Motilal Oswal has initiated a buy call on Hindustan Aeronautics Limited (HAL) with a target price of ₹5,900. The brokerage cited HAL's steady financials, ₹2.4 trillion order book, and upcoming Tejas Mk1A deliveries from Q4FY27. HAL already has 14 GE engines in hand, with valuation based on cash flow and future earnings.