HAL Q2 Results FY27: Profit Rs 1,936 Cr (+16%), Margin Slips

Results analysis · Defence

Looking for the HAL Q2 results FY27? Hindustan Aeronautics reported on 12 November 2026: profit up 16%, revenue up 15%, margin down. This page lays out the figures, where sources disagree and what to check in the filing.

Updated: Thursday, 12 November 2026, 2:30 PM IST  |  Reading time: 20 min  |  Next update: after the filing is read or the next quarterly results

Latest update (Thursday, 12 November 2026, 2:30 PM IST): HAL reported Q2 FY27 consolidated results on Thursday, 12 November 2026, with the first reports at about 1:30 PM IST during market hours. I did not find a dividend announcement, an official closing price or a management call summary at the time of writing, and I have not opened the exchange filing.

In plain words: Hindustan Aeronautics Limited (HAL) is the state-owned maker of fighter jets, helicopters and engines for India’s armed forces. Its revenue depends on delivery timing, so one quarter can look strong or weak without any change in demand.

Data note: Figures are as of 12 November 2026, 2:30 PM IST and are consolidated. They follow Upstox, Business Upturn, Sahi and Whalesbook. I could not open the exchange filing or the company presentation, so figures are headline-level. Derived numbers are my calculation. Estimates quoted from a source are that source’s, not mine.

What did HAL report in the HAL Q2 results FY27, and how big was the change?

In the HAL Q2 results FY27, consolidated revenue from operations was Rs 7,613 crore, up about 15% from Rs 6,629 crore. EBITDA was Rs 1,739 crore, up about 12%, and net profit was Rs 1,936 crore, up 16% from Rs 1,669 crore, per Upstox and Business Upturn.

The results covered the quarter to 30 September 2026. Reports appeared from about 1:30 PM IST on Thursday, 12 November 2026, while the market was open (Business Upturn 1:29 PM, Sahi 1:38 PM, Upstox 1:51 PM). The figures below are consolidated. I found no standalone figures for the quarter, and I have not opened the filing, so every number is as reported by the sources named.

Cite this table: HAL Q2 FY27 consolidated results per Upstox, Business Upturn and Sahi; derived lines calculated by PositionalCalls.

These tie. Rs 7,613 crore over Rs 6,629 crore is 14.8%, Rs 1,739 crore over Rs 7,613 crore is 22.84%, and Rs 1,936 crore over Rs 1,669 crore is 16.0% (my calculation). Upstox does not define its “net income” line; I read it as total income including other income, because the Q2 FY26 figure of Rs 7,516 crore less revenue of Rs 6,629 crore gives about Rs 887 crore, the same other-income figure I derived earlier. That reading is mine, not the source’s.

Which basis does the HAL Q2 results FY27 headline use?

Upstox and Business Upturn both state the results are consolidated, and Sahi quotes the same Rs 1,936 crore. One Business Upturn link carries a slug reading 10.6% and Rs 1,839 crore, which does not match the article text of 16% and Rs 1,936 crore. I treat the slug as an earlier or mistaken label and use the text, but I cannot confirm that without the filing. If you see Rs 1,839 crore elsewhere, check whether it is an old headline.

What is the Q2 FY26 base, and does it tie to the HAL Q2 results FY27?

The Q2 FY26 base was revenue of Rs 6,628.61 crore, EBITDA of about Rs 1,558 crore and net profit of Rs 1,669.05 crore, reported on 12 November 2025. The Q2 FY27 growth rates tie to that base within rounding.

Cite this table: HAL Q2 FY26 base per my earlier preview page and press reports; Q2 FY27 comparison by PositionalCalls.

Last year’s profit base has been reported two ways: Rs 1,669.05 crore against a Rs 1,510 crore comparison (+10.5%, per Upstox) and against a Rs 1,551.09 crore table base (+7.6%, per one table I saw). That affects last year’s growth rate, not this year’s base. For this quarter, the base of Rs 1,669 crore is quoted consistently by Upstox, Business Upturn and Sahi. The implied earnings per share of about Rs 28.95 divides Rs 1,936 crore by the roughly 66.87 crore shares implied by Rs 1,669.05 crore and Rs 24.96 (my calculation); the reported figure may differ.

Did the HAL Q2 results FY27 beat or miss estimates?

Business Upturn reports revenue 1.7% above, net profit 1.9% above and EBITDA 9.6% below a market estimate. A preview headline from Zee Business expected about 12% growth in both revenue and profit. I did not verify either estimate, and they are third-party opinions.

Cite this table: Estimates as quoted by Business Upturn; not verified. Gaps calculated by PositionalCalls.

The second estimate set is a headline-only item from Zee Business that I did not open: revenue and profit both up about 12%, which on the Q2 FY26 base would be roughly Rs 7,424 crore and Rs 1,869 crore (my calculation). Against that, revenue is about 2.5% higher and profit about 3.6% higher. The two sets differ on profit by Rs 30 crore, which shows how much estimates vary by source. The sources I read do not explain why profit beat while EBITDA missed; the other-income line (about Rs 989 crore, derived) is one possible reason, and that inference is mine.

Why did the margin slip in the HAL Q2 results FY27?

Operating costs, revenue less EBITDA, rose about 15.9% to Rs 5,874 crore while revenue rose 14.8%, so the margin fell by about 0.66 points to 22.85%. This is my arithmetic on reported figures. The reports I read do not give HAL’s own explanation.

Cite this table: HAL margin lines calculated by PositionalCalls from Upstox and press figures; not company disclosures.

Net profit margin on revenue is above 25% because other income of about Rs 989 crore sits between EBITDA and profit; that is why profit grew 16% while EBITDA grew about 12%. A gap between EBITDA growth and profit growth is common for companies with large treasury income. Whether HAL’s other income rose from interest or other items is a filing question: the reports do not split it. Compare any commentary with these two lines, because a headline about profit growth can hide a thinner operating margin.

What do Q1 FY27 and the first half show about the HAL Q2 results FY27?

First-half revenue was Rs 13,128 crore, up about 15%, and first-half net profit was Rs 3,535 crore, up about 15%, per Upstox. Q2 revenue was about 38% above Q1 FY27, which was Rs 5,515.17 crore, and Q2 profit about 22% above Rs 1,589.66 crore.

Cite this table: HAL H1 and sequential figures per Upstox and my earlier preview page; ties and ratios by PositionalCalls.

The numbers tie with one exception. Q1 FY27 net profit of Rs 1,589.66 crore plus Q2 profit of Rs 1,936 crore is Rs 3,525.66 crore, against Rs 3,535 crore reported for the half, a gap of about Rs 9 crore (my calculation). Revenue ties exactly: Rs 5,515.17 crore plus Rs 7,613 crore is Rs 13,128.17 crore. Q1 FY27 EBITDA has two reports: Rs 1,527 crore (+19%, per Kotak Neo) and Rs 1,526 crore (+46.9%, per Business Whale sources), with different bases. I use Rs 1,527 crore for the arithmetic and flag the conflict. Q2 is the larger quarter, which is usual for HAL: deliveries cluster later in the year, so the first quarter often looks small. Read the half-year, not one quarter.

What do the order book and Tejas deliveries say about the HAL Q2 results FY27?

Upstox puts the order book at about Rs 2.5 lakh crore. Whalesbook put it at over Rs 2.45 lakh crore on 23 July 2026, and an earlier source gave Rs 2,54,538 crore at 31 March 2026. The sources do not agree to the crore, so the filing is the reference.

Cite this table: HAL order information as reported; not verified against filings.

On Tejas Mk-1A, Whalesbook reported on 23 July 2026 that weapon trials were complete, a first squadron of 16 to 18 aircraft was targeted for delivery by March 2027, 20 aircraft were built and awaiting GE F404 engines, seven engines had arrived and ten more were expected before November 2026. Software certification was named as the next milestone. That is as of July: the Q2 reports I read carry no engine or delivery update, so I cannot say whether the timetable moved. The Rs 62,370 crore contract is large relative to revenue, but conversion depends on engine supply, which is a delivery issue and not a demand issue.

How do the first-half numbers compare with the guidance quoted before the HAL Q2 results FY27?

Whalesbook quoted FY27 guidance of 10 to 12% revenue growth and an EBITDA margin of 30 to 31%. First-half revenue growth of about 14.7% is above the revenue range, while the first-half EBITDA margin of about 24.9% is far below the margin figure. The bases may differ.

Cite this table: HAL guidance as quoted by one source; H1 arithmetic by PositionalCalls. Not verified against management statements.

I do not use this as a view. The margin guidance and the reported EBITDA margin look like different measures, or the guidance assumes a large second-half step-up; I could not tell which from the sources. I did not find a transcript or a presentation for this quarter, so I cannot say whether management repeated, changed or dropped either number. Treat both guidance lines as unverified until the filing or call is read.

What did HAL shares do after the HAL Q2 results FY27?

Upstox reports the NSE price at Rs 4,835.10 at 1:40 PM on 12 November 2026, down 2.3%. The one-year high was Rs 5,149.90 on 17 August 2026, so that price is about 6.1% below it (my calculation). I did not find the official close.

Cite this table: HAL price figures as reported on 12 November 2026; the official close was not found.

A fall of 2.3% on a day when profit rose 16% shows that markets read the margin and the delivery timeline, not only the profit line; that is my observation, not a market cause I can confirm. Last year the price fell 2.51% on the Q2 FY26 results day, so a dip on results day is not new for HAL. I do not quote brokerage targets in this post; a target is an opinion, and none of the reports I read gave one.

Was a dividend announced with the HAL Q2 results FY27?

I did not find a dividend announcement in the reports I read for this quarter. For comparison, the earlier preview recorded a total of Rs 45 a share in the previous year, Rs 35 interim and Rs 10 final. Check the exchange announcements for any new dividend and its record date.

Cite this table: HAL payout status as of the time stated; not verified against filings.

A dividend does not change the results, but it moves cash out of the company and appears in the price on the ex-date. If you hold HAL, the tax treatment of any dividend is covered in dividend tax in India; sales are covered in capital gains tax on shares.

What did the HAL preview say, and how did the HAL Q2 results FY27 compare?

The HAL Q2 results date FY27 preview named Rs 6,628.61 crore revenue, about Rs 1,558 crore EBITDA and Rs 1,669.05 crore profit as the marks to beat. Revenue and profit went above them; EBITDA margin went below the 23.5% mark.

Cite this table: Preview marks against reported figures; outcomes calculated by PositionalCalls.

The preview also carried a headline estimate of about 12% growth, which I flagged as unverified; the reported growth of about 15% and 16% sits above it. The preview made no call on direction and this page makes none either; it records what was reported.

What does the arithmetic on the HAL Q2 results FY27 show about each point of margin?

At Q2 FY27 revenue of Rs 7,613 crore, each percentage point of EBITDA margin is worth about Rs 76 crore. Had the margin stayed at last year’s 23.51%, EBITDA would have been about Rs 1,790 crore, about Rs 51 crore above the reported Rs 1,739 crore. This is my arithmetic, not a forecast.

Cite this table: HAL margin sensitivity, my calculation on fixed revenue. Illustrations, not forecasts.

The table holds revenue fixed to isolate margin, which real quarters do not. A revenue mix with more engineering-heavy or more manufacturing-heavy work changes margin without any change in efficiency, so a swing between 22% and 28% across quarters is not unusual for a company that books revenue on delivery and milestones. That is a general point about defence manufacturers, not a statement about HAL’s accounting policy, which I did not read.

Three worked examples from the HAL Q2 results FY27

Example 1, reported margin. Revenue of Rs 7,613 crore at 22.85% gives EBITDA of about Rs 1,739 crore.

Example 2, last year’s margin. The same revenue at 23.51% gives about Rs 1,790 crore, 2.9% more than Example 1 (my calculation).

Example 3, Q1 margin. At about 27.7% the figure is about Rs 2,109 crore, 21.3% above Example 1 (my calculation).

How do I read the next HAL results after the HAL Q2 results FY27?

On the next results read, in this order: revenue against Rs 7,613 crore and the H1 figure, EBITDA margin against 22.85%, net profit against Rs 1,936 crore, other income, order book, Tejas deliveries and the dividend.

Cite this table: HAL reading order, PositionalCalls.

For any HAL Q2 results FY27 summary or target you read elsewhere, compare its assumptions with these lines: delivery timing, margin and other income. If it does not state them, you cannot check it.

How do I read the HAL filing and avoid fake tips?

Open the NSE or BSE announcement for Hindustan Aeronautics Limited, not a link in a message, and read the consolidated results table first. Treat any tip that asks for an OTP, payment or login, or promises a target, as fake.

1. Open the exchange announcement page for Hindustan Aeronautics Limited.
2. Read the unaudited results for the quarter and half year ended 30 September 2026, consolidated and standalone.
3. Note revenue, EBITDA, other income, profit before tax and profit.
4. Compare with Rs 7,613 crore, Rs 1,739 crore and Rs 1,936 crore.
5. Read the notes on segments, order book and any exceptional items.
6. Check the dividend announcement and the record date.

PositionalCalls is not SEBI-registered, gives no buy or sell calls and never asks for payment. Nothing here is investment advice.

What do most people miss in the HAL Q2 results FY27?

Most readers see 16% profit growth and miss that EBITDA grew less, that the margin slipped, that other income lifts profit, and that headline sources disagree on the order book and a few base figures.

A last point on sources. Several figures come from news reports and aggregators, which differ from filings: one Business Upturn link carries a 10.6% slug against 16% in the text, the order book appears three ways, and Q1 EBITDA has two reports. Before using any number in a decision, open the exchange filing, check the definition of each line and note the date of the report. I list each source below so the comparison can be repeated.

Another habit worth keeping is to write down the three or four numbers you care about before a filing appears, such as revenue, EBITDA margin and net profit, so you can read the result against your own checklist and not against the headline. Headlines tend to pick the largest percentage change, and the base it is measured against tells the fuller story.

If a figure on this page changes after the filing is read or the next results, the Updated date at the top will change too, and the Latest update line will say what moved. Tables are kept so the earlier figures stay visible next to the new ones.

HAL Q2 results FY27: frequently asked questions

Sources

• NSE India: corporate announcements: results and dividend notices.
• BSE India: corporate announcements: the results filing.
• Upstox: HAL Q2 FY27 results, 12 November 2026, 1:51 PM IST.
• Business Upturn: HAL Q2 results, 12 November 2026, 1:29 PM IST.
• Sahi: HAL Q2 consolidated net profit, 12 November 2026, 1:38 PM IST.
• Whalesbook: HAL Tejas Mk-1A delivery and order book, 23 July 2026.
• PositionalCalls: HAL Q2 results date FY27 preview, 11 November 2026.

Disclosure: PositionalCalls.com is not a SEBI-registered research analyst or investment adviser. Investments in securities markets are subject to market risks. Read all related documents carefully before investing. Returns are never guaranteed. PositionalCalls is an independent research and education site founded by Shubham Chaudhary. Nothing here is a recommendation, target or investment advice. How I researched this: for this page on the HAL Q2 results FY27 I read Upstox, Business Upturn, Sahi and Whalesbook, noted where sources differ, and marked every derived number as my calculation. I did not open any company filing or exchange document. Figures are as of 12 November 2026, 2:30 PM IST.