HAL · Capital Goods
Hindustan Aeronautics Ltd. reported revenue of ₹7,699 cr for October to December 2025, +10.7% on the year and +16.1% on the quarter. Over the last four quarters revenue comes to ₹32,847 cr, +2.5% on the four before.
Operating profit (EBITDA) was ₹1,871 cr, a margin of 24.3%, +11 bps on the year and +80 bps on the quarter. Over the last 8 quarters the margin has ranged from 22.8% to 40.0%, averaging 28.4%. Operating costs grew +10.5%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹1,867 cr, +29.7% on the year and +11.9% on the quarter, with earnings per share of ₹27.91. Profit before other income, one-offs and tax grew 11.0%, so 19 points of the headline growth came from outside the core business. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹8,897 cr, +2.3% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹133.02 over the last four quarters, the stock at ₹4,809.80 trades at 36.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Headline profit grew much faster than core profit. What made up the difference?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Finance cost rising, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹5,636 cr | ₹6,061 cr | ₹14,769 cr | ₹4,348 cr | ₹5,976 cr | ₹6,957 cr | ₹13,700 cr | ₹4,819 cr | ₹6,629 cr | ₹7,699 cr | ₹13,942 cr | ₹5,515 cr |
| YoY | — | — | — | +11% | +6% | +15% | −7% | +11% | +11% | +11% | +2% | +14% |
| EBITDA margin | 27.1% | 23.7% | 40.0% | 22.8% | 27.4% | 24.2% | 38.6% | 26.6% | 23.5% | 24.3% | 36.3% | 27.7% |
| Other income, % of PBT | 29% | 28% | 10% | 47% | 28% | 31% | 13% | 41% | 40% | 37% | 21% | 43% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 25% | 26% | 9% | 25% | 30% | 24% | 25% | 25% | 25% | 25% | 26% |
| Net profit | ₹1,237 cr | ₹1,262 cr | ₹4,309 cr | ₹1,437 cr | ₹1,510 cr | ₹1,440 cr | ₹3,977 cr | ₹1,384 cr | ₹1,669 cr | ₹1,867 cr | ₹4,196 cr | ₹1,590 cr |
| YoY | — | — | — | +77% | +22% | +14% | −8% | −4% | +11% | +30% | +6% | +15% |
| Core profit YoY | — | — | — | +25% | +24% | +15% | −13% | +30% | −9% | +11% | −3% | +11% |
| EPS | ₹18.49 | ₹18.86 | ₹64.43 | ₹21.49 | ₹22.59 | ₹21.53 | ₹59.46 | ₹20.69 | ₹24.96 | ₹27.91 | ₹62.74 | ₹23.77 |
| Flags | · | · | · | 3 | 1 | ✓ | ✓ | ✓ | 3 | 1 | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Hindustan Aeronautics Ltd. reported revenue of ₹7,699 cr (+10.7% on the year) and net profit of ₹1,867 cr (+29.7% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +11.0% on the year, against +29.7% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
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