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View Promises →Hindustan Aeronautics Limited — Q4 FY26
HAL reported FY26 revenue of INR 33,050 crore (+7% YoY) and EBITDA of INR 13,472 crore (+11% YoY), with EBITDA margin steady at 30%.
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HAL reported FY26 revenue of INR 33,050 crore (+7% YoY) and EBITDA of INR 13,472 crore (+11% YoY), with EBITDA margin steady at 30%. Manufacturing revenue grew 31% to INR 9,227 crore, driven by ALH helicopters and engine deliveries, while ROH revenue remained flat. The order book surged to INR 2,54,538 crore (+34% YoY) after booking INR 97,028 crore in fresh orders, including 97 LCA Mk1A. However, LCA Mk1A deliveries remain stalled due to software refinements and GE engine supply constraints; management expects first deliveries by September 2026 and targets 20 deliveries in FY27. Revenue guidance for FY27 is 10-12% growth, with EBITDA margin maintained at 30-31%. Key risk: further delays in LCA certification could push deliveries beyond FY27, impacting revenue visibility.
HAL ने FY26 में 33,050 करोड़ रुपये का राजस्व (पिछले साल से 7% ज़्यादा) और 13,472 करोड़ रुपये का EBITDA (11% ज़्यादा) कमाया। EBITDA मार्जिन 30% पर स्थिर रहा। मैन्युफैक्चरिंग राजस्व 31% बढ़कर 9,227 करोड़ रुपये हो गया, जिसमें ALH हेलीकॉप्टर और इंजनों की डिलीवरी बड़ी वजह रही। ऑर्डर बुक 2,54,538 करोड़ रुपये (34% ज़्यादा) हो गई, जिसमें 97 LCA Mk1A के ऑर्डर शामिल हैं। लेकिन LCA Mk1A की डिलीवरी सॉफ्टवेयर और इंजन की कमी के कारण रुकी है। कंपनी को सितंबर 2026 तक पहली डिलीवरी और FY27 में 20 डिलीवरी की उम्मीद है। FY27 में राजस्व 10-12% बढ़ने और EBITDA मार्जिन 30-31% रहने का अनुमान है। अगर LCA सर्टिफिकेशन में और देरी हुई, तो डिलीवरी FY27 से आगे बढ़ सकती है, जिससे राजस्व पर असर पड़ेगा।
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LCA Mk1A delivery delays
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Read Transcript →Quarter Snapshot
Order Book
INR 2,54,538 crore
+34% YoY
Order book increased from INR 1,89,302 crore as of April 1, 2025, driven by large contracts including 97 LCA Mk1A.
Fresh Orders Received
INR 97,028 crore
N/A
Includes manufacturing orders of INR 69,668 crore and ROH orders of INR 26,539 crore.
LCA Mk1A Delivery Target
20 units
N/A
Management targets delivery of 20 LCA Mk1A in FY27, pending GE engine supply and certification.
CapEx and R&D Spend
INR 5,180 crore
N/A
Combined CapEx (INR 2,386 crore) and R&D (INR 2,794 crore) in FY26, ~16% of revenue.
What Changed vs Last Quarter
NEW
Revenue growth of 10-12% in FY27
Management expects double-digit revenue growth in FY27, driven by LCA Mk1A and HTT-40 deliveries.
NEW
CapEx of INR 12,000 crore by 2030
Planned investment in manufacturing infrastructure for LCA Mk2, GE F414 engines, IMRH, and SSLV.
NEW
Expected orders of INR 90,000 crore over next 2 years
Includes 143 ALH, Su-30 upgrade, and 40 Do-228 contracts at various approval stages.
UPDATED
EBITDA margin maintained at 30-31%
CFO stated EBITDA margin will be maintained at 30-31% in FY27, despite changing revenue mix.
DROPPED
Revenue growth 8-10% for FY26
Management guided revenue growth of 8-10% for FY26, with potential for double-digit growth from FY27 onward.
DROPPED
LCA Mk1A deliveries of 12 units in CY25
GE to supply 12 engines in CY25, enabling delivery of 12 LCA Mk1A aircraft this year.
DROPPED
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.
NEW RISK
LCA Mk1A delivery delays
Deliveries delayed beyond September 2026 due to software issues and GE engine supply constraints; risk of spillover into FY28.
NEW RISK
Global supply chain disruptions
Slowness in supply from tier-1 and tier-2 vendors, including GE and Honeywell, impacting engine and component availability.
NEW RISK
Execution risk on multiple programs
Parallel execution of LCA, HTT-40, LCH, Su-30, and new programs may strain resources and timelines.
NEW RISK
Dependence on government approvals
Key orders like Su-30 upgrade and AMCA participation await CCS approval, creating uncertainty.
RISK GONE
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.
RISK GONE
LUH certification delays
LUH program faces software-related issues delaying limited series production order; management expects resolution this year but timeline is uncertain.
RISK GONE
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.
RISK GONE
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.
Fast read
Guidance and risk preview
Management expects double-digit revenue growth in FY27, driven by LCA Mk1A and HTT-40 deliveries.
Deliveries delayed beyond September 2026 due to software issues and GE engine supply constraints; risk of spillover into FY28.
View Risks →