Second-quarter results saw Hindustan Aeronautics Limited and Garden Reach Shipbuilders & Engineers deliver year-on-year profit expansions of 16% and 12%, respectively. In contrast, Bharat Dynamics Limited faced a 15% drop in net profit after tax and a severe 46% decline in absolute EBITDA. Despite the operational variations, all three defence stocks dropped during Friday trading on the BSE as broader technical trends diverged. Market technicals now highlight an emerging base reversal for GRSE, ongoing consolidation for HAL, and an extended downward slide for BDL.
Key points
Hindustan Aeronautics emerged as the only company among the three to achieve positive six…: Hindustan Aeronautics emerged as the only company among the three to achieve positive six-month share gains, rising 4.39%.
Garden Reach Shipbuilders is positioned as a buy on dips candidate between ₹2,160 and ₹2,…: Garden Reach Shipbuilders is positioned as a buy on dips candidate between ₹2,160 and ₹2,205 according to Bonanza.
Bharat Dynamics remains trapped in a sustained technical downtrend trading below all of i…: Bharat Dynamics remains trapped in a sustained technical downtrend trading below all of its major moving averages.
Sources checked by our analysis pipeline: 1
GRSE vs HAL vs BDL: As the corporate earnings season nears its conclusion, recent earnings have put spotlight on three major defence Public Sector Undertakings (PSUs). Garden Reach Shipbuilders & Engineers (GRSE) reported a 12% year-on-year (YoY) increase in consolidated net profit for the first half of the financial year 2026-27.
Hindustan Aeronautics Limited (HAL)’s profit after tax (PAT) posted a 16% annual surge in net profit, while Bharat Dynamics Limited (BDL) reported a 15% decline in net profit.
With all three stocks ending lower on Friday, November 13, 2026, here's a comparison of their Q2 results and technical outlook for GRSE, BDL and HAL.
The warship-building PSU, GRSE, reported a 12% annual increase in its net profit to ₹172 crore for the second quarter of financial year 2026-27. Its net profit was driven by higher revenue from operations. Its net profit stood at ₹154 crore in the year ago period.
The state run aerospace and defence company, HAL, reported a net profit of ₹1,936 crore for the second quarter of FY27, against a net profit of ₹1,669 crore in…
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Credit analysts determined that the aerospace and defense firm qualifies for a stronger investment-grade status due to improving balance sheet fundamentals. Sustained market appetite for the company's offerings combined with active financial deleveraging drove the improved credit evaluation. This assessment signals greater confidence in the organization's ongoing financial stability.
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