Hindustan Aeronautics Limited (HAL) has been granted ‘Maharatna’ status, making it the 14th Central Public Sector Enterprise (CPSE) to receive this designation, the Finance Ministry announced on Saturday. This upgraded status will allow HAL greater autonomy in handling financial and strategic decisions.
HAL, which operates under the Department of Defence Production, reported an annual turnover of ₹28,162 crore and a net profit of ₹7,595 crore for FY 2023-24. On Friday, HAL shares closed at ₹4,446.85, down by 0.76%.
The decision was approved by the Finance Minister, following recommendations from both the Inter-Ministerial Committee led by the Finance Secretary and the Apex Committee chaired by the Cabinet Secretary. To qualify for Maharatna status, CPSEs must meet several criteria, including holding ‘Navratna’ status, being listed on the stock exchange, and achieving financial benchmarks such as an average annual turnover exceeding ₹20,000 crore and a net profit of over ₹2,500 crore over the last three years.
HAL’s 2023-24 annual report highlighted a positive outlook for the future, with increasing demand for its products from the Indian Defence Services, supported by the government’s Atmanirbhar Bharat initiative and the current global geopolitical environment. On the commercial side, the continued rise in air travel is expected to drive demand for new aircraft and MRO (Maintenance, Repair, and Overhaul) services.
India’s Defence production is projected to reach ₹3 lakh crore by 2028-29, alongside arms exports worth ₹50,000 crore, according to Defence Minister Rajnath Singh. The report emphasized that this reflects the evolution of India’s Defence sector from a strategic to an economic contributor. Various government initiatives have also promoted indigenization of Defence equipment to reduce reliance on imports.
Looking ahead, HAL is focused on significant projects, including the LCA MkII, Advanced Medium Combat Aircraft (AMCA), Indian Multirole Helicopter (IMRH), and Twin Engine Deck Based Fighter (TEDBF), which will ensure India’s technological leadership in Defence. Additionally, initiatives like Innovation for Defence Excellence (iDEX) and the Technology Development Fund (TDF) will further boost R&D in the sector, supporting both public and private enterprises in creating a self-reliant Defence industry.
