−11% from the high · +32% from the low
Long unwinding into a 26-day expiry: futures OI −1.0% on a −1.4% day, the most call OI sits at 4,900, the most put OI at 4,700, max pain 4,750.
HAL futures closed at ₹4,629.80, +0.6% to spot, with 93% of open interest in the 27 Oct contract, and the 4,600 straddle prices a move of about ±5.3% by expiry.
| Expiry | Close ₹ | Basis ₹ · % | Annualised % | OI lots · on the day | Share of OI % | Contracts traded |
|---|---|---|---|---|---|---|
| 27 Oct26 days | ₹4,629.80 | +28.80+0.6% | +8.8% | 34,000▼ −1.3% · −450 lots | 93 | 3,400 |
| 23 Nov53 days | ₹4,655.90 | +54.90+1.2% | +8.2% | 2,700▲ +2.0% · +53 lots | 7.3 | 240 |
| 29 Dec89 days | ₹4,671.20 | +70.20+1.5% | +6.3% | 43▲ +115.0% · +23 lots | 0.12 | 78 |
7.4% of futures OI sits beyond the 27 Oct contract · 37 of 57 listed contracts traded · 27,000 option contracts changed hands
The 4,600 straddle closed at ₹243.15 (call 137.15 + put 106.00), pricing a move of about ±5.3% by the 27 Oct expiry. In the last 253 windows of 19 sessions, HAL moved more than that 111 times.
After the last 8 bulletins, HAL closed higher five sessions later in 4 of 8.
| Bulletin | Day of the news | 1 session later | 5 sessions later | Futures OI on the day |
|---|---|---|---|---|
| 19 SeptCLSA sees 35% upside for HAL, BEL, L&T on defence capex | ▲ +0.5%Nifty +0.3% · +0.3 pp | 0.0%Nifty −0.1% · +0.1 pp | ▼ −1.3%Nifty −2.4% · +1.1 pp | ▲ +1.1%long build-up |
| 18 SeptCLSA sees 35% upside for HAL, BEL, L&T from defence capex | ▲ +0.5%Nifty +0.3% · +0.3 pp | 0.0%Nifty −0.1% · +0.1 pp | ▼ −1.3%Nifty −2.4% · +1.1 pp | ▲ +1.1%long build-up |
| 23 JulHAL signs turbine forgings contract with Safran | ▼ −0.4%Nifty −0.4% · 0.0 pp | ▲ +0.6%Nifty +0.5% · +0.1 pp | ▲ +1.2%Nifty +2.1% · −1.0 pp | ▲ +1.1%short build-up |
| 23 JulHAL signs long-term contract with Safran for turbine forgings | ▲ +0.4%Nifty −0.5% · +0.9 pp | 0.0%Nifty −0.9% · +0.9 pp | ▲ +0.1%Nifty +1.3% · −1.2 pp | ▼ −0.6%short covering |
| 20 JulDefence stocks decline amid US-Iran war escalation | ▲ +2.0%Nifty −0.2% · +2.2 pp | ▲ +1.9%Nifty −1.0% · +2.9 pp | ▲ +2.4%Nifty −1.0% · +3.5 pp | ▲ +2.2%long build-up |
| 14 MayRolls-Royce and HAL inaugurate expanded manufacturing facility | ▼ −4.8%Nifty −0.2% · −4.6 pp | ▼ −6.1%Nifty −0.2% · −5.9 pp | ▼ −5.2%Nifty +0.1% · −5.3 pp | ▲ +4.0%short build-up |
| 14 MayRolls-Royce and HAL inaugurate expanded facility in Hosur | ▼ −0.2%Nifty +1.2% · −1.4 pp | ▼ −5.0%Nifty +1.0% · −6.0 pp | ▼ −5.4%Nifty +1.0% · −6.4 pp | ▲ +3.9%short build-up |
| 2 MayHAL accelerates Tejas Mk2 production with new tender | ▲ +5.1%Nifty +0.5% · +4.6 pp | ▲ +6.3%Nifty +0.1% · +6.1 pp | ▲ +9.6%Nifty −0.8% · +10.4 pp | ▼ −2.5%short covering |
Revenue ₹5,515 cr, +14% on a year earlier; profit ₹1,590 cr, +15% in the Jun 2026 quarter, consolidated.
| Quarter | Revenue ₹ cr | Revenue YoY | Profit ₹ cr | Profit YoY | EPS ₹ | Market on the day |
|---|---|---|---|---|---|---|
| Jun 2026filed 12 Aug · audited | ₹5,515 cr | ▲ +14% | ₹1,590 cr | ▲ +15% | 23.77 | ▲ +1.8%Nifty −0.1% · +1.9 pp |
| Mar 2026filed 14 May · audited | ₹13,942 cr | ▲ +1.8% | ₹4,196 cr | ▲ +5.5% | 62.74 | ▼ −4.8%Nifty −0.2% · −4.6 pp |
| Dec 2025filed 12 Feb · audited | ₹7,699 cr | ▲ +11% | ₹1,867 cr | ▲ +30% | 27.91 | ▲ +0.6%Nifty −0.6% · +1.2 pp |
| Sept 2025filed 12 Nov · audited | ₹6,629 cr | ▲ +11% | ₹1,669 cr | ▲ +11% | 24.96 | ▲ +0.1%Nifty 0.0% · 0.0 pp |
| Jun 2025filed 12 Aug · audited | ₹4,819 cr | ▲ +11% | ₹1,384 cr | ▼ −3.7% | 20.69 | ▼ −0.8%Nifty −0.4% · −0.4 pp |
| Mar 2025filed 14 May · audited | ₹13,700 cr | ▼ −7.2% | ₹3,977 cr | ▼ −7.7% | 59.46 | ▲ +2.0%Nifty +1.6% · +0.4 pp |
| Dec 2024filed 12 Feb · audited | ₹6,957 cr | ▲ +15% | ₹1,440 cr | ▲ +14% | 21.53 | ▲ +1.8%Nifty −0.1% · +1.9 pp |
| Sept 2024filed 14 Nov · audited | ₹5,976 cr | ▲ +6.0% | ₹1,510 cr | ▲ +22% | 22.59 | ▲ +0.5%Nifty −0.1% · +0.6 pp |
| Year | Revenue ₹ cr | Revenue YoY | Profit ₹ cr | Profit YoY | EPS ₹ |
|---|---|---|---|---|---|
| FY26to Mar 2026 | ₹33,089 cr | ▲ +6.8% | ₹9,116 cr | ▲ +9.0% | 136.30 |
| FY25to Mar 2025 | ₹30,981 cr | ▲ +2.0% | ₹8,364 cr | ▲ +9.8% | 125.07 |
| FY24to Mar 2024 | ₹30,381 cr | — | ₹7,621 cr | — | 126.13 |
HAL trades at 33 times trailing earnings against 39 for its industry, 7.5 times book value, revenue +7.4% over twelve months, a 2.0% dividend yield, market cap ₹3,10,000 cr.
| Stock | Market cap ₹ | P/E | P/B | Close ₹ |
|---|---|---|---|---|
| HALHindustan Aeronautics Limited | 3,10,000 cron 1 Oct | 33consolidated | 7.5 | ₹4,601.00 |
| BELBharat Electronics Limited | 2,80,000 cron 1 Oct | 46consolidated | 12 | ₹383.10 |
| BDLBharat Dynamics Limited | 40,000 cron 1 Oct | 77standalone | 9.4 | ₹1,087.90 |
| GRSEGarden Reach Shipbuilders & Engineers Limited | 24,000 cron 1 Oct | — | 9.2 | ₹2,111.10 |
| DATAPATTNSData Patterns (India) Limited | 24,000 cron 1 Oct | — | 14 | ₹4,251.30 |
| AEQUSAequs Limited | 18,000 cron 1 Oct | — | 12 | ₹275.05 |
| ASTRAMICROAstra Microwave Products Limited | 15,000 cron 1 Oct | — | 12 | ₹1,624.50 |
| APOLLOApollo Micro Systems Limited | 15,000 cron 1 Oct | — | 11 | ₹394.00 |
| ZENTECZen Technologies Limited | 14,000 cron 1 Oct | — | 7.3 | ₹1,576.10 |
| PARASParas Defence and Space Technologies Limited | 10,000 cron 1 Oct | — | 14 | ₹1,276.00 |
| AXISCADESAXISCADES Technologies Limited | 9,800 cron 1 Oct | — | 13 | ₹2,307.30 |
| UNIMECHUnimech Aerospace and Manufacturing Limited | 9,000 cron 1 Oct | — | 12 | ₹1,773.00 |
| MIDHANIMishra Dhatu Nigam Limited | 8,100 cron 1 Oct | — | 5.3 | ₹433.60 |
| CYIENTDLMCyient DLM Limited | 7,100 cron 1 Oct | — | 7.0 | ₹893.90 |
| CENTUMCentum Electronics Limited | 6,900 cron 1 Oct | — | 21 | ₹4,701.70 |
| ROSSTECHRossell Techsys Limited | 5,700 cron 1 Oct | — | 37 | ₹1,522.30 |
| AVANTELAvantel Limited | 4,000 cron 1 Oct | — | 12 | ₹150.30 |
| IDEAFORGEIdeaforge Technology Limited | 3,700 cron 1 Oct | — | 6.1 | ₹735.00 |
| JAYKAYJaykay Enterprises Limited | 2,600 cron 1 Oct | — | 3.8 | ₹201.45 |
| SIKASika Interplant Systems Limited | 2,200 cron 1 Oct | — | — | ₹1,018.20 |
| NIBENIBE Limited | 1,900 cron 1 Oct | — | 5.4 | ₹1,234.50 |
| DCXINDIADCX Systems Limited | 1,800 cron 1 Oct | — | 1.2 | ₹159.00 |
| TANAATaneja Aerospace & Aviation Limited | 830 cron 1 Oct | — | — | ₹324.15 |
| KAVDEFENCEKavveri Defence & Wireless Technologies Limited | 430 cron 17 Sept | — | 3.9 | ₹71.65 |
| SIGMAADVSIGMA ADVANCED SYSTEMS LIMITED | — | — | — | — |
Promoters hold 71.6%, foreign portfolio investors 9.3%, mutual funds 6.8% and insurance companies 4.4%, as filed for the quarter to 30 Jun.
| Category | 30 Jun | 31 Mar | 31 Dec | 30 Sept | 30 Jun |
|---|---|---|---|---|---|
| Promoters | 71.640.00 pp | 71.640.00 pp | 71.640.00 pp | 71.640.00 pp | 71.64 |
| Foreign portfolio investors | 9.34▼ −0.87 pp | 10.21▼ −0.65 pp | 10.86▼ −1.14 pp | 12.00▲ +0.10 pp | 11.90 |
| Mutual funds | 6.79▲ +0.98 pp | 5.81▲ +0.03 pp | 5.78▲ +0.91 pp | 4.87▲ +0.36 pp | 4.51 |
| Insurance companies | 4.40▲ +0.47 pp | 3.93▲ +0.71 pp | 3.22▲ +0.16 pp | 3.06▼ −0.47 pp | 3.53 |
| Banks and financial institutions | 0.78▲ +0.02 pp | 0.76▲ +0.01 pp | 0.75▼ −0.03 pp | 0.78▲ +0.10 pp | 0.68 |
| Individual investors | 6.46▼ −0.58 pp | 7.04▼ −0.07 pp | 7.11▲ +0.13 pp | 6.98▼ −0.08 pp | 7.06 |
| Bodies corporate | 0.370.00 pp | 0.37▼ −0.06 pp | 0.43▼ −0.01 pp | 0.440.00 pp | 0.44 |
| Others | 0.22▼ −0.03 pp | 0.25▲ +0.02 pp | 0.230.00 pp | 0.23▼ −0.01 pp | 0.24 |
Nothing upcoming on record; the last was a dividend of ₹10.00 a share, ex-date 14 Aug 2026.
| Ex-date | Action | Amount or ratio | Record date | Source |
|---|---|---|---|---|
| recent | ||||
| 14 Aug 2026 | dividend | ₹10.00 | 14 Aug 2026 | BSE |
| 18 Feb 2026 | dividend | ₹35.00 | 18 Feb 2026 | BSE |
| 21 Aug 2025 | dividend | ₹15.00 | 21 Aug 2025 | BSE |
| 18 Feb 2025 | dividend | ₹25.00 | 18 Feb 2025 | BSE |
| 21 Aug 2024 | dividend | ₹13.00 | 21 Aug 2024 | BSE |
| 21 Aug 2024 | otherAnnual General Meeting | — | — | NSE |
| 20 Feb 2024 | dividend | ₹22.00 | 20 Feb 2024 | BSE |
HAL is −3.7% over 20 sessions against Nifty's −6.2%, 11% below its 52-week high, realised volatility 31% annualised.
| Window | From ₹ | HAL % | Nifty 50 % | Difference pp |
|---|---|---|---|---|
| 250 sessionssince 26 Sept | ₹4,735.98 | ▼ −2.8% | ▼ −9.1% | +6.2 |
| 120 sessionssince 9 Apr | ₹4,032.78 | ▲ +14% | ▼ −5.7% | +20 |
| 60 sessionssince 8 Jul | ₹4,364.86 | ▲ +5.4% | ▼ −6.1% | +12 |
| 20 sessionssince 2 Sept | ₹4,779.76 | ▼ −3.7% | ▼ −6.2% | +2.5 |
| 5 sessionssince 24 Sept | ₹4,774.31 | ▼ −3.6% | ▼ −2.8% | −0.85 |
| 1 sessionsince 30 Sept | ₹4,668.22 | ▼ −1.4% | ▼ −0.88% | −0.56 |
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