Hindustan Aeron

₹3745 217.3 | 6.2%

WEBSITE BSE:541154 NSE : HAL 09 Jun, 14:11

Market Cap ₹125228 Cr.

Stock P/E 21.4

P/B 5.3

Current Price ₹3745

Book Value ₹ 704.9

Face Value 10

52W High ₹3546.7

Dividend Yield 1.07%

52W Low ₹ 1698.9

Edit Ratio

Hindustan Aeron Research see more...

Overview Inc. Year: 1963Industry: Defence

Hindustan Aeronautics Ltd is an India-based aerospace and defense company. The Company designs and develops a variety of aircrafts that consist of fighter aircrafts, instructor aircrafts, shipping aircrafts, navy helicopters, and civil helicopters. It additionally develops plane engines, avionics and add-ons, which includes unique test equipment, ground managing system, and floor assist equipment. The Company manufactures its plane by the use of each indigenous and licensed Russian and Western starting place technologies. Its range of aircrafts includes Su-30 MKI plane, Light Combat Aircraft (LCA) Tejas, Dornier Do-228 Aircraft, Advanced Light Helicopter (ALH) Dhruv, Light Combat Helicopter (LCH), Chetak helicopter, engines, add-ons and aerospace structures. The Company has evolved Basic Trainer Aircraft (HTT-40), Light Utility Helicopter (LUH), Light Combat Aircraft (LCA)- MK1A, Jaguar Darin III Upgrade, Hawk-i and improvement of engines.

Hindustan Aeron Share Price

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Price

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Quarterly Price

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Peer Comparison

Hindustan Aeron Quarterly Results

#(Fig in Cr.)	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
Net Sales	5425	10739	1616	5551	5892	11561	3622	5145	5666	12495
Other Income	92	132	150	137	197	501	192	259	497	722
Total Income	5517	10870	1766	5689	6089	12062	3814	5404	6163	13217
Total Expenditure	4217	8012	1373	4311	4465	9061	2796	3523	4680	9249
Operating Profit	1300	2858	393	1377	1623	3000	1018	1881	1483	3968
Interest	53	30	15	1	1	42	0	0	2	55
Depreciation	179	668	111	243	373	383	208	252	269	1056
Exceptional Income / Expenses	0	2	0	0	0	0	0	0	0	0
Profit Before Tax	1068	2162	266	1133	1249	2576	809	1628	1212	2857
Provision for Tax	215	545	69	290	314	-528	202	409	58	12
Profit After Tax	853	1617	197	844	935	3104	607	1219	1154	2845
Adjustments	1	5	-2	3	-2	1	13	2	1	-13
Profit After Adjustments	853	1622	195	847	933	3105	620	1221	1155	2831
Adjusted Earnings Per Share	25.5	48.5	5.8	25.3	27.9	92.9	18.5	36.5	34.5	84.7

Hindustan Aeron Profit & Loss

#(Fig in Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	TTM
Net Sales	15939	16759	17950	18520	20008	21445	22882	24620	26928
Other Income	1649	1944	1042	762	376	297	357	985	1670
Total Income	17588	18703	18991	19282	20384	21742	23240	25605	28598
Total Expenditure	13555	14621	14687	15071	15457	16531	17538	19204	20248
Operating Profit	4033	4082	4304	4211	4927	5211	5701	6401	8350
Interest	21	6	16	35	178	360	267	65	57
Depreciation	822	863	713	947	1025	999	1158	1111	1785
Exceptional Income / Expenses	2	0	0	0	0	119	2	0	0
Profit Before Tax	3191	3213	3592	3243	3725	3979	4283	5225	6506
Provision for Tax	792	1209	967	1252	1396	1096	1038	145	681
Profit After Tax	2399	2004	2625	1990	2328	2883	3246	5080	5825
Adjustments	0	0	0	0	0	0	0	0	3
Profit After Adjustments	2399	2004	2625	1990	2329	2883	3246	5080	5827
Adjusted Earnings Per Share	49.8	55.4	72.6	59.5	69.6	86.2	97.1	151.9	174.2

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	8%	7%	7%	0%
Operating Profit CAGR	12%	9%	8%	0%
PAT CAGR	57%	30%	14%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	100%	79%	31%	NA%
ROE Average	29%	25%	23%	21%
ROCE Average	30%	27%	28%	26%

Hindustan Aeron Balance Sheet

#(Fig in Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Shareholder's Funds	16804	11032	12559	9511	12082	13249	15424	19313
Minority's Interest	0	0	0	-0	4	4	4	4
Borrowings	107	0	0	100	100	0	0	0
Other Non-Current Liabilities	11899	12849	13401	11981	10075	8427	10871	13487
Total Current Liabilities	35528	32650	25585	26097	28193	31127	25413	25023
Total Liabilities	64339	56532	51545	47689	50454	52807	51712	57826
Fixed Assets	7366	6549	7350	7566	7459	7357	7166	6766
Other Non-Current Assets	2014	4257	4020	3108	3347	4056	4168	6067
Total Current Assets	54959	45726	40176	37015	39648	41394	40378	44986
Total Assets	64339	56532	51545	47689	50454	52807	51712	57826

Hindustan Aeron Cash Flow

#(Fig in Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Opening Cash & Cash Equivalents	11238	1729	334	2804	107	27	279	7146
Cash Flow from Operating Activities	-8882	3148	-405	-748	-7700	1527	15117	10033
Cash Flow from Investing Activities	710	1347	3012	597	5294	-1339	-1180	-12760
Cash Flow from Financing Activities	-1274	-5880	-164	-2540	2326	64	-7070	-1349
Net Cash Inflow / Outflow	-9446	-1385	2443	-2691	-80	252	6867	-4076
Closing Cash & Cash Equivalent	1792	344	2777	113	27	279	7146	3070

Hindustan Aeron Ratios

#	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Earnings Per Share (Rs)	49.77	55.44	72.61	59.53	69.64	86.21	97.07	151.92
CEPS(Rs)	66.84	79.31	92.33	87.84	100.29	116.07	131.69	185.13
DPS(Rs)	9.96	17.4	22.1	32.2	19.8	33	30	50
Book NAV/Share(Rs)	348.63	305.18	347.42	284.44	361.32	396.2	461.25	577.56
Core EBITDA Margin(%)	14.96	12.46	17.59	18.52	22.75	22.92	23.35	22
EBIT Margin(%)	20.15	18.76	19.45	17.6	19.5	20.23	19.89	21.49
Pre Tax Margin(%)	20.02	18.73	19.36	17.41	18.62	18.55	18.72	21.22
PAT Margin (%)	15.05	11.68	14.15	10.69	11.64	13.44	14.18	20.63
Cash Profit Margin (%)	20.21	16.71	17.99	15.77	16.76	18.1	19.24	25.14
ROA(%)	3.73	3.32	4.86	4.01	4.74	5.58	6.21	9.28
ROE(%)	14.28	14.4	22.25	18.04	21.57	22.76	22.64	29.25
ROCE(%)	18.91	22.91	29.22	27.31	29.28	24.5	26.26	30.37
Receivable days	144.42	118.53	89.09	107.51	175.21	201.63	134.81	76.42
Inventory Days	576.77	522.98	445.63	398.61	355.93	332.75	287.99	229.94
Payable days	102.62	95.2	73.86	67.39	88.72	130.51	103.38	87.83
PER(x)	0	0	0	18.96	10.19	6.18	10.25	9.79
Price/Book(x)	0	0	0	3.97	1.96	1.35	2.16	2.57
Dividend Yield(%)	0	0	0	2.85	2.79	6.19	3.02	3.36
EV/Net Sales(x)	-1.07	-0.77	-0.54	1.73	1.39	1.09	1.14	1.44
EV/Core EBITDA(x)	-4.24	-3.15	-2.27	7.62	5.64	4.5	4.58	5.53
Net Sales Growth(%)	0	5.14	7.11	3.17	8.04	7.18	6.7	7.59
EBIT Growth(%)	0	0.21	12.08	-9.17	19.07	11.17	4.89	16.25
PAT Growth(%)	0	-16.45	30.96	-24.18	16.99	23.8	12.59	56.52
EPS Growth(%)	0	11.4	30.96	-18.02	16.99	23.8	12.6	56.5
Debt/Equity(x)	0.01	0.01	0.08	0.1	0.34	0.45	0	0
Current Ratio(x)	1.55	1.4	1.57	1.42	1.41	1.33	1.59	1.8
Quick Ratio(x)	0.84	0.67	0.74	0.68	0.71	0.71	0.93	1.22
Interest Cover(x)	149.49	545.63	219.34	94.66	21.97	12.06	17.05	81.08
Total Debt/Mcap(x)	0	0	0	0.02	0.18	0.33	0	0

Hindustan Aeron Shareholding Pattern

#	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
Promoter	75.15	75.15	75.15	75.15	75.15	75.15	75.15	75.15	75.15	71.65
FII	0.3	0.91	0.98	2.29	3.15	4.37	5.56	6.85	7.13	9.07
DII	19.7	20.31	20.54	5.41	18.25	17	15.72	13.48	12.72	13.93
Public	4.84	3.63	3.33	17.16	3.45	3.48	3.58	4.53	4.99	5.34
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
Promoter	25.13	25.13	25.13	25.13	25.13	25.13	25.13	25.13	25.13	23.96
FII	0.1	0.3	0.33	0.77	1.05	1.46	1.86	2.29	2.39	3.03
DII	6.59	6.79	6.87	1.81	6.1	5.69	5.26	4.51	4.25	4.66
Public	1.62	1.21	1.11	5.74	1.15	1.16	1.2	1.51	1.67	1.79
Others	0	0	0	0	0	0	0	0	0	0
Total	33.44	33.44	33.44	33.44	33.44	33.44	33.44	33.44	33.44	33.44

Pros

Company has a good return on equity (ROE) track record: 3 Years ROE 25%
Debtor days have improved from 103.38 to 87.83days.
Company is almost debt free.

Cons

Stock is trading at 5.3 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.