New Delhi: The shares of Hindustan Aeronautics Limited (HAL) settled in the positive territory on 17 February (Tuesday) after the Q3 results. In its October-December FY26 quarter, the defence PSU major recorded a revenue of Rs 76.9 billion, up 10.7% year-on-year. HAL’s Gross margin stood at 53.6% (compared to 50.8% in 3QFY25), EBITDA margin remained flat year-on-year at 24.3%, while absolute EBITDA jumped 10.8% year-on-year to Rs 18.7 billion.
In its Q3 Results, HAL mentioned that the adjusted PAT appreciated 29.3% year-on-year to Rs 18.5 billion, driven by higher other income (advance payments from front-loaded orders received over the past 12–15 months). The backlog is around Rs 2.7 trillion (8.7x FY25 sales).
HAL share price target
InCred Equities stated that Hindustan Aeronautics posted decent Q3 financial results versus street revenue/EBITDA expectations, but PAT was 8% higher due to elevated other income (37% of PBT). Notably, the defence major had a record order book in 2025. The financial services provider said it maintains an ADD rating with a lower target price of Rs 4,800 for HAL stock.
According to the brokerage, based on coverage transfer, FY26F EPS is upgraded by 8% (due to higher other income). However, FY27F/28F EPS is cut by 5%/12% respectively, as they believe margins may be affected by a higher product-delivery mix beyond the 10–12% annual growth in MRO, while a Rs 150-billion capex plan over four to five years will impact cash accumulation.
The market expects timely delivery of the Tejas Mk1A, as the company has a backlog of Rs 2.7 trillion, providing long-term visibility.
HAL details on BSE as of February 17, 2026
Previous Close: 4226.05
Open: 4226.05
High: 4295.00
Low: 4225.00
VWAP: 4,258.72
52 Wk High: 5,166.00
52 Wk Low: 3,045.95
Upper Price Band: 4,648.65
Lower Price Band: 3,803.45
Price Band: No Band
TTQ (Lakh): 0.56
Turnover (Cr.): 23.91
2W Avg Qty`(Lakh): 2.40
Mcap Full (Cr.): 2,84,055.49
Mcap FF (Cr.): 80,338.56
EPS (TTM): 73.14 / 147.12 (Standalone / Consolidated)
CEPS (TTM): – / 168.67 (Standalone / Consolidated)
PE – / 28.87 (Standalone / Consolidated)
ROE / PB: – / –
Face Value:5.00
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