HAL Share Price: Why Tejas Mk1A Delivery Could Be The Big Trigger | Jefferies ₹6,800 Target Price

Global brokerage Jefferies has retained its Buy rating on Hindustan Aeronautics (HAL) with a target price of ₹6,800, implying about 45% upside from today's close of ₹4,676. HAL shares ended nearly 3% higher. Jefferies says the delivery of the first Tejas Mk1A fighter could help HAL win back investor trust. The programme accounts for 43% of HAL's order book, and delays have raised concerns over execution. The brokerage notes that 24 airframes are ready, 10 GE engines have been received, and 90-95% of radar and missile integration and certification is complete. HAL is targeting 10 deliveries this year, against Jefferies' estimate of five. HAL's order book stands at ₹2.55 lakh crore, with a further ₹1.8 lakh crore pipeline. Jefferies' 12-month scenarios: bull case ₹8,000, base case ₹6,800, bear case ₹4,250.