Buy Hindustan Aeronautics; target of Rs 3300: ICICI Direct

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ICICI Direct's research report on Hindustan Aeronautics

Hindustan Aeronautics (HAL), the largest defence PSU in India, is engaged in design, development, manufacture, repair, overhaul, upgrade and servicing of a wide range of products including, aircraft, helicopters, aero-engines, avionics, accessories and aerospace structures • The company has delivered revenue, EBITDA and PAT CAGR of 7.4%, 12% and 26.5%, respectively, in FY18-22. In FY22, repair & overhaul contributed ~64% to total revenues while manufacturing contributed~30%,

Outlook

We continue to remain positive and retain our BUY rating on the stock. We value HAL at Rs 3300 i.e. 20x PE on FY25E EPS.