Hindustan Aeronautics (HAL) Q4 25/26 earnings summary

Executive summary

• Achieved revenue from operations of INR 33,050 crore in FY 2025-26, up 7% year-over-year despite global supply chain disruptions.

• Audited standalone and consolidated financial results for the quarter and year ended 31 March 2026 were approved by the Board on 14 May 2026.

• EBITDA grew 11% to INR 13,472 crore; profit before tax increased 12% to INR 12,112 crore.

• Major production milestones: LCA Mark 1A line inaugurated, ALH Dhruv-NG maiden flight, HTT-40 first sortie, and Shakti civil engine certification.

• Order book rose to INR 2,54,538 crore, with INR 97,028 crore in fresh orders, including 97 LCA Mark 1A for IAF.

Financial highlights

• Standalone revenue from operations for FY 2025-26 was Rs 33,08,979 lakhs, up from Rs 30,98,092 lakhs year-over-year.

• Standalone net profit after tax for FY 2025-26 was Rs 9,07,567 lakhs, compared to Rs 8,31,680 lakhs in FY 2024-25.

• Manufacturing revenue increased from INR 7,057 crore to INR 9,227 crore; ROH revenue at INR 20,524 crore.

• Export revenue reached INR 501 crore, up from INR 400 crore year-over-year.

• CapEx of INR 2,386 crore and R&D expenditure of INR 2,794 crore, representing 8% and 4% of revenue, respectively.

Outlook and guidance

• Double-digit revenue growth (10%-12%) expected for FY 2026-27, with EBITDA margin guidance of 30%-31%.

• Manufacturing revenue expected to grow further with LCA Mark 1A and HTT-40 deliveries commencing.

• Targeting delivery of around 20 LCA Mark 1A and 20+ HTT-40 in FY 2026-27.

• Anticipated new orders of INR 90,000 crore over the next two years.

• FPQ sales for FY 2025-26 were provisionally recognized at 2024-25 prices due to ongoing price finalization, with no escalation applied.