Dhruv Consultancy Services Ltd. Share Price

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.

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Dhruv Consultancy Wins ₹14.85 Cr NH-754K Contract

CONSULTANCY SERVICES: Dhruv Consultancy Services Limited, in association with Mark Procon, has secured an order worth ₹14.85 crore from the Ministry of Road Transport and Highways (MoRTH) for Authority Engineer services in Gujarat. The assignment involves supervising the upgradation of a 106.95-kilometre stretch of National Highway NH-754K. The contract has a tenure of 84 months, equivalent to seven years, and Goods and Services Tax (GST) will be payable extra as specified in the contract. The Authority Engineer assignment involves supervision and monitoring of the highway upgradation project, subject to the scope and responsibilities defined in the contractual terms. Such services generally include technical oversight, quality monitoring, review of construction progress and verification of compliance with applicable engineering specifications and project requirements. The project’s 84-month contract period provides a long-term execution timeline for the consultancy assignment. The order value of ₹14.85 crore, excluding GST, represents the stated contract amount and should not be interpreted as immediate revenue or profit. Revenue recognition will depend on the contract’s payment terms, the duration of services delivered and the applicable accounting requirements. The highway project adds to the company’s reported infrastructure consultancy work in the road and transportation sector. Key aspects to monitor include project commencement, service delivery milestones and the execution of the assignment in coordination with Mark Procon. Further company disclosures may provide additional information about the project’s progress and contractual arrangements. This information is shared strictly as a corporate and market update for informational purposes and should not be considered investment advice, research analysis, or a recommendation to buy or sell any security.

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Dhruv Consultancy Wins ₹14.85 Cr MoRTH Contract

CONSULTANCY SERVICES: Dhruv Consultancy Services Limited has received an Authority Engineer contract worth ₹14.85 crore from the Ministry of Road Transport and Highways (MoRTH) in Gujarat, in association with Mark Procon. The contract adds to the company’s reported project-related business activity in the infrastructure consultancy and engineering services segment. Authority Engineer assignments generally involve technical supervision, project monitoring, quality checks and compliance oversight during infrastructure development, depending on the terms of the contract. Such services play an important role in ensuring that road and highway projects are implemented in accordance with the applicable technical specifications, contractual requirements and construction standards. The contract value of ₹14.85 crore represents the stated value of the assignment and should not be interpreted as immediate revenue or profit for the company. Revenue recognition will depend on the contractual terms, the duration of the assignment and the completion of the relevant services or milestones. As the contract has been received in association with Mark Procon, the specific responsibilities and scope allocated to each party will also depend on the agreed contractual arrangement. The company’s reported market capitalisation of approximately ₹38.3 crore provides additional context regarding its current market size, although market capitalisation can fluctuate with share-price movements and does not determine the profitability of an individual contract. Further details regarding the project location, execution period and payment milestones may provide greater clarity on the assignment. This information is shared strictly as a corporate and market update for informational purposes and should not be considered investment advice, research analysis, or a recommendation to buy or sell any security.

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HAL to set up new Shakti engine production at Odisha

HAL to set up new Shakti engine production line at Odisha facility

SEBI RA – Shubh Consultancy – Sunil Kotak – INH000015826 Hindustan Aeronautics Ltd (HAL) will soon have another production facility for the Shakti engine at its Koraput facility in Odisha, as India moves to expand domestic propulsion capacity alongside a sharp increase in orders for indigenous military helicopters. Defence Minister Rajnath Singh laid the foundation stone for the new production line on Tuesday. The new manufacturing facility will come up with an investment of ₹218 crore. He also witnessed the delivery of the 2,000th aero-engine by HAL's Koraput division. Describing the milestone as a significant achievement in India’s aerospace journey, Singh called for strengthening indigenous capabilities in the design, development, testing, manufacturing and maintenance of advanced aero-engines. "An aero-engine is the heart of an aircraft. Mastery of propulsion technology is essential for self-reliance in the aerospace and defence sector," he said and emphasised the need for expertise in precision manufacturing, advanced materials, metallurgy, cooling technologies, testing and stringent quality assurance. The new line will manufacture up to 100 engines annually and is scheduled to be fully operational by 2028-29, catering to indigenous helicopters, including the advanced light helicopter (ALH) Dhruv and light combat helicopter (LCH) Prachand. All this is for information This is not a buy/sell recommendation. Thank you, Technofunda24

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Hindustan Aeronautics adds Rs 218 crore Shakti engine line

Hindustan Aeronautics Limited is adding a second Shakti engine production line at its Koraput unit for Rs 218 crore, with the Defence Minister due to lay the foundation stone on 6 October. The stock rose as much as 2.8 percent against 1.6 percent for the Nifty India Defence index. The facts: - Rs 218 crore for a second Shakti line at Sunabeda - Shakti powers the ALH Dhruv and LCH Prachand; a Rs 62,700 crore order for 156 Prachands is on the books - I found no capacity figure or completion date - Q1 FY27 (12 August, standalone): revenue Rs 5,515 crore, up 14.4%; PAT Rs 1,581 crore, up 14.8%; EBITDA margin 27.7% against a FY27 guide of 30 to 31% Rs 218 crore is about 0.07 percent of the market cap, so the plant changes no estimate. The swing item is Tejas Mk1A: management says 10 aircraft by March 2027, with 27 airframes built, 10 F404 engines in and 12 more due by December. HAL [][***** shares trade at Rs 4,755.44 at 2:29 PM IST on 6 October on StockGro (NSE close Rs 4,680.00 on 5 October). P/E 34.12; sector P/E near 48. My view: hold, not a fresh entry. Most of today's move is the sector, not the plant. At 34x HAL is below the sector, but the year leans on Tejas handovers and a margin that must climb from 27.7% to the 30 to 31% guide. Holders stay into Q2 results (date not yet out; last year 12 November). Fresh money waits for the first Tejas handovers and a Q2 margin above 27.7%. Support Rs 4,680 (5 October close and today's low); resistance Rs 5,149.90 (52-week high). My exit is a close below Rs 4,680, or Tejas handovers slipping past March 2027. 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.

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HAL HANDS OVER TRAINER AIRCRAFTS TO INDIAN AIR FORCE

India's Public Sector Aviation Manufacturer,

has handed over the Light Combat Aircraft, Tejas Final Operational Clearance Twin Seater Trainers and HTT 40 Basic Trainer Aircraft to the Indian Air Force in Bengaluru. It also handed over four Dhruv Next Generation helicopters to Pawan Hans Limited. The induction of these helicopters marks the entry into the civil aviation sector. It is India’s first indigenously produced civil helicopter to meet AS-4 requirements. This makes it suitable for civilian roles, including offshore operations. The company is now ready to manufacture Russia’s fifth-generation Su-57 "Felon" stealth fighter jets on Indian soil as it possesses the requisite technical expertise, skilled workforce, and a significant portion of the necessary infrastructure to undertake this massive project. The first prototypes of the indigenous stealth fighter are not expected to roll out until 2028 or 2029, with full operational deployment projected only after 2034.

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