Hindustan Aeronautics Is Primed Up For Good Returns, Says ICICI Securities Post Record Ebitda Margin In Q4

ICICI Securities believes HAL ticks all the boxes with healthy orderbook and margins; robust order funnel (probable); and improving execution. The brokerage believes management’s guidance of 8-10% revenue growth in FY26 is a tad conservative and estimate revenue growth to be upwards of 15%. That said, the brokerage prunes its earlier revenue growth estimates of 22-25%, given the timeline of execution and possible delays in the same.