32.14x versus 54.48x on trailing earnings.
Aerospace & Defense
HAL vs BEL
Price: 24 Apr 2026 | Fundamentals: 25 Apr 2026 | Quarter ended: 31 Dec 2025
HAL vs BEL comes down to what you care about more right now. HAL is much cheaper on earnings, price-to-book, and cash-flow yields. BEL costs more, but it is also delivering stronger operating margins, slightly better ROE, and the firmer 60-day trend.
7.69x versus 15.06x on current book value.
+6.40% versus -1.91% over 60 trading days.
HAL rose +11.84% sequentially in the same quarter.
Overview
Should you prefer HAL or BEL right now?
HAL vs BEL is easier to read when you frame it as valuation support on one side and cleaner operating execution on the other. HAL is much cheaper on earnings and cash-flow yields, while BEL still holds the stronger operating-margin profile and the firmer 60-day trend.
Why the gap exists
- HAL has the easier valuation case. The stock is cheaper across the main earnings and book-value multiples, and the cash-yield support is better too.
- BEL is still the cleaner operating story. Operating margin, ROE, and the 60-day trend all argue for why the market is still willing to pay more for it.
- That is what makes HAL vs BEL interesting: valuation is leaning one way, while operating quality and the broader tape are leaning the other way.
What could change next
- Can HAL turn the better 20-day move into a stronger 60-day trend?
- Can BEL hold this premium if the operating edge stops widening?
- Does the next quarter keep BEL ahead on operating efficiency, or start to close that gap?
- If the valuation spread narrows, is it because HAL rerates or because BEL cools off?
The biggest gaps today are in valuation, margins, and recent price strength.
| Metric | NSE: HAL  HAL
Price
₹4,270 | NSE: BEL  BEL
Price
₹444 | Edge |
|---|---|---|---|
| 20D move | +17.89% | +9.66% | HAL +8.23 pts |
| Trailing PE | 32.14x | 54.48x | HAL +22.33x |
| P/B | 7.69x | 15.06x | HAL +7.37x |
| ROE | +23.91% | +26.62% | BEL +2.71 pts |
| Profit margin | +27.08% | +22.48% | HAL +4.61 pts |
Industry context
HAL vs BEL vs the Aerospace & Defense industry
Looking only at HAL and BEL is not enough. HAL does not just look cheaper than BEL; it also sits on the lighter side of the group on valuation. BEL, meanwhile, is priced more like a company the market trusts for operating execution and trend strength.
Both sit below industry PE; HAL is cheaper on PE.
Both are ahead of industry operating margin; BEL still leads on operating margin.
Both are ahead of industry ROE; BEL still leads on ROE.
Both trail industry 60D return; BEL has the stronger 60D return.
Both trail industry 60D alpha; BEL has the stronger 60D alpha.
HAL is ahead of industry technical score; BEL still trails.
Valuation
HAL vs BEL valuation: which stock looks cheaper?
On valuation, HAL and BEL are not close. HAL trades on much lower earnings and book multiples, and its earnings and free-cash-flow yields are better too. BEL can justify part of its premium through execution, but the market is clearly asking investors to pay up for that quality.
Metric
HAL
BEL
Trailing PE
Both sit below industry PE; HAL is cheaper on PE.
32.14x
54.48x
Forward PE
HAL is already below industry forward PE; BEL remains above it.
28.97x
46.41x
PEG ratio
Both sit below industry PEG; HAL has the lower PEG.
1.08x
1.27x
Price / Sales
Both sit below industry P/S; HAL is cheaper on P/S.
8.69x
12.23x
Price / Book
HAL is already below industry P/B; BEL remains above it.
7.69x
15.06x
EV / EBITDA
Both sit below industry EV/EBITDA; HAL is cheaper on EV/EBITDA.
20.28x
36.48x
Earnings yield
Both are ahead of industry earnings yield; HAL offers the better earnings yield.
+3.12%
+1.84%
Free cash flow yield
Both are ahead of industry FCF yield; HAL offers the better FCF yield.
+2.93%
+1.64%If your first lens is valuation, HAL has the stronger case. If you are willing to pay for cleaner operating execution, BEL is the stock the market still prefers.
Quality and cash
HAL vs BEL: which company has stronger margins and business quality?
BEL has the cleaner operating read in the latest snapshot. Operating margin and ROE are both better. HAL pushes back with the higher profit margin and better cash-yield support, so the quality gap is real but it is not one-sided.
HAL
Gross +30.78% | Operating +15.11% | Profit +27.08%
BEL
Gross +46.54% | Operating +27.84% | Profit +22.48%
BEL keeps the cleaner margin structure in the latest snapshot, which is why its premium still needs to be judged against profitability rather than price alone.
HAL
+102.8%
BEL
+36.4%
Operating cash flow versus trailing net income highlights whether profit quality is being backed by cash generation.
HAL
+25.5%
BEL
+20.1%
Free cash flow margin matters because it shows how much revenue is making it through to discretionary cash after operating needs.
HAL
+7.31%
BEL
+15.29%
Longer-horizon growth is more useful than one quarter when the pair is being judged for durability rather than just the latest beat or miss.
HAL
+16.81%
BEL
-20.18%
Cash-flow growth tells a cleaner story than earnings alone when valuation is already rich.
HAL
+30.07%
BEL
+29.41%
Payout ratio helps frame how much room each business still has to retain capital versus return cash.
BEL is ahead on operating efficiency. HAL is not winning on quality overall, but it is strong enough on profitability and cash generation to keep the cheaper valuation interesting.
Profitability and balance sheet
As of 25 Apr 2026
Metric
HAL
BEL
ROE
+23.91%
+26.62%
Profit margin
+27.08%
+22.48%
Operating margin
+15.11%
+27.84%
Debt / equity
0.03
0.27
Current ratio
2.19
1.76
Dividend yield
+1.64%
+1.76%
Latest quarter
Quarter ended 31 Dec 2025
Metric
HAL
BEL
Sales
₹76.99B
₹71.54B
Net income
₹18.67B
₹15.80B
Diluted EPS
27.91
2.16
Sales QoQ
+16.15%
+23.51%
Profit QoQ
+11.84%
+22.73%
Revenue growth YoY
+10.70%
+24.00%
Technical snapshot
As of 24 Apr 2026
Metric
HAL
BEL
1D move
-1.84%
-1.27%
20D move
+17.89%
+9.66%
60D move
-1.91%
+6.40%
RSI (14)
60.2
52.1
Technical score
7/15
5/15
Below 52W high
+17.33%
+6.22%
The full 15-point score breakdown is available in the module below.
Technical score
What goes into the technical score
The technical score uses 15 checks from the latest session: 5 on price structure, 5 on momentum, and 5 on risk.
Technical score
What goes into the technical score
The technical score uses 15 checks from the latest session: 5 on price structure, 5 on momentum, and 5 on risk.
HAL
7/15
BEL
5/15
Price structure
Trend and positioning checks based on moving averages, the Bollinger midline, and breakout behavior.
HAL 3/5
BEL 3/5
Signal
HAL
BEL
EMA 14 above EMA 21
Pass
Off
Price above SMA 50
Pass
Pass
Price above SMA 200
Off
Pass
Price above Bollinger midline
Pass
Pass
Close near 20-day breakout level
Off
Off
Momentum
Directional confirmation from RSI, MACD, stochastic, ROC, and ADX trend conditions.
HAL 2/5
BEL 1/5
Signal
HAL
BEL
RSI in positive zone
Off
Off
MACD bullish crossover
Pass
Pass
Stochastic bullish crossover
Off
Off
10-day rate of change positive
Off
Off
ADX trend confirmation
Pass
Off
Risk profile
Calmer-tape checks. A higher score here means volatility and drawdown conditions look more contained, not that risk is higher.
HAL 2/5
BEL 1/5
Signal
HAL
BEL
ATR percentage contained
Off
Off
30-day volatility contained
Off
Off
Bollinger band width controlled
Pass
Pass
Ulcer index low
Pass
Off
30-day drawdown shallow
Off
Off
History
How price performance and valuation premium have moved recently
Price history: 24 Apr 2026 | Valuation: 24 Apr 2026These charts show how the pair has traded over time and whether the valuation premium is narrowing or widening. Hover or tap the points to inspect each monthly reading.
Normalized price performance over the recent monthly tape
HALBEL
From Sep 2025 to Apr 2026, HAL moved from 100.0 to 90.0 while BEL moved from 100.0 to 109.9. The end-of-period gap is 20.0 points in favor of BEL.
HAL valuation premium over BEL
PE premium %P/B premium %
PE spread moved from 36.6% in Jan 2026 to 41.0% in Apr 2026, with HAL still trading at a discount to BEL at the latest reading. P/B spread moved from 45.4% in Jan 2026 to 48.9% in Apr 2026.
At a glance
Where HAL vs BEL stands today
Latest available data: 24 Apr 2026
Lens
Current lead
Why it matters now
Valuation
HAL
HAL trades at 32.14x PE and 7.69x P/B versus BEL at 54.48x PE and 15.06x P/B.
Operating quality
HAL
HAL has the higher profit margin, while BEL still leads on ROE.
Current tape
HAL
Technical score is 7/15 for HAL against 5/15 for BEL, with 20D returns at +17.89% and +9.66%.
Latest quarter
BEL
Sequential profit growth came in at +11.84% for HAL and +22.73% for BEL.
Risk profile
HAL vs BEL technical comparison: what is the tape saying?
The tape is saying two different things. HAL has won the last 20 trading days. BEL still owns the stronger 60-day trend and is trading much closer to its 52-week high. So HAL looks better on the recent swing, but BEL still looks stronger on the broader read.
HAL
-32.07%
BEL
-15.82%
This is the deepest peak-to-trough fall seen in the last year. It is one of the fastest ways to judge how much pain the market has already priced in.
HAL
-45.07%
BEL
-27.09%
The 3Y drawdown lens gives a cleaner view of how each stock behaved through a fuller market cycle.
HAL
-45.07%
BEL
-27.09%
Longer drawdown history matters for compounding names because it shows what happens when the premium gets challenged hard.
HAL
+33.85%
BEL
+24.71%
Short-term volatility matters because the same return can feel very different when the path is much rougher.
HAL
+17.33%
BEL
+6.22%
Distance from the 52-week high shows how much technical repair is still left before the stock is back near peak pricing.
HAL
+3.33%
BEL
+13.75%
Alpha helps separate stock-specific strength from a simple market bounce.
HAL has momentum on its side in the short run. BEL still has the stronger position if you zoom out beyond the latest bounce.
Investor fit
HAL or BEL: which stock suits which investor?
BEL suits investors who are comfortable paying up for stronger operating efficiency and a steadier medium-term trend. HAL suits investors who want valuation support first and are willing to wait for a broader rerating if the recent rebound holds.
Prefer BEL if
- you want the cleaner operating-margin profile and slightly stronger return ratios right now
- you care more about the broader 60-day trend than the latest 20-day move
- you are comfortable paying a richer multiple for steadier execution
Prefer HAL if
- you want the cheaper valuation across earnings, book value, and cash-flow yields
- you think the recent rebound can grow into a stronger broader trend
- you are looking for rerating room instead of paying up for the current premium
Stay selective if
- the valuation gap stays wide while the tape keeps pointing in two different directions
- BEL holds the premium without fresh operating improvement, or HAL stays cheap without a clearer trend shift
- the next quarter does not make the trade-off between valuation and execution any easier to read
Methodology
How this HAL vs BEL comparison works
- Industry comparison uses the latest available median across 18 Aerospace & Defense stocks, with 522 Industrials stocks used as the broader sector fallback.
- The valuation stack combines earnings, sales, book value, enterprise value, and cash-flow yields so one ratio does not dominate the reading.
- Technical score is a 15-point count of the latest scored-indicator snapshot: 5 price-structure checks, 5 momentum checks, and 5 risk-profile checks. It should still be read alongside raw return, alpha, volatility, and distance-from-high data.
- Drawdown figures are computed from local daily price history in MarketOwl. They describe historical path risk and are not forecasts.
- The valuation premium history chart currently reflects the recent available valuation series inside MarketOwl, while the price history chart uses the deeper local price tape.
Q&A
Common questions about HAL vs BEL
Short answers on valuation, technicals, margins, and the latest quarter.
Which stock looks cheaper right now: HAL or BEL?
HAL is clearly cheaper than BEL on trailing PE, forward PE, and price to book in the latest snapshot. HAL also has the better earnings yield and free-cash-flow yield, so the valuation case is not subtle here.
Why does BEL still trade at a premium to HAL?
BEL still trades at a premium because operating margin, ROE, and the broader 60-day trend are stronger. The market is paying for cleaner operating execution, not just chasing one quarter of growth.
Which stock has the stronger recent technical setup: HAL or BEL?
HAL has the stronger 20-day move and the better short-term alpha. BEL still owns the stronger 60-day trend and is trading much closer to its 52-week high. So the answer changes depending on whether you care more about the recent rebound or the broader tape.
Which company has stronger margins: HAL or BEL?
BEL leads on operating margin, while HAL currently has the higher profit margin. That split matters, because saying one stock simply has better margins would miss what the latest numbers are actually showing.
What changed in the latest quarter for HAL vs BEL?
Both companies grew on a quarter-on-quarter basis in the latest reported quarter, but BEL posted the stronger acceleration in both sales and profit. HAL still had the better recent 20-day move in the market, so the business update and the tape are not telling exactly the same story.
Which stock suits long-term investors better: HAL or BEL?
BEL fits long-term investors who are comfortable paying for stronger operating efficiency and a firmer trend. HAL fits investors who care more about cheaper valuation and better cash-yield support, with room for rerating if the broader setup improves.
Updated data
Price and technical data update daily when market data is available. Fundamentals and quarterly numbers use the latest reported data.
Price data: 24 Apr 2026
Fundamentals: 25 Apr 2026
Quarter ended: 31 Dec 2025
