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LCA Mk1A ramp-up execution risk
View Risks →Hal Ltd — Q4 FY25
HAL reported FY25 revenue of ₹30,105 crore, up 7.25% YoY (adjusted for one-time prior year items), with operating EBITDA margin maintained at ~31%.
bullish
high
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HAL reported FY25 revenue of ₹30,105 crore, up 7.25% YoY (adjusted for one-time prior year items), with operating EBITDA margin maintained at ~31%. Growth was constrained by GE engine supply issues for LCA Mk1A and ALH fleet grounding post-accident, both now resolved. Order book surged to ₹1,89,300 crore (6x revenue) after securing major contracts including 156 LCH Prachand (₹62,777 crore) and 240 AL-31FP engines (₹25,500 crore). Management guided 8-10% revenue growth for FY26 with stable margins, and expects double-digit growth from FY27 onward as LCA Mk1A deliveries ramp to 12 units this year and 24+ annually by FY27. Key risks: execution delays in LCA Mk1A ramp-up and LUH certification issues.
HAL ने FY25 में ₹30,105 करोड़ का राजस्व कमाया, जो पिछले साल की तुलना में 7.25% अधिक है। कंपनी का ऑपरेटिंग EBITDA मार्जिन लगभग 31% रहा। पहले GE इंजन की कमी और ALH हेलीकॉप्टर के ग्राउंड होने से वृद्धि धीमी थी, लेकिन अब ये समस्याएं हल हो गई हैं। HAL के पास अब ₹1,89,300 करोड़ का ऑर्डर बुक है, जो राजस्व से 6 गुना है। इसमें 156 LCH प्रचंड (₹62,777 करोड़) और 240 AL-31FP इंजन (₹25,500 करोड़) के बड़े ऑर्डर शामिल हैं। कंपनी ने FY26 में 8-10% राजस्व वृद्धि और स्थिर मार्जिन का अनुमान लगाया है। FY27 से दोहरे अंकों में वृद्धि की उम्मीद है, जब LCA Mk1A की डिलीवरी बढ़कर 12 से 24+ प्रति वर्ष हो जाएगी। मुख्य जोखिम: LCA Mk1A उत्पादन में देरी और LUH सर्टिफिकेशन की समस्या।
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Order Book
₹1,89,300 crore
+101% YoY
Order book increased from ₹94,127 crore as of April 2024, driven by major manufacturing contracts.
LCA Mk1A Deliveries (CY25)
12 units
from near-zero in FY25
GE resolved supply chain issues; 12 engines to be delivered in CY25, enabling 12 aircraft deliveries.
Order Pipeline
₹1,00,000 crore
expected in 1-2 years
Includes 97 LCA Mk1A, 143 ALH, and other contracts at various approval stages.
CapEx Plan (5-year)
₹14,000-15,000 crore
new plan
Investment to expand manufacturing capacity for LCA Mk2, GE F414 engines, and IMRH.
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Guidance and risk preview
Management guided revenue growth of 8-10% for FY26, with potential for double-digit growth from FY27 onward.
GE engine supply issues have delayed deliveries; despite resolution, sustained ramp-up to 24+ units per year remains a challenge.
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