Hindustan Aeronautics (HAL)- India's Largest Defense Company

Hi All, any idea on shareholding pattern - sudden drop in DII holding from Jun - Sep down from 20% to 5% and checking further LIC has sold 15% i.e full stake… and its bought by Public not FII’s or other DII’s , creating doubts near future… any comments please…

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just figured out , the LIC holding which was showing under DII’s actually now being shown as under Public , which i m nt sure why… but it is showing in screener.in… so i believe lic’s holding is intact still, public holding hasnt changed…so my above concern isnt valid as such…

I think it’s because LIC is preparing for IPO and the insurance business needs to be separated from the company balance sheet and the stock is being transferred from the insurance to investment co - That’s what I think … need to reconfirm

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Long-term rating upgraded to [ICRA]AAA;

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Is there historical data available on order book? One could look at the order book to sales ratio in the form of a chart and assess the present order book in that context.

Edit: Prepared this chart

Raw data:

HAL 17 18 19 20 21 22
Order Book 64613 61124 58588 52965 80639 79229
Revenue 17,950 18,520 20,008 21,445 22,755 24000
Order Book To Sales Ratio 3.599610028 3.300431965 2.928228709 2.469806482 3.543792573 3.301208333

Disc- no holdings as of now
Edit: Added a tracking position on 11 Apr 2022

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In S2 , good wave structure -ssems to have a long runway.

No reco, just sharing the chart structure.

Hi All,

I have started understanding the business of HAL and have gone through this thread in detail.

Considering the large order book, and possibilities of export, stock price looks close to fair value or marginally overvalued. I am unable to decide P/E range for this PSU as of now.

Also, I have not understood the reason for only 3% Tax in March 2022 (FY22). It would be good to hear from those who have already invested in this stock. Does this happen frequently that, tax fluctuates in this business or was it some one off reason.

Due to this very low 3% tax in FY22, EPS has zoomed from 96.88 to 152.11 in FY22. This is about 57% PAT growth. PBT has not gone up that much. So mainly EPS growth has come from low tax payout. I might have missed the reason for this while reading the thread.

Disc : No investment.

Hi All,

I think, HAL has received tax refund for AY2010-11 and also for 2015-16 as per their letter to BSE & NSE dated 17th February 2022, hence the tax outgo seems to be only 3% in FY22.
Hence as an investor, one may have to consider this and adjust the EPS accordingly.

Disc : Under analysis. No investment.

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Excellent results

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HAL in drone business

HAL manufacturing