The market capitalisation (m-cap) of state-owned aerospace and defence company Hindustan Aeronautics (HAL) crossed the Rs 1 trillion mark, with the stock hitting a new high of Rs 3,021 (up 3%) in intraday trade on the BSE on Wednesday.

At 10:03 am, BSE data showed that HAL had a market capitalisation of Rs 1.006 trillion, placing it at 52nd in the overall market cap ranking. The stock has risen 11% in the past month, outperforming the broader market, compared with a 3.5% gain for the S&P BSE Sensex.

HAL is a defence public sector undertaking (DPSU) engaged in the design, development, manufacture, maintenance, repair, overhaul and servicing of products such as aircraft, helicopters, engines and other related systems such as avionics, instruments and equipment.

It also works with the Indian Space Research Organisation (ISRO) to contribute to the country’s space programme. The Government of India (GoI) remains HAL’s largest shareholder, currently holding about 75%.

HAL’s operating revenue for the financial year 2022-23 (FY23) reached an all-time high of Rs 26,500 crore (provisional and unaudited) compared to Rs 24,620 crore in the previous financial year. The company’s revenue grew 8% this year compared to FY22.

After clearing supplies in FY23, the company has an order book of around Rs 82,000 crore by the end of March 2023. New contracts worth Rs 26,000 crore were received during the year, including manufacturing contracts for 70 HTT-40, 6 Do-228 aircraft and PSLV launch vehicles. Also, on the ROH side, new orders totalling Rs 16,600 crore were received during the year, HAL said in a media briefing.

The company’s cash flow has improved significantly, and it has received payments of around Rs 25,000 crore from various defence customers during FY23.