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HFCL

HFCL NSE

Key Fundamentals

SmallcapTelecom InfrastructureTelecom
Market Cap
₹35,020 Cr
Volatility
Moderate
P/E Ratio
61.99
EBITDA
₹827 Cr
Return on Equity
6.66%
Debt to Equity
0.39
Book Value
₹31.95
52W High
₹256.7
52W Low
₹59.82

Tapetide Score

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

Key Insights

Strengths

1
  • Company is expected to give good quarter

Weaknesses

6
  • Stock is trading at 7.31 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: -11.0%

Growth Rate

Revenue Growth
21.64% higher than 3Y
Net Income Growth
90.08% higher than 3Y
Cash Flow Change
-195% higher than 3Y
ROE
58.19% higher than 3Y
ROCE
41.3% higher than 3Y
EBITDA Margin (Avg.)
34.17% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

HFCL Ltd trades at a market cap of ₹35,020 Cr with a PE of 59.1x and PB of 7.31x. The company has shown a sharp TTM sales growth of 59% and TTM profit growth of 1,591%, but its longer-term 5-year sales CAGR stands at just 2% and 3-year ROE averages only 7%, indicating that the recent surge follows a prolonged period of muted performance.

Bull Case 7
  • TTM revenue growth of 59% signals a significant acceleration in top-line momentum after years of stagnation
  • TTM profit growth of 1,591% reflects a dramatic earnings turnaround, suggesting operating leverage is kicking in
  • Stock CAGR of 232% over 1 year indicates strong market recognition of the company's improved outlook in the telecom/fibre optic space
  • 10-year stock CAGR of 30% demonstrates meaningful long-term wealth creation for patient shareholders
  • Company is expected to deliver a good upcoming quarter, pointing to near-term earnings visibility
  • 5-year compounded profit growth of 5% and 10-year ROE of 10% show the business has been consistently profitable over longer cycles
  • Dividend yield of 0.09% confirms the company retains most earnings for reinvestment, which can support growth if deployed efficiently
Bear Case 8
  • PE ratio of 59.1x is significantly elevated, pricing in substantial future growth and leaving little margin of safety
  • 5-year compounded sales growth of just 2% raises questions about whether the recent 59% TTM spike is sustainable or one-off
  • 3-year ROE of only 7% indicates subpar capital efficiency relative to the premium valuation the market assigns
  • Stock trades at 7.31x book value, which is expensive for a company with single-digit ROE and historically low growth
  • High debtor days of 163 suggest significant working capital strain and potential collection risk from customers
  • Promoter holding has declined by 11% over the last 3 years, which may signal reduced insider confidence
  • Dividend payout of just 8.89% of profits over 3 years offers negligible income return to shareholders at a 0.09% yield
  • 3-year compounded sales and profit growth of only 1% each shows the recent surge is a very recent phenomenon lacking a multi-year track record

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 2
  • 13% drop before Sep 7 bounce Sep 7

    HFCL shares lost 13% over four trading sessions before the Sep 7 recovery, and fell nearly 4% on Sep 1 despite the major OFC deal announcement.

  • Elevated valuation multiples Sep 7

    Stock trades at a P/E of 61.87, P/B of 7.16, and P/S of 2.1, leaving limited margin of safety after a 252% surge in 2026.

Positives 7
  • FY26 order book doubles to ₹21,206cr Sep 7

    HFCL's FY26 order book surged 113% YoY to ₹21,206 crore, while Q1FY27 order book reached a record ₹26,665 crore, providing strong revenue visibility.

  • ₹2,329cr global OFC export deal Sep 1

    HFCL signed a 3-year agreement worth $244 million (₹2,329 crore) to supply high-fibre-count optical fibre cables to a global MNC through December 2029.

  • FY26 PAT jumps 90% to ₹329cr Sep 7

    FY26 revenue rose 21.77% to ₹4,949 crore, EBITDA surged 63.15% to ₹827 crore, and PAT jumped 90.14% to ₹329 crore with EPS up 73% to ₹2.13.

  • Record Q1FY27 revenue up 120% Sep 1

    Q1FY27 consolidated revenue surged 120% YoY to a record ₹1,915 crore with net profit of ₹246 crore vs a loss of ₹29 crore a year ago. EBITDA margin expanded to 21.6% from 3.3%.

  • FY27 revenue guidance doubled to 40% Sep 1

    HFCL raised its FY27 revenue growth aspiration to 40%, doubling from the earlier 20% guidance, following strong Q1 performance.

  • ₹215cr AI data centre facility Sep 1

    HFCL approved a ₹215 crore investment to build an advanced AI data centre connectivity solutions manufacturing facility, expanding into high-growth segments.

  • Stock up 252% in 2026 Sep 7

    HFCL shares have surged 252% YTD in 2026 vs a 9% decline in Nifty 50, with market cap reaching approximately ₹36,581 crore.

Neutral 5
  • Analyst/investor meets in September Sep 11

    HFCL scheduled analyst and investor meetings on Sep 18 and participation in events hosted by Jefferies, Nomura, and Arihant Capital in September 2026.

  • AGM set for September 29 Sep 3

    HFCL's 39th AGM is scheduled for September 29, 2026 via video conferencing, with e-voting facilitated by NSDL.

  • Huawei/ZTE replacement evaluation Aug 31

    India is evaluating replacing legacy Huawei and ZTE telecom equipment across networks. HFCL cited as a domestic telecom infrastructure player that could benefit.

  • BRSR report filed with SEBI Sep 5

    HFCL submitted its FY26 Business Responsibility and Sustainability Report covering environmental metrics, governance, and CSR initiatives.

  • Motilal Oswal conference participation Aug 15

    HFCL participated in the Motilal Oswal 22nd Annual Global Investor Conference on August 18 in Mumbai to discuss business updates.

TL;DR: HFCL is firing on all cylinders — FY26 order book more than doubled to ₹21,206 crore, PAT jumped 90%, and the company secured a landmark $244 million export OFC deal extending through 2029. The expansion into AI data centre connectivity and potential Huawei/ZTE replacement tailwinds add further runway. Key risks are the stretched valuation at 62x P/E after a 252% YTD rally and recent sharp intraday sell-offs suggesting profit-booking sensitivity. The trend remains strongly positive with FY27 guidance doubled to 40% revenue growth, but the stock price already reflects significant optimism.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Expenses
849
979
916
1,130
984
935
860
838
843
853
983
1,510
1,501
Operating Profit
146
133
117
196
175
158
152
-37
28
190
228
314
414
OPM %
15%
12%
11%
15%
15%
14%
15%
-4.6%
3.3%
18%
19%
17%
22%
Other Income
13
18
47
14
10
15
21
14
15
13
17
22
31
Interest
36
35
37
40
42
45
47
51
56
61
63
63
62
Depreciation
21
21
19
20
24
25
26
30
32
36
44
45
51
PBT
103
94
108
149
119
102
100
-105
-45
106
138
228
332
Tax %
26%
25%
24%
27%
7%
28%
28%
-21%
-34%
32%
26%
19%
26%
Net Profit
76
70
82
109
111
73
73
-83
-29
72
102
184
246
EPS in Rs
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
Figures in ₹ Crores

Profit & Loss

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
217
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 in Rs
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%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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
Figures in ₹ Crores

Ratios

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

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Shareholding Pattern

Public30.36%Promot.28.29%DIIs10.92%Others14.69%FIIs15.74%As ofJun 2026
2.08% of promoter holding pledged as of Jun 2026

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).[1]
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 market capitalisation of HFCL Ltd?
HFCL Ltd has a market capitalisation of ₹35,020 Cr, which places it in the Large Cap band.
What is the PE ratio of HFCL Ltd?
HFCL Ltd trades at a PE ratio of 61.99, against a book value of ₹31.95 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 ₹256.7.
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 6.66%. 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).[1]

Website hfcl.com
CEO Mr. Mahendra Nahata
Employees 1,910
Listed 2011-03-09
Face Value ₹ 1
Issued Size 1,53,06,02,463

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