Hindustan Aeronautics Q3 Review: Nirmal Bang Maintains 'Buy' On The Stock, Lowers Target Price — Here's Why

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Nirmal Bang Report

We have projected Hindustan Aeronautics Ltd.'s revenue growth, Ebitda margin and PAT growth for FY25/26/27 at 14%/15.9%/15.3%, 34%/38%/39.6% and 41.3%/11.9%/7.7%.

The stock has corrected by 36.5% from a 52-week high and is currently trading at a 1-year forward P/E of 19.9x, above its five-year average P/E of 12.6x.

We maintain a Buy rating with a target price of Rs 4,655, valuing the stock at 24x March’27E EPS (+2 SD above the long-term average), supported by a robust order book and implying an upside potential of 29.5%.

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