Market cap, ratios, CAGR and revenue: company table snapshot as of 30 Oct 2026 (the same figures on every page). Price: snapshot as of 30 Oct 2026. Not investment advice.
Where it fits
Assembles airframes, installs engines and systems, flight-tests and hands over aircraft and helicopters, then repairs and overhauls them for decades. HAL is the default production agency; Tata Advanced Systems now runs India's first private aircraft final-assembly line (C-295).
Why it matters
Aircraft are the largest approvals: 114 Rafale fighters (MRFA) on 12 Feb 2026 (about 90 to be made in India), Advanced Light Helicopters on 7 Sep 2026, and earlier contracts for 97 Tejas Mk1A and 156 Prachand helicopters. HAL's order book reached ₹2.54L Cr (31 Mar 2026), about 7-8 years of revenue.
Where the value pool sits
The biggest pool in Indian defence by value, with long tails from repair and overhaul (about a third of HAL's revenue). Margins are healthy because HAL is effectively the sole Indian integrator, but delivery pace - not orders - limits growth.
Key drivers
Fighter squadron shortfall and ageing fleets
Helicopter and transport replacement programmes
Repair and overhaul of a growing fleet
Potential bottlenecks
Imported engines: GE delivered only 6 F404 engines to HAL in FY26 vs. 11 promised
Airframes waiting for engines (27 Tejas Mk1A airframes reported ready)