direct
|
4915.60
|
5700.00
|
4782.25
(2.79%)
|
|
Buy
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15 Mar 2024
|
Hindustan Aeronautics
|
ICICI Direct
|
4915.60
|
3660.00
|
3099.10
(58.61%)
|
Target met |
Buy
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13 Feb 2024
|
Hindustan Aeronautics
|
Prabhudas Lilladhar
|
4915.60
|
2787.00
|
2922.60
(68.19%)
|
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Hold
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29 Sep 2023
|
Hindustan Aeronautics
|
Prabhudas Lilladhar
|
4915.60
|
2266.00
|
1928.15
(154.94%)
|
Target met |
Buy
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17 Aug 2023
|
Hindustan Aeronautics
|
Keynotes Financial Opiniery
|
4915.60
|
5422.00
|
1934.63
(154.09%)
|
Pre-Bonus/ Split |
Buy
|
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In the year 2023-24, revenues of Aerospace & Defence companies are expected to remain largely stable or grow, as military programs continue to be critical to national security for many countries, especially considering rises in geopolitical tensions globally.
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18 May 2023
|
Hindustan Aeronautics
|
ICICI Direct
|
4915.60
|
3610.00
|
3093.90
(58.88%)
|
Target met |
Buy
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18 May 2023
|
Hindustan Aeronautics
|
ICICI Securities Limited
|
4915.60
|
3385.00
|
3133.90
(56.85%)
|
Target met |
Accumulate
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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.
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14 May 2023
|
Hindustan Aeronautics
|
ICICI Securities Limited
|
4915.60
|
3385.00
|
2973.95
(65.29%)
|
Target met |
Accumulate
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Hindustan Aeronautics’ (HAL) Q4FY23 EBITDA was 8% ahead of consensus estimates mainly due to better than expected gross margin. Key highlights: 1) EBITDA margin improved QoQ to 26% at the upper end of 25-26% guidance for FY23-25; 2) provisions, as a percentage of revenue during the quarter, continued to remain high at 16.7% vs the historical range of 6-7%.
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03 Apr 2023
|
Hindustan Aeronautics
|
ICICI Direct
|
4915.60
|
3300.00
|
2712.40
(81.23%)
|
Target met |
Buy
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10 Feb 2023
|
Hindustan Aeronautics
|
ICICI Securities Limited
|
4915.60
|
2850.00
|
2402.95
(104.57%)
|
Target met |
Buy
|
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Hindustan Aeronautics’ (HAL) Q3FY23 performance was subdued owing to lower margins and below-expected revenue growth. Key highlights: 1) EBITDA margin declined to 17.4%, well below the 25-26% guidance for FY23-FY25 mainly due to higher provisions and other expenses.
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