Archive · 23 Jul 2026
HAL's Tejas Mk-1A Nears Delivery
Hindustan Aeronautics Limited (HAL) is making progress with its Tejas Mk-1A fighter jet programme.
Weapon trials have been completed, and the company expects to deliver the first squadron by March 2027.
HAL has a strong order book and expects significant order inflow over the next two fiscal years.
The company has guided for 10-12% revenue growth in FY27 with an EBITDA margin of 30-31%.
However, there are risks such as delays in engine supply and execution slippages that could impact the programme's progress.
HAL's Tejas Mk-1A programme has completed weapon trials and is awaiting software certification.
The first squadron of 16-18 Tejas Mk-1A aircraft is expected to be delivered by March 2027.
HAL's order book stands at ₹2.45 lakh crore, with an expected ₹90,000 crore in order inflow over FY27/28.
The company has guided for 10-12% revenue growth in FY27 with an EBITDA margin of 30-31%.
Key risks include delays in engine supply, execution slippages, and deferral of large defence contracts.
- Who
- Hindustan Aeronautics Limited (HAL)
- What
- Progress and future prospects of the Tejas Mk-1A programme
- When
- As of July 23, 2026
- Where
- India
- Why
- To provide an update on the Tejas Mk-1A programme and HAL's financial guidance
Optimistic View
Pessimistic View
Programme Progress
Optimistic View
The Tejas Mk-1A programme is making significant progress with completed weapon trials and pending software patches awaiting certification.
Pessimistic View
Delays in engine supply and execution slippages could hinder the programme's progress.
Order Book and Revenue Growth
Optimistic View
HAL has a strong order book of ₹2.45 lakh crore and expects ₹90,000 crore in order inflow over FY27/28, with guided revenue growth of 10-12% in FY27.
Pessimistic View
Deferral of large defence contracts could impact the expected order inflow and revenue growth.
- Current Market Price (CMP)
- ₹4,592.05
- Target Price
- ₹5,431
- Order Book
- ₹2.45 lakh crore
- Expected Order Inflow (FY27/28)
- ₹90,000 crore
- Revenue Growth Guidance (FY27)
- 10-12%
- EBITDA Margin Guidance (FY27)
- 30-31%
- First Squadron Delivery Target
- March 2027
- Key Risks
- Undue delay in engine supply, execution slippages in Mk-1A, WC intensity, and deferral of large defence contracts.