Tejas deliveries seen as inflection point for India's HAL, brokerage Antique says

Brokerage Antique sees 2027 as an inflection point for HAL HIAE.NS as deliveries of Tejas MK-1A jets to start from first half of 2027, with GE's GE.N engine deliveries ramping up

HAL ordered 99 engines from GE in 2021; As per brokerage, five have been supplied, sixth expected in April

Antique expects supply issues to ease out in second half of 2026 and sees sharp improvement in Tejas MK-1A delivery in 2027

HAL's stock down 0.6% at 3,727.70 rupees on the day

Brokerage retains "buy" rating with PT 5,427 rupees

Of 21 analysts tracking stock, 17 rate buy or higher, while four rate hold or lower, according to LSEG-compiled data

HIAE trades at a forward 12-month price-to-earnings ration of 26.20, compared with the industry median of 32.45 - LSEG

HAL's stock down 14% YTD, while Indian defence stocks .NIFTYINDDEFENCE down 0.3%; benchmark Nifty 50 index .NSEI down 12.4%