Hindustan Aeronautics HAL
Aerospace Component Manufacturing & MRO: Final aircraft/helicopter assembly and integration (Tejas, Su-30, ALH Dhruv), plus repair & overhaul (ROH, ~1/3 of revenue) - India's largest MRO by revenue
Mapped in 3 themes: Aerospace Component Manufacturing & MRO, Rare-Earth Magnets (REPM) and Defence Procurement (DAC approvals).
Where Hindustan Aeronautics sits in the supply chain
Hindustan Aeronautics appears in 5 supply-chain layers across 3 themes: Aerospace Component Manufacturing & MRO, Rare-Earth Magnets (REPM) and Defence Procurement (DAC approvals).
Aerospace Component Manufacturing & MRO › MRO Services (Airframe / Engine / Component)
Direct supplierFinal aircraft/helicopter assembly and integration (Tejas, Su-30, ALH Dhruv), plus repair & overhaul (ROH, ~1/3 of revenue) - India's largest MRO by revenue
Other companies in this layer
Aerospace Component Manufacturing & MRO › Systems Integration, Assembly EPC & Primes
Direct supplierFinal aircraft/helicopter assembly and integration (Tejas, Su-30, ALH Dhruv), plus repair & overhaul (ROH, ~1/3 of revenue) - India's largest MRO by revenue
Other companies in this layer
Rare-Earth Magnets (REPM) › Defence & aerospace
Indirect supplierFighter, trainer and helicopter maker - control-surface actuators and generators use rare-earth (often samarium-cobalt) magnets
Other companies in this layer
Defence Procurement (DAC approvals) › Fighters & helicopters
OperatorIndia's main aircraft and helicopter maker and the default production agency for DAC-approved aircraft (Tejas, Su-30, ALH, Prachand)
Other companies in this layer
Defence Procurement (DAC approvals) › Engines, aerostructures & precision parts
OwnerIndia's main aircraft and helicopter maker and the default production agency for DAC-approved aircraft (Tejas, Su-30, ALH, Prachand)
Other companies in this layer
Revenue and profit
| ₹ Cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 30,381 | 30,981 | 33,089 |
| Net profit | 7,621 | 8,364 | 9,116 |
Latest-year revenue ₹33,089 Cr (FY26, company-wide). Wider screens show FY22 onwards.
Strengths · in Aerospace Component Manufacturing & MRO
- Sole domestic integrator for India's frontline fighter and helicopter platforms (Tejas, Su-30, ALH Dhruv), giving it an effectively monopoly order pipeline tied to multi-decade defence-modernisation programmes
- India's largest MRO provider by revenue, with a captive demand base from the military fleets it also manufactures - an integrated manufacture-and-sustain model competitors can't replicate
Risks · in Aerospace Component Manufacturing & MRO
- Revenue almost entirely military/government - minimal civil aviation diversification
- Execution risk on large, multi-year platform programmes (Tejas, helicopters)
- ROH/MRO is roughly a third of HAL's revenue - the larger share is manufacturing/integration, not sustainment
Common questions
What does Hindustan Aeronautics do?
In Aerospace Component Manufacturing & MRO: Final aircraft/helicopter assembly and integration (Tejas, Su-30, ALH Dhruv), plus repair & overhaul (ROH, ~1/3 of revenue) - India's largest MRO by revenue. NextResearch maps it in 3 supply chains: Aerospace Component Manufacturing & MRO, Rare-Earth Magnets (REPM) and Defence Procurement (DAC approvals).
Where does Hindustan Aeronautics sit in the supply chain?
Hindustan Aeronautics (NSE: HAL) is mapped in 5 supply-chain layers: MRO Services (Airframe / Engine / Component) (Aerospace Component Manufacturing & MRO); Systems Integration, Assembly EPC & Primes (Aerospace Component Manufacturing & MRO); Defence & aerospace (Rare-Earth Magnets (REPM)); Fighters & helicopters (Defence Procurement (DAC approvals)); and 1 more.
Who are Hindustan Aeronautics' peers?
In the Systems Integration, Assembly EPC & Primes layer of Aerospace Component Manufacturing & MRO: Bharat Electronics, Bharat Dynamics, Larsen & Toubro, BEML, Tata Advanced Systems (not NSE-listed), ideaForge Technology and 1 more.
What is Hindustan Aeronautics' market cap and valuation?
As of 30 Oct 2026: market cap ₹3.25L Cr, P/E 34.8x, ROCE 32.0%, ROE 24.0%, dividend yield 0.93%.