Asian Markets Securities initiated coverage of Hindustan Aeronautics (HAL) with a 'reduce' rating and a target price of ₹4,750, citing execution risks despite a strong order book. Revenue growth forecasts are modest, heavily reliant on timely engine deliveries from GE.

• Order book growth hasn’t translated to revenue.
• Engine delays from GE pose a significant risk.
• Stock still up 20% YTD despite the report.