HAL: AMSEC Starts with 'Reduce' Rating

  Published 11 months ago

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.

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