Tejas Mk1A, which accounts for 43% of Hindustan Aeronautics Ltd’s (HAL) order book, could be a key re-rating trigger for the stock as visibility on fighter aircraft deliveries improves, according to Jefferies. HAL CMD Ravi Kota is confident of delivering Tejas Mk1A aircraft this year, with testing underway and 24 airframes ready.
Jefferies has retained its Buy rating on HAL with a price target of Rs 6,800, implying 43% upside from the September 29 closing price of Rs 4,739. The brokerage said successful execution of the Tejas programme could help address investor concerns that have weighed on the stock since 2024.
