HAL Share Price: 35.0% CAGR in 3 Years as the Aircraft Maker Holds Its Own Against BEL and Mazagon Dock

HAL previous close Rs 4,999. 3-year CAGR 35.0%. Up 2.5x since 9 Nov 2023. ROE 22.21%. Market cap Rs 3,32,983 crore.

The HAL share price has been one of the most closely followed defence stories on Dalal Street. Hindustan Aeronautics, the Bengaluru-based maker of fighter aircraft, helicopters and engines that listed in 2018, has multiplied investor money about two and a half times in three years.

This article compares that run with Bharat Electronics, Data Patterns India and Mazagon Dock Shipbuilders. We calculate the three-year CAGR for all four and set the results beside market cap, valuation, return on equity and debt, using prices adjusted for corporate actions.

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How Much Has the HAL Share Price Returned in 3 Years?

The HAL stock closed at Rs 2,030.80 on 9 November 2023 and at Rs 4,999.00 on 9 November 2026. Rs 1 lakh invested three years ago would have grown to about Rs 2.46 lakh, which is a CAGR of 35.0%. This is a price return and leaves out dividends.

CAGR condenses a bumpy three-year ride into one yearly number, which is why it is the fairest way to compare companies of different sizes. A stock such as HAL can look spectacular on a chart and still have earned a modest yearly return, so the compounded figure keeps the comparison honest.

The HAL share price has also followed the theme of indigenous defence manufacturing, where government orders for aircraft, helicopters and related systems have widened the order book of Indian defence companies.

HAL vs Bharat Electronics, Data Patterns India and Mazagon Dock Shipbuilders: 3-Year CAGR Compared

The table ranks the companies by three-year CAGR. Prices on 9 November 2023 are adjusted for splits and bonuses, and the latest figures are the previous close on 9 November 2026.

Company	Close on 9 Nov 2023	Previous close (9 Nov 2026)	Price multiple	3-year CAGR
Bharat Electronics	Rs 137.95	Rs 394.55	2.9x	41.9%
Hindustan Aeronautics	Rs 2,030.80	Rs 4,999.00	2.5x	35.0%
Data Patterns India	Rs 1,883.55	Rs 4,025.00	2.1x	28.8%
Mazagon Dock Shipbuilders	Rs 998.23	Rs 1,878.00	1.9x	23.4%

The HAL stock ranks second of the four at 35.0%. It sits ahead of Data Patterns India (28.8%) and Mazagon Dock Shipbuilders (23.4%). The company ahead is Bharat Electronics (41.9%). BEL leads the group, with HAL in second place, followed by Data Patterns and Mazagon Dock. HAL is by far the largest of the four by market cap, so its yearly return came on a very large base of capital.

Look at the HAL share price alongside the peers as a snapshot of the last three years. It describes what happened, and valuation and earnings will decide what happens next.

Valuation and Quality Compared

Company	Market cap	P/E	Industry P/E	ROE	Debt to equity
Hindustan Aeronautics	Rs 3,32,983 crore	35.72	47.55	22.21%	0.00
Bharat Electronics	Rs 2,88,151 crore	45.00	47.55	24.37%	0.00
Mazagon Dock Shipbuilders	Rs 75,755 crore	30.91	47.55	23.45%	0.08
Data Patterns India	Rs 22,506 crore	93.49	51.77	13.97%	0.00

By market cap, Hindustan Aeronautics is the largest of the group at Rs 3,32,983 crore, which gives it the scale advantage over Bharat Electronics, Data Patterns India, Mazagon Dock Shipbuilders. On earnings, HAL shares trade at a P/E of 35.72 against an industry P/E of 47.55, a discount of about 25% to the sector, which leaves room if earnings keep growing. Peer multiples are Bharat Electronics at 45.00, Data Patterns India at 93.49 and Mazagon Dock Shipbuilders at 30.91.

Return on equity is 22.21% for the HAL stock, which ranks third among the four, and debt to equity stands at 0.00. Trailing EPS is Rs 139.38. Defence companies are valued on their order books, so the P/E should be read together with return on equity and the visibility of future orders.

What Is Driving the HAL Stock?

Hindustan Aeronautics designs, builds and services aircraft, helicopters, aero engines and avionics for the Indian armed forces. Its programmes include the Tejas light combat aircraft and a range of helicopters.

Aircraft programmes run over many years, which gives the company a long runway of revenue visibility. Repair, overhaul and spare parts add a steady stream of work alongside new builds.

Followers of the HAL share price usually track fresh orders, delivery schedules for ongoing programmes, export opportunities and margins on mature products.

How the Established Players Stack Up

Bharat Electronics makes radars, communication systems and electronic warfare equipment for the armed forces, and it is a large Navratna public sector company. It compounded at 41.9% a year, on a market cap of Rs 2,88,151 crore and an ROE of 24.37%.

Data Patterns India is a Chennai-based maker of defence and aerospace electronics such as radars and electronic warfare systems. It compounded at 28.8% a year, on a market cap of Rs 22,506 crore and an ROE of 13.97%.

Mazagon Dock Shipbuilders is a Mumbai-based shipyard that builds submarines and destroyers for the Indian Navy. It compounded at 23.4% a year, on a market cap of Rs 75,755 crore and an ROE of 23.45%.

What Should Investors Track Next?

Three things are worth watching on the HAL share price. First, the size and quality of the order book. Second, the pace of deliveries on current programmes. Third, progress on engine and export related opportunities.

At a P/E of 36, expectations are meaningful. Defence order timing can shift from quarter to quarter, so size any position with that in mind.

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How to Compare Defence Stocks Yourself

You can repeat this exercise for any pair of stocks, including the HAL stock against its peers. Note the adjusted closing price on the base date, take the latest close, divide one by the other, raise the result to the power of one third and subtract one. Then place the CAGR next to market cap, P/E against the industry P/E, ROE and debt to equity. Benchmark the result against the Nifty 50 as well, so you know whether the stock beat the broader market.

A stock that scores well on growth but weakly on quality, or the reverse, deserves closer study before it enters a portfolio. When tracking the HAL share price, the same four checks give a more complete picture than price alone.

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A Large Defence Compounder With a Strong Return on Equity

The HAL share price compounded at 35.0% a year over three years, ahead of Data Patterns at 28.8% and Mazagon Dock at 23.4%, and behind BEL at 41.9%. Its ROE of 22.21% and zero debt reflect a strong financial profile.

BEL brings defence electronics demand, Data Patterns offers a focused niche, and Mazagon Dock brings submarine capability. The choice depends on which part of the defence chain you want to follow.

Frequently Asked Questions

What is the HAL share price today?

Ans. Hindustan Aeronautics closed at Rs 4,999 on 9 November 2026, according to NSE data. It has a market cap of Rs 3,32,983 crore and a P/E of 35.72. Check live quotes before acting, as prices change every trading day.

What is the 3-year CAGR of the HAL stock?

Ans. Hindustan Aeronautics delivered a price CAGR of 35.0% over three years, moving from Rs 2,030.80 on 9 November 2023 to Rs 4,999.00 on 9 November 2026. The figure excludes dividends and uses adjusted closing prices.

Is HAL better than BEL?

Ans. The BEL stock delivered a higher three-year CAGR at 41.9% than HAL at 35.0%. BEL is larger by market cap at Rs 2,88,151 crore, while HAL has a similar ROE at 22.21% against 24.37% and a lower P/E of 35.72 against 45.00. The better choice depends on your view of each business.

What does Hindustan Aeronautics do?

Ans. Hindustan Aeronautics is a Bengaluru-based Ministry of Defence public sector company that designs and manufactures aircraft, helicopters, aero engines and avionics.

Is the HAL stock debt free?

Ans. The debt to equity ratio of the HAL stock is 0.00 and its return on equity is 22.21%. Always check the latest balance sheet for current figures, as debt levels change with expansion plans.

Is HAL expensive compared with the industry?

Ans. HAL trades at a P/E of 35.72 against an industry P/E of 47.55. A higher multiple reflects expectations of faster growth, which the company must deliver through earnings.

Which defence stock gave the highest return in 3 years?

Ans. Among the companies compared here, Bharat Electronics delivered the highest three-year CAGR at 41.9%, followed by Hindustan Aeronautics at 35.0%. Past returns do not guarantee future performance.

How do I calculate CAGR for a stock?

Ans. Divide the latest price by the starting price, raise the result to the power of one divided by the number of years, and subtract one. Multiply by 100 for a percentage. Use split and bonus adjusted prices for accurate results.