HAL vs BEL Market Cap Latest Update (November 2025)
As of 24 November 2025:
- HAL market capitalization: ₹2.97 lakh crore
- BEL market capitalization: ₹3.00 lakh crore
- HAL share price: ₹4,449.15 (−3.17%)
- BEL share price: ₹410.95 (−1.26%)
This marks the first time since 5 September 2022 that BEL has overtaken HAL in market value, ending HAL’s long dominance in the Indian defence PSU space.
Why Did Tejas Crash Impact HAL Share Price So Badly?
The turning point came on 21 November 2025 when an IAF Tejas Mk-1 fighter jet crashed during a live flying display at the Dubai Airshow 2025. The tragic accident claimed the life of Wing Commander Namansh Syal, who was honoured by the Indian delegation at the event.
Key concerns raised by investors and defence analysts:
- Damage to Tejas export prospects in front of international buyers
- Renewed scrutiny on the LCA Tejas programme that has been under development for over four decades
- Ongoing Tejas Mk-1A delivery delays due to GE F404 engine supply issues
- Slow production ramp-up as IAF urgently retires ageing MiG-21 fleets
While airshow crashes are rare (previous incidents include Sukhoi Su-30 in 1999 and MiG-29 in 1989 at Paris Airshow — both aircraft were later procured in large numbers), the timing and visibility of the 2025 Dubai Tejas crash have significantly dented investor confidence in HAL.
2025 Stock Performance: BEL Outshines HAL
| Company | YTD Return (2025) | Market Cap (Nov 2025) |
| BEL | +40% | ₹3 lakh crore |
| HAL | +7% | ₹2.97 lakh crore |
BEL’s strong order book in radars, electronic warfare systems, and Make-in-India programmes has helped it surge ahead, while HAL faces headwinds from Tejas-related uncertainties.
What’s Next for HAL and Tejas Programme?
Despite the setback, HAL has a massive confirmed order book:
- 180 × Tejas Mk-1A on order (83 already contracted + 97 additional cleared)
- Upcoming Tejas Mk-2 and AMCA programmes
- Strong helicopter (ALH Dhruv, LCH Prachand) and trainer aircraft pipeline
Analysts believe that swift investigation results, transparency, and faster Mk-1A deliveries can help HAL regain momentum.
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