Order Book
₹1,89,300 crore
+101% YoY
Order book increased from ₹94,127 crore as of April 2024, driven by major manufacturing contracts.
HAL
Diversified
15 May 2025
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%.
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
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।
Key Numbers
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.
Management Guidance
Revenue growth 8-10% for FY26
Management guided revenue growth of 8-10% for FY26, with potential for double-digit growth from FY27 onward.
Management guidance revenueOperating EBITDA margin maintained at ~31%
CFO stated operating EBITDA margin (excluding other income) will be maintained at around 31%.
Management guidance marginsLCA Mk1A deliveries of 12 units in CY25
GE to supply 12 engines in CY25, enabling delivery of 12 LCA Mk1A aircraft this year.
Management guidance growthCapEx of ₹14,000-15,000 crore over 5 years
Comprehensive CapEx plan to expand manufacturing capabilities for LCA Mk2, GE F414 engines, and IMRH.
Management guidance capexKey Risks
LCA Mk1A ramp-up execution risk
GE engine supply issues have delayed deliveries; despite resolution, sustained ramp-up to 24+ units per year remains a challenge.
high · management_commentaryLUH certification delays
LUH program faces software-related issues delaying limited series production order; management expects resolution this year but timeline is uncertain.
medium · analyst_questionALH fleet grounding impact
Navy and Coast Guard ALH fleet remains grounded post-accident; resolution expected by July but could impact deliveries and MRO revenue.
medium · analyst_questionRevenue growth may stay below double digits
Despite large order book, management's conservative 8-10% guidance suggests near-term growth may not accelerate sharply, disappointing high expectations.
medium · data_observationNotable Quotes
We will be maintaining the 31% at operating level. Revenue growth, the guidance is 7%-8%, whatever is there. We will try to continue with that.
The order book of the company improved to INR 1,89,300 crore against the previous year order book position of INR 94,127 crore as of 1 April 2024.
GE has promised a supply of 12 engines in this calendar year up to December. This is confirmed, and they will be sticking to this schedule.
Frequently Asked Questions
What was Hal's revenue in Q4 FY25?
Hal reported revenue of ₹30,105 Cr in Q4 FY25, representing a +7.25% change compared to the same quarter last year.
What guidance did Hal management give for FY26?
Revenue growth 8-10% for FY26: Management guided revenue growth of 8-10% for FY26, with potential for double-digit growth from FY27 onward. Operating EBITDA margin maintained at ~31%: CFO stated operating EBITDA margin (excluding other income) will be maintained at around 31%. LCA Mk1A deliveries of 12 units in CY25: GE to supply 12 engines in CY25, enabling delivery of 12 LCA Mk1A aircraft this year. CapEx of ₹14,000-15,000 crore over 5 years: Comprehensive CapEx plan to expand manufacturing capabilities for LCA Mk2, GE F414 engines, and IMRH.
What are the key risks for Hal in FY26?
Key risks include LCA Mk1A ramp-up execution risk — GE engine supply issues have delayed deliveries; despite resolution, sustained ramp-up to 24+ units per year remains a challenge.; LUH certification delays — LUH program faces software-related issues delaying limited series production order; management expects resolution this year but timeline is uncertain.; ALH fleet grounding impact — Navy and Coast Guard ALH fleet remains grounded post-accident; resolution expected by July but could impact deliveries and MRO revenue.; Revenue growth may stay below double digits — Despite large order book, management's conservative 8-10% guidance suggests near-term growth may not accelerate sharply, disappointing high expectations..
Did Hal meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Hal Q4 FY25 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.