HINDUSTAN AERONAUTICS FUNDAMENTAL RESEARCH REPORT

Hindustan Aeronautics (NSE: HAL, BSE: 541154), Bengaluru, is India’s state-owned military aircraft, helicopter and aero-engine maker (a Maharatna CPSE; Government of India holds 71.64%). It builds the Tejas LCA, Su-30MKI, ALH Dhruv, LCHPrachand, HTT-40 trainers, Dornier-228s and engines (AL-31FP, RD-33), and earns ~62% of revenue from repair and overhaul(ROH) of the forces’ fl eets. Lane note: HAL is an F&O stock; this positional report was run on the owner’s instruction as anoverride of the SOP three-buckets rule. Event 1 - a record order book. The order book reached Rs 2,54,538 Cr on 1-Apr-2026 (from Rs 1,89,302 Cr), about 7.7x FY26revenue, after Rs 97,028 Cr of fresh orders in FY26, including 97 Tejas LCA Mk1A . Management expects another ~Rs 90,000 Cr over the next two years (143 ALH for the Army, the Su-30 upgrade, 40 Do-228 upgrades). On 7-Sep-2026 the DAC cleared theAoN for ALH procurement.