HAL Share Price Target 2026, 2027, 2028, 2029, 2030
- Market Cap
- ₹3.28 lakh Cr
- Book Value
- ₹613.6
- Stock P/E
- 36.0
- Dividend Yield
- 0.92%
- ROE
- 24.0%
- ROCE
- 32.0%
- PEG Ratio
- 1.48
- EV/EBITDA
- 19.6
Fundamentals from Screener.in, as of 9 Aug 2026. Live price via Yahoo Finance.
HAL share price today
Hindustan Aeronautics (NSE: HAL) is the strategic centre of Indian military aviation. It manufactures aircraft and helicopters, overhauls fleets and supports platforms for decades after delivery. The customer is overwhelmingly the Indian state, and replacing HAL at scale is neither quick nor realistic.
That position creates an extraordinary order runway, 32% ROCE and zero debt. It also creates the stock’s main risk: monopoly demand does not guarantee timely delivery. At around 36 times earnings and near its 52-week high, execution must catch up with the order book.
The moat is national importance. The bottleneck is throughput.
HAL does not need to discover customers. India’s defence-modernisation plans and the push for domestic procurement provide demand visibility that most industrial companies would envy.
The hard part is converting programmes into aircraft. Supply chains include imported engines and specialised components; one missing input can delay an entire platform. Customer concentration also means acceptance schedules and government decisions can make quarterly revenue lumpy.
The aftermarket softens that lumpiness. Repairs, upgrades and spares continue for decades and can earn attractive margins. An investor should value HAL as a manufacturing-plus-lifecycle franchise, not only as a Tejas delivery forecast.
Latest quarterly results: seasonality is extreme
| Consolidated, ₹ crore | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue | 13,700 | 4,819 | 6,629 | 7,699 | 13,942 |
| Operating profit | 5,295 | 1,282 | 1,558 | 1,871 | 5,059 |
| Operating margin | 39% | 27% | 24% | 24% | 36% |
| Net profit | 3,977 | 1,384 | 1,669 | 1,867 | 4,196 |
| EPS | ₹59.46 | ₹20.69 | ₹24.96 | ₹27.91 | ₹62.74 |
March contributed more revenue than the preceding June and September quarters combined. Delivery acceptance, customer budgeting and programme milestones make HAL structurally back-ended. A weak first quarter or spectacular fourth quarter should never be annualised alone; delivery schedules and the full-year result are the proper unit of analysis.
Annual trend: profit has outgrown sales
| Consolidated, ₹ crore | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 24,620 | 26,927 | 30,381 | 30,981 | 33,089 |
| Operating profit | 5,415 | 6,686 | 9,752 | 9,621 | 9,788 |
| Operating margin | 22% | 25% | 32% | 31% | 30% |
| Other income | 985 | 1,673 | 1,923 | 2,608 | 3,743 |
| Net profit | 5,080 | 5,828 | 7,621 | 8,364 | 9,116 |
| EPS | ₹75.96 | ₹87.14 | ₹113.96 | ₹125.07 | ₹136.30 |
Profit rose almost 80% from FY22 to FY26 on 34% revenue growth. Better operating margin helped, but higher other income also made an important contribution. Future targets should not assume treasury income and margin expansion can keep doing the work. Aircraft deliveries and aftermarket revenue must become the primary growth engines.
Balance sheet and cash conversion
| Consolidated, ₹ crore | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Reserves | 18,979 | 23,238 | 28,804 | 34,647 | 40,707 |
| Borrowings | 49 | 52 | 50 | 51 | 66 |
| Cash from operations | 10,173 | 8,830 | 8,223 | 13,643 | 10,906 |
| Free cash flow | 8,676 | 7,054 | 6,476 | 11,890 | 8,438 |
| Cash conversion, CFO/OP | 207% | 173% | 105% | 179% | 142% |
HAL is effectively debt-free and has converted more than operating profit into cash in every year shown. Customer advances and milestone collections can make cash flow lumpy, but the multi-year record is strong. This balance sheet gives HAL room to invest in capacity; it does not remove supplier bottlenecks or the need to execute programmes on time.
Shareholding pattern
| Holder | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Government promoter | 71.64% | 71.64% | 71.64% | 71.64% | 71.64% |
| Foreign institutions | 11.90% | 12.00% | 10.86% | 10.21% | 9.34% |
| Domestic institutions | 8.67% | 8.64% | 9.68% | 10.43% | 11.90% |
| Public | 7.72% | 7.64% | 7.77% | 7.66% | 7.03% |
Government control is unchanged. Domestic institutions have replaced part of a decline in FII ownership. That may support liquidity, but the strategic customer and controlling shareholder remain the same state—an advantage for demand and a concentration risk for timelines and capital allocation.
The numbers
| Metric | Current snapshot |
|---|---|
| Market capitalisation | ₹3.28 lakh Cr |
| P/E · EV/EBITDA | 36.0 · 19.6 |
| ROE · ROCE | 24.0% · 32.0% |
| Operating margin | 29.6% |
| Debt/equity | 0.00 |
| Sales CAGR (5 years) | 7.78% |
| Profit CAGR (5 years) | 23.0% |
| Dividend yield | 0.92% |
| EPS (TTM) | ₹136.26 |
| 52-week range | ₹3,700 – ₹4,978 |
Profit has grown much faster than sales. Some of that is mix and margin improvement; it cannot continue indefinitely without faster deliveries. The valuation therefore needs revenue growth to close part of that gap.
HAL share price target 2026 to 2030
EPS base ₹136.26. Bear: supply constraints keep revenue growth modest — 8% at 24×. Base: deliveries scale and lifecycle income remains strong — 15% at 34×. Bull: multiple programmes execute together and exports add depth — 18% at 40×.
The bull target is mathematically possible, not a forecast. It requires both high-teens earnings growth and today’s premium valuation to survive through 2030.
What would change our mind
Aircraft deliveries versus guidance. Order announcements no longer add much information; physical throughput does.
Dependence on imported critical systems. Faster indigenisation improves both schedule control and long-run economics.
Receivables and customer advances. Government backing removes credit risk, not timing risk.
Should you buy at the current price?
HAL is a rare strategic monopoly, but the market already understands that. The signed-in panel shows our rating and a range that demands some valuation margin.
FAQ
What is the HAL share price target for 2030? The signed-in table shows bear, base and bull values for each year through 2030. The spread reflects execution speed and the valuation multiple.
Is HAL debt-free? The current universe snapshot shows no meaningful debt, one reason returns on capital are strong.
What is HAL’s biggest risk? Delivery delays caused by programme complexity, imported components or customer acceptance schedules while the share trades at a premium.
Why can HAL revenue be volatile between quarters? Aircraft are recognised around delivery and acceptance milestones, so a small schedule movement can shift large revenue between periods.
Related research
This article is research and education, not personalised investment advice. We are not SEBI-registered advisers. Price targets are scenario arithmetic, not promises. Do your own research and consult a registered adviser before acting.