HAL price targets 2026: up to ₹6,360 after LCA order

Why HAL is in the spotlight again

Hindustan Aeronautics Ltd (HAL) is drawing renewed attention as multiple brokerages update price targets around fresh assumptions on growth, margins, and valuation. The stock has also been reacting to defence-order headlines and programme execution cues, particularly around the Light Combat Aircraft (LCA) Tejas.

Alongside brokerage updates, the company has flagged a board meeting scheduled on May 14, 2026 at 10:00 AM IST to consider and approve audited financial results for the quarter and year ended March 31, 2026, and other matters, as per a company filing referenced in the material.

A moving set of analyst “fair values”

A sequence of analyst notes shows frequent, incremental revisions to HAL’s estimated fair value, largely driven by changes in assumed discount rates, long-term revenue growth, profit margin profiles and expected future P/E multiples. One update raised the fair value estimate to ₹5,161 from ₹5,107 based on such assumption changes.

Other revisions cited in the provided text include a small drop in a target from ₹5,164.10 to ₹5,106.81 after analysts factored in slightly higher discount rates, a softer revenue growth assumption of about 18.13%, a profit margin estimate of about 22.50%, and a marginally higher future P/E multiple. Separate notes also mention a trim from about ₹5,261 to ₹5,179, and another from about ₹5,560 to roughly ₹5,260, again attributed to changes in discount rates, growth outlook, margins and P/E.

At the higher end of this chain, one referenced fair value estimate is “steady at ₹5,620” when discount rate and net profit margin were effectively unchanged.

Brokerage targets: wide range, bullish tilt

Broker targets in the text span from the mid-₹4,000s to the mid-₹6,000s depending on the house and the catalyst in focus. InCred Equities is cited as maintaining an ‘ADD’ rating with a target price of ₹4,800, and it noted that HAL posted decent Q3 results versus street revenue and EBITDA expectations, while PAT was 8% higher due to elevated other income (37% of PBT).

On the bullish side, Antique Stock Broking maintained a ‘Buy’ rating with a target of ₹6,360 per share, described as the highest target under Bloomberg coverage in the excerpt. Citi is cited with a ‘Buy’ rating and a ₹5,800 target price, stating an upside of 19.3% from a CMP of ₹4,861.

Other targets and calls referenced include Jefferies with a ‘Buy’ and a target of ₹6,220, and Nomura reiterating ‘Buy’ with a target of ₹6,100. Nuvama is mentioned as retaining ‘Buy’ with a price target of ₹6,000, while Choice Institutional Equities raised its stance to ‘Buy’ with a ₹5,570 target. PL Capital upgraded the stock to ‘Buy’ with a target of ₹5,500.

What is driving the narrative: LCA order and supply-chain cues

A key trigger in the text is the Ministry of Defence signing a contract for 97 LCA Mk1A aircraft. Another item notes that HAL said the Cabinet had cleared a ₹62,000 crore order for 97 LCA Mk-1A fighter jets.

Execution and supply chain remain part of the discussion. Motilal Oswal retained a ‘Buy’ rating with a target price of ₹5,800 and said the contract and stabilisation of GE F404 engine deliveries “significantly de-risk” HAL’s growth trajectory. Nomura similarly flagged commencement of engine supplies by GE as a significant positive and stated that it believes deliveries of LCA Mk1A aircraft should become more streamlined.

Order book and visibility: the numbers being cited

The material references multiple order book estimates and pipelines. According to The Financial Express, HAL’s order book stood at around ₹2.3 trillion (₹230,000 crore) as of mid-November 2025, which it said provided more than six years of revenue visibility and effectively booked capacity out to FY33.

Motilal Oswal is cited as seeing a ₹1.8 to ₹1.9 trillion order book (₹180,000 to ₹190,000 crore) and a prospect pipeline of about ₹6 trillion (₹600,000 crore) over the next few years. Nomura estimated that with the receipt of the LCA order, HAL’s order book could amount to ₹2.45 trillion (₹245,000 crore) by the end of 2QFY26F. PL Capital is cited as pointing to a robust prospect pipeline of around ₹1.0 trillion (₹100,000 crore) over the next few years.

How the stock traded: key reference points

The excerpt includes several price snapshots. One table lists a current share price of ₹4,386.20 and a 52-week high of ₹5,157.90. Elsewhere, as of around 10:00 AM IST on 8 December 2025, HAL shares were trading near ₹4,347 on the NSE, down about 2.1% from the previous close of ₹4,443.

BSE details as of February 17, 2026 are also provided, including a previous close of ₹4,226.05, intraday high of ₹4,295.00, low of ₹4,225.00, and VWAP of ₹4,258.72. The same block lists a 52-week high of ₹5,166.00 and a 52-week low of ₹3,045.95.

Technical and derivatives cues flagged in the notes

A technical note referenced via YES Securities (Business Today) flags HAL as short-term bearish. It says the stock was more than 10% below an October high near ₹4,978, trading below the 200-day moving average, facing resistance around ₹4,600 to ₹4,630, and watching support near ₹4,320 to ₹4,300. The note adds a potential downside target “towards ₹4,000” if that support breaks.

Separately, the material mentions heavy call option activity ahead of the 30 December 2025 expiry, particularly around the ₹4,500 strike.

Valuation and consensus: what the aggregator view suggests

A valuation snapshot in the text (as of 8 December 2025) cites P/E (TTM) of around 34 to 35x, P/BV of around 8 to 8.5x, and a dividend yield of around 0.9%. It also cites ROE of around 26% and a five-year average P/E of around 18x.

Trendlyne’s consolidated broker view (as of 8 December 2025) is cited with a consensus target price of ₹5,622.89, upside of around 28% versus a latest price reference near ₹4,385, and a consensus recommendation of “Buy”, with coverage from at least 14 to 20 analysts.

Key numbers at a glance

What to watch next

For near-term tracking, the scheduled May 14, 2026 board meeting to consider audited financial results for the quarter and year ended March 31, 2026 is the next defined event in the provided material. Beyond results, the text repeatedly frames delivery execution, engine supply stabilisation, and how quickly HAL converts the stated backlog into revenues as the central variables behind differing valuation assumptions.

The range of targets in the excerpt shows that while many houses remain positive on HAL’s medium-term positioning in India’s defence manufacturing push, they are also actively recalibrating models as new information emerges on discount rates, margins, and programme timelines.