Hindustan Aeronautics, BEL, GRSE: Defence stocks in focus on Wednesday, April 1; what you need to know

Hindustan Aeronautics (HAL)

In its press release dated March 31, 2026, HAL said it recorded a revenue of ₹32,250 crore (provisional and unaudited) for the financial year ended March 31, 2026, as against the revenue of ₹30,981 crore during the previous year.

“This achievement was made possible despite the challenges faced in deliveries of LCA MklA and HTI 40 due to supply chain issues arising from geopolitical and technical challenges,” it said.

However, deliveries of ALH, AL31-FP, RD-33 engines, and other products and services were accelerated, helping maintain the top line and healthy profitability.

"HAL has shown resilience and maintained steady growth despite geopolitical tensions, global conflicts, and supply chain challenges in the aerospace and defence sectors. During the past year, HAL strengthened its order pipeline, expanded its manufacturing capability, and diversified into the civil segment to support future growth," said Dr D K Sunil, CMD, HAL.

The company said the order book remained healthy at around ₹2.54 lakh crore as of March 31, 2026, against the opening order book position of ₹1.89 lakh crore, after adjusting current-year liquidation.

The increase is mainly due to the signing of major orders with the MoD for the supply of 97 Light Combat Aircraft (LCA) MkIA aircraft for ₹62,370 crore, six ALH CG for ₹2,704 crore, and eight Dornier CG for ₹2,186 crore.

The outstanding manufacturing orders for helicopters, aircraft, and engines provide long-term revenue visibility over the next 7-8 years. Additionally, the ROH, spares, and other order books remained healthy and are expected to remain robust in the coming years.

HAL said that during the year, the company has paid an interim dividend of ₹35 per equity share at a face value of ₹5 each for the FY 2025-26, totalling ₹2,341 crore. Further, a final dividend of ₹15 per equity share at a face value of ₹5 each for the FY 2024-25, totalling ₹1,003 crore, has been paid.

The total cash outflow for payment of the above dividend during the year is ₹3,344 crore to its shareholders.

During the year, HAL made significant progress in capacity augmentation with the operationalisation of the third LCA Tejas production line and second HTT 40 line at its Nasik Division. The company also signed an MoU with Mishra Dhatu Nigam Limited (MIDHANI) to set up a strategic metal bank for critical raw materials, paving the way for self-reliance in critical strategic materials.

HAL said that with new orders in hand, enhanced manufacturing capabilities, and a stabilising supply chain, the company is well-positioned to deliver strong financial performance in FY2026-27 and beyond.

Bharat Electronics (BEL)

Navratna defence public sector undertaking (PSU), Bharat Electronics Limited (BEL), said it has secured additional orders worth ₹6,795 crore since the last disclosure on March 30, 2026.

Orders received include mountain radars from the MoD, an avionics package for the LCA from HAL, a major export order for communication equipment, electronic fuzes, strategic components, upgrades, spares, services, etc.

Garden Reach Shipbuilders & Engineers (GRSE)

In its press release dated March 31, 2026, GRSE said that, sustaining its strong growth momentum, the company recorded the highest annual turnover in its history for FY 2025-26, amounting to ₹6,400 crore (Provisional & Unaudited), as against ₹5,076 crore in FY 2024–25.

The shipyard has also declared an interim dividend of 129% of paid-up share capital against 89.5% in FY 2024–25.

“FY 2025–26 saw key milestones in naval shipbuilding, with the commissioning of five vessels during the year, including INS Himgiri, the first Project 17A Advanced Frigate, INS Ikshak, the third Survey Vessel (Large), and the first three Anti-Submarine Warfare Shallow Water Crafts (ASW-SWC)—INS Arnala, INS Androth, and INS Anjadip,” the press release said.

GRSE delivered a total of eight vessels to the Indian Navy during FY 2025–26, comprising two Project 17A (P17A) frigates, two Survey Vessel Large (SVL) ships, and four Anti-Submarine Warfare Shallow Water Crafts (ASW-SWC).

"Notably, these delivery milestones include the simultaneous delivery of three warships—Dunagiri, Sanshodhak, and Agray—to the Indian Navy on the same day. GRSE is also in the advanced stages of concluding a prestigious contract for the construction of five next-generation corvettes," it said.

GRSE said the company continues to remain the only defence public sector shipyard engaged in the manufacture of prefabricated steel bridges. During FY 2025–26, GRSE achieved a significant milestone with the launch of a first-of-its-kind Modular Foot Suspension Bridge (FSB), a fully indigenous structure designed to span up to 400 feet without the requirement of piers.

The shipyard also delivered seven 30mm naval surface gun systems to the Indian Navy and executed multiple refit projects.