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HFCL

HFCL NSE
₹228.16 No trade today
P/E
60.52
View as Markdown
MCP
Close 4 Nov 2026 ₹228.16 +153.47 +205% 1Y
Start ₹74.69

Key Fundamentals

SmallcapTelecom - ServicesTelecom

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
10.80%
Debt to Equity
0.39
EPS (TTM)
₹3.77
Book Value
₹36.91
Market Cap
—
P/E (TTM)
60.52
P/B
6.18
ROE
6.98%
Dividend Yield
0.09%
EBITDA
₹827 Cr
52W High
₹282.25
52W Low
₹59.82
Volume
0

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

40 Weak

Data confidence 100/100

surveillance:ASM4

Category scores

Quality
50
Average
Returns, margins, earnings quality 22% weight
Valuation
29
Poor
Cheap vs sector & own history 24% weight
Growth
95
Strong
Sales & profit trajectory 9% weight
Financial Health
68
Strong
Solvency, leverage, coverage 9% weight
Momentum
98
Strong
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight
Capped: a governance trigger overrides the fundamentals here (surveillance:ASM4 ≤ 40).

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company is expected to give good quarter

Weaknesses

6
  • Stock is trading at 7.82 times its book value
  • The company has delivered a poor sales growth of 2.27% over past five years.
  • Company has a low return on equity of 6.82% over last 3 years.
  • Dividend payout has been low at 8.89% of profits over last 3 years
  • Company has high debtors of 163 days.
  • Promoter holding has decreased over last 3 years: -9.55%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish865
OscillatorsBearish261
Moving AveragesStrong Bearish604

Key readings

RSI (14)
44.43
Neutral
MACD (12,26,9)
−2.98
Bearish
SMA (50)
237.85
Bearish
SMA (200)
161.10
Bullish

As of

Analyst Rating

Based on 1 analysts
BUY100%

1 of 1 analyst rates Buy, 0 Hold, 0 Sell.

As of

BUY
1
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+5.59%
5Y+2.27%
3Y+1.43%
1Y+21.75%
TTM+58.63%

Net profit

Net profit growth by window
10Y+7.75%
5Y+5.99%
3Y+1.14%
1Y+90.17%
TTMTiny base

Operating cash flow

Operating cash flow growth by window
10YTurned negative
5YTurned negative
3YTurned negative
1YTurned negative
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+5.93 pp
5Y+3.01 pp
3Y+2.39 pp
1Y+4.39 pp
TTM+11.15 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹2,131 Cr
Mar 2018₹3,227 Cr
Mar 2019₹4,738 Cr
Mar 2020₹3,839 Cr
Mar 2021₹4,423 Cr
Mar 2022₹4,727 Cr
Mar 2023₹4,743 Cr
Mar 2024₹4,465 Cr
Mar 2025₹4,065 Cr
Mar 2026₹4,949 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹124 Cr
Mar 2018₹172 Cr
Mar 2019₹232 Cr
Mar 2020₹237 Cr
Mar 2021₹246 Cr
Mar 2022₹326 Cr
Mar 2023₹318 Cr
Mar 2024₹338 Cr
Mar 2025₹173 Cr
Mar 2026₹329 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹2,299 Cr +178.0% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk high

HFCL Ltd trades at ₹219.73 as of 2026-11-02 with a market cap of ₹33,632 Cr and a P/E of 58.28x on a TTM EPS of ₹3.77. The stock has delivered a remarkable 249% return over the past year and shows a sharp TTM sales growth of 59%, but longer-term revenue growth remains modest at 2% over five years, and return on equity stands at a relatively low 6.66%.

Bull Case 7
  • TTM revenue growth of 59% signals a significant acceleration in the business, far exceeding the 5-year compounded sales growth of 2%
  • TTM profit growth of 1,591% indicates a massive earnings turnaround on a trailing twelve-month basis
  • Stock has delivered a 1-year CAGR of 249%, reflecting strong market confidence in the company's evolving business profile
  • 10-year stock CAGR of 33% demonstrates sustained long-term wealth creation for shareholders
  • Debt-to-equity ratio of 0.39 as of 2026-11-02 is moderate, suggesting the balance sheet is not overleveraged
  • ROCE of 12.18% as of 2026-11-02 indicates reasonable efficiency in deploying total capital employed
  • The company is expected to deliver a good upcoming quarter, pointing to near-term earnings momentum
Bear Case 8
  • P/E of 58.28x as of 2026-11-02 is elevated, demanding sustained high earnings growth to justify the valuation
  • P/B ratio of 5.95x as of 2026-11-02 (traded at 7.82x book value recently) is steep for a company with ROE of just 6.66%
  • Five-year compounded sales growth of only 2% raises questions about whether the recent TTM surge is sustainable
  • Three-year compounded profit growth of just 1% suggests the TTM profit spike of 1,591% may be driven by a low base rather than structural improvement
  • Debtor days of 163 indicate significant working capital stress and potential collection risk
  • Promoter holding has declined by 9.55% over the last three years, which may signal reduced promoter confidence
  • ROE of 6.66% as of 2026-11-02 and a 3-year average of 7% are below the cost of equity for most investors, indicating weak shareholder return generation
  • Dividend payout of just 8.89% of profits over the last three years, with a yield of only 0.09% as of 2026-11-02, offers virtually no income cushion

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: HFCL delivered a blowout Q2 FY27 with revenue up 144% and net profit up 448%, driven by surging demand for optical fibre cables from AI data centres and hyperscalers. The ₹28,911 crore order book and raised guidance (80%+ FY27 revenue growth) provide strong multi-year visibility. Key risks include negative operating cash flow, stretched working capital, regulatory surveillance under LT ASM-4, and a rich valuation that prices in sustained exceptional execution. The trend is decisively positive on fundamentals, but cash conversion and valuation discipline remain the watch items going forward.

Headwinds 4
  • Stock under LT ASM-4 surveillance Oct 06

    Exchanges placed HFCL under Long-Term Additional Surveillance Measure Stage 4, a framework for stocks with abnormal price volatility, high concentration, or heavy speculation.

  • Negative operating cash flow FY26 Oct 19

    Operating cash flow turned negative at ₹378 crore in FY26 versus positive ₹396 crore in FY25, with receivables at ~118 days of annualized revenue and inventories rising 9% from March 2026.

  • Rich valuation at 64.8x PE Oct 19

    Stock trades at trailing PE of 64.8x and price-to-book of 8.01x, with market cap of ₹41,144 crore. Even on annualized H1 run-rate earnings, forward PE is ~32x.

Positives 7
  • Record Q2: profit up 448% YoY Oct 19

    Q2 FY27 net profit surged 448% YoY to ₹394.22 crore on revenue of ₹2,541.79 crore (up 143.6% YoY), with EBITDA margin expanding 640 bps to 25.89%. H1 FY27 PAT jumped 1,401% to ₹639.86 crore.

  • FY27 revenue guidance raised to 80%+ Oct 19

    Management doubled its FY27 revenue growth guidance from 40% to at least 80% over FY26, and indicated the ₹10,000 crore annual revenue target could be reached before FY29.

  • All-time high order book ₹28,911 cr Oct 19

    Confirmed order book hit ₹28,911 crore (~5.8x FY26 revenue), with ~₹22,000 crore executable within five years. About 64% is in optical fibre and data centre interconnect, and 57% is export-linked.

Neutral 5
  • New telecom subsidiary incorporated Oct 22

    HFCL incorporated HFCL Connectivity Systems Limited as a wholly owned subsidiary to manage telecom infrastructure and networks.

  • Aerospace acquisition planned this quarter Oct 21

    HFCL plans to complete an aerospace business acquisition this quarter, with defence revenue targeted at ₹500-600 crore for FY27 and a broader ₹5,000 crore revenue goal within three years.

  • Capital raised via QIP and warrants Oct 19

    HFCL raised ₹550 crore through a QIP in December 2025 and ~₹555 crore from preferential warrants, earmarked for working capital, defence capex, and subsidiary investments.

Quarterly Results

₹ Cr
HFCL quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
995
1,111
1,032
1,326
1,158
1,094
1,012
801
871
1,043
1,211
1,824
1,915
2,542
Expenses
849
979
916
1,130
984
935
860
838
843
853
983
1,510
1,501
1,911
Operating Profit
146
133
117
196
175
158
152
−37
28
190
228
314
414
631
OPM %
15%
12%
11%
15%
15%
14%
15%
−4.6%
3.3%
18%
19%
17%
22%
25%
Other Income
13
17.17
47
14
10
13.58
20.04
14
15
13
15.42
22
31
—
Interest
36
35
37
40
42
45
47
51
56
61
63
63
62
65
Depreciation
21
21
19
20
24
25
26
30
32
36
44
45
51
54
PBT
102
94
108
149
119
101
100
−104
−45
107
137
228
332
539
Tax %
26%
25%
24%
27%
7%
28%
28%
−21%
−34%
32%
26%
19%
26%
27%
Net Profit
76
70
82
109
111
73
73
−83
−29
72
102
184
246
394
EPS (₹)
0.49
0.49
0.58
0.76
0.77
0.51
0.51
−0.56
−0.22
0.47
0.64
1.17
1.49
—

Sep 2026: from the results filed on 19 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
HFCL profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
2,553
2,872
2,131
3,227
4,738
3,839
4,423
4,727
4,743
4,465
4,065
4,949
5,993
Expenses
2,272
2,600
1,944
2,944
4,320
3,346
3,873
4,077
4,125
3,884
3,615
4,186
4,847
Operating Profit
281
273
187
283
418
493
550
650
619
582
449
764
1,146
OPM %
11%
10%
9%
9%
9%
13%
12%
14%
13%
13%
11%
15%
19%
Other Income
110
−29
21
24
40
22
31
37
47
102
58
63
83
Interest
44
62
62
64
92
115
175
166
152
147
185
242
249
Depreciation
34
26
22
23
27
42
69
78
83
82
106
157
176
PBT
312
156
124
220
339
358
337
442
431
454
216
428
804
Tax %
0%
0%
0%
22%
32%
34%
27%
26%
26%
26%
20%
23%
—
Net Profit
324
156
124
172
232
237
246
326
318
338
173
329
604
EPS (₹)
2.61
1.26
0.99
1.35
1.73
1.77
1.86
2.27
2.18
2.29
1.23
2.04
3.77
Div. Payout %
0%
0%
0%
4%
6%
0%
8%
8%
9%
9%
8%
10%
—

Balance Sheet

₹ Cr
HFCL balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
124
124
124
124
127
128
128
137
138
144
144
153
Reserves
753
716
840
1,055
1,314
1,540
1,788
2,661
2,970
3,812
3,935
4,738
Borrowings
398
544
539
469
590
734
942
783
936
991
1,522
1,896
Other Liabilities
572
791
773
941
1,262
1,427
2,358
1,590
1,429
1,540
1,945
2,080
Total Liabilities
1,847
2,175
2,275
2,588
3,294
3,829
5,216
5,171
5,473
6,487
7,546
8,868
Fixed Assets
199
175
188
196
238
504
508
528
548
652
852
1,216
CWIP
4
1
2
10
86
34
36
108
268
469
602
486
Investments
272
57
50
55
60
58
41
55
70
194
158
135
Other Assets
1,373
1,943
2,035
2,327
2,911
3,233
4,631
4,480
4,586
5,172
5,935
7,031
Total Assets
1,847
2,175
2,275
2,588
3,294
3,829
5,216
5,171
5,473
6,487
7,546
8,868

Cash Flow

₹ Cr
HFCL cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
129
0
136
207
34
172
145
205
235
−45
396
−378
Investing
−45
37
−25
−30
−150
−167
−165
−458
−44
−449
−518
−324
Financing
−74
−55
−114
−116
67
−7
25
248
−145
454
170
669
Net Cash Flow
10
−18
−3
61
−49
−1
5
−5
46
−40
47
−33
Free Cash Flow
111
−51
110
166
−143
5
41
23
−105
−454
−12
−723
CFO/OP
54
12
103
102
15
53
30
41
54
13
89
−44

Ratios

HFCL financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
52
141
202
134
113
153
215
146
145
181
170
163
Inventory Days
259
192
140
56
41
96
65
98
113
135
145
191
Days Payable
320
307
260
148
134
227
262
173
131
141
174
136
Cash Conversion Cycle
−9
26
81
42
20
22
18
72
127
175
141
218
Working Capital Days
75
112
134
84
62
91
70
85
124
163
179
208
ROCE %
36%
24%
13%
18%
24%
21%
20%
19%
15%
13%
8%
11%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view HFCL insights

73 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Public 29.76%
  • Promoters 28.29%
  • FIIs 17.24%
  • Others 14.33%
  • DIIs 10.38%

2.08% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about HFCL

What does HFCL Ltd do?
HFCL Ltd (Himachal Futuristic Communications Limited) is a diverse telecom infrastructure enabler with active interest spanning telecom infrastructure development, system integration, and manufacture and supply of high end telecom equipment, Optical Fiber and Optic Fiber Cable (OFC).
Where is HFCL Ltd (HFCL) listed?
HFCL Ltd trades as HFCL on the NSE and under code 500183 on the BSE.
Which sector does HFCL Ltd belong to?
HFCL Ltd is classified under the Telecom sector, in the Telecom Infrastructure industry.
What is the PE ratio of HFCL Ltd?
HFCL Ltd trades at a PE ratio of 60.52 as of 4 Nov 2026, on earnings per share of ₹3.77, against a book value of ₹36.91 per share.
What is the 52-week high and low of HFCL Ltd?
Over the last 52 weeks HFCL Ltd has traded between ₹59.82 and ₹282.25 as of 4 Nov 2026.
Does HFCL Ltd pay dividends?
HFCL Ltd has a dividend yield of 0.09%.
What is the Return on Equity (ROE) of HFCL Ltd?
HFCL Ltd reported a return on equity of 6.98%. Its debt-to-equity ratio is 0.39.

Company Information

HFCL Ltd (Himachal Futuristic Communications Limited) is a diverse telecom infrastructure enabler with active interest spanning telecom infrastructure development, system integration, and manufacture and supply of high end telecom equipment, Optical Fiber and Optic Fiber Cable (OFC).

Website hfcl.com
CEO Mr. Mahendra Nahata
Employees 1,910
Listed 9 Mar 2011
Face Value ₹1

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