Hindustan Aeronautics Q4FY26 Result Review

Goldman Sachs maintains a Neutral rating on Hindustan Aeronautics with a revised target price of INR 5,545 following Q4FY26 results that were in line with their estimates. The focus remains on the execution of the LCA Tejas Mk-1A program and the resolution of engine supply constraints from GE Aerospace.

Key Takeaways

• 1.HAL's Q4FY26 results were largely in line with Goldman Sachs estimates but missed consensus by 5%.
• 2.Management expects to deliver 20 LCA Tejas Mk-1A aircraft in FY27, contingent on GE Aerospace resuming engine supplies in June 2026.
• 3.The order book remains robust at INR 2.54tn, with another INR 900bn in orders expected over the next two years.

Table of Contents

• What is our view on HAL stock post Q4FY26 concall?
• Concall highlights
• Platform updates
• Exhibit 1: Quarterly results summary table
• Exhibit 2: Q4FY26 vs Q4FY25 & Q3FY26
• Investment Thesis
• Price Target Risks and Methodology
• GS Forecast
• Disclosure Appendix
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures

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