CLSA has maintained its “outperform” rating on Hindustan Aeronautics Ltd (HAL), projecting a 15.3% upside from the current market price of ₹4,101.50 with a target price of ₹4,731.
The brokerage highlighted HAL’s robust $45 billion decadal pipeline, which underpins its long-term growth prospects, despite delays in Russian aircraft and helicopter orders. CLSA views significant helicopter and Su-30 orders in the second half of the fiscal year, along with progress on the GE engine deal, as key catalysts for the stock.
The firm noted that HAL deserves its premium valuation relative to global aerospace peers, thanks to its strong position in India’s “Make-in-India” initiative and its unparalleled market access.
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