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HFCL Ltd

HFCL NSE

Key Fundamentals

SmallcapTelecom InfrastructureTelecom
Market Cap
₹34,754 Cr
Volatility
Moderate
P/E Ratio
60.66
EBITDA
₹762 Cr
Return on Equity
4.21%
Debt to Equity
0.36
Book Value
₹31.95
EPS
₹2.59
52W High
₹230.95
52W Low
₹59.82

Insights

Beta

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

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56 extracted metrics + investor summaries across FY12–FY26.

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Tapetide Score

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Technical Indicators

Key Insights

Strengths

1
  • Company is expected to give good quarter

Weaknesses

6
  • Stock is trading at 6.87 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 6.81% 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
20.06% ↗
Net Income Growth
86.57% ↗
Cash Flow Change
982.55% ↗
ROE
-50.12% ↘
ROCE
-38.30% ↘
EBITDA Margin (Avg.)
23.52% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 7d ago
AI opinion · based on fundamentals
Risk high

HFCL Ltd is a mid-cap telecom equipment and infrastructure company trading at a market cap of ₹32,247 crore with a PE of 53.9x and PB of 6.66x. The company reported FY25 standalone revenue of ₹3,795 crore (59% TTM sales growth) and PAT of ₹195 crore, while its order book surged to ₹21,206 crore in FY26 from ₹9,967 crore in FY25, though historical 5-year sales CAGR remains subdued at just 2%.

Bull Case 7
  • TTM revenue growth of 59% signals a sharp acceleration, with FY25 standalone revenue reaching ₹3,795 crore versus subdued prior years
  • Order book surged to ₹21,206 crore (highest ever), more than doubling from ₹9,967 crore in FY25, providing multi-year revenue visibility
  • TTM profit growth of 1,591% reflects a dramatic earnings recovery, with FY25 standalone PAT at ₹195 crore
  • Stock price CAGR of 191% over 1 year and 46% over 3 years indicates strong market re-rating driven by sector tailwinds (5G rollout, BharatNet)
  • Q3 FY25 standalone quarterly revenue reached ₹961 crore with EBITDA of ₹166 crore, reflecting improving operating leverage
  • Company is positioned in the telecom infrastructure buildout cycle with domestic manufacturing capabilities aligned to government Atmanirbhar initiatives
  • 10-year stock CAGR of 29% demonstrates long-term wealth creation despite cyclical revenue patterns
Bear Case 8
  • PE ratio of 53.9x is expensive relative to the company's 3-year ROE of just 6.81%, suggesting the stock prices in significant future growth
  • 5-year compounded sales growth of only 2% and profit growth of 5% show that the recent surge is not yet supported by a long-term track record
  • Promoter holding has declined by 11% over 3 years, with MN Ventures reducing stake from ~20.16% to 18.98% in March 2025 alone (1.18% sold)
  • High debtor days of 163 indicate significant working capital stress and delayed collections typical of government-contract-heavy businesses
  • Price-to-book ratio of 6.66x is elevated for a company generating only 7% ROE over 3 years, implying poor capital efficiency relative to valuation
  • Dividend payout at 8.89% of profits over 3 years and yield of 0.05% offer negligible income to shareholders
  • Debt-to-equity ratio of ~38% (per Investing.com data) combined with high working capital needs could pressure free cash flows during execution of large order book
  • 3-year compounded sales growth of just 1% and profit growth of 1% highlight that pre-TTM performance was stagnant

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

AI News Digest

Anthropic anthropic claude-opus-4.6 17h ago
Positives 3
  • Rs 523 Cr international OFC order Aug 4

    HFCL secured a Rs 522.73 crore confirmed supply order for optical fiber cables from international customers. Total disclosed order book stands at Rs 7,369.63 crore, covering 4.85 quarters of revenue.

  • Record Q1FY27 profit, 40% target Jul 23

    HFCL posted record Q1FY27 net profit of Rs 245.64 crore on revenue of Rs 1,914.98 crore, driven by exports and data centre demand. Company raised FY27 growth target to 40% and approved Rs 215 crore AI connectivity manufacturing investment.

  • USD 46M export order via subsidiary Jul 30

    HFCL won an international export order worth USD 46.13 million (~Rs 441.53 crore) for optical fiber cable supply, to be executed through its overseas subsidiary by January 2027.

Neutral 4
  • Rs 26 Cr block trade on NSE Aug 5

    HFCL saw a block trade of ~12.29 lakh shares at Rs 212.45 per share valued at Rs 26.12 crore on NSE, indicating institutional positioning.

  • Motilal Oswal investor conference Aug 15

    HFCL will participate in the Motilal Oswal 22nd Annual Global Investor Conference on August 18, 2026, in Mumbai to discuss business updates.

  • Rs 22.4 Cr block trade on NSE Jul 23

    HFCL recorded a block trade of ~10.82 lakh shares at Rs 207.02 per share valued at Rs 22.41 crore, suggesting institutional interest.

  • Q1FY27 earnings call scheduled Jul 19

    HFCL hosted an earnings conference call on July 22, 2026, to discuss unaudited Q1FY27 standalone and consolidated financial results.

TL;DR: HFCL is executing well with a record Q1FY27 profit, a raised 40% annual growth target, and a robust order book exceeding Rs 7,300 crore providing nearly 5 quarters of revenue visibility. International OFC orders worth over Rs 960 crore in recent weeks highlight growing export momentum. No material headwinds are visible in recent news flow. The trend is clearly improving with strong order wins, expanding global footprint, and management confidence reflected in the upgraded guidance.

Quarterly Results

  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

  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
3,616
4,188
4,847
Operating Profit
281
273
187
283
418
493
550
650
619
582
449
762
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
66
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

  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
1,744
Other Liabilities
572
791
773
941
1,262
1,427
2,358
1,590
1,429
1,540
1,945
2,232
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
1,617
CWIP
4
1
2
10
86
34
36
108
268
469
602
85
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

  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

  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
161
Days Payable
320
307
260
148
134
227
262
173
131
141
174
115
Cash Conversion Cycle
-9
26
81
42
20
22
18
72
127
175
141
210
Working Capital Days
75
112
134
84
62
91
70
85
124
163
179
212
ROCE %
36%
24%
13%
18%
24%
21%
20%
19%
15%
13%
8%
11%

Shareholding Pattern

As of Jun 2026
Public 30.36%
Promoters 28.29%
FIIs 15.74%
Others 14.69%
DIIs 10.92%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Aug 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
42.05%
42.05%
41.89%
39.23%
39.23%
39.20%
39.20%
39.24%
39.24%
39.24%
37.84%
37.84%
37.84%
37.68%
37.63%
36.24%
35.89%
34.37%
31.58%
30.02%
28.29%
28.29%
28.29%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
8.35%
8.18%
7.65%
7.02%
6.68%
6.70%
6.97%
7.76%
7.48%
7.48%
7.08%
15.74%
DIIs
0.07%
0.68%
0.63%
1.44%
1.88%
2.03%
2.58%
4.12%
4.26%
2.95%
6.06%
6.25%
6.15%
7.31%
9.08%
10.36%
10.96%
13.26%
14.03%
13.57%
9.07%
8.58%
10.92%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
35.20%
34.59%
35.33%
34.48%
34.95%
35.18%
34.59%
34.75%
34.35%
34.23%
31.07%
31.14%
31.36%
31.56%
31.46%
31.89%
33.65%
32.92%
34.33%
36.64%
38.88%
37.37%
30.36%
Others
22.68%
22.68%
22.15%
24.84%
23.94%
23.59%
23.62%
21.90%
22.15%
23.58%
25.04%
16.42%
16.47%
15.79%
14.82%
14.83%
12.79%
12.49%
12.31%
12.29%
16.29%
18.68%
14.69%
No. of Shareholders
2,51,132
3,74,197
4,71,578
4,82,865
6,28,752
6,36,073
6,16,562
6,14,948
5,90,692
5,85,647
5,83,914
5,89,482
6,51,786
7,29,536
7,70,791
7,73,276
8,20,639
8,40,219
8,58,638
8,69,442
8,34,469
8,03,693
7,32,721

Documents

Frequently Asked Questions about HFCL Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: HFCL and BSE: 500183. You can view its live share price, financials, and ratios on Tapetide.
Which sector does HFCL Ltd belong to?
HFCL Ltd operates in the Telecom sector within the Telecom Infrastructure industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of HFCL Ltd?
HFCL Ltd has a market capitalisation of approximately ₹34753.86 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of HFCL Ltd?
The Price-to-Earnings (PE) ratio of HFCL Ltd is 60.66. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of HFCL Ltd?
Over the past 52 weeks, HFCL Ltd has traded between a low of ₹59.82 and a high of ₹230.95. This range helps investors understand the stock's price volatility and recent trading levels.
Does HFCL Ltd pay dividends?
Yes, HFCL Ltd has a dividend yield of 0.05%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of HFCL Ltd?
HFCL Ltd has a Return on Equity (ROE) of 4.21%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research HFCL Ltd on Tapetide?
On Tapetide, you can view HFCL Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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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