Prabhudas Lilladher Recommends 'Buy' on HAL, Sets Target at Rs 5338

• Hindustan Aeronautics (HAL) reported 10.7% YoY revenue growth; EBITDA margin flat at 24.3%.
• Strong execution and growth visibility with five GE-F404 engines received and multiple LCA MkA1 aircraft ready for delivery.
• Management confident of participating in AMCA production phase post-2035, despite prototype phase exclusion rumors.
• Robust confirmed order book ensures revenue visibility until 2032, supported by a healthy production pipeline.
• Strategic programs like IMRH, LCA Mk2, and CATS expected to boost long-term growth post-2032.