Back in late 2018, the Opposition went to town complaining about how state-owned aircraft manufacturer Hindustan Aeronautics Limited had been run to the ground by the Narendra Modi-led government. Quietly ignored was the detail that by then HAL had still not flown to the heights it was destined to since its inception in 1964. However, five years from then, the story has changed dramatically.

Today, the Opposition is having to chew its words. HAL's order books are full and its share value has jumped over 388 per cent at Rs 3,904.85 in 2023 against Rs 800 per share in 2018.

This, alongside other deals, is powered by the memorandum of understanding signed by HAL with the US giant GE Aerospace for the coproduction of the GE-F414 engine for Light Combat Aircraft TEJAS and fifth-generation stealth aircraft AMCA.

Reacting to this, Union Minister Rajeev Chandrasekhar said: "Rahul Gandhi, a few years ago had criticized HAL and in his usual way of trying to take pot-shots at the govt and use lies to distract and mislead people. He said HAL is a company that is going to go sick. It is important for the people to realise and celebrate how under PM Modi, HAL has become a Rs 1.35 lakh crore company. The shares of HAL have become five times more than what it was in 2013."

Currently, the HAL has received an order book of Rs 84,000 crore. During Aero India 2023, HAL CMD Ananthakrishnan indicated that HAL’s financials are strong. "We are in a comfortable position today with an order of Rs 84,000 crore. We are sitting on orders in the pipeline of about Rs 50,000 crore," he said.

Countries like Argentina, Egypt, and the Philippines have evinced interest in HAL’s TEJAS. HAL has offered 15 TEJAS MK-1 to Argentina, 20 TEJASs to Egypt, and six helicopters to the Philippines. About a week ago, the Argentinian defence ministry and the HAL signed a Letter of Intent to acquire light and medium utility helicopters for the Argentinian armed forces.

The defence ministry has set a target of achieving defence manufacturing worth Rs 1,75,000 crore by 2024-25 which also includes exports worth Rs 35,000 crore. As per current estimates, the defence manufacturing value for 2022-23 is likely to breach Rs 1 lakh crore. The share market analysts believe that the HAL’s business prospects is bound to grow more, given India is in the midst of modernising its armed forces due to obsolescence and the geopolitical situation.

"This should lead to strong ordering for fighter aircraft and helicopters, along with developing their respective engines and accessories," they said.

Let's take a look at some of the products being developed by the HAL

Basic Trainer Aircraft (HTT-40)
Light Combat Aircraft (TEJAS MK-1A)
Light Utility Helicopter (LUH)
Indian Multi-Role Helicopter (IMRH)
200 Kg rotary UAV
Hindustan Turbo Fan Engine-25 kN
Hindustan Turbo Shaft Engine-1200 kW (HTSE-1200)
Multiple range of engines
Upgraded Hawk aircraft
Dornier 220 for civil and military use
Avionic structures for ISRO, propellant tanks for launch vehicles