HAL Q4 FY26 Results Out — ₹9,115 Crore Full-Year Profit, ₹35 Dividend and What It Means for India’s Largest Defence PSU

Results declared May 14, 2026. All financial data from official BSE filings, PSUConnect and Zee Business results coverage. Q4 standalone data from Zee Business. Full year data from PSUConnect official results. Not investment advice. Not SEBI registered. Read our full disclaimer.

What Is HAL? — India’s 85-Year-Old Aerospace Giant

Established on December 23, 1940 — making it one of the oldest and largest aerospace and defence manufacturers in Asia — Hindustan Aeronautics Limited (HAL) is a Maharatna Central Public Sector Enterprise under the Ministry of Defence, Government of India. Headquartered in Bengaluru, HAL is the backbone of India’s indigenous aerospace capability.

HAL is engaged in design, development, manufacture, repair, overhaul, upgrade and servicing of aircraft, helicopters, aero-engines, avionics, accessories and aerospace structures. Its products span the entire spectrum of India’s air power — from the LCA-Tejas fighter jet to the Dhruv helicopter, from Su-30 MKI overhaul to HAWK trainer aircraft. The company achieved the prestigious Maharatna status on October 12, 2024 — the highest category for a PSU.

Q4 FY26 Results — The Numbers That Matter

Full Year FY26 — Complete Financial Picture

Quarterly Journey Through FY26 — Q4 Was the Strongest

The pattern is unmistakable: Q4 is always HAL’s blockbuster quarter. Q4 FY26 revenue of ₹13,942 crore is nearly double Q3’s ₹7,698 crore — reflecting the classic year-end delivery surge as HAL clears its annual delivery commitments to the Indian Air Force, Indian Army and Indian Navy before March 31. At ₹4,196 crore, Q4 PAT alone accounts for approximately 46% of the full-year PAT — confirming that investors who judge HAL on any single quarter are making a fundamental mistake.

The ₹35 Dividend — What It Means for Shareholders

HAL has declared an interim dividend of ₹35 per share for FY26. With approximately 66.86 crore shares outstanding (face value ₹5 each), the total dividend outgo is approximately ₹2,340 crore — of which 71.6% goes directly to the Government of India as the promoter. This means the dividend is simultaneously a shareholder return mechanism and a significant source of non-tax revenue for the government.

The Order Book Story — ₹2.54 Lakh Crore Is the Real News

The order book of ₹2.54 lakh crore — up a massive 34% from ₹1.89 lakh crore a year ago — is arguably more important than any single quarter’s financials. This backlog represents approximately 7.7 times HAL’s annual revenue, providing decade-long revenue visibility. Key orders driving this include 83 LCA-Tejas Mk1A aircraft, Light Combat Helicopter deliveries to IAF and Indian Army, Su-30 MKI upgrades, Advanced Light Helicopter contracts including the ₹2,901 crore order for six ALH Mk-III maritime helicopters, and the Pawan Hans helicopter order of approximately ₹1,800 crore.

Share Price and Analyst View

5 Key Highlights Every Investor Should Note

• 1. Full year PAT crosses ₹9,000 crore milestone for first time. FY26 standalone PAT of ₹9,075.67 crore is HAL’s highest-ever annual profit — a milestone that was ₹8,316 crore just a year ago. The consistent upward trajectory (+9.12% YoY) reflects steady delivery execution against a large and growing order book.
• 2. Net Worth jumped 17.28% — the fastest growth metric. HAL’s standalone net worth grew from ₹34,842.85 crore to ₹40,862.51 crore (+17.28%) — a pace significantly faster than revenue or profit growth. This reflects strong retained earnings and a healthy balance sheet that supports future capacity investment of ₹14,000–15,000 crore over five years.
• 3. Q4 revenue of ₹13,942 crore — nearly double Q3. HAL’s Q4 seasonality is among the most extreme of any PSU — Q4 revenue was nearly double Q3’s ₹7,699 crore. This reflects the delivery-milestone-based revenue recognition model. For investors: never judge HAL solely on Q1, Q2 or Q3 numbers — the full-year picture is what matters.
• 4. Order book at record ₹2.54 lakh crore — up 34% in one year. From ₹1.89 lakh crore to ₹2.54 lakh crore in one year is extraordinary. This 34% jump in order book growth outpaces revenue growth significantly — meaning HAL is winning orders faster than it can execute them. This is a positive problem to have and signals revenue acceleration in FY27 and FY28.
• 5. New leadership from May 1, 2026. Kota Ravi took over as CMD from May 1, 2026. Simultaneously he holds additional charge as Director (Operations) for three months per MoD approval. Analyst forecast: 14% EPS CAGR for FY26-28. Tejas Mk1A deliveries are expected to accelerate in FY27.

Our Analyst View — Honest Assessment (Do Your Own Research)

HAL’s FY26 results are solid, consistent and reassuring — but not spectacular. A 9% PAT growth on revenue growth of 6.78% is healthy for a Maharatna PSU with a near-monopoly on Indian aerospace manufacturing. The real story is in the order book — ₹2.54 lakh crore is a number that almost guarantees strong revenue growth for the next 7–8 years at current execution rates.

The Q4 PAT of ₹4,196 crore (+6% YoY) is slightly below the previous Q4 FY25’s trajectory — but this is understood context of supply chain challenges that have been disclosed previously, particularly around GE engine deliveries for Tejas. The CLSA note trimming FY26–28 EPS estimates by 3–6% citing GE engine delivery delays is the most important near-term risk watch.

At ₹4,661 and P/E of ~36.93x, HAL is not cheap — but it is arguably the safest large-cap defence stock in India. Government ownership of 71.6%, zero debt, AAA credit rating, monopoly in several product categories, and an order book of ₹2.54 lakh crore. Citi’s ₹5,560 target implies 19% upside from current levels. For patient investors with a 2–3 year horizon, the structural story is intact.

Frequently Asked Questions

What is HAL Q4 FY26 profit and revenue?

HAL Q4 FY26 standalone: Revenue ₹13,942 crore, PAT ₹4,196 crore (+~6% YoY). Full year FY26 consolidated PAT was ₹9,115.52 crore (+8.98% YoY). Standalone full-year PAT was ₹9,075.67 crore (+9.12% YoY). Source: PSUConnect official results, Zee Business.

What dividend has HAL declared for FY26?

HAL declared an Interim Dividend of ₹35 per share (700% on face value ₹5) for FY2025-26. Approved at the Board meeting on February 12, 2026. Record date: February 18, 2026. Payment on or before March 14, 2026. Total dividend outgo: approximately ₹2,340 crore. Source: Tickertape, PSUConnect.

What is HAL’s full year FY26 revenue?

HAL FY26 standalone total income ₹36,793.54 crore (+9.68% YoY). Revenue from operations ₹33,089.79 crore (+6.78% YoY). PBT ₹12,112.08 crore (+11.94% YoY). Net Worth ₹40,862.51 crore (+17.28% YoY). Source: PSUConnect official results.

What is HAL’s order book?

HAL’s order book stood at ₹2.54 lakh crore at FY26 end — a record high, up 34% from ₹1.89 lakh crore a year ago. This provides approximately 7.7 times annual revenue coverage and multi-year visibility. Key orders include 83 LCA-Tejas Mk1A, Light Combat Helicopters, Su-30 MKI upgrades and maritime helicopter contracts. Source: BusinessToday.

What is HAL EPS for FY26?

HAL Basic EPS (Annualised) FY26: ₹135.71 (standalone), up from ₹124.36 (+9.13% YoY). Consolidated EPS: ₹136.30, up from ₹125.07 (+8.98% YoY). Source: PSUConnect official FY26 results.

All financial data from official BSE filings, PSUConnect and Zee Business results coverage. Share price data from Bajaj Broking and Tickertape as of May 13, 2026. Analyst targets from BusinessToday and Groww. For official information visit hal-india.co.in. Not SEBI registered. Not investment advice. See more Quarterly Results coverage →