Two Sharp with ET: Defence stocks boom, Protean tanks 20%, India blocks Bangla garment imports
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Business Standard
2 hours ago
- Business Standard
HAL to supply 97 light combat aircrafts to Indian Air Force
Hindustan Aeronautics (HAL) said that the Cabinet Committee of Security (CCS) has approved the proposal for procurement of 97 light combat aircraft Mk-1A along with associated equipment for Indian Air Force. The aforesaid would be procured by the Ministry of Defence. The announcement was made before market hours today. Hindustan Aeronautics, a defence public sector undertaking (DPSU), undertakes design, development, manufacturing, maintenance, repair, overhaul, and servicing of aircraft, helicopters, engines and other related systems like avionics, instruments, and accessories. The Government of India (GoI) is HAL's largest shareholder, with a stake of 71.64% as on 30 June 2025. The company's consolidated net profit declined 3.71% to Rs 1,383.77 crore in Q1 FY26 as against Rs 1,437.16 crore posted in Q1 FY25. However, revenue from operations was at Rs 4,819.01 crore in Q1 FY26, up 10.84% as against Rs 4,347.5 crore recorded in Q1 FY25. The scrip rose 0.72% to currently trade at Rs 4500.10 on the BSE.
Mint
2 hours ago
- Mint
Multibagger drone stock crashes 25% in 3 months, 47% from recent peak. Do you own it?
Shares of Zen Technologies, a drone equipment manufacturer, have been sliding steadily in recent months without any signs of a pullback, as investor sentiment towards the counter remains weak amid the company's poor performance in recent quarters, driven by a slowdown in order inflows, making a once high-flying stock struggle to regain momentum. Over the last three months, the shares have lost 25% of their value to ₹ 1,420, including a sharp 26% decline in July, while the weak trend has persisted in August so far. The latest fall has dragged the stock down 47% from its recent peak of ₹ 2,627 apiece, making it one of the worst performers in the defence sector in 2025. The weak performance has also prompted domestic mutual funds to trim their holdings in the June quarter by nearly 1%. Fifteen mutual funds collectively own a 6.77% stake in the company, down from 7.70% in the preceding March quarter. Order inflows for the drone maker have slowed over the past 15 months, reducing its consolidated order backlog to ₹ 7.54 billion at the end of the June quarter (0.7x FY25 sales), down from ₹ 11.6 billion in June 2024 quarter, which raised concerns among investors about the company's future growth visibility. Within the company's standalone order book, ₹ 2.6 billion was attributed to AMC and the remaining ₹ 3.5 billion represented equipment orders, which included both simulators and anti-drone systems (ADS). Specifically, simulator orders were valued at ₹ 2.8 billion and anti-drone systems at ₹ 640 million. Despite the slowdown, the company remains optimistic about achieving order inflows worth (simulator order) ₹ 6.5 billion in the ongoing quarter, which could materially improve execution visibility in 2HFY26. However, analysts believe that the moderation in order inflows reflects only a temporary delay in standard procurement activity, as the government remains focused on emergency purchases after Operation Sindoor. For the June quarter, the company reported results below consensus estimates, missing on both revenue and net profit. Revenue declined 56% YoY to ₹ 1.1 billion due to design modifications in a major equipment order, which resulted in a deferment of ₹ 500–700 million in revenue. Analysts remain constructive on Zen Technologies' long-term positioning in high-impact defence domains but cautioned that the near-term weakness in order momentum and execution warrants a wait-and-watch approach, with fresh inflow announcements over the next couple of quarters being key for greater earnings visibility. Following the June quarter numbers, Motilal Oswal trimmed its estimates for FY26 and FY27 by 22% and 18%, respectively, to account for the temporary slowdown in near-term execution, resulting in a drop in the stock's target price to ₹ 1650 from ₹ 1850 earlier. Any prolonged weakness in defence procurement, particularly for simulators, could expose the company to further risks of reduced inflows and slower growth, the brokerage warned. ICICI Securities also slashed its target price on the stock to ₹ 1700 apiece and also lowered the rating to 'Hold' from the earlier 'Buy.' Zen's recent acquisitions are likely to remain margin accretive and improve its product offerings. That said, we believe order accretion shall be closely monitored by Street, the brokerage said. Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Economic Times
2 hours ago
- Economic Times
HAL announces approval for 97 upgraded Tejas jets. Can the stock rally up to Rs 6,325?
Hindustan Aeronautics (HAL) on Thursday said the Cabinet had cleared a Rs 62,000-crore order for 97 Light Combat Aircraft (LCA) Mk-1A fighter jets, sparking debate over whether the stock could rally toward the Rs 6,325 target projected by brokerages after the state-run defence major's first-quarter results last week. ADVERTISEMENT HAL's stock advanced as much as 1.3% to Rs 4,525.85 on BSE following the disclosure. The company told exchanges that, as communicated by the Ministry of Defence, the Cabinet Committee on Security (CCS) had cleared the procurement of the fighter jets and associated equipment for the Indian Air Force. The Mk-1A is an upgraded version of the Tejas fighter, designed to replace the ageing MiG-21 fleet. The defence major's shares are up 8.2% so far in 2025 but remain down about 5% over the past 12 months, including a 5% decline in the last month. Brokerages remain broadly positive on the stock post its Q1 FY26 results, though target prices retained its 'Buy' rating, citing a 'revenue CAGR of ~21% over FY25–28E' and maintained a price target of Rs 6,000. ADVERTISEMENT Motilal Oswal kept its 'Buy' call with a target of Rs 5,800, noting that 'engine supplies ramping up from GE for the Tejas Mk1A aircraft order' should accelerate deliveries. The brokerage highlighted a 'beat on profitability' in the first quarter, with EBITDA margin expanding to 26.6%. Unlock 500+ Stock Recos on App Choice Institutional Equities raised its stance to 'Buy' with a price target of Rs 5,570, saying 'the company remains firmly on track to deliver a stronger H2 in FY26, with revenue acceleration led by the ramp-up of the Tejas program.' ADVERTISEMENT InCred Equities set the most bullish target at Rs 6,325, pointing to 'double-digit revenue growth with improved EBITDA margin' and forecasting deliveries of 12 Tejas Mk1A jets in Capital upgraded the stock to 'Buy' with a target of Rs 5,500, citing HAL's 'robust prospect pipeline of ~Rs1.0 trillion over the next few years' and strategic expansion into space technology through ISRO's small satellite launcher program. ADVERTISEMENT HAL reported a 3.7% year-on-year decline in consolidated net profit to Rs 1,383.77 crore for the quarter ended June 30, 2025, compared with Rs 1,437.14 crore a year from operations rose 10.8% year-on-year to Rs 4,819.01 crore during the quarter. On a sequential basis, profit plunged 65.2% from the March quarter. ADVERTISEMENT Also read | HAL Q1 results: Cons PAT slips 4% YoY to Rs 1,383 crore, revenue surges 11% (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
