HAL

Last traded around ₹ 4,595 on the NSE (as of 21 Nov 2025) for HAL. 52-week high ₹ 5,165; 52-week low ₹ 3,046. Valuation multiples: P/E 36.3× (TTM) and P/B 8.28× Debt to equity essentially zero (or minimal) While profits are growing, margins are under pressure: e.g., Q2 FY26 (Sept 2025 quarter) saw EBITDA margin drop to 23.5% from 27.4% a year ago. Sales growth over the past 5 years has been modest (~7.6% according to one data provider) despite strong profit growth, indicating maybe some bottlenecks. Being almost entirely order-book driven and dependent on government/contracts, execution risk is significant (delays, cost overruns) — recall profit drop last year due to supply delays.