Credit Rating- Others

CO/SEC/4(7)/2026-27/ BSE & NSE Filing/46 11th November, 2026 BSE Limited National Stock Exchange of India Ltd Listing Department Listing Department Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No C/1, Dalal Street, G Block, Bandra-Kurla Complex, Bandra (E) Mumbai – 400 001 Mumbai – 400051 Dear Sir/ Madam, Sub: Withdrawal of Rating Ref: BSE Scrip Code: 541154, NSE Symbol: HAL Pursuant to the Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, we hereby inform that, ICRA Limited (“ICRA”) has withdrawn its rating as per the following details: Facilities Amount Rating Rating action (Rs. in Crore) Long Term - Fund 4,000.00 [ICRA] AAA Withdrawn Based limits (Stable) Short Term - Non- 2,050.00 [ICRA] A1+ Withdrawn Fund Based limits Total Facilities 6,050.00 2. ICRA communication dated 11th November, 2026 for withdrawal of credit rating, is enclosed. 3. This is for your information and record please. Thanking You, Yours Faithfully For Hindustan Aeronautics Ltd (Shailesh Bansal) Company Secretary & Compliance Officer November 11, 2026 Hindustan Aeronautics Limited: Ratings withdrawn Summary of rating action Previous rated Current rated Financial Instrument* amount amount Rating action sector regulator# (Rs. crore) (Rs. crore) Long-term – Fund-based limits 4,000.00 4,000.00 [ICRA]AAA (Stable); withdrawn RBI Short-term – Non-fund based 2,050.00 2,050.00 [ICRA]A1+; withdrawn RBI limits Total 6,050.00 6,050.00 *Instrument details are provided in Annexure I #SEBI’s grievance redressal/dispute resolution and SEBI investor protection mechanisms such as SCORES and ODR shall not be available for activities and instruments which fall under the regulatory purview of Financial Sector Regulators other than SEBI Rationale ICRA has withdrawn the rating assigned to the bank facilities of Hindustan Aeronautics Limited (HAL), at the request of the company, based on the No Objection Certificates (NOC) received from its bankers, and in accordance with ICRA’s policy on withdrawal of credit ratings. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The key rating drivers and their description, liquidity position and rating sensitivities have not been captured as the rated instruments are being withdrawn. The previous detailed rating rationale is available at the following link: Click here. Analytical approach Analytical approach Comments Corporate Credit Rating Methodology Applicable rating methodologies Policy on Withdrawal of Credit Ratings Parent/Group Company: Government of India (GoI) The assigned rating factors in majority ownership by GoI and the strategic importance that Parent/Group support HAL holds for the GoI in defence sector, which we expect should induce it to extend timely financial support to the rated entity, should there be a need. For arriving at the ratings, ICRA has considered the consolidated financials of HAL. TShe Consolidation/Standalone company consolidated its 10 joint ventures and 2 subsidiaries, which are all annexed in Annexure II. About the Company HAL, a defence public sector undertaking (DPSU), was established on October 1, 1964, with the amalgamation of Hindustan Aircraft Limited and Aeronautics India Limited. The principal business of HAL is to undertake design, development, manufacturing, maintenance, repair, overhaul, and servicing of aircraft, helicopters, engines and other related systems like avionics, instruments, and accessories. Its primary consumers are the Indian defence forces comprising the Indian Air Force, Indian Army, Indian Navy and the Indian Coast Guard. It also engages with the Indian Space Research Organisation (ISRO) to contribute to its space programmes. The GoI remains HAL’s largest shareholder, with a stake of 71.64% as on March 31, 2026. HAL was conferred with the Navratna PSU status in June 2007 and Maharatna status in October 2024. The board of directors also include two nominee directors from the GoI. www.icra.in Sensitivity Label : Restricted Page The company has four production complexes – Bengaluru complex, MiG complex (located in Nasik and Koraput), helicopter complex (located in Bengaluru and Barrackpore), accessories complex (located in Kanpur, Lucknow, Hyderabad, Kasargod and Korwa). It also has a design complex (R&D centres) jointly located with the related manufacturing divisions. Key financial indicators (audited) HAL (Consolidated) FY2025 FY2026 Q1 FY2027* Operating income (Rs. crore) 30,981.0 33,088.8 5,515.2 PAT (Rs. crore) 8,323.4 9,071.9 1,578.1 OPBDIT/OI (%) 31.2% 30.1% 27.8% PAT/OI (%) 26.9% 27.4% 28.6% Total outside liabilities/Tangible net worth (times) 2.0 2.2 N.A Total debt/OPBDIT (times) - - - Interest coverage (times) 1112.6 1717.4 4,374.9 Source: Company, ICRA Research; All ratios as per ICRA’s calculations; Amount in Rs. crore; PAT: Profit after tax; OPBDIT: Operating profit before depreciation, interest, taxes and amortisation; N.A: Not available; *unaudited results Status of non-cooperation with previous CRA: Not applicable Any other information: None Rating history for past three years Current rating (FY2027) Chronology of rating history for the past 3 years FY2026 FY2025 FY2024 Instrument Amount rated Type Nov 11, 2026 (Rs. crore) Date Rating Date Rating Date Rating Long [ICRA]AAA (Stable); Sep 30, [ICRA]AAA Jun 28, [ICRA]AAA Apr 21, [ICRA]AAA Fund-based facilities 4,000.00 Term withdrawn 2025 (Stable) 2024 (Stable) 2023 (Stable) Non-fund-based short [ICRA]A1+; Sep 30, Jun 28, Apr 21, 2,050.00 [ICRA]A1+ [ICRA]A1+ [ICRA]A1+ facilities term withdrawn 2025 2024 2023 Complexity level of the rated instruments Instrument Complexity indicator Fund-based facilities Simple Non-fund-based facilities Simple The Complexity Indicator refers to the ease with which the returns associated with the rated instrument could be estimated. It does not indicate the risk related to the timely payments on the instrument, which is rather indicated by the instrument’s credit rating. It also does not indicate the complexity associated with analysing an entity’s financial, business, industry risks or complexity related to the structural, transactional or legal aspects. Details on the complexity levels of the instruments are available on ICRA’s website: Click here www.icra.in Sensitivity Label : Restricted Page Annexure I: Instrument details Date of Coupon Amount rated Current rating and Financial sector ISIN Instrument name Maturity issuance rate (Rs. crore) outlook regulator# [ICRA]AAA (Stable); NA Fund-based facilities NA NA NA 4,000.00 RBI withdrawn Non-fund-based [ICRA]A1+; NA NA NA NA 2,050.00 RBI facilities withdrawn Source: Company #SEBI’s grievance redressal/dispute resolution and SEBI investor protection mechanisms such as SCORES and ODR shall not be available for activities and instruments which fall under the regulatory purview of Financial Sector Regulators other than SEBI Annexure II: List of entities considered for consolidated analysis Company name HAL ownership Consolidation approach Subsidiaries: Naini Aerospace Limited 100.00% Full Consolidation Indo Russian Helicopters Limited 50.5% Full Consolidation Joint Ventures: BAeHAL Software Ltd. 49.0% Equity Method Indo Avia Services Ltd (Erstwhile Indo Russian Aviation Ltd.) 48.0% Equity Method Safran HAL Aircraft Engines Pvt. Ltd. 50.0% Equity Method International Aerospace Manufacturing Pvt. Ltd. 50.0% Equity Method Multi-Role Transport Aircraft Ltd. 50.0% Equity Method Helicopter Engines MRO Private Ltd. 50.0% Equity Method SAFHAL Helicopter Engines Pvt. Ltd. 50.0% Equity Method Samtel HAL Display System Ltd. 40.0% Equity Method HALBIT Avionics Pvt. Ltd. 50.0% Equity Method HATSOFF Helicopter Training Pvt. Ltd. 50.0% Equity Method Source: Company www.icra.in Sensitivity Label : Restricted Page ANALYST CONTACTS Anupama Reddy Rohan Kanwar Gupta +91 40 6939 6427 +91 124 4545 808 anupama.reddy@icraindia.com rohan.kanwa [Showing first 8,000 characters — download PDF for full document]