Hindustan Aeronautics Limited (HAL) shares fell by 3.57% to ₹4,430.80 on Monday afternoon, recovering from an intraday low of ₹4,405 after a tragic incident involving an Indian Air Force Tejas fighter jet that crashed during a demonstration flight at the Dubai Airshow, resulting in the death of Wing Commander Namansh Syal. The stock experienced an initial decline of over 8% in early trading but managed to reduce its losses by midday.
Choice Equity Broking has retained its ‘Buy’ rating for HAL, setting a target price of ₹5,570. The firm maintains that the crash fits within the normal operational risk parameters associated with high-performance military aviation. The brokerage highlighted that Tejas jets have suffered only two non-combat crashes since 2000, a figure that pales in comparison to other aircraft; for instance, the F-35 has recorded 15 crashes, while Russian and Chinese fighter jets have experienced between 50 to 150 crashes during the same timeframe.
This incident occurs as India intensifies efforts to promote its indigenous defense capabilities and broaden its export markets in West Asia and Southeast Asia. An Indian Air Force Court of Inquiry has been established to investigate the precise cause of the crash, with initial assessments suggesting a negative-G maneuver as a probable factor.
Choice Equity has valued HAL at 35 times the average earnings projected for FY27-28, anticipating a revenue growth rate of 12% and maintaining a optimistic outlook for the sector, regardless of this unfortunate event.
Published on November 24, 2025.
