Hindustan Aeronautics has secured another large defence order, but the bigger story in CLSA’s latest report is what the company could win after the 138-helicopter procurement. The brokerage house retained its ‘Outperform’ rating and Rs 5,481 target price, implying 13% upside. The Defence Acquisition Council on September 7 cleared capital acquisition proposals worth $11.5 billion, including 138 Advanced Light Helicopters from Hindustan Aeronautics. CLSA estimates the HAL order at $3.4 billion, or about Rs 32,000 crore, would add around 12.5% to its existing order book.