Hindustan Aeronautics Ltd (HAL) Results

• Revenues for Q1FY26 grew by 11% to Rs 4,819 crore slightly lower than our expectations of Rs 5,000 crore.
• Operating profit grew strongly by 30% y-o-y to Rs.1,285 crore. OPM marginally improved by 387 bps as an impact of lower provisions. Though margins improved PAT degrew by 4% as an impact of higher tax outgo. We expected a PAT of Rs 1100 crore.
• View: HAL Q1FY26 performance has broadly met estimates. We shall review our earnings estimates and come out with a detailed note post the conference call. Currently we have a Buy rating on the stock. 

Results (consolidated)                                                                                             Rs crore

Actual vs. estimates                                                Rs. Crore