HAL Q1 FY27 Results: Profit Up 15%,Tejas Ramp Is the Trigger

Hindustan Aeronautics Limited reported audited Q1 FY27 results for the quarter ended 30 June 2026 on 12 August 2026. Q1 FY27 numbers (consolidated): Revenue from operations: Rs 5,515.17 crore, up 14.4% YoY from Rs 4,819.01 crore EBITDA: Rs 1,527 crore, up 19% YoY; margin 27.67% vs 26.64% PAT: Rs 1,589.66 crore, up 14.8% YoY from Rs 1,383.77 crore; EPS Rs 23.77 Beat estimates on revenue, EBITDA and PAT by 4%, 6%, 4%, per Citi The order book stands near Rs 2.45 lakh crore, over seven times FY26 revenue, after Rs 97,028 crore of FY26 inflows led by the 97-jet Tejas Mk1A order. Execution is the variable: no Mk1A was formally delivered as of May despite engines and airframes in inventory. Seven GE F404 engines are in, ten more due before November; the first squadron is targeted by March 2027. Guidance: double-digit FY27 growth, stable margins. Final dividend Rs 10. Hindustan Aeronautics [][***** shares trade near Rs 5,000 on 21 August 2026, up 11 percent over the past month, 3 percent below the 52-week high of Rs 5,150. Trailing P/E near 36. My view: the quarter is a small beat, the case is the ramp. The market pre-paid 11 percent this month for an inflection that is promised, not printed; the first formal Mk1A handover and the November engine batch decide the re-rate. In the defence PSU pack, 36x with seven years of book cover is the least demanding multiple; holders stay, fresh entry waits for the headline or a pullback. Levels: Rs 4,900 to 4,972 is the breakout base; Rs 5,150 the high; lose Rs 4,900 and the July shelf near Rs 4,500 is the next reference. Disclosure: Vijay Kumar Gupta, SEBI Registered Research Analyst, INH000020226, Vijay Gupta Advisory. SEBI registration and NISM certification do not guarantee performance or assure returns. Securities markets are subject to market risks. No holdings in the subject company.