Hindustan Aeronautics Ltd. has been downgraded by UBS from "buy" to "neutral," citing that near-term triggers are already reflected in the stock price. Despite raising the price target to ₹5,600, the brokerage has reduced its order book CAGR estimate from 21% to 14% for FY 2026-2028 due to delays and management guidance on timelines. Out of 20 analysts covering HAL, 16 maintain a "buy" rating, while shares fell 2.2% to ₹5,016, despite a 21% gain in 2025.