Choice Equity Broking's report on Hindustan Aeronautics
Recently, GE Aerospace successfully delivered the first F404-IN20 engine to HNAL, marking the commencement of a contract signed in August 2021 for 99 engines. With this milestone, HNAL is set to deliver 12 Tejas Mark-1A fighter aircraft this calendar year, with an annual production rate of 24 aircraft expected from next year onward. This positive development is likely to bolster investor confidence in the near to medium term. Additionally, the company may soon secure an additional order for 97 Tejas Mark-1A aircraft.
Outlook
Our investment view remains unchanged (BUY with the target price of INR 5,000); as in our last report dated Feb 13, 2024 with Tejas Mark 2 engine agreement being the catalyst to watch out in the coming months. We have not considered appx. order value of INR 2,738 - 4,620 Bn through Tejas Mark 2, AMCA & TEDBF in our assumptions.
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