Guidance ledger · Q4 FY26

Hindustan Aeronautics Ltd HAL

5 revisions on record · 1 lowered · 3 raised — the strikethrough is what management used to say

directional guidance only · shifted across quarters

Holding view → · latest concall · The pulse

↑ raised FY revenue growth guidance Q4 FY25 → Q4 FY26

~~guidance is 7% to 8% (Q4FY25 for FY26)~~ → double-digit growth in '26-'27 (10% to 12% minimum)

“be maintaining a double-digit”

→ narrowed EBITDA margin band Q4 FY25 → Q4 FY26

~~operational EBITDA, it will be around 30%-31% (Q4FY25)~~ → EBITDA margin, we have always maintained around 30%, 31%, and it will be maintained

“maintained around 30%, 31%, and it will be maintained”

↑ raised Order book position Q4 FY25 → Q4 FY26

~~Rs. 1,89,300 crores (Q4FY25)~~ → INR2,54,538 crores (Q4FY26)

“INR2,54,538 crores”

↑ raised LCA Mk1A delivery commitment for current FY Q4 FY25 → Q4 FY26

~~12 aircraft will be ready this year with these engines (Q4FY25 FY26)~~ → 20 LCA we will deliver this year (Q4FY26 FY27)

“around 20 LCA”

↓ lowered Revenue achieved vs Q4FY25 8-10% promise Q4 FY25 → Q4 FY26

~~Around 8% to 10%~~ → around 7% growth

“current year, if you see”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.