Hindustan Aeron

₹3872.6 26.4 | 0.7%

WEBSITE BSE:541154 NSE : HAL 10 May, 16:01

Market Cap ₹258990 Cr.

Stock P/E 42.2

P/B 9.8

Current Price ₹3872.6

Book Value ₹ 394.9

Face Value 5

52W High ₹4045.2

Dividend Yield 0.71%

52W Low ₹ 1474.4

Edit Ratio

Hindustan Aeron Research see more...

A Detail Equity Research Report - Hindustan Aeronautics Limited with the tagline Defining Indian Aerospace

A detailed equity research report on Hindustan Aeronautics Limited

Overview Inc. Year: 1963Industry: Defence

Hindustan Aeronautics Ltd is an India-based aerospace and defense company. The Company designs and develops a variety of aircrafts that consist of fighter aircrafts, instructor aircrafts, shipping aircrafts, navy helicopters, and civil helicopters. It additionally develops plane engines, avionics and add-ons, which includes unique test equipment, ground managing system, and floor assist equipment. The Company manufactures its plane by the use of each indigenous and licensed Russian and Western starting place technologies. Its range of aircrafts includes Su-30 MKI plane, Light Combat Aircraft (LCA) Tejas, Dornier Do-228 Aircraft, Advanced Light Helicopter (ALH) Dhruv, Light Combat Helicopter (LCH), Chetak helicopter, engines, add-ons and aerospace structures. The Company has evolved Basic Trainer Aircraft (HTT-40), Light Utility Helicopter (LUH), Light Combat Aircraft (LCA)- MK1A, Jaguar Darin III Upgrade, Hawk-i and improvement of engines.

Hindustan Aeron Share Price

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Peer Comparison

Hindustan Aeron Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	5552	5894	11558	3622	5145	5666	12495	3915	5636	6061
Other Income	136	195	504	192	259	497	722	410	469	460
Total Income	5689	6089	12062	3814	5404	6163	13217	4325	6105	6521
Total Expenditure	4311	4465	9061	2796	3663	4680	9249	3039	4332	4626
Operating Profit	1377	1623	3000	1018	1741	1483	3968	1287	1773	1895
Interest	1	1	42	0	0	2	55	0	0	0
Depreciation	243	373	383	208	252	269	1056	201	350	212
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	1133	1249	2576	809	1488	1212	2857	1085	1423	1683
Provision for Tax	290	314	-528	202	409	58	12	275	415	428
Profit After Tax	844	935	3104	607	1079	1154	2845	810	1009	1255
Adjustments	3	-2	1	13	142	1	-13	4	228	7
Profit After Adjustments	847	933	3105	620	1221	1155	2831	814	1237	1261
Adjusted Earnings Per Share	12.7	14	46.4	9.3	18.3	17.3	42.3	12.2	18.5	18.9

Hindustan Aeron Profit & Loss

#(Fig in Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	15939	16759	17950	18520	20008	21445	22882	24620	26927	28107
Other Income	1649	1932	1042	762	376	297	357	985	1670	2061
Total Income	17588	18691	18991	19282	20384	21742	23240	25605	28598	30168
Total Expenditure	13555	14621	14687	15071	15457	16531	17538	19204	20242	21246
Operating Profit	4033	4070	4304	4211	4927	5211	5701	6401	8356	8923
Interest	21	6	16	35	178	360	267	65	64	55
Depreciation	822	863	713	947	1025	999	1158	1111	1785	1819
Exceptional Income / Expenses	2	0	0	0	0	119	2	0	0	0
Profit Before Tax	3191	3213	3592	3243	3725	3979	4283	5225	6510	7048
Provision for Tax	792	1209	967	1252	1396	1096	1038	145	682	1130
Profit After Tax	2399	2004	2625	1990	2328	2883	3246	5080	5828	5919
Adjustments	0	0	0	0	0	0	0	0	0	226
Profit After Adjustments	2399	2004	2625	1990	2329	2883	3246	5080	5828	6143
Adjusted Earnings Per Share	24.9	27.7	36.3	29.8	34.8	43.1	48.5	76	87.1	91.9

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	9%	8%	8%	0%
Operating Profit CAGR	31%	17%	15%	0%
PAT CAGR	15%	26%	24%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	162%	100%	65%	NA%
ROE Average	27%	26%	25%	21%
ROCE Average	31%	29%	28%	27%

Hindustan Aeron Balance Sheet

#(Fig in Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	16804	11032	12559	9511	12082	13249	15424	19313	23572
Minority's Interest	0	0	0	-0	4	4	4	4	4
Borrowings	107	0	0	100	100	0	0	0	0
Other Non-Current Liabilities	11899	12849	13401	11981	10075	8427	10871	13487	11675
Total Current Liabilities	35528	32650	25585	26097	28193	31127	25413	25023	30827
Total Liabilities	64339	56532	51545	47689	50454	52807	51712	57826	66078
Fixed Assets	7366	6549	7350	7566	7459	7357	7166	6766	6834
Other Non-Current Assets	2014	4257	4020	3108	3347	4056	4168	6068	7359
Total Current Assets	54959	45726	40176	37015	39648	41394	40378	44985	51877
Total Assets	64339	56532	51545	47689	50454	52807	51712	57826	66078

Hindustan Aeron Cash Flow

#(Fig in Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	11238	1729	334	2804	107	27	279	7146	3070
Cash Flow from Operating Activities	-8882	3148	-405	-748	-7700	1527	15117	10173	8830
Cash Flow from Investing Activities	710	1347	3012	597	5294	-1339	-1180	-12785	-5728
Cash Flow from Financing Activities	-1274	-5880	-164	-2540	2326	64	-7070	-1464	-1731
Net Cash Inflow / Outflow	-9446	-1385	2443	-2691	-80	252	6867	-4076	1370
Closing Cash & Cash Equivalent	1792	344	2777	113	27	279	7146	3070	4441

Hindustan Aeron Ratios

#	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	24.89	27.72	36.3	29.76	34.82	43.11	48.54	75.96	87.14
CEPS(Rs)	33.42	39.66	46.16	43.92	50.15	58.03	65.84	92.56	113.83
DPS(Rs)	4.98	8.7	11.05	16.1	9.9	16.5	15	25	27.5
Book NAV/Share(Rs)	174.32	152.59	173.71	142.22	180.66	198.1	230.63	288.78	352.46
Core EBITDA Margin(%)	14.96	12.46	17.59	18.52	22.75	22.92	23.35	22	24.83
EBIT Margin(%)	20.15	18.76	19.45	17.6	19.5	20.23	19.89	21.49	24.41
Pre Tax Margin(%)	20.02	18.73	19.36	17.41	18.62	18.55	18.72	21.22	24.17
PAT Margin (%)	15.05	11.68	14.15	10.69	11.64	13.44	14.18	20.63	21.64
Cash Profit Margin (%)	20.21	16.71	17.99	15.77	16.76	18.1	19.24	25.14	28.27
ROA(%)	3.73	3.32	4.86	4.01	4.74	5.58	6.21	9.28	9.41
ROE(%)	14.28	14.4	22.25	18.04	21.57	22.76	22.64	29.25	27.18
ROCE(%)	18.91	22.91	29.22	27.31	29.28	24.5	26.26	30.37	30.59
Receivable days	144.42	118.53	89.09	107.51	175.21	201.63	134.81	76.42	63.44
Inventory Days	576.77	522.98	445.63	398.61	355.93	332.75	287.99	229.94	179.58
Payable days	102.62	95.2	73.86	67.39	88.72	130.51	103.38	87.83	102.84
PER(x)	0	0	0	18.96	10.19	6.18	10.25	9.79	15.67
Price/Book(x)	0	0	0	3.97	1.96	1.35	2.16	2.57	3.87
Dividend Yield(%)	0	0	0	2.85	2.79	6.19	3.02	3.36	2.01
EV/Net Sales(x)	-1.07	-0.77	-0.54	1.73	1.39	1.09	1.14	1.44	2.64
EV/Core EBITDA(x)	-4.24	-3.16	-2.27	7.62	5.64	4.5	4.58	5.53	8.5
Net Sales Growth(%)	0	5.14	7.11	3.17	8.04	7.18	6.7	7.59	9.37
EBIT Growth(%)	0	0.21	12.08	-9.17	19.07	11.17	4.89	16.25	24.28
PAT Growth(%)	0	-16.45	30.96	-24.18	16.99	23.8	12.59	56.52	14.72
EPS Growth(%)	0	11.4	30.96	-18.02	16.99	23.8	12.6	56.5	14.72
Debt/Equity(x)	0.01	0.01	0.08	0.1	0.34	0.45	0	0	0
Current Ratio(x)	1.55	1.4	1.57	1.42	1.41	1.33	1.59	1.8	1.68
Quick Ratio(x)	0.84	0.67	0.74	0.68	0.71	0.71	0.93	1.22	1.29
Interest Cover(x)	149.49	545.63	219.34	94.66	21.97	12.06	17.05	81.08	102.06
Total Debt/Mcap(x)	0	0	0	0.02	0.18	0.33	0	0	0

Hindustan Aeron Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	75.15	75.15	75.15	75.15	75.15	71.65	71.64	71.64	71.64	71.64
FII	3.15	4.37	5.56	6.85	7.13	9.07	11.91	12.63	12.94	12.42
DII	18.25	17	15.72	13.48	12.72	13.93	10.64	9.72	9.14	9.57
Public	3.45	3.48	3.58	4.53	4.99	5.34	5.82	6.01	6.29	6.37
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	25.13	25.13	25.13	25.13	25.13	23.96	23.96	47.91	47.91	47.91
FII	1.05	1.46	1.86	2.29	2.39	3.03	3.98	8.44	8.65	8.31
DII	6.1	5.69	5.26	4.51	4.25	4.66	3.56	6.5	6.11	6.4
Public	1.15	1.16	1.2	1.51	1.67	1.79	1.95	4.02	4.21	4.26
Others	0	0	0	0	0	0	0	0	0	0
Total	33.44	33.44	33.44	33.44	33.44	33.44	33.44	66.88	66.88	66.88

Pros

Company has delivered good profit growth of 23% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 26%
Company is almost debt free.

Cons

Debtor days have increased from 87.83 to 102.84days.
Stock is trading at 9.8 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.