Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹13,942 Cr
verified against source
Revenue YoY
7%
reported change
EBITDA
₹13,472 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
HAL reported FY26 revenue of ₹33,150 crore (+7% YoY), with EBITDA of ₹13,472 crore (+11% YoY) and margins steady at 30%. Manufacturing revenue grew 30% to ₹9,227 crore, driven by ALH helicopter and engine deliveries, while RO revenue was flat at ~₹20,525 crore. The order book surged to ₹2,54,538 crore (+35% YoY) after ₹97,028 crore of fresh orders, including 97 LCA Mk1A and other platforms. Management guided for 10-12% revenue growth in FY27 and maintained EBITDA margin guidance of 30-31%. Key risks include further delays in LCA Mk1A deliveries (targeted to start by September 2026) and global supply chain disruptions affecting engine supplies from GE and Honeywell.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects double-digit revenue growth of 10-12% in FY27, driven by LCA Mk1A and HTT40 deliveries.
- Management guided that EBITDA margin will be maintained around 30-31% in FY27, supported by cost pass-through clauses and inventory built up.
- HAL plans to deliver 20 LCA Mk1A aircraft in FY27, subject to receipt of 15-20 engines from GE starting August 2026.
- HAL plans to invest ₹12,000 crore in manufacturing infrastructure for LCA Mk2, GE414 engines, IMRF engines, and SSLV by 2030.
Risks flagged
- LCA Mk1A deliveries have been delayed multiple times; management now targets start by September 2026, but risks remain due to software issues and engine supply constraints.
- Supply chain issues have impacted engine supplies from GE and Honeywell, causing delays in LCA and HTT40 programs. Management noted slowness but expects resolution.
- HAL is executing several large programs (LCA Mk1A, HTT40, Su-30MKI upgrade, LCH) simultaneously, which could strain resources and lead to delays.
Key quotes
- We are hoping to resolve everything and stabilize by August or September.
- The order pipeline looks even more promising with additional anticipated contracts of 143 ALH for Army, 230 upgrade of 40 Do228 etc.
- Supply chain issue is global. It has not spared anybody even the big players like GE or Honeywell.
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