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livemint.com / 1 month ago
livemint.com / 1 month ago
HAL’s growth engines stall: Can record orders offset GE’s delayed deliveries?
In a market where defence stocks have largely remained in favour despite severe geopolitical strain, Hindustan Aeronautics Limited (HAL) has been a bit of an outlier. The stock is down around 11% so far in 2026, while the Nifty India Defence Index is up about 4%.HAL recently posted provisional FY26 revenue of ₹32,250 crore, only slightly higher than the ₹30,981 crore it reported in the previous fiscal year, because of delivery challenges in Light Combat Aircraft (LCA) Tejas Mk1A and Hindustan Turbo Trainer-40 (HTT-40) due to supply-chain disruptions stemming from geopolitical and technical issues.This quickly shifted the focus to execution worries, with some analysts even trimming their estimates after delays in engine supplies from General Electric (GE).
This issue, market experts said, is emerging as a key overhang on near-term growth visibility. The provisional FY26 revenue was about 7% below Nomura’s estimate of ₹34,580 crore.“The miss on our estimates was largely because no LCA Mk1A aircraft were delivered in FY26 due to supply chain issues, falling short of our expectation of five deliveries,” Nomura said in a report dated 2 April.
Given the ongoing supply -chain issues, the brokerage has cut its FY27 forecast for LCA deliveries from 14 aircraft to 10, while leaving its FY28 estimates unchanged. Factoring in the provisional numbers and supply-chain disruptions, Nomura cut its earnings-per-share estimates for HAL by 7% for FY26, 5% for FY27, and 1% for FY28.“Delay in supply of engines by GE has acted as a major bottleneck for HAL’s timely delivery of LCA aircraft,” the brokerage said in the report.
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21.05 / 10:17
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21.05 / 10:17
markets
Digital
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War
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21.05 / 09:47
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