New Delhi, April 9 -- In a market where defence stocks have largely remained in favour despite severe geopolitical strain, Hindustan Aeronautics Limited (HAL) has been a bit of an outlier. The stock is down around 11% so far in 2026, while the Nifty India Defence Index is up about 4%.

HAL recently posted provisional FY26 revenue of Rs.32,250 crore, only slightly higher than the Rs.30,981 crore it reported in the previous fiscal year, because of delivery challenges in Light Combat Aircraft (LCA) Tejas Mk1A and Hindustan Turbo Trainer-40 (HTT-40) due to supply-chain disruptions stemming from geopolitical and technical issues.

This quickly shifted the focus to execution worries, with some analysts even trimming their estimates after delays...