HAL Shares Rise as Citi, Goldman Sachs Retain Buy Ratings: Tejas, HTT-40 and Dhruv NG Deliveries in Focus

21 Sep 2026 , 09:59 AM

Hindustan Aeronautics Ltd (HAL) shares gained in early trade on Monday as brokerages Citi and Goldman Sachs maintained their positive ratings on the defence PSU, pointing to improving execution across aircraft and helicopter programmes.

HAL shares rose 1.33% to ₹4,864 in early trade, compared with Friday’s close of ₹4,800.30. The latest brokerage commentary comes after HAL recently handed over multiple indigenous platforms, including Tejas trainer aircraft, HTT-40 basic trainers and Dhruv Next Generation helicopters.

The focus from brokerages is increasingly shifting toward HAL’s ability to convert its large order book into actual deliveries and revenue as supply-side constraints ease.

HAL Share Price Today: Key Details

Particular	Details
HAL share price	₹4,864
Early-trade gain	1.33%
Previous close	₹4,800.30
Market capitalisation	Approx. ₹3.21 lakh crore
HAL 2026 return	+9.2%
Nifty 50 2026 return	-10.7%
Data time	Early trade, Monday

At 9:54 AM, the Sensex was at 74,732.24, up 446 points, while the Nifty stood at 23,398.95, higher by 52 points, according to the market data provided.

Citi Retains Buy on HAL, Sets ₹6,175 Target

Citi has retained its Buy rating on HAL with a target price of ₹6,175.

The brokerage highlighted improving execution across fighter aircraft, trainer aircraft and helicopters as supply constraints begin to ease. Citi’s assessment comes after several recent deliveries across HAL’s different programmes, suggesting that the execution story is no longer limited to a single platform.

HAL handed over the final two LCA Tejas FOC twin-seat trainers and three HTT-40 basic trainers to the Indian Air Force on September 18. It also delivered four Dhruv Next Generation helicopters to Pawan Hans. The Ministry of Defence confirmed the handovers.

Citi also indicated that the Dhruv NG programme remains on schedule.

Goldman Sachs Retains Buy With ₹5,870 Target

Goldman Sachs has maintained its Buy rating on HAL with a target price of ₹5,870.

The brokerage’s focus is increasingly on execution. Rather than looking only at the size of HAL’s order backlog, Goldman Sachs is assessing how effectively the company can translate those orders into production, deliveries and ultimately revenue as supply constraints improve.

This makes the availability of key components and the movement of aircraft through production and testing particularly important for the stock.

Tejas, HTT-40 and Dhruv NG Deliveries

HAL’s September 18 handovers covered three different aviation platforms.

The company delivered two LCA Tejas FOC twin-seat trainers and three HTT-40 basic trainers to the Indian Air Force, along with four Dhruv NG helicopters to Pawan Hans.

The two Tejas aircraft were the final twin-seat trainers under the FOC contract, while the HTT-40 and Dhruv NG deliveries marked the beginning of deliveries under their respective contracts.

Recent HAL Deliveries

Platform	Units Delivered	Recipient
LCA Tejas FOC Twin-Seater	2	Indian Air Force
HTT-40 Basic Trainer	3	Indian Air Force
Dhruv NG Helicopter	4	Pawan Hans

The simultaneous handover of platforms across fighter training, basic pilot training and helicopters provides a broader picture of HAL’s manufacturing and delivery activity.

HAL Tejas Mk-1A Delivery Target

The LCA Mk-1A programme remains a key near-term trigger for HAL.

HAL is targeting delivery of 10 LCA Mk-1A aircraft by March 2027. Engine availability has been one of the critical factors affecting the pace of production.

HAL has received 10 GE F404 engines so far, while additional deliveries are expected. Citi expects better engine availability, along with progress in aircraft testing, to support the Mk-1A delivery schedule.

GE has also delivered another batch of F404 engines, supporting production of the Mk-1A aircraft.

LCA Mk-1A Programme: 180 Aircraft Order

The larger LCA Mk-1A programme comprises 180 aircraft ordered by the Indian Air Force, significantly larger than the original 40-aircraft LCA Mk-1 order.

This programme is therefore an important component of HAL’s future execution pipeline. The pace at which aircraft move from production to testing and final delivery will be closely watched by investors.

The immediate execution factors include:

• Availability of GE F404 engines
• Aircraft testing progress
• Production ramp-up
• LCA Mk-1A delivery schedule
• Conversion of the order backlog into revenue

HAL Order Book Versus Revenue Conversion

The latest brokerage commentary highlights an important distinction for HAL investors.

A large order backlog provides visibility into future business, but the financial impact ultimately depends on the company’s ability to execute those contracts. Goldman Sachs has therefore shifted greater attention toward order conversion and revenue execution, while Citi has highlighted the broadening delivery activity across multiple platforms.

For HAL, the recent deliveries of Tejas trainers, HTT-40 aircraft and Dhruv NG helicopters provide evidence of activity across several programmes. However, the LCA Mk-1A ramp-up remains an important factor for the company’s near-term execution trajectory.

HAL Stock Performance in 2026

HAL has gained approximately 9.2% in 2026, according to the data provided, while the Nifty 50 has declined around 10.7% over the same period.

Period	HAL	Nifty 50
2026 so far	+9.2%	-10.7%

HAL’s market capitalisation stood at approximately ₹3.21 lakh crore based on the supplied market data.

What Brokerages Are Watching in HAL

The latest commentary from Citi and Goldman Sachs places the spotlight on execution rather than just order-book size.

Brokerage	Rating	Target Price	Key Focus
Citi	Buy	₹6,175	Improving execution across aircraft and helicopters
Goldman Sachs	Buy	₹5,870	Order conversion, production and delivery execution

The two brokerages have highlighted different aspects of the same broader development: improving supply availability and increasing deliveries could allow HAL to make better progress against its existing order pipeline.

HAL Shares: Key Factors to Track Ahead

For investors tracking HAL share price, the key operational developments to monitor include the availability of F404 engines, testing of LCA Mk-1A aircraft and the company’s ability to meet its targeted delivery schedule.

The recent deliveries across Tejas, HTT-40 and Dhruv NG have broadened the execution narrative across HAL’s product portfolio. At the same time, the company’s near-term financial performance will depend on how quickly these programmes translate into higher production, deliveries and revenue.

HAL Share Price Today: Key Takeaway

HAL shares gained in early trade after Citi and Goldman Sachs retained their Buy ratings, with target prices of ₹6,175 and ₹5,870, respectively. Their latest assessments focus on improving execution as supply constraints ease and aircraft move from production and testing into deliveries.

The September 18 handover of two Tejas FOC twin-seat trainers, three HTT-40 basic trainers and four Dhruv NG helicopters has added to the visibility around execution across HAL’s different programmes.

The LCA Mk-1A programme, particularly engine availability, aircraft testing and the target of delivering 10 aircraft by March 2027, remains an important near-term area to watch.

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