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India's state-owned aerospace and defense manufacturer, building and maintaining fighter jets, helicopters and aero-engines for the Indian military.
India's state-owned aerospace and defense manufacturer, building and maintaining fighter jets, helicopters and aero-engines for the Indian military.
The government is both its owner and nearly its only customer, so revenue follows defence-ministry contracts and delivery schedules, with repair and overhaul of aircraft already in service a steady second line. Licence-built fighters, such as Russia's Su-30MKI, are assembled under agreements with the original designer. The government sold part of its stake in the 2018 listing but remains the majority owner.
In one line: India's Lockheed Martin for military aircraft.
Moat: wide (regulatory licence, installed base, scale). Sole domestic manufacturer for most Indian military aircraft platforms under government-directed procurement.
Headquarters: Bengaluru, India · Founded: 1940 · Employees: 39,673
Size Hindustan Aeronautics (HAL.NS) is an India Industrials company (Aerospace & Defense) with a market value of $35.2B, the 26th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹4,980 on 6 Nov 2026.
Performance Over six months the shares gained 4.1%, against -1.5% for the median peer and 0.0% for the India market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue grew 7.4% over the last twelve months (peer median +12.3%); the operating margin is 23.3% (peer median 11.2%).
Valuation It trades at 33.6× forward earnings against a peer median of 25.5× (9th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 43% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +36 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.3 points below its cost of capital (18.6% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹338B | ₹319B | ₹301B | ₹283B | ₹264B |
| Revenue growth | — | +6% | +7% | +7% | — |
| Gross profit | ₹113B | ₹94.1B | ₹107B | ₹101B | ₹93.0B |
| EBITDA | ₹93.4B | ₹97.3B | ₹96.9B | ₹85.3B | ₹74.2B |
| Net income | ₹93.2B | ₹91.2B | ₹83.6B | ₹76.2B | ₹58.3B |
| Free cash flow | n/a | ₹125B | ₹152B | ₹90.3B | ₹87.3B |
| Capital expenditure | n/a | ₹25.5B | ₹17.6B | ₹17.6B | ₹17.8B |
| Total debt | n/a | ₹110M | ₹11.6M | ₹11.0M | ₹26.5M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Hindustan Aeronautics HAL.NS | $35.2B | +4% | +7% | 23% | 33.6× | 42.7% |
| Bharat Electronics BEL.NS | $30.6B | -10% | +20% | 26% | 41.5× | 38.2% |
| Lockheed Martin LMT | $131B | +12% | +8% | 12% | 17.6× | -6.9% |
| Dassault Aviation AM.PA | $26.0B | +6% | +33% | 9% | 19.6× | 5.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HAL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.9% | +4.0% | 10th highest of 21 |
| 6-month return | +4.1% | -1.5% | 9th highest of 20 |
| Distance from 52-week high | -3.3% | -20.9% | highest of 21 |
| Revenue growth (TTM) | +7.4% | +12.3% | 6th lowest of 20 |
| Operating margin | 23.3% | 11.2% | 4th highest of 21 |
| Forward P/E | 33.6× | 25.5× | 9th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 42.7% | 8.3% | 2nd most demanding of 17 |
| Growth delivered (Del g) | +7.2% | +11.5% | 4th lowest of 16 |
| Hurdle (Req g minus delivered) | +35.5 pp | -1.3 pp | most demanding of 16 |
| ROIC minus cost of capital | -4.3 pp | +9.0 pp | 4th lowest of 20 |
| EV / EBITDA | 35.6× | 18.6× | 3rd most expensive of 17 |
| Net debt / EBITDA | -4.9× | 1.6× | 2nd least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hindustan Aeronautics HAL.NS | India | $35.2B | +4% | +7% | 23% | 33.6× | 42.7% | +7.2% |
| Saab SAAB-B.ST | Sweden | $33.3B | +19% | +28% | 10% | 40.2× | 6.0% | +17.4% |
| Elbit Systems ESLT | United States | $32.0B | -13% | +12% | 9% | 46.5× | 10.1% | +11.5% |
| Kongsberg Gruppen KOG.OL | Norway | $31.8B | +13% | -28% | 17% | 46.3× | 21.7% | +4.3% |
| Rocket Lab RKLB | United States | $31.8B | -50% | +53% | -29% | n/a | n/a | n/a |
| HEICO HEI | United States | $39.2B | +14% | +21% | 24% | 47.8× | 24.5% | +20.2% |
| Leonardo LDO.MI | Italy | $31.0B | -4% | +10% | 7% | 20.2× | 14.3% | +7.8% |
| Bharat Electronics BEL.NS | India | $30.6B | -10% | +20% | 26% | 41.5× | 38.2% | +14.3% |
| Rheinmetall RHM.DE | Germany | $42.5B | -29% | -2% | 18% | 22.0× | 6.5% | +12.9% |
| Dassault Aviation AM.PA | France | $26.0B | +6% | +33% | 9% | 19.6× | 5.2% | +6.2% |
| L3Harris LHX | United States | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% | +3.7% |
| Honeywell Aerospace HONA | United States | $48.5B | n/a | n/a | 20% | 18.8× | n/a | n/a |
| Axon Enterprise AXON | United States | $25.4B | -22% | +35% | 1% | 36.5× | n/a | n/a |
| Hanwha Aerospace 012450.KS | South Korea | $25.0B | -53% | +28% | 11% | 17.2× | -7.0% | +38.1% |
| Thales HO.PA | France | $51.1B | -1% | +7% | 11% | 20.6× | -2.8% | +7.6% |
| Singapore Technologies Engineering S63.SI | Singapore | $22.6B | -13% | +11% | 9% | 27.3× | 5.3% | +11.5% |
| Bombardier BBD-B.TO | Canada | $22.5B | +8% | +11% | 11% | 22.1× | 19.0% | +8.9% |
| Arxis ARXS | United States | $21.5B | +42% | +114% | 20% | 54.2× | 58.8% | n/a |
| MTU Aero Engines MTX.DE | Germany | $20.9B | +21% | +12% | 13% | 18.5× | 6.3% | +17.1% |
| AVIC Shenyang Aircraft 600760.SS | China | $20.8B | +4% | -1% | 8% | 45.1× | n/a | n/a |
| TransDigm TDG | United States | $66.2B | -1% | +17% | 47% | 25.5× | 9.7% | +11.6% |