New Delhi, Aug. 27 -- The first Tejas Mk1A fighter jet HAL delivered to the Indian Air Force in August 2026 cost the government approximately INR 310 crore. What it cost HAL's stock was nothing. The delivery of India's indigenously designed light combat aircraft, years behind schedule, confirmed that one of the world's largest and most complex defense procurement programs is finally operational, and equity markets priced that confirmation at a premium.

HAL, Bharat Electronics Limited, and Mazagon Dock Shipbuilders.

The HAL thesis rests on order book geometry. The company's confirmed order book stands at INR 94,000 crore, nearly three times its FY27 revenue guidance of INR 32,000 crore, giving it almost three years of revenue visibility ...