HAL IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| Ministry of Defence | REV SHARE | 32,427 | 32,427–32,427 | 98.0% | — | FY26 | DISC | 90% |
| “Since the Company is a Government entity under the control of Ministry of Defence (MoD), around 98% of the Company’s turnover, around 98% of Trade receivables …” AR · +2 DOC | ||||||||
| PIB Delhi Ministry of Defence | CONTRACT | 29,780 | 13,940–29,780 | 90.0% | — | FY26 | EST | 75% |
| “Posted On: 03 MAR 2026 3:22PM by PIB Delhi Ministry of Defence, on March 03, 2026, signed contracts worth a total of Rs 5,083 crore for the acquisition of six …” ORDER p.2 · 03-MAR-26 · +1 DOC | ||||||||
| PIB Delhi | CONTRACT | 29,780 | 13,940–29,780 | 90.0% | — | FY25 | EST | 75% |
| “Posted On: 12 DEC 2024 8:22PM by PIB Delhi In a major boost to the Aatmanirbhar Bharat' initiative of the government, a contract for procurement of 12 Su-30MKI…” ORDER p.2 · 13-DEC-24 DOC | ||||||||
| Business | UNSTATED | 29,780 | 29,780–29,780 | 90.0% | CAPEX | FY26 | EST | 75% |
| “During his career spanning of 36 years in HAL, he has worked in various functions viz., Production Engineering, IT, Supply Chain, Aircraft Assembly, Customer S…” AR · +1 DOC | ||||||||
| Indian Defence. | UNSTATED | 29,780 | 29,780–29,780 | 90.0% | — | FY26 | EST | 75% |
| “However, majority of the company’s supplies are for the Indian Defence Services namely Indian Air Force (IAF), Indian Navy (IN), Indian Army (IA) and Indian Co…” AR · +1 DOC | ||||||||
| Standing Conference of Public Enterprises (SCOPE) | UNSTATED | 29,780 | 29,780–29,780 | 90.0% | — | FY26 | EST | 75% |
| “No. Name of the trade and industry chambers/ associations Reach of trade and industry chambers/ associations (State/National) 1 Federation of Indian Chambers o…” AR DOC | ||||||||
| Customs Department | UNSTATED | 29,780 | 29,780–29,780 | 90.0% | — | FY26 | EST | 75% |
| “CLAIMS BY THE COMPANY Claims on suppliers / underwriters / carriers towards loss / damages, claims for export subsidy, duty drawbacks, and claims on Customs de…” AR · +1 DOC | ||||||||
| Maharashtra | UNSTATED | 29,780 | 13,940–29,780 | 90.0% | — | FY25 | EST | 75% |
| “He was awarded by Maharashtra Energy Development agency, the “9th state level award for excellence in energy conservation and management” under individual cate…” AR · +1 DOC | ||||||||
| Safran Aircraft Engines | UNSTATED | 29,780 | 29,780–29,780 | 90.0% | CAPEX | FY25 | EST | 75% |
| “• The Company also signed a long- term contract with Safran Aircraft Engines (SAE), for the export of ring forgings for LEAP engines.” AR DOC | ||||||||
| Gujarat Urja Vikas Nigam Limited | UNSTATED | 29,780 | 29,780–29,780 | 90.0% | — | FY25 | EST | 75% |
| “As Secretary, Expenditure Department of Finance, Government of Gujarat she has also served on the board of key State PSUs of Gujarat like Gujarat Urja Vikas Ni…” AR DOC | ||||||||
| Indian Defence. | UNSTATED | 29,780 | 29,780–29,780 | 90.0% | CAPEX | FY25 | EST | 75% |
| “Markets served by the entity: a. Number of locations Locations Number National (No. of States) HAL produced aircraft are being operated by Indian Defence Servi…” AR DOC | ||||||||
| Securities and Exchange Board of India | UNSTATED | 29,780 | 29,780–29,780 | 90.0% | — | FY26 | EST | 70% |
| “(Not Applicable during the audit period) f. The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 reg…” AR · +1 DOC | ||||||||
| Karnataka | CONTRACT | 29,780 | 13,940–29,780 | 90.0% | — | FY26 | EST | 70% |
| “The compensation awarded of ` 549 lakhs (Previous year ` 549 lakhs) by M/s. Karnataka Industrial Area Development Board Hindustan Aeronautics Limited246Note 49…” AR · +2 DOC | ||||||||
| Business | UNSTATED | 29,780 | 13,940–29,780 | 90.0% | — | FY26 | EST | 70% |
| “ “IEI Industry Excellence Award 2024” (Platinum Award) under Engineering Manufacturing and Processing Category for demonstrating Outstanding Performance with …” AR · +1 DOC | ||||||||
| Mumbai | UNSTATED | 29,780 | 13,940–29,780 | 90.0% | — | FY26 | EST | 70% |
| “(iii) Certification Programs: Certification programs such as Business Law & Contracts Management by NLSIU, Digital Transformation through AI / ML by IIT- Mumba…” AR DOC | ||||||||
| Buyer | UNSTATED | 29,780 | 29,780–29,780 | 90.0% | — | FY26 | EST | 70% |
| “No. Category Number of shareholders Number of shares held % of total holding 1 President of India 1 47,91,02,424 71.64 2 Mutual Funds 240 2,88,27,927 4.31 3 Al…” AR · +1 DOC | ||||||||
| Authority. | UNSTATED | 29,780 | 13,940–29,780 | 90.0% | — | FY26 | EST | 70% |
| “The said requirement does not apply to shares in respect of which there is a specific order of Court, Tribunal or Statutory Authority, restraining any transfer…” AR · +1 DOC | ||||||||
| Appellate Authority | UNSTATED | 29,780 | 13,940–29,780 | 90.0% | — | FY26 | EST | 70% |
| “(q) Right to Information In order to address the provisions of the Right to Information Act, 2005 (RTI Act), First Appellate Authority, Central Public Informat…” AR · +1 DOC | ||||||||
| Ministry of Defence | UNSTATED | 29,780 | 29,780–29,780 | 90.0% | CAPEX | FY26 | EST | 70% |
| “Indian Air Force, Indian Navy, Indian Army and Indian Coast Guard are the primary Customers of the Company for supplies of aircraft, helicopters, engines, acce…” AR DOC | ||||||||
| Office | UNSTATED | 29,780 | 13,940–29,780 | 90.0% | — | FY26 | EST | 70% |
| “For contractual employees, the Engineer-in-Charge / Office-in-Charge / Dept. concerned handling the Contracts in the Divisions / Offices looks after issues rel…” AR · +1 DOC | ||||||||
| Buyer | UNSTATED | 29,780 | 29,780–29,780 | 90.0% | CAPEX | FY26 | EST | 70% |
| “Acceptance by the Buyer’s inspection agency/SOC or as agreed to by the Buyer, in the case of Repair & Overhaul of Aircraft/Helicopter/Engine, Rotables, Site re…” AR · +1 DOC | ||||||||
| Others | UNSTATED | 29,780 | 13,940–29,780 | 90.0% | — | FY26 | EST | 70% |
| “(net) 149914 137667 (iii) Aggregate amount of impairment in value of investments 0 0 Note 8 - Financial Asset - Trade Receivables (` in Lakhs) Particulars As a…” AR · +1 DOC | ||||||||
| Parties | UNSTATED | 29,780 | 13,940–29,780 | 90.0% | — | FY25 | EST | 70% |
| “(net) 149914 137667 (iii) Aggregate amount of impairment in value of investments 0 0 Note 8 - Financial Asset - Trade Receivables (` in Lakhs) Particulars As a…” AR DOC | ||||||||
| Bharat Sanchar Nigam | UNSTATED | 29,780 | 13,940–29,780 | 90.0% | — | FY26 | EST | 65% |
| “To strengthen network resilience and performance, a contract has been signed with M/s BSNL for the implementation of a high-speed SD-WAN solution.” AR DOC | ||||||||
| National Highways Authority of India | UNSTATED | 29,780 | 29,780–29,780 | 90.0% | — | FY26 | EST | 65% |
| “(iii) Out of total land of 431.06 acres, 2.03 acres of land was sold to NHAI.” AR · +1 DOC | ||||||||
| Indian Space Research Organisation | UNSTATED | 29,780 | 29,780–29,780 | 90.0% | — | FY25 | EST | 65% |
| “• The Company supplied structural assemblies to ISRO for its GSLV-F15 NVS-02 Mission.” AR DOC | ||||||||
| IOCIndian Oil Corporation Ltd. | UNSTATED | 26,953 | 12,617–26,953 | 81.5% | — | 2024-05→2025-05 | EST | 50% |
| “So, we had gone that price fixation redone and because of which the IOC contract Change Order 3 which was pending for quite some time, it has been finalized in…” CONCALL · +1 DOC | ||||||||
| LTLarsen & Toubro Ltd. | CONTRACT | 14,188 | 6,642–14,188 | 42.9% | — | 2023-05 | EST | 60% |
| “HAL-L&T Hindustan Aeronautics Limited May 17, 2023 Page 3 of 17 consortium, again, has bagged INR860 crores contract for end-to-end realization of this 5 Polar…” CONCALL DOC | ||||||||
| BELBharat Electronics Ltd. | UNSTATED | 1,162 | 1,162–1,162 | 3.5% | — | 2026-01 | EST | 50% |
| “Manoj Jain: Uttam radar right now as a radar is handled by HAL and only subsystem level, the triple AU level only, we are one of the vendors.” CONCALL DOC | ||||||||
| BANKINDIABank of India | UNSTATED | 736 | 345–736 | 2.2% | — | FY25 | EST | 70% |
| “(xvi) a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.Hence reporting under clause 3(xvi)(a), (b) an…” AR DOC | ||||||||
| Business | UNSTATED | — | — | — | SG&A | FY25 | EST | 75% |
| “He had joined HAL in 2004 and has served in various capacities in various departments in Nasik such as Plant Maintenance, Outsourcing, Head of MiG ROH Project,…” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | R&D | FY26 | EST | 70% |
| “11 The aggregate amount of Research and Development Expenditure recognised as expenses during the period is as below: Expenditure on Research and Development i…” AR · +1 DOC | ||||||||
| Appellate Authority | UNSTATED | — | — | — | COGS | FY25 | EST | 70% |
| “Deductible expense for tax purpose: Other Deductible Expenditure 464 998 Provisions for Warranty, Replacement, Onerous Contracts, Doubtful Debts, Claims & Mate…” AR DOC | ||||||||
| HFCLHFCL Ltd. | UNSTATED | — | — | — | COGS | 2026-05 | EST | 60% |
| “Besides, we have also established capabilities in critical areas such as wire harnesses for defence sectors, and we have been recognised by Hindustan Aeronauti…” CONCALL p.6 · 31-MAY-26 DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| BELBharat Electronics Ltd. | UNSTATED | 24,732 | 24,732–24,732 | — | CAPEX | 2025-11 | EST | 50% |
| “So -- and LCA, so we are expecting in another 1, 1.5 months, hopefully, we will get from HAL this order for avionics package for all the items for this 97 airc…” CONCALL DOC | ||||||||
| JSLJindal Stainless Ltd. | UNSTATED | 8,704 | 6,528–8,704 | 37.4% | — | FY25 | EST | 75% |
| “It also secured a repeat order from Hindustan Aeronautics Limited – Aerospace Division for PSLV motor casings, following its earlier supply for small satellite…” AR DOC | ||||||||
| BHELBharat Heavy Electricals Ltd. | UNSTATED | 6,845 | 3,204–6,845 | 29.4% | — | 2024-05 | EST | 55% |
| “And, other than that in the Air Force, we have got orders from HAL for 83 compact heat exchangers for the LCA Tejas MK1A. Another 93 I think HAL has got an ord…” CONCALL DOC | ||||||||
| BELBharat Electronics Ltd. | CONTRACT | 5,568 | 2,607–5,568 | 23.9% | — | FY25 | EST | 60% |
| “BTSL achieved milestone turnover of ` 118 Crore for the Year 2024-25 experiencing strong growth of 26% from previous year’s ` 93.77 Crore and highest ever Orde…” AR · +2 DOC | ||||||||
| BEMLBEML Ltd. | CONTRACT | 882 | 413–882 | 3.8% | — | FY27 | EST | 85% |
| “Pursuant to Regulation 30 read with Schedule III of SEBI (LODR) Regulations, 2015, we hereby inform that BEML Limited has secured a significant order worth Rs.…” ORDER p.1 · 11-AUG-26 · +1 DOC | ||||||||
| GRAPHITEGraphite India Ltd. | UNSTATED | 578 | 578–578 | 2.5% | — | FY25 | EST | 65% |
| “We have developed and supplied more than 100 numbers of Carbon Brush for Aerospace Application to HAL.” AR DOC | ||||||||
| JYOTICNCJyoti CNC Automation Ltd. | UNSTATED | 424 | 424–424 | 1.8% | — | 2026-08 | EST | 55% |
| “And if I have to export, let's say, give machines to HAL and I'm using a Siemens controller.” CONCALL DOC | ||||||||
| MTARTECHMTAR Technologies Ltd. | UNSTATED | 178 | 83–178 | 0.8% | — | FY25 | EST | 60% |
| “Contracts for manufacturing five PSLVs have been awarded to the HAL-L&T consortium, and bidding has been opened for GSLV and SSLV production.” AR DOC | ||||||||
| PTCILPTC Industries Ltd. | UNSTATED | 122 | 57–122 | 0.5% | — | FY25 | EST | 60% |
| “In terms of the Letter of Award dated January 09, 2024, issued by the Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) to MIDHANI (Lead Memb…” AR DOC | ||||||||
| BDLBharat Dynamics Ltd. | CONTRACT | CT 1,348 | — | — | CAPEX | FY27 | EST | 85% |
| “Pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, (as amended) we wish to inform that BDL has received following orders worth about Rs 1347.71 crore …” ORDER p.1 · 24-JUN-26 DOC | ||||||||
| Renewable Energy | UNSTATED | — | — | — | SG&A | FY26 | EST | 70% |
| “Land under Clause 14.3 includes 12 acres of land given on lease to M/s LNB Renewable Energy Pvt Ltd., Hyderabad for 25 years, giving vendor the ‘Right to Use’ …” AR · +1 DOC | ||||||||
| JPPOWERJaiprakash Power Ventures Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 65% |
| “However, due to inordinate delays in obtaining Non Scheduled Operating Permit (NSOP) approval from Ministry of Civil Aviation, the contract with HAL was termin…” AR DOC | ||||||||
| Maharashtra | UNSTATED | — | — | — | — | 2025-05 | EST | 65% |
| “An out-of-court settlement with the State Govt. of Maharashtra resolving the long pending disputed sales tax issue on supplies and services by HAL to Defense s…” CONCALL DOC | ||||||||
| COCHINSHIPCochin Shipyard Ltd. | UNSTATED | — | — | — | R&D | FY26 | EST | 60% |
| “Major Ship Repair customers include Indian Navy, Coast Guard, Shipping Corporation of India Limited, Dredging Corporation of India Limited, Oil and Natural Gas…” AR p.116 · 31-MAR-26 DOC | ||||||||
| ITIITI Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 60% |
| “It has also begun executing space electronic package orders for the HAL–L&T consortium for PSLV.” AR DOC | ||||||||
| ITIITI Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 60% |
| “in addition to screening of components, also started executing orders for space electronic packages for HAL-L&T consortium for PSLV.” AR DOC | ||||||||
| CYIENTCyient Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 60% |
| “● The National Company Law Tribunal (NCLT), vide its order dated August 28, 2025, directed the commencement of the Corporate Insolvency Resolution Process in r…” AR p.74 · 31-MAR-26 DOC | ||||||||
| IOCIndian Oil Corporation Ltd. | UNSTATED | — | — | — | — | 2024-05 | EST | 55% |
| “C.B. Ananthakrishnan: As far as the gross margins is concerned, as we have disclosed in our results as well, the Change Order 3 with respect to the pricing of …” CONCALL DOC | ||||||||
| DATAPATTNSData Patterns (India) Ltd. | UNSTATED | — | — | — | CAPEX | 2026-02→2026-08 | EST | 50% |
| “See, this varies with the contract, varies with the customer delivery, because if you take HAL, they deliver aircraft over a period of years.” CONCALL p.8 · 31-AUG-26 · +1 DOC | ||||||||
| DATAPATTNSData Patterns (India) Ltd. | UNSTATED | — | — | — | — | 2026-08 | EST | 50% |
| “Whatever we've talked now on the orders negotiated do not include HAL contracts.” CONCALL p.8 · 31-AUG-26 DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNOUNCEMENTS | 9/9 | 100% | 15-OCT-26 |
| ANNUAL | 2/2 | 100% | 15-OCT-26 |
| CONCALL | 4/4 | 100% | 15-OCT-26 |
| ORDERS | 9/9 | 100% | 15-OCT-26 |
| RATINGS | 1/3 | 33% | 14-NOV-26 |
| SCREENER | 1/1 | 100% | 10-NOV-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUSTOMER HHI | 0.502 | 14-NOV-26 | Bharat Electronics Ltd. share 3% · Larsen & Toubro Ltd. share 33% · Indian Oil Corporation Ltd. share 63% · Bank of India share 2% |
| CUST MOM 1M | +12.5% | 14-NOV-26 | from 15-OCT-26 · HFCL Ltd. -15.7% w 0 · Bharat Electronics Ltd. +5.4% w 0 · Larsen & Toubro Ltd. +14.1% w 0 · Indian Oil Corporation Ltd. +11.8% w 1 · Bank of India +18.2% w 0 |
| DISTRESS SCORE | 0.036 | 13-OCT-26 | roe 0.22 · operatingMargin 0.3 · debtToEquity 0 · interestCoverage 507.33 · assetTurnover 0.25 · leverage 3.27 |
| SUPP MOM 1M | +3.0% | 14-NOV-26 | from 15-OCT-26 · Bharat Heavy Electricals Ltd. +0.5% w 0 · Jindal Stainless Ltd. -1.9% w 0 · PTC Industries Ltd. -3.8% w 0 · Cochin Shipyard Ltd. -6.1% w 0 · MTAR Technologies Ltd. -17.7% w 0 · ITI Ltd. +10.5% w 0 |