Annual Report for the FY 2025-26 is attached

Hindustan Aeronautics Limited Content CORPORATE OVERVIEW FINANCIAL STATEMENTS 02 Chairman’s Statement STANDALONE 155 Independent Auditor’s Report 06 Corporate Information 178 Comments of the C & AG 08 Board of Directors & Chief Executive Officers 180 Balance Sheet 13 Major Achievements and Visits 182 Statement of Profit and Loss 21 Financial Highlights 184 Statement of Changes in Equity 26 Notice of 63rd Annual General Meeting 186 Statement of Cash Flow STATUTORY REPORTS 188 Material Accounting Policies 35 Board’s Report 200 Notes to Financial Statements 50 Annexures to Board’s Report CONSOLIDATED 88 Management Discussion & Analysis Report 295 Independent Auditor’s Report 95 Corporate Governance Report 311 Comments of the C & AG 116 Business Responsibility & Sustainability Report 318 Balance Sheet 320 Statement of Profit and Loss 322 Statement of Changes in Equity 324 Statement of Cash Flow 326 Material Accounting Policies 338 Notes to Financial Statements 2 Hindustan Aeronautics Limited 4 Hindustan Aeronautics Limited VISION To be a global leader in the Aerospace & Defence Industry MISSION We are committed to deliver superior technology solutions to the customers by leveraging our infrastructure and Design, Manufacture & Service skills, for achieving business excellence Corporate Information (as on July 17, 2026) BOARD OF DIRECTORS Ms. Manisha Chandra, IAS Joint Secretary (Aero) Shri Ravi K Ministry of Defence Chairman and Managing Director (CMD), Govt. Nominee Director Addl. Charge of Director (Operations) Dr. Rajalakshmi Menon Dr. Barenya Senapati Distinguished Scientist & Director General Director (Finance) & CFO (Aeronautical Systems), DRDO Govt. Nominee Director Shri M. G. Balasubrahmanya Director (Human Resources) CA Rakesh Bhawsar Independent Director Shri Ajay Kumar Shrivastava Director (Engineering and R&D) COMPANY SECRETARY Shri Shailesh Bansal Company Secretary 6 Hindustan Aeronautics Limited Bankers State Bank of India M/s. B.P. Rao & Co Punjab National Bank Chartered Accountants, Bengaluru Indian Bank M/s. NSVM & Associates Indian Overseas Bank Chartered Accountants, Bengaluru Bank of Baroda M/s Babu and Badat Canara Bank Chartered Accountants, Bengaluru Union Bank of India M/s. C S M R & Associates Chartered Accountants, Bengaluru M/s. T Murali & Co. Statutory Auditor Chartered Accountants, Bengaluru M/s. Gupta Nayar & Co. M/s. S V Bhat & Co. Chartered Accountants, Bengaluru Chartered Accountants, Bengaluru M/s K C Khanna & Co. Branch Auditors Chartered Accountants, Bengaluru M/s. Om Rastogi & Co. M/s Vinay & Keshava LLP Chartered Accountants, Lucknow Chartered Accountants, Bengaluru M/s. R Kabra & Co LLP Chartered Accountants, Mumbai Cost Auditor M/s G G & Company M/s. Murthy & Co. LLP Chartered Accountants, Hyderabad Cost & Management Accountants, Bengaluru M/s. G R V & P K Chartered Accountants, Bengaluru Legal Advisor M/s. Vasu & Associates Chartered Accountants, Koraput M/s. Sundaraswamy & Ramdas Advocates, Bengaluru M/s. Chhaparia & Associates Chartered Accountants, Barrakpore Tax Consultants M/s. Kapoor Tandon & Co. Deloitte Touche Tohmatsu India LLP Chartered Accountants, Kanpur Bengaluru M/s. Nagarajan & Co. Chartered Accountants, Bengaluru Credit Rating Agencies M/s. R Singhvi & Associates M/s. ICRA Limited Chartered Accountants, Bengaluru M/s. CARE Ratings Limited M/s T. Sriram, Mehta & Tadimalla Chartered Accountants, Bengaluru M/s. Singh Agarwal & Associates Chartered Accountants, Lucknow Board of Directors (as on July 17, 2026) Engineering, Karnataka and is an increasing local content and expanding alumnus of IIM Ahmedabad and IAS, production capacity in Nasik. He also Toulouse, France. Shri Ravi K brings over played a pivotal role in developing a 30 years of experience across various robust manufacturing ecosystem by sectors such as A&D, manufacturing and outsourcing major fuselage assemblies electronics. to private sector partners, a strategy that is now delivering tangible results During his tenure, he concluded various through ongoing deliveries. big-ticket contracts for HAL such as His initiatives have diversified HAL into contract to supply 180 LCA Tejas to the Civil manufacturing and MRO, creating Indian Air Force, 156 LCH Prachand to new revenue streams and expanding Indian Army and Indian Air Force and is Shri Ravi K credited with the operationalisation of HAL’s market presence. Chairman and Managing Director the LCA Tejas fleet in IAF. He boosted In addition to holding leadership Addl. Charge of Director (Operations) fleet serviceability through various position at HAL, Shri Ravi serves as customer-centric initiatives, established Nominee Director on the board of Multi- Shri Ravi K was appointed as Chairman seamless data communication with Role Transport Aircraft Ltd (MTAL), and Managing Director (CMD) w.e.f IAF bases and created a Single Point Defence Innovation Organisation (DIO) May 1, 2026. Prior to this position, of Contact (SPOC) for timely customer and Aerospace & Aviation Sector Skill Shri Ravi was holding the post of Director support. Council (AASSC). (Operations) of the Company. He has been a driving force in Shri Ravi K is also holding additional Shri Ravi K is a Mechanical Engineering strengthening indigenous capabilities charge of Director (Operations) of the graduate from Malnad College of within the LCA Tejas programme by Company w.e.f May 1, 2026. at Divisional level and in the Corporate He took the lead in settlement of old Finance. Prior to his appointment as the long standing Sales Tax disputes with Director (Finance), Dr. Senapati has been the Govt of Karnataka, Govt. of Odisha holding the position as Executive Director and Govt. of Telengana, Government (Finance), of the Company and handling of Maharastra in coordination with overall Finance and Accounts related function of HAL. He has the diverse Defence Services and MoD. experience in all the areas of Finance He played an active role in obtaining encompassing the Accounts, Financial the Maharatna Status for HAL which is planning, Treasury Management, Pricing and Taxation of the Company. a historical milestone of the Company. During his tenure in HAL, Dr. Senapati Dr. Senapati has been elected to the Dr. Barenya Senapati played a key role in finalization of several Executive Board of Standing Conference Director (Finance) & Chief Finance Officer contracts for supply of Fighter Aircraft & of Public Enterprises (SCOPE), an apex Helicopters. He is also instrumental in Dr. Barenya Senapati was appointed as finalization of the pricing of Repair & body of PSEs. the Director (Finance) w.e.f October 22, Overhaul activities carried out by HAL Dr. Senapati has been conferred 2024 and Chief Financial Officer of the which constitutes substantial revenue prestigious award “CA, CFO – Large Company w.e.f November 14, 2024. stream. Corporates PSU” by the Institute of Dr. Senapati is a Fellow Member of The He has an active role in implementation Chartered Accountants of India (ICAI) Institute of Chartered Accountants of of Online Claims Bills Realization for his exemplary contributions and system (e-CBRS) and Centralized India and Ph.D in Commerce. professional excellence at the prestigious Payroll Processing Centre for efficient He joined HAL in 1995 and has a rich functioning of Finance Department of World Forum of Accountants (WOFA) experience of 31 years in varied roles the Company. 2025. 8 Hindustan Aeronautics Limited handling Corporate HR & other Allied Corporate Social Responsibility, Facility areas viz. Training & Skill Development, & Estate Management and Vigilance at Medical & Health, Security & Fire, Media Divisional, Complex & Corporate level. Communications, and Estates. Under dynamic leadership of Shri M.G. Balasubrahmanya, HAL’s HR functions He holds Master of Social Work is focused on attracting and retaining (Personnel Management & Industrial best talent, encouraging and creating Relations) from School of Social Work, a culture [Showing first 8,000 characters — download PDF for full document]