Hindustan Aeronautics Ltd

₹ 4,426 1.29%

25 May 4:01 p.m.

About

Hindustan Aeronautics is engaged in the business of Manufacture of Aircraft and Helicopters and Repair, Maintenance of Aircraft and Helicopters.(Source : 2002-2003 Annual Report Page No:46)

Key Points

Business Segments
1) Manufacturing (24% in FY25 vs 19% in FY23):
The Company manufactures Aircraft, Helicopters, and their Engines, and Accessories. ^[1] ^[2] The segmental revenue grew by 16% between FY25 and FY23. It has secured manufacturing contracts during the year, including major orders for: 156 LCH for the Indian Army and IAF, 240 AL-31FP engines for the IAF’s Su-30MKI fleet, 12 Su-30MKI aircraft for the IAF, Mid-Life Upgrade of Dornier-228 aircraft for the IAF^[3] ^[4] ^[5] ^[6]

Website BSE NSE

Market Cap ₹ 2,96,013 Cr.
Current Price ₹ 4,426
High / Low ₹ 5,150 / 3,479
Stock P/E 32.4
Book Value ₹ 614
Dividend Yield 0.91 %
ROCE 32.0 %
ROE 24.0 %
Face Value ₹ 5.00

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Pros

Company has reduced debt.
Company is almost debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 26.0%
Company has been maintaining a healthy dividend payout of 29.5%

Cons

Stock is trading at 7.22 times its book value
The company has delivered a poor sales growth of 7.66% over past five years.
Earnings include an other income of Rs.3,743 Cr.
Working capital days have increased from 146 days to 279 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Aerospace & Defense Aerospace & Defense

Part of BSE 500 BSE Capital Goods BSE 100 BSE 200 BSE Dollex 200 BSE PSU Nifty Next 50 Nifty 500 Nifty 100 BSE Dollex 100 Nifty PSE Nifty 200 Nifty 100 Liquid 15 BSE CPSE Nifty 100 Equal Weight BSE Industrials BSE India Manufacturing Index BSE SENSEX 50 Nifty100 Quality 30 BSE 100 ESG Index (INR) BSE 250 LargeMidCap Index BSE Dividend Stability Index BSE Quality Index BSE 100 LargeCap TMC Index Nifty LargeMidcap 250 Nifty 500 Multicap 50:25:25 Nifty200 Quality 30 Nifty India Manufacturing Nifty Total Market Nifty500 Multicap India Manufacturing 50:30:20 BSE SENSEX Next 30 Nifty Alpha Quality Low-Volatility 30 BSE 200 Equal Weight BSE Sensex Sixty 65:35 BSE Sensex Sixty Nifty India Defence Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted BSE India 150 BSE India Sector Leaders BSE 1000 BSE 500 Quality 50 Nifty India FPI 150 Nifty India Infrastructure & Logistics BSE India Defence

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	12,495	3,915	5,636	6,061	14,769	4,348	5,976	6,957	13,700	4,819	6,629	7,699	13,942
	9,262	3,039	4,108	4,626	8,867	3,357	4,336	5,275	8,405	3,537	5,071	5,828	8,884
Operating Profit	3,232	877	1,528	1,435	5,901	991	1,640	1,683	5,295	1,282	1,558	1,871	5,059
OPM %	26%	22%	27%	24%	40%	23%	27%	24%	39%	27%	24%	24%	36%
	722	414	474	467	569	742	560	637	669	757	895	927	1,164
Interest	55	0	0	0	31	0	0	0	8	0	0	1	4
Depreciation	1,056	201	350	212	644	149	178	277	736	185	226	310	634
Profit before tax	2,844	1,089	1,651	1,689	5,795	1,584	2,023	2,042	5,219	1,854	2,227	2,487	5,584
Tax %	0%	25%	25%	25%	26%	9%	25%	30%	24%	25%	25%	25%	25%
	2,831	814	1,237	1,262	4,309	1,437	1,510	1,440	3,977	1,384	1,669	1,867	4,196
EPS in Rs	42.33	12.17	18.49	18.86	64.43	21.49	22.59	21.53	59.46	20.69	24.96	27.91	62.74
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	15,939	16,758	17,950	18,520	20,008	21,445	22,882	24,620	26,927	30,381	30,981	33,089
	13,560	14,285	14,719	15,071	15,457	16,531	17,538	19,205	20,242	20,630	21,360	23,319
Operating Profit	2,379	2,474	3,231	3,449	4,551	4,914	5,344	5,415	6,686	9,752	9,621	9,770
OPM %	15%	15%	18%	19%	23%	23%	23%	22%	25%	32%	31%	30%
	1,650	1,608	1,058	776	376	423	364	985	1,673	1,923	2,608	3,743
Interest	15	6	16	35	178	360	267	65	64	43	22	6
Depreciation	822	863	681	947	1,025	999	1,158	1,111	1,785	1,407	1,340	1,355
Profit before tax	3,191	3,213	3,592	3,243	3,725	3,979	4,283	5,225	6,510	10,225	10,867	12,152
Tax %	25%	38%	27%	39%	37%	28%	24%	3%	10%	25%	23%	25%
	2,399	2,004	2,625	1,990	2,328	2,883	3,246	5,080	5,828	7,621	8,364	9,116
EPS in Rs	24.89	27.72	36.30	29.76	34.82	43.10	48.53	75.96	87.14	113.96	125.07	136.30
Dividend Payout %	20%	31%	30%	54%	28%	39%	31%	26%	32%	31%	32%	26%

Compounded Sales Growth
10 Years:	7%
5 Years:	8%
3 Years:	7%
TTM:	7%

Compounded Profit Growth
10 Years:	16%
5 Years:	23%
3 Years:	16%
TTM:	9%

Stock Price CAGR
10 Years:	%
5 Years:	53%
3 Years:	42%
1 Year:	-12%

Return on Equity
10 Years:	25%
5 Years:	27%
3 Years:	26%
Last Year:	24%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	362	362	334	334	334	334	334	334	334	334	334
Reserves	16,322	10,671	12,198	9,177	11,748	12,914	15,090	18,979	23,238	28,804	34,647	40,707
	165	80	1,022	905	4,116	5,927	53	49	52	50	51	11
	47,370	45,420	38,163	38,047	35,298	35,027	37,619	40,892	45,652	51,723	73,665	91,362
Total Liabilities	64,339	56,532	51,744	48,463	51,496	54,203	53,096	60,254	69,276	80,911	108,698	132,415
	7,366	6,925	7,350	7,566	7,459	7,357	7,166	6,766	6,834	6,737	6,671	9,581
CWIP	235	1,025	1,389	1,462	1,502	2,043	1,950	2,473	1,885	2,493	3,098	1,026
Investments	570	916	994	1,010	910	991	1,121	1,363	1,458	1,591	1,754	1,914
	56,168	47,666	42,011	38,425	41,625	43,812	42,860	49,653	59,099	70,089	97,176	119,894
Total Assets	64,339	56,532	51,744	48,463	51,496	54,203	53,096	60,254	69,276	80,911	108,698	132,415

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-404	-748	-7,700	1,527	15,117	10,173	8,830	8,223	13,643	10,906
	3,012	597	5,294	-1,339	-1,180	-12,785	-5,728	-6,410	-10,771	-8,337
	-164	-2,540	2,326	64	-7,070	-1,464	-1,731	-1,999	-2,579	-3,350
Net Cash Flow	2,443	-2,691	-80	252	6,867	-4,076	1,370	-186	294	-781
Free Cash Flow	-1,907	-2,000	-9,094	148	13,910	8,676	7,054	6,476	11,890	8,438
CFO/OP	20%	22%	-145%	68%	299%	207%	173%	105%	179%	142%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	144	105	86	133	227	191	90	69	64	55	55	45
Inventory Days	1,104	1,016	879	870	881	815	602	607	527	544	736	780
Days Payable	103	91	64	72	113	163	75	96	116	116	156	112
Cash Conversion Cycle	1,145	1,030	900	931	995	843	617	580	475	484	634	713
Working Capital Days	39	-5	74	101	221	185	145	111	38	37	121	279
ROCE %		23%	29%	27%	29%	24%	26%	30%	31%	39%	34%	32%

Insights

In beta

Mar 2016

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Order Book Position
₹ Crore

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xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx
			xx	xx	xx	xx	xx		xx
	x.xx	x.xx	x.xx	x.xx	x.xx				x.xx

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R&D Expenditure
₹ Crore ・Standalone data

Total Manpower
Numbers ・Standalone data

Value of Production
₹ Crore

New Aircraft and Helicopters Produced
Numbers ・Standalone data

R&D Expenditure (Percentage of Turnover)
% ・Standalone data

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	71.64%	71.64%	71.64%	71.64%	71.64%	71.64%	71.64%	71.64%	71.64%	71.64%	71.64%	71.64%
	11.90%	12.63%	12.93%	12.42%	11.68%	11.85%	12.26%	12.08%	11.90%	12.00%	10.86%	10.21%
	10.64%	9.72%	9.13%	9.58%	8.81%	8.37%	8.13%	8.26%	8.67%	8.64%	9.68%	10.43%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.04%	0.05%	0.07%	0.07%	0.07%
	5.81%	6.02%	6.28%	6.36%	7.86%	8.13%	7.95%	7.97%	7.72%	7.64%	7.77%	7.66%
No. of Shareholders	4,20,694	4,91,969	6,19,151	7,14,091	11,16,204	12,72,495	12,75,632	13,52,377	13,02,820	12,77,749	12,64,058	12,91,771

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	89.97%	89.97%	89.97%	75.15%	75.15%	71.65%	71.64%	71.64%	71.64%
	0.00%	0.29%	0.00%	0.91%	4.37%	9.07%	12.42%	12.08%	10.21%
	8.51%	8.40%	8.76%	20.31%	17.00%	13.93%	9.58%	8.26%	10.43%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	0.07%
	1.52%	1.34%	1.26%	3.63%	3.48%	5.34%	6.36%	7.97%	7.66%
No. of Shareholders	1,87,070	1,48,847	1,36,325	2,11,819	2,18,116	3,58,317	7,14,091	13,52,377	12,91,771

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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