Few stocks on the Indian market command attention the way Hindustan Aeronautics Limited does. As India’s only government-owned aerospace and defence manufacturer of serious scale, HAL isn’t just a company — it’s a proxy for the nation’s military self-reliance ambitions. So when the HAL share price drops sharply, investors notice. And when it drops 13% in five trading sessions, as it did in early February 2026, every portfolio with a defence theme feels the pressure.
This article breaks down exactly where the HAL share price stands today, what triggered the recent volatility, what Q3 FY26 results revealed, and what the road ahead looks like for long-term investors watching both BSE and NSE.
HAL Share Price: At-a-Glance Snapshot (February 2026)
Here’s a quick data summary of the HAL share price on BSE and NSE as of mid-February 2026:
| Current Price (NSE/BSE) | ~₹4,132 – ₹4,251 (Feb 18–19, 2026) |
| 52-Week High | ₹5,165 |
| 52-Week Low | ₹3,046.05 |
| Market Cap | ~₹2,84,000 crore |
| P/E Ratio | ~33.99 |
| P/B Ratio | ~8.13 |
| Dividend (Q3 FY26) | ₹35 per share (40% YoY increase) |
| Dividend Yield | ~0.9–1.78% |
| BSE Code | 541154 |
| NSE Symbol | HAL |
| Promoter Holding | 71.6% (Government of India) |
* Prices fluctuate continuously. Verify live figures on NSE/BSE before trading.
What Triggered the Recent HAL Share Price Decline?
Between late January and early February 2026, the HAL share price on NSE fell by over 13% across just five sessions — a sharp move for a stock of this size. The trigger was a set of media reports suggesting that HAL had not advanced in the bidding process for the Advanced Medium Combat Aircraft (AMCA) programme, India’s flagship next-generation indigenous fighter jet project.
The AMCA matters enormously to investor sentiment because it represents a significant future revenue pipeline. If HAL’s role in this programme were reduced or delayed, it would affect long-term order inflows — the metric that underpins much of the bullish case for the stock.
HAL responded swiftly through a stock exchange filing, clarifying that it had received no official communication about exclusion from the AMCA bidding process and that it would not comment on unverified media speculation. Management reaffirmed confidence in its existing order book extending visibility through 2032, with further pipeline visibility from programmes moving into production post-2032.
The market reaction, as so often happens, moved faster than the facts. This kind of news-driven correction in a fundamentally strong stock is something experienced investors recognize — and sometimes welcome.
Q3 FY26 Results: What the Numbers Actually Say
HAL’s board met on February 12, 2026 for the Q3 FY26 results — and the numbers told a different story from the falling share price. Here’s what was reported:
• Revenue: ₹8,612.6 crore for Q3 FY26 — an 11% increase year-on-year.
• Net Profit: ₹1,866.7 crore — a strong 29.65% jump compared to the same quarter last year.
• Dividend: ₹35 per share first interim dividend for FY26 — a 40% increase over the previous year’s ₹25.
• Dividend Record Date: February 18, 2026, with payment by March 14, 2026.
These are not the numbers of a company in trouble. Net profit growing 30% year-on-year while the share price is down 13% in a week is precisely the kind of disconnect that value investors look for. Goldman Sachs maintained a ‘Neutral’ rating but set a target price of ₹5,255 — implying meaningful upside from the February lows.
Understanding HAL’s Business: Why It’s Not Just a Stock
Hindustan Aeronautics Limited was founded in 1940 — over 80 years before its stock market listing in 2018 — making it older than independent India itself. It operates 20 production units and 11 R&D centres. Today, HAL earns approximately 70% of its revenues from maintenance, repair, and overhaul (MRO) of defence aircraft, with the remaining 30% split between new aircraft manufacturing and exports.
Key platforms currently in production or advanced development include the Tejas LCA Mk1A fighter jet, the SU-30 MKI, the Light Combat Helicopter (LCH), the Dhruv Advanced Light Helicopter, and the HTT-40 trainer aircraft. For FY2025–26, total revenue reached ₹33,542 crore, with profits of ₹8,323 crore — numbers reflecting a company firing on most cylinders.
In October 2024, HAL achieved Maharatna status — India’s highest classification for public sector enterprises — granting it significantly enhanced autonomy over capital expenditure and strategic investment decisions. This status is a strong signal of government confidence in HAL’s long-term strategic role.
The company’s order book stands at approximately ₹1,89,300 crore, providing exceptional revenue visibility. HAL is also investing ₹14,000–₹15,000 crore over the next five years to expand manufacturing capacity — a commitment that underlines management confidence in future demand.
HAL Share Price Future: What Should Investors Expect?
The HAL share price future is tied to several structural drivers that are unlikely to change in the near term. India’s defence budget continues to grow year on year, and the government’s ‘Aatmanirbhar Bharat’ initiative explicitly prioritises domestic procurement over imports — placing HAL at the center of India’s military aviation supply chain.
Bull Case for HAL
• The ₹1.89 lakh crore order book provides revenue visibility through at least 2032.
• India’s Defence Capital Acquisition Committee (DAC) recently approved capital proposals worth ₹3.6 lakh crore, including ₹2,312 crore for Dornier 228 aircraft directly from HAL.
• HAL’s civilian MRO expansion — including overhaul work for IndiGo A320neo aircraft — opens an entirely new revenue stream beyond defence.
• The company entered the commercial space launch sector in June 2025 with an SSLV manufacturing contract worth ₹511 crore.
• ROE of ~27% and zero debt make the balance sheet a genuine standout in the PSU space.
Key Risks to Watch
• Import dependence on engines and critical components creates execution risk, particularly given global supply chain volatility.
• Rising private sector participation in defence manufacturing (L&T, Tata Advanced Systems, Adani Defence) creates competitive pressure.
• Government programme delays — as seen with Tejas Mk1A deliveries — can push revenue recognition timelines.
• High valuation (P/E ~34) leaves limited room for earnings disappointment.
How Should Investors Approach HAL Right Now?
At ₹4,100–4,250, HAL is trading roughly 20% below its 52-week high of ₹5,165. For long-term investors, this pullback — driven by sentiment rather than deteriorating fundamentals — historically represents the kind of entry zone where patient capital earns its returns.
For existing holders, the strong Q3 results, growing dividend, and intact order book argue against panic selling. For those looking to build a position, a staggered accumulation approach — buying in tranches rather than all at once — reduces the risk of catching a falling knife if sentiment-driven selling continues short term.
Investors interested in the defence theme more broadly should also consider diversifying across the sector — companies like Bharat Electronics (BEL), Bharat Dynamics (BDL), and MTAR Technologies offer complementary exposure at different risk-return profiles.
The Bottom Line on HAL Share Price
HAL’s recent share price weakness is a textbook example of sentiment-driven volatility in a fundamentally sound business. A 30% jump in net profit, a 40% dividend increase, an order book worth nearly ₹1.9 lakh crore, Maharatna status, and expanding civilian and space revenue streams don’t disappear because of an unverified news report about one programme.
Markets frequently overreact in the short run. For investors willing to look past the noise and evaluate HAL on its fundamentals, the current HAL share price on BSE and NSE may offer a more attractive entry point than the stock has seen in several months. As always, do your own research, size your positions appropriately, and invest based on data — not headlines.
FAQs on HAL share price
As of February 18–19, 2026, the HAL share price was trading in the range of approximately ₹4,132–₹4,251 on both NSE (symbol: HAL) and BSE (code: 541154). Share prices change throughout the trading session, so always check a live market data source for the most current figure before making any transaction.
The HAL share price declined over 13% in five trading sessions following media reports about uncertainty surrounding HAL’s participation in the AMCA (Advanced Medium Combat Aircraft) bidding process. HAL clarified through a stock exchange filing that it had received no official communication about exclusion from the programme. The fall was largely sentiment-driven rather than fundamentals-driven.
HAL reported strong Q3 FY26 results on February 12, 2026. Consolidated revenue came in at ₹8,612.6 crore (up 11% YoY) and net profit reached ₹1,866.7 crore — a 29.65% jump year-on-year. The board also approved a first interim dividend of ₹35 per share for FY26, a 40% increase over the previous year’s ₹25.
The HAL share price future outlook remains broadly positive based on structural fundamentals: an order book of ~₹1.89 lakh crore providing visibility through 2032, rising India defence budgets, Aatmanirbhar Bharat procurement policies, Maharatna status, and expanding civilian MRO and space revenues. Goldman Sachs maintains a target of ₹5,255. Key risks include supply chain execution challenges and growing private sector defence competition.
HAL’s 52-week high is ₹5,165 (hit in May 2025) and its 52-week low is ₹3,046.05 (hit in March 2025). This wide range reflects the significant volatility the stock has experienced over the past year, driven by defence sector sentiment, programme announcements, and broader market conditions.
HAL has strong credentials as a long-term investment: debt-free balance sheet, ROE of ~27%, consistent dividend growth, and a captive order book from the Indian defence establishment. However, it trades at a premium valuation (P/E ~34), and execution risks from programme delays and import dependence are real. It suits investors with a long investment horizon (5+ years) and an interest in India’s defence sector growth story. Always assess your own risk tolerance and consult a registered advisor before investing.
Disclaimer: Investments in securities markets are subject to market risks. Read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory
