LG Electronics India Q2 FY26 Results: Revenue Up 1% YoY to ₹6,174 Cr, PAT Falls 27% to ₹389 Cr; Maintains Market Leadership Across Key Categories
14 Nov 2025
Hindustan Aeronautics Limited – Defence Aerospace and Aviation Manufacturer
📊 Stock Analysis
Complete financial analysis with key metrics and investment outlook
Hindustan Aeronautics Ltd (HAL) Q2 FY2026 Financial Results
Hindustan Aeronautics Limited (HAL) delivered another strong financial performance in Q2 FY26, supported by robust execution of aircraft, helicopters, and overhaul contracts for the Indian armed forces. The company reported double-digit revenue and profit growth while maintaining its debt-free balance sheet and industry-leading return ratios.
Stock Performance & Key Metrics
As of November 14, 2025:
- Current Price: ₹4,729
- Market Cap: ₹3,16,357 Cr
- High / Low: ₹5,166 / ₹3,046
- Stock P/E: 37.4
- Book Value: ₹555
- Dividend Yield: 0.85%
- ROCE: 33.9%
- ROE: 26.1%
- Debt to Equity: 0.00
- Debt: ₹11.4 Cr
- PEG Ratio: 2.07
- Industry P/E: 67
HAL continues to remain one of India’s most financially sound defence PSUs with strong operating efficiency.
Q2 FY2026 Financial Highlights
| Particulars | Q2 FY26 | Q1 FY26 | Q2 FY25 | YoY Change |
|---|---|---|---|---|
| Sales / Revenue | ₹6,629 Cr | ₹4,819 Cr | ₹5,976 Cr | ↑ 11% |
| EBITDA | ₹1,558 Cr | ₹1,282 Cr | ₹1,640 Cr | ↓ 5% |
| Net Profit (PAT) | ₹1,669 Cr | ₹1,384 Cr | ₹1,510 Cr | ↑ 11% |
| EPS (₹) | 24.96 | 20.69 | 22.59 | ↑ 10% |
Result Summary
- Revenue grew 11% YoY, driven by increased production and deliveries across aircraft and helicopter programs.
- EBITDA declined 5% YoY due to higher employee cost linked to revised pension contributions and pay adjustments.
- PAT rose 11% YoY to ₹1,669 Cr, helped by strong operational performance.
- HAL remains a zero-debt company with high cash generation and strong order visibility.
- The company continues to execute large ongoing defence contracts including LCA Tejas, Su-30 MKI upgrade, ALH Dhruv, LCH, and engines.
Management & Regulatory Notes
Key disclosures from the Board and Audit Committee:
- Results reviewed and approved on 12 November 2025.
- Statutory auditors issued unmodified (clean) audit opinions for Q2 and H1 FY26.
- Pension contribution for executives and workmen increased from 7% to 10%, impacting employee cost for the period.
- Pay refixation disputes partially settled; recovery adjustments for workmen reflected in Q2 accounts.
- Inventory damaged in 2022 floods has been fully accounted for with insurance claims processed.
Business & Operational Notes
- HAL continues to be exempt from Ind AS 108 for segment-wise disclosures as a defence production PSU.
- Multiple joint ventures reported going-concern uncertainties; however, HAL does not expect material impact on consolidated results.
- Finalization of fixed-price quotation (FPQ) policies for FY24 and FY25 is awaiting government approval; sales temporarily recognized using provisional prices.
Strategic & Financial Overview
- Strong order book across aircraft, helicopter, engine, and overhaul platforms ensures multi-year revenue visibility.
- HAL is executing major programs including:
- LCA Tejas Mk-1A
- ALH Dhruv and LCH
- HTT-40 trainer
- Engine manufacturing & servicing
- Company continues to expand capacity at Bengaluru, Nashik, Koraput, and accessory divisions to support growing defence requirements.
- Margins remain stable despite large-scale manpower and pension cost adjustments.
Outlook
HAL expects:
- Strong execution in FY26 driven by ramp-up in production of Tejas Mk-1A and helicopters
- Increased export opportunities in aircraft, engines, and avionics
- Continued support from the Government of India’s Atmanirbhar Bharat and Make in India – Defence initiatives
- Stable profitability with rising operating efficiency and cash flows
With robust fundamentals, high-tech manufacturing capabilities, and government-backed order flows, HAL remains one of the strongest defence aerospace companies in India.
About Hindustan Aeronautics Ltd
Founded in 1940, Hindustan Aeronautics Limited (HAL) is India’s premier aerospace and defence manufacturer, engaged in:
- Aircraft design, development, and production
- Helicopter platforms
- Engines and accessories
- Aerostructures
- Overhaul and MRO for the armed forces
HAL plays a critical role in India’s defence self-reliance program and supports the Indian Air Force, Army Aviation Corps, Navy, Coast Guard, and multiple export clients.
*For full financial results, refer to the official PDF:* https://www.bseindia.com/xml-data/corpfiling/AttachLive/221ded27-a66f-4b31-b9ec-753ca4bad133.pdf
*Data as of November 14, 2025 | Results approved on November 12, 2025*
