HAL Q2 Results Preview: Revenue likely to rise 10%; order execution, Tejas deliveries in spotlight

HAL Q2FY26 Results Preview: Hindustan Aeronautics Ltd (HAL) is expected to post a steady set of numbers for the second quarter of FY26, with revenue and profit likely to record year-on-year growth. Analysts expect the PSU's strong base order execution and progress in engine deliveries to aid its quarterly earnings.

According to Zee Business research, HAL’s revenue for the quarter is likely to come in at around Rs 6,613 crore, up about 10.7 per cent over the corresponding period a year ago.

The PSU's EBITDA is estimated at Rs 1,796 crore, an increase of 9.5 per cent, while profit after tax (PAT) may rise 13.3 per cent to Rs 1,711 crore.

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Margin may see slight compression

The operating margin is seen at 27 per cent, a touch lower than 27.4 per cent a year ago.

The marginal decline is expected due to higher provisions and an uptick in other expenses, analysts said.

Despite this, the overall operating performance is likely to remain strong.

Order execution, GE engine deliveries in focus

The market will be watching HAL’s progress on order execution and GE engine deliveries, which are seen as key growth drivers for the coming quarters. So far, four GE engines have been delivered to the company.

The spotlight will also be on Tejas Mk1A aircraft deliveries, where timelines may be tight. Analysts expect HAL to deliver around seven units by the end of FY26, compared to an earlier estimate of twelve.

Key areas to watch out for

Investors and analysts will look for management commentary on:

• The working capital cycle and order pipeline progress
• Updates on Tejas Mk1A and Su-30 avionics upgrade projects
• The overall outlook for the second half of FY26