HAL posted a consolidated net profit of ₹1,935.64 crore alongside a 14.9% increase in revenue for the quarter ended September 30, 2026. However, its EBITDA margin fell by three percentage points to 24.1%, driving shares down by 2% to around ₹4,834. The margin squeeze extended across the entire first half of the financial year, where margins retreated to 25.7%. Meanwhile, engine supplies improved as General Electric delivered three F404 engines for the Tejas Mk1A programme.
Key points
Margin compression overshadowed steady revenue gains as operating profitability fell shor…: Margin compression overshadowed steady revenue gains as operating profitability fell short of investor expectations during the quarter.
Critical equipment supplies gained traction with increased engine shipments that help mit…: Critical equipment supplies gained traction with increased engine shipments that help mitigate persistent delivery bottlenecks for fighter aircraft.
Strategic consolidation advanced with board approval to acquire the remaining half of the…: Strategic consolidation advanced with board approval to acquire the remaining half of the HATSOFF Helicopter Technologies joint venture.
Sources checked by our analysis pipeline: 1
Shares of Hindustan Aeronautics Limited (HAL), the state-run aerospace and defence company, fell 2% in Thursday's trade to around ₹4,834 apiece after the company's operating profitability missed Street estimates, despite reporting a 16% year-on-year (YoY) increase in net profit for the September quarter.
The defence major reported a consolidated net profit of ₹1,935.64 crore for the quarter ended September 30, 2026, compared with ₹1,669.05 crore in the corresponding period last year, supported by higher revenue and project deliveries. Revenue from operations increased 14.9% YoY to ₹7,613.25 crore from ₹6,628.61 crore.
However, operating profitability remained relatively subdued. HAL's EBITDA is estimated to have increased just 2.3% YoY to around ₹1,836 crore in Q2 FY27, compared with approximately ₹1,794.87 crore in the year-ago quarter.
Consequently, the EBITDA margin contracted to 24.1% from 27.1%, highlighting pressure on operating profitability despite healthy revenue growth.
For the first half of FY27, HAL reported a 15.5%
YoY increase in net profit to ₹3,525.30 crore, while revenue from operations grew 14.7% to ₹13,128.42 crore. EBITDA stood at approximately ₹3,374.37 crore, up from ₹3,172.09 crore in H1 FY26,…
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