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HAL Q2FY26 Results Preview: Hindustan Aeronautics Ltd (HAL) is expected to post a steady set of numbers for the second quarter of FY26, with revenue and profit likely to record year-on-year growth. Estimates compiled by Zee Business Research suggest that strong execution of base orders and progress in engine deliveries will drive the quarterly performance.

As per projections, HAL’s revenue for the quarter is likely to come in at around Rs 6,613 crore, up about 10.7 per cent from Rs 5,976 crore reported in the same period last year. EBITDA is estimated at Rs 1,796 crore, an increase of 9.5 per cent, while profit after tax (PAT) may rise 13.3 per cent to Rs 1,711 crore.

The operating margin is seen at 27 per cent, a touch lower than 27.4 per cent a year ago. The marginal decline is expected due to higher provisions and an uptick in other expenses, analysts said. Despite this, the overall operating performance is likely to remain strong.

The market will be watching HAL’s progress on order execution and GE engine deliveries, which are seen as key growth drivers for the coming quarters. So far, four GE engines have been delivered to the company.

The spotlight will also be on Tejas Mk1A aircraft deliveries, where timelines may be tight. Analysts expect HAL to deliver around seven units by the end of FY26, compared to an earlier estimate of twelve.

Investors and analysts will look for management commentary on:

1) The working capital cycle and order pipeline progress

2) Updates on Tejas Mk1A and Su-30 avionics upgrade projects

3) The overall outlook for the second half of FY26

Senior Sub-editor at Zee Business English

shweta.shukla@India.com

Shweta Birendra Shukla is a journalist covering the stock market and corporate aff