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ICICI Securities Report
We see the possibility of ~$5 billion plus export order for Hindustan Aeronautics Ltd. across defence aircraft contracts for Egyptian, Malaysian and Nigerian air force.
Finalisation of the order can lead to further rerating in HAL, in our view. Pickup in domestic ordering has allowed economies of scale, allowing for better price offering globally.
Significant scale up of repair and overhauling services and maintenance, repair and operation revenues and experience with Russian platforms allow HAL a potential customer set in Indian ocean region, Middle East and North Africa and Latin-America.
A mature portfolio of products in fixed wing and rotary wings allow relevance even in the face of intense global competition (e.g. Turkish Aerospace Industries of Turkey turning out to be a broad-based competitor to HAL).
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