Shares of Hindustan Aeronautics Ltd. (HAL) rose nearly 2% in early trade on Monday after CLSA, Citi and Goldman Sachs retained positive views on the defence major, with target prices ranging from Rs 5,481 to Rs 6,175.
The stock climbed to Rs 4,888.90 on the NSE after opening at Rs 4,850. At around 10:14 am, HAL was trading at Rs 4,865, up about 1.4 per cent from its previous close of Rs 4,800.30, while the Nifty 50 was nearly flat, up 0.1 per cent.
Brokerages turned positive on HAL as the company makes progress on key programmes, including Tejas, HTT-40 and Dhruv Next Generation helicopters.
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Brokerages See Improving Execution
CLSA has retained its Outperform rating with a target price of Rs 5,481. Citi has maintained its Buy rating and a target of Rs 6,175, while Goldman Sachs has retained its Buy call with a target of Rs 5,870.
The brokerages have pointed to improving delivery visibility as engine supplies and execution across HAL's programmes show signs of improvement.
Tejas Delivery Visibility Improves
The defence major received 10 GE F404 engines for the Tejas Mk-1A programme and aims to deliver 10 aircraft by March. Recent deliveries of HTT-40 basic trainer aircraft and Dhruv Next Generation helicopters have also broadened the company's execution visibility beyond Tejas.
HAL Stock Price Movement
The stock has been under pressure over the past month, losing around 2.7%; however, it remained up over 10.6% in 2026, so far. The benchmark index, Nifty Next 50, meanwhile, also shed around 2.5% over the past month, while gaining 3.5% since the beginning of this calendar year.
The stock is currently trading at a price-to-earnings multiple of 24.4 times, with a market cap of Rs 3,25,359.04 crore.
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