Hindustan Aeronautics (HNAL IN) – Q2FY27 Result Update – Mixed Q2, growth contingent on LCA deliveries – BUY
Published on 13 Nov 2026
Hindustan Aeronautics (HAL) reported a mixed Q2FY27 performance, with revenue growing to ~14.9% YoY, likely supported by improved execution, while EBITDA margin contracted by 65bps YoY to 22.8% due to lower gross margin offset by lower other expenditure. HAL order prospects remain strong with ~INR1.0trn over the next two years across ALH helicopters, Su-30 upgrades, Dornier aircraft and engine programmes. . We roll forward to Sep’28E and maintain ‘Buy’ rating valuing the stock at a PE of 35x Sep’28E (36x Mar’28E earlier) with a revised TP of INR5,943 (INR5,795 earlier).
