good time to buy HAL ?

I'm planning to invest in this stock but i think it's overvalued and waiting to buy it in the dip annual sales of the company has increased for three years in a row and steady increase in total Assets. is a PSU with a strong financial position and government backing. It has a strong order book, but its high valuation and dependence on government orders are potential risks. The stock has performed well recently, but its future performance is risky because the government is planning to diversify it's suppliers and bring bringing in private players like Adani and Ambani. Lastly it's milking the profits through dividends, not sure how much gets reinvested back in HAL for R&D, acquisitions, partnerships and employee development. What do you think?