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

HAL stock split 1:2 and dividend record date

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Looking at the above numbers. Since 2017 Sales has increased by over 50 percent i.e around 9000Cr while the Material Cost has remained the same, just around 200Cr addition to Manufacturing cost and around 700Cr addition to Employee cost.

What should one make out of this? Doesn’t these numbers say that HAL is more of an integrator/assembler than a manufacturer?
If that’s true, it’s a good business wrt return ratios but then the only moat that remains with HAL is that it is able to procure orders from the government.

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US Congress clears the historic HAL- GE Jet Engine Deal - Technology transfer unconditional

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