{"id":241500,"date":"2026-09-10T15:15:42","date_gmt":"2026-09-10T09:45:42","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=241500"},"modified":"2026-09-10T15:15:42","modified_gmt":"2026-09-10T09:45:42","slug":"multibagger-defence-stock-rises-633-percent-in-5-years","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/multibagger-defence-stock-rises-633-percent-in-5-years\/","title":{"rendered":"This Multibagger Defence Stock Rises 633% in 5 Years: Can the Rally Take Off Again?"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>HAL CMP approximately Rs 4,960 (10 Sep 2026). 5-year return 632.51%, 1-year 4.74%. Order book Rs 2,54,538 Cr. Market cap Rs 3,34,856 Cr. PE 35.9.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">Hindustan Aeronautics (HAL) is the multibagger defence stock behind a 5-year return of approximately 633%, from a split-adjusted Rs 677 to about Rs 4,960. Record Tejas and helicopter orders, a Rs 2.5 lakh crore order book and rising margins drove the gain. The past year has been flat at 4.74% because of Tejas delivery delays, so execution now matters more than new orders.<\/p>\n<\/div>\n<p>This multibagger defence stock has turned Rs 1 lakh into roughly Rs 7.3 lakh over the past five years. A 5-year return of 632.51% placed it 14th in a screen of 101 large-cap and mid-cap NSE shares, as of 10 September 2026, making it one of the biggest wealth creators among India&#8217;s largest companies.<\/p>\n<p>The company is <a href='https:\/\/univest.in\/stocks\/hal\/hindustan-aeronautics-ltd-share-price-today'>Hindustan Aeronautics Ltd<\/a> (NSE: HAL), the state-owned maker of fighter jets, helicopters, aero engines and aircraft components. The stock traded near Rs 4,960 on Thursday afternoon, down about 0.8% from the previous close of Rs 5,000.50, giving the company a market value of approximately Rs 3,34,856 crore. The catch is the recent pace: this multibagger defence stock has gained only 4.74% in the past year.<\/p>\n<p style=\"margin-top:24px;\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-defence-stock-rises-633-percent-in-5-years\/#How_Much_Has_This_Multibagger_Defence_Stock_Returned_in_5_Years\" title=\"How Much Has This Multibagger Defence Stock Returned in 5 Years?\">How Much Has This Multibagger Defence Stock Returned in 5 Years?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-defence-stock-rises-633-percent-in-5-years\/#Why_Did_This_Multibagger_Defence_Stock_Rise_633\" title=\"Why Did This Multibagger Defence Stock Rise 633%?\">Why Did This Multibagger Defence Stock Rise 633%?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-defence-stock-rises-633-percent-in-5-years\/#1_The_Self-Reliance_Push_Changed_the_Order_Pipeline\" title=\"1. The Self-Reliance Push Changed the Order Pipeline\">1. The Self-Reliance Push Changed the Order Pipeline<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-defence-stock-rises-633-percent-in-5-years\/#2_Mega_Orders_Pushed_the_Order_Book_to_Rs_25_Lakh_Crore\" title=\"2. Mega Orders Pushed the Order Book to Rs 2.5 Lakh Crore\">2. Mega Orders Pushed the Order Book to Rs 2.5 Lakh Crore<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-defence-stock-rises-633-percent-in-5-years\/#3_Margins_and_Profits_Kept_Climbing\" title=\"3. Margins and Profits Kept Climbing\">3. Margins and Profits Kept Climbing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-defence-stock-rises-633-percent-in-5-years\/#4_Recent_Trigger_Q1_FY27_Results_and_a_Rebound_From_the_Lows\" title=\"4. Recent Trigger: Q1 FY27 Results and a Rebound From the Lows\">4. Recent Trigger: Q1 FY27 Results and a Rebound From the Lows<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-defence-stock-rises-633-percent-in-5-years\/#HAL_Financials_Is_the_Profit_Growth_Real\" title=\"HAL Financials: Is the Profit Growth Real?\">HAL Financials: Is the Profit Growth Real?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-defence-stock-rises-633-percent-in-5-years\/#Who_Owns_This_Multibagger_Defence_Stock\" title=\"Who Owns This Multibagger Defence Stock?\">Who Owns This Multibagger Defence Stock?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-defence-stock-rises-633-percent-in-5-years\/#Is_This_Multibagger_Defence_Stock_Still_Reasonably_Valued\" title=\"Is This Multibagger Defence Stock Still Reasonably Valued?\">Is This Multibagger Defence Stock Still Reasonably Valued?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-defence-stock-rises-633-percent-in-5-years\/#Why_Has_the_HAL_Share_Price_Barely_Moved_in_1_Year\" title=\"Why Has the HAL Share Price Barely Moved in 1 Year?\">Why Has the HAL Share Price Barely Moved in 1 Year?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-defence-stock-rises-633-percent-in-5-years\/#Key_Risks_for_This_Multibagger_Defence_Stock\" title=\"Key Risks for This Multibagger Defence Stock\">Key Risks for This Multibagger Defence Stock<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-defence-stock-rises-633-percent-in-5-years\/#Execution_and_Delivery_Delays\" title=\"Execution and Delivery Delays\">Execution and Delivery Delays<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-defence-stock-rises-633-percent-in-5-years\/#Single_Customer_Dependence\" title=\"Single Customer Dependence\">Single Customer Dependence<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-defence-stock-rises-633-percent-in-5-years\/#Supply_Chain_and_Engine_Constraints\" title=\"Supply Chain and Engine Constraints\">Supply Chain and Engine Constraints<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-defence-stock-rises-633-percent-in-5-years\/#Valuation_After_a_633_Run\" title=\"Valuation After a 633% Run\">Valuation After a 633% Run<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-defence-stock-rises-633-percent-in-5-years\/#HAL_Share_Analyst_View\" title=\"HAL Share: Analyst View\">HAL Share: Analyst View<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-defence-stock-rises-633-percent-in-5-years\/#HAL_Share_Price_Target\" title=\"HAL Share Price Target\">HAL Share Price Target<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-defence-stock-rises-633-percent-in-5-years\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-defence-stock-rises-633-percent-in-5-years\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-defence-stock-rises-633-percent-in-5-years\/#Which_multibagger_defence_stock_rose_633_in_5_years\" title=\"Which multibagger defence stock rose 633% in 5 years?\">Which multibagger defence stock rose 633% in 5 years?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-defence-stock-rises-633-percent-in-5-years\/#Is_HALs_5-year_return_adjusted_for_the_stock_split\" title=\"Is HAL&#8217;s 5-year return adjusted for the stock split?\">Is HAL&#8217;s 5-year return adjusted for the stock split?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-defence-stock-rises-633-percent-in-5-years\/#Why_did_the_HAL_share_price_rise_so_much\" title=\"Why did the HAL share price rise so much?\">Why did the HAL share price rise so much?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-defence-stock-rises-633-percent-in-5-years\/#Why_is_HALs_1-year_return_so_low\" title=\"Why is HAL&#8217;s 1-year return so low?\">Why is HAL&#8217;s 1-year return so low?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-defence-stock-rises-633-percent-in-5-years\/#What_is_HALs_order_book\" title=\"What is HAL&#8217;s order book?\">What is HAL&#8217;s order book?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-defence-stock-rises-633-percent-in-5-years\/#What_were_HAL_Q1_FY27_results\" title=\"What were HAL Q1 FY27 results?\">What were HAL Q1 FY27 results?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-defence-stock-rises-633-percent-in-5-years\/#What_is_the_HAL_share_price_target\" title=\"What is the HAL share price target?\">What is the HAL share price target?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-defence-stock-rises-633-percent-in-5-years\/#Should_I_buy_a_multibagger_defence_stock_after_a_633_rally\" title=\"Should I buy a multibagger defence stock after a 633% rally?\">Should I buy a multibagger defence stock after a 633% rally?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"How_Much_Has_This_Multibagger_Defence_Stock_Returned_in_5_Years\"><\/span><strong>How Much Has This Multibagger Defence Stock Returned in 5 Years?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This multibagger defence stock has returned approximately 632.51% in five years, rising from a split-adjusted level of around Rs 677 in September 2021 to about Rs 4,960 today. That works out to a compound annual return of roughly 49%, driven by a mix of earnings growth and a sharp re-rating of Indian defence names.<\/p>\n<p>The return is a genuine price gain and not an accounting artifact. HAL split each Rs 10 share into two shares of Rs 5 with effect from 28 September 2023, and all the figures below are adjusted for that split. Before the split, the same starting price would have read about Rs 1,354.<\/p>\n<table>\n<thead>\n<tr>\n<th>Period<\/th>\n<th>Return (%)<\/th>\n<th>Rank (out of 101)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>1 Month<\/td>\n<td>0.97%<\/td>\n<td>83<\/td>\n<\/tr>\n<tr>\n<td>6 Months<\/td>\n<td>38.40%<\/td>\n<td>41<\/td>\n<\/tr>\n<tr>\n<td>1 Year<\/td>\n<td>4.74%<\/td>\n<td>85<\/td>\n<\/tr>\n<tr>\n<td>3 Years<\/td>\n<td>155.60%<\/td>\n<td>30<\/td>\n<\/tr>\n<tr>\n<td>5 Years<\/td>\n<td>632.51%<\/td>\n<td>14<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The table tells two stories. Over three and five years, this multibagger defence stock sits near the top of the screen. Over one year it ranks 85th, because the shares spent much of the last twelve months consolidating after a huge run. The 6-month gain of 38.4% shows that momentum returned from the March 2026 lows.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Did_This_Multibagger_Defence_Stock_Rise_633\"><\/span><strong>Why Did This Multibagger Defence Stock Rise 633%?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This multibagger defence stock rose about 633% because India&#8217;s push for home-grown weapons turned HAL from a slow-growing PSU into a company with record orders, rising margins and steady profit growth. The drivers came in two waves: an early re-rating between 2021 and 2023, and a second leg powered by mega orders from 2024 onwards.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_The_Self-Reliance_Push_Changed_the_Order_Pipeline\"><\/span><strong>1. The Self-Reliance Push Changed the Order Pipeline<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The first wave began in early 2021, when the Ministry of Defence signed a contract worth approximately Rs 48,000 crore for 83 Tejas Mk1A fighters. Policy then tilted firmly toward domestic suppliers through import restriction lists and higher capital budgets. For the multibagger defence stock that builds most of India&#8217;s military aircraft, this created a multi-decade order runway.<\/p>\n<p>By September 2022, management was pointing to orders worth around Rs 1.5 lakh crore over three years, and the stock had more than doubled in calendar 2022 alone. That early phase is when this multibagger defence stock first earned its label.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Mega_Orders_Pushed_the_Order_Book_to_Rs_25_Lakh_Crore\"><\/span><strong>2. Mega Orders Pushed the Order Book to Rs 2.5 Lakh Crore<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The second wave came from contracts of a size HAL had never seen before. In March 2025, the Ministry of Defence signed deals worth approximately Rs 62,700 crore for 156 Prachand light combat helicopters. In September 2025, a further contract worth approximately Rs 62,370 crore was signed for 97 more Tejas Mk1A jets.<\/p>\n<p>HAL booked new orders of approximately Rs 97,028 crore in FY26, and its outstanding order book stood at Rs 2,54,538 crore as of 31 March 2026. That is roughly seven times annual revenue, which gives this multibagger defence stock unusual earnings visibility for a manufacturer.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Margins_and_Profits_Kept_Climbing\"><\/span><strong>3. Margins and Profits Kept Climbing<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Orders alone do not create a multibagger defence stock. HAL also improved profitability, with operating margin moving from 26% in FY22 to about 40.9% in FY26 on reported figures that include other income. Net profit rose from approximately Rs 5,080 crore to Rs 9,116 crore over the same period, and the company carries no borrowings.<\/p>\n<p>Repair and overhaul work, which is steady and high margin, adds a cushion. This mix of steady service income and large contracts is a key reason investors pay a premium for this multibagger defence stock.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Recent_Trigger_Q1_FY27_Results_and_a_Rebound_From_the_Lows\"><\/span><strong>4. Recent Trigger: Q1 FY27 Results and a Rebound From the Lows<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This multibagger defence stock bottomed at a 52-week low of Rs 3,479.10 and has since climbed about 43%. On 7 August 2026, HAL reported Q1 FY27 revenue from operations of approximately Rs 5,515 crore, up 14.4% year on year, and net profit of Rs 1,590 crore, up 14.9%. The stock rose around 3% after the results and later touched a 52-week high of Rs 5,149.90.<\/p>\n<p style=\"margin-top:24px;\"><strong>Check the Univest Screener for Live Fundamentals of High-Return Stocks<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"HAL_Financials_Is_the_Profit_Growth_Real\"><\/span><strong>HAL Financials: Is the Profit Growth Real?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Yes, the profit growth of this multibagger defence stock is real and backed by cash. Net profit has grown every year since FY22, EPS rose to Rs 136.30 in FY26 on a split-adjusted basis, and operating cash flow was approximately Rs 10,906 crore in FY26. The quarterly table below uses total income, which includes other income such as interest on customer advances.<\/p>\n<table>\n<thead>\n<tr>\n<th>Quarter<\/th>\n<th>Total Income (Rs Cr)<\/th>\n<th>EBITDA (Rs Cr)<\/th>\n<th>Net Profit (Rs Cr)<\/th>\n<th>Net Margin<\/th>\n<th>EPS (Rs)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Jun 2025<\/td>\n<td>5,566<\/td>\n<td>2,029<\/td>\n<td>1,384<\/td>\n<td>28.71%<\/td>\n<td>20.69<\/td>\n<\/tr>\n<tr>\n<td>Sep 2025<\/td>\n<td>7,516<\/td>\n<td>2,446<\/td>\n<td>1,669<\/td>\n<td>25.18%<\/td>\n<td>24.96<\/td>\n<\/tr>\n<tr>\n<td>Dec 2025<\/td>\n<td>8,613<\/td>\n<td>2,785<\/td>\n<td>1,867<\/td>\n<td>24.25%<\/td>\n<td>27.91<\/td>\n<\/tr>\n<tr>\n<td>Mar 2026<\/td>\n<td>15,093<\/td>\n<td>6,209<\/td>\n<td>4,196<\/td>\n<td>30.10%<\/td>\n<td>62.74<\/td>\n<\/tr>\n<tr>\n<td>Jun 2026<\/td>\n<td>6,415<\/td>\n<td>2,427<\/td>\n<td>1,590<\/td>\n<td>28.82%<\/td>\n<td>23.77<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>This multibagger defence stock&#8217;s business is heavily weighted toward the March quarter, when aircraft deliveries and contract milestones are booked, so quarter-to-quarter comparisons can mislead. The better yardstick is the year-on-year change, and on that basis Q1 FY27 net profit rose about 15%.<\/p>\n<p>On the annual view, total income grew from approximately Rs 25,605 crore in FY22 to Rs 36,788 crore in FY26. Profit grew faster than income, which is exactly the margin story that powered this multibagger defence stock through its five-year run.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Who_Owns_This_Multibagger_Defence_Stock\"><\/span><strong>Who Owns This Multibagger Defence Stock?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Government of India, through the President of India, holds 71.64% of this multibagger defence stock, a stake unchanged over the past five quarters. The interesting shift is among institutions: foreign investors have been trimming, while domestic funds and insurers have been buying.<\/p>\n<table>\n<thead>\n<tr>\n<th>Quarter<\/th>\n<th>Promoter (Govt)<\/th>\n<th>FII<\/th>\n<th>DII<\/th>\n<th>Public<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Jun 2025<\/td>\n<td>71.64%<\/td>\n<td>11.90%<\/td>\n<td>8.73%<\/td>\n<td>7.73%<\/td>\n<\/tr>\n<tr>\n<td>Sep 2025<\/td>\n<td>71.64%<\/td>\n<td>12.00%<\/td>\n<td>8.71%<\/td>\n<td>7.65%<\/td>\n<\/tr>\n<tr>\n<td>Dec 2025<\/td>\n<td>71.64%<\/td>\n<td>10.86%<\/td>\n<td>9.74%<\/td>\n<td>7.76%<\/td>\n<\/tr>\n<tr>\n<td>Mar 2026<\/td>\n<td>71.64%<\/td>\n<td>10.20%<\/td>\n<td>10.50%<\/td>\n<td>7.65%<\/td>\n<\/tr>\n<tr>\n<td>Jun 2026<\/td>\n<td>71.64%<\/td>\n<td>9.34%<\/td>\n<td>11.98%<\/td>\n<td>7.04%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>FII holding has fallen from 12.00% to 9.34% in three quarters, while DII holding has climbed from 8.71% to 11.98%. LIC alone raised its stake to 3.35% in June 2026 from 2.28% in September 2025. Domestic money has effectively absorbed foreign selling in this multibagger defence stock, which partly explains why the HAL share price held up despite weak 1-year returns.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Is_This_Multibagger_Defence_Stock_Still_Reasonably_Valued\"><\/span><strong>Is This Multibagger Defence Stock Still Reasonably Valued?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On trailing numbers, this multibagger defence stock trades at a PE of approximately 35.9, below the industry PE of about 51.8. That makes HAL look less stretched than many defence peers, though its PB of about 8.2 is still far above what PSU manufacturers commanded five years ago.<\/p>\n<table>\n<thead>\n<tr>\n<th>Metric<\/th>\n<th>Value<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Current Market Price<\/td>\n<td>Approximately Rs 4,960<\/td>\n<\/tr>\n<tr>\n<td>Market Cap<\/td>\n<td>Rs 3,34,856 Cr<\/td>\n<\/tr>\n<tr>\n<td>PE (TTM)<\/td>\n<td>35.92<\/td>\n<\/tr>\n<tr>\n<td>Industry PE<\/td>\n<td>51.79<\/td>\n<\/tr>\n<tr>\n<td>PB<\/td>\n<td>8.16<\/td>\n<\/tr>\n<tr>\n<td>ROE<\/td>\n<td>22.21%<\/td>\n<\/tr>\n<tr>\n<td>Debt to Equity<\/td>\n<td>0.00<\/td>\n<\/tr>\n<tr>\n<td>Dividend Yield<\/td>\n<td>0.90%<\/td>\n<\/tr>\n<tr>\n<td>52-Week High \/ Low<\/td>\n<td>Rs 5,149.90 \/ Rs 3,479.10<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>A 22% ROE with zero debt is a strong combination for a multibagger defence stock. The valuation gap to the industry reflects the market&#8217;s view that HAL&#8217;s growth will be steadier but slower than that of smaller defence names.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Has_the_HAL_Share_Price_Barely_Moved_in_1_Year\"><\/span><strong>Why Has the HAL Share Price Barely Moved in 1 Year?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The HAL share price has gained only 4.74% in one year because execution worries offset the order wins. The most important of these is the Tejas Mk1A programme, the core of this multibagger defence stock&#8217;s future revenue.<\/p>\n<p>The original delivery schedule for Mk1A jets was February 2024. As of early September 2026, reports indicate no Mk1A aircraft had been formally handed over to the Indian Air Force, with about 20 airframes built and the first full squadron now targeted by March 2027. Slow supplies of GE F404 engines and radar and weapons integration work have been the main hurdles.<\/p>\n<p>Earnings quality has also drawn questions. One domestic brokerage flagged that other income forms about 25% to 30% of pre-tax profit and that gross margins compressed in Q1 FY27, which flattered the headline result.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Risks_for_This_Multibagger_Defence_Stock\"><\/span><strong>Key Risks for This Multibagger Defence Stock<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Investors should weigh these risks before assuming the next five years of this multibagger defence stock will look like the last five.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Execution_and_Delivery_Delays\"><\/span><strong>Execution and Delivery Delays<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The order book of a multibagger defence stock is only as valuable as its ability to deliver. Continued Tejas delays could invite liquidated damages, push revenue into later years and dent confidence in the Rs 2.5 lakh crore backlog.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Single_Customer_Dependence\"><\/span><strong>Single Customer Dependence<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Indian armed forces account for the bulk of this multibagger defence stock&#8217;s revenue. Any change in budget priorities, contract timing or payment schedules hits the company directly, and the government can also dilute its 71.64% stake through offers for sale.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Supply_Chain_and_Engine_Constraints\"><\/span><strong>Supply Chain and Engine Constraints<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This multibagger defence stock relies on imported engines and critical components. Supplier delays abroad, as seen with the F404 engines, can idle finished airframes for months.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Valuation_After_a_633_Run\"><\/span><strong>Valuation After a 633% Run<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Even at a PE of about 36, much of the long-term growth is priced in. A 5-year gain of this size leaves room for sharp corrections if quarterly execution disappoints, as the flat 1-year return already shows.<\/p>\n<p style=\"margin-top:24px;\"><strong>Download the <a href=\"https:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&amp;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track the HAL share price live<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"HAL_Share_Analyst_View\"><\/span><strong>HAL Share: Analyst View<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Brokerage views on this multibagger defence stock are mixed after the Q1 FY27 results. The bulls point to the record order book, a capex plan of approximately Rs 15,000 crore over three to four years and profit growth estimates of around 19% a year through FY29. The bears argue that the backlog is near a cyclical peak and that product-led execution needs to improve before the stock re-rates further.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"HAL_Share_Price_Target\"><\/span><strong>HAL Share Price Target<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A foreign brokerage has a buy rating with a HAL share price target of Rs 6,314, raised from Rs 6,040 in August 2026. That implies about 27% upside from Rs 4,960. A domestic brokerage also rates the stock a buy with a target of Rs 5,431, about 9% above the current price.<\/p>\n<p>On the cautious side, one domestic brokerage holds a HAL share price target of Rs 4,550, below the current price, while another has a hold rating with a target of Rs 5,040. The spread from Rs 4,550 to Rs 6,314 shows how much the outlook for this multibagger defence stock depends on Tejas deliveries. For technical traders, the 52-week high of Rs 5,149.90 is the level to watch,, and brokerage views on this multibagger defence stock will likely move with delivery news over the next two quarters.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>HAL has earned its place as a multibagger defence stock, turning Rs 1 lakh into roughly Rs 7.3 lakh in five years on the back of record orders, expanding margins and a debt-free balance sheet. The 632.51% return is genuine and fully adjusted for the 2023 share split.<\/p>\n<p>The past year has been far quieter, with the multibagger defence stock up just 4.74%. From here, returns will depend less on new orders and more on whether HAL can convert its Rs 2,54,538 crore backlog into deliveries on time. Investors should track Tejas Mk1A handovers, other income trends and FII flows before adding to this multibagger defence stock.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information and may or may not be accurate. Please verify all data independently before making any investment decision. Past returns do not guarantee future returns. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Which_multibagger_defence_stock_rose_633_in_5_years\"><\/span><strong>Which multibagger defence stock rose 633% in 5 years?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Hindustan Aeronautics Ltd (NSE: HAL) is the multibagger defence stock that gained approximately 632.51% over five years as of 10 September 2026. It ranked 14th on 5-year returns among 101 large-cap and mid-cap NSE stocks screened for this analysis.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_HALs_5-year_return_adjusted_for_the_stock_split\"><\/span><strong>Is HAL&#8217;s 5-year return adjusted for the stock split?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Yes. HAL split each Rs 10 share into two Rs 5 shares with effect from 28 September 2023, and the 632.51% return uses split-adjusted prices. The gain reflects genuine price appreciation from around Rs 677 (adjusted) to about Rs 4,960.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_did_the_HAL_share_price_rise_so_much\"><\/span><strong>Why did the HAL share price rise so much?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The HAL share price rose on India&#8217;s defence self-reliance push, mega contracts for Tejas Mk1A jets and Prachand helicopters, and steady margin expansion. Net profit grew from about Rs 5,080 crore in FY22 to Rs 9,116 crore in FY26.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_is_HALs_1-year_return_so_low\"><\/span><strong>Why is HAL&#8217;s 1-year return so low?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> HAL gained only 4.74% in one year, ranking 85th of 101, because delays in Tejas Mk1A deliveries and engine supply weighed on sentiment. Concerns about the share of other income in profits also capped gains, even though the 6-month return recovered to 38.4%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_HALs_order_book\"><\/span><strong>What is HAL&#8217;s order book?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The multibagger defence stock&#8217;s outstanding order book was Rs 2,54,538 crore as of 31 March 2026, roughly seven times annual revenue. The company booked new orders of about Rs 97,028 crore in FY26.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_were_HAL_Q1_FY27_results\"><\/span><strong>What were HAL Q1 FY27 results?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The multibagger defence stock reported Q1 FY27 revenue from operations of about Rs 5,515 crore, up 14.4% year on year, and net profit of Rs 1,590 crore, up 14.9%. EPS rose to Rs 23.77 from Rs 20.69.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_HAL_share_price_target\"><\/span><strong>What is the HAL share price target?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> A foreign brokerage has a HAL share price target of Rs 6,314 with a buy rating, while domestic brokerage targets range from Rs 4,550 to Rs 5,431. Targets are estimates and not assured outcomes.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Should_I_buy_a_multibagger_defence_stock_after_a_633_rally\"><\/span><strong>Should I buy a multibagger defence stock after a 633% rally?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> A 633% move means much of the long-term growth is already priced in, and a multibagger defence stock like HAL can stay flat for long periods, as the past year showed. Staggered buying, tracking delivery milestones and consulting a SEBI-registered advisor are sensible steps.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Which multibagger defence stock rose 633% in 5 years?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Hindustan Aeronautics Ltd (NSE: HAL) is the multibagger defence stock that gained approximately 632.51% over five years as of 10 September 2026. It ranked 14th on 5-year returns among 101 large-cap and mid-cap NSE stocks screened for this analysis.\"}},{\"@type\":\"Question\",\"name\":\"Is HAL's 5-year return adjusted for the stock split?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Yes. HAL split each Rs 10 share into two Rs 5 shares with effect from 28 September 2023, and the 632.51% return uses split-adjusted prices. The gain reflects genuine price appreciation from around Rs 677 (adjusted) to about Rs 4,960.\"}},{\"@type\":\"Question\",\"name\":\"Why did the HAL share price rise so much?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The HAL share price rose on India's defence self-reliance push, mega contracts for Tejas Mk1A jets and Prachand helicopters, and steady margin expansion. Net profit grew from about Rs 5,080 crore in FY22 to Rs 9,116 crore in FY26.\"}},{\"@type\":\"Question\",\"name\":\"Why is HAL's 1-year return so low?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"HAL gained only 4.74% in one year, ranking 85th of 101, because delays in Tejas Mk1A deliveries and engine supply weighed on sentiment. Concerns about the share of other income in profits also capped gains, even though the 6-month return recovered to 38.4%.\"}},{\"@type\":\"Question\",\"name\":\"What is HAL's order book?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The multibagger defence stock's outstanding order book was Rs 2,54,538 crore as of 31 March 2026, roughly seven times annual revenue. The company booked new orders of about Rs 97,028 crore in FY26.\"}},{\"@type\":\"Question\",\"name\":\"What were HAL Q1 FY27 results?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The multibagger defence stock reported Q1 FY27 revenue from operations of about Rs 5,515 crore, up 14.4% year on year, and net profit of Rs 1,590 crore, up 14.9%. EPS rose to Rs 23.77 from Rs 20.69.\"}},{\"@type\":\"Question\",\"name\":\"What is the HAL share price target?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"A foreign brokerage has a HAL share price target of Rs 6,314 with a buy rating, while domestic brokerage targets range from Rs 4,550 to Rs 5,431. Targets are estimates and not assured outcomes.\"}},{\"@type\":\"Question\",\"name\":\"Should I buy a multibagger defence stock after a 633% rally?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"A 633% move means much of the long-term growth is already priced in, and a multibagger defence stock like HAL can stay flat for long periods, as the past year showed. Staggered buying, tracking delivery milestones and consulting a SEBI-registered advisor are sensible steps.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>One state-owned aircraft maker turned Rs 1 lakh into roughly Rs 7.3 lakh in five years. Here is what powered the 633% rise, why the past year has been flat and the risks ahead.<\/p>\n","protected":false},"author":29,"featured_media":241499,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[],"class_list":["post-241500","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["241499"],"rank_math_title":["Multibagger Defence Stock Up 633% in 5 Years: What Drove It"],"rank_math_description":["This multibagger defence stock rose approximately 633% in 5 years on record orders and rising margins, but gained only 4.74% in 1 year. See the data, targets and risks."],"rank_math_focus_keyword":["multibagger defence stock"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/09\/multibagger-defence-stock-rises-633-percent-in-5-years.png","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/241500","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=241500"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/241500\/revisions"}],"predecessor-version":[{"id":241501,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/241500\/revisions\/241501"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/241499"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=241500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=241500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=241500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}