HFCL
- Market cap
- ₹ 36,803 Cr.
- P/E
- 42.4x
- P/B
- 7.87x
- 52-week range
- 59.82 – 282.25
- ROE
- 7%
- ROCE
- 11%
- Dividend yield
- 0.1%
- Debt / equity
- 0.39
- Sector
- Telecom - Services
- Industry
- Telecom - Infrastructure
- Listed on
- NSE, BSE
About
HFCL Limited is an India-based global technology company. The Company delivers communication and networking products and solutions globally across the telecom, defense, and railways sectors. Its business segments include manufacturing of telecom products, executing turnkey contracts and providing services relating thereto. It offers a range of products and solutions for the telecom industry, which include open‑standards‑based wired and wireless access solutions are customizable to diverse network needs, enabling seamless end‑to‑end connectivity for small, medium, and large scale deployments, globally scalable. In Defence includes designs and delivers customized products and solutions for defence services, institutions, and projects of national security significance.
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Telecom - Infrastructure: 10 companies →HFCL against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)42.4 against a typical 13.8: pricier than most peers (1st = cheapest).9th of 10
- Sales growth+143.7% against a typical +14.3% from a year earlier.2nd of 8
- Profit growth+447.2% against a typical +28.6% from a year earlier.1st of 7
- Share price, 3 months+29.2% against a typical −11.5%.1st of 10
- Size₹ 36,803.3 Cr. market value against a typical ₹ 2,123.2 Cr. (1st = largest).3rd of 10
Latest announcements
Exchange filings and their impact on the company.
- 26 Oct 2026Analysts/Institutional Investor Meet/Con. Call UpdatesHigh impactVery positivePrice +2.2% on 27 OctHFCL posted record Q2 and lifted FY27 revenue growth guidance to at least 80% on a Rs 28,900 cr order book.
HFCL reported its best-ever quarter in Q2 FY27 with revenue of Rs 2,541.79 crore, up 143.6% year-on-year, EBITDA of Rs 658 crore at 25.89% margin, and profit after tax of Rs 394.22 crore, up 448%. Management raised FY27 revenue growth guidance to at least 80% over FY26 and disclosed a Rs 28,900 crore order book, including Rs 18,500 crore for optical fibre cable and data-centre interconnect. It also outlined Rs 1,800 crore capex for fibre, cable and preform expansion and a defence revenue aspiration of Rs 500-600 crore this year rising toward Rs 2,000 crore next year.
- Best-ever Q2 with 5x profit and 80%+ FY27 growth guidance on Rs 28,911 cr order book.
HFCL reported its best-ever quarter in Q2 FY27 with consolidated revenue of Rs 2,541.79 crore, up 143.6% year-on-year, EBITDA of Rs 658 crore at 25.89% margin, and PAT of Rs 394.22 crore, up 448% year-on-year. H1 revenue doubled to Rs 4,456.77 crore with PAT of Rs 639.86 crore. The company guides for at least 80% revenue growth in FY27 over FY26, backed by an order book of Rs 28,911 crore with 6-7 year visibility, a planned Rs 1,800 crore investment in fibre, cable and preform capacity, and a Rs 500 crore defence revenue aspiration.
Credit ratings
Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates
Adequate safety
Rated A by CARE- No warnings from the agency.
| Agency | Current rating | Outlook | As of |
|---|---|---|---|
| CARE | CARE A | Positive | 9 Jul 2026 |
| Rating | Details | |||||
|---|---|---|---|---|---|---|
| 9 Jul 2026 | ▲ Upgrade1 notch | CARE A- → CARE A | — | CARE | ₹ 4,075.95 Cr. | |
| 8 Sep 2025 | ▼ Downgrade | CARE A- | — | CARE | ₹ 3,642.82 Cr. |
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 19 Oct 2026 | Financial Results | To consider and approve the financial results for the period ended September 30, 2026 |
| 22 Jul 2026 | Financial Results | To consider and approve the financial results for the period ended Jun 30, 2026 |
| 30 Apr 2026 | Dividend | To consider dividend |
| 25 Mar 2026 | Fund Raising | Advance Intimation of Board Meeting - Consideration of Issue of Warrants on Preferential Basis to the Promoter(s) / Promoter Group entity(ies) |
| 3 Feb 2026 | Financial Results | To consider and approve the financial results for the period ended December 31, 2025 |
| 17 Oct 2025 | Financial Results | To consider and approve the financial results for the period ended September 30, 2025 |
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,032 | 1,326 | 1,158 | 1,094 | 1,012 | 801 | 871 | 1,043 | 1,211 | 1,824 | 1,915 | 2,542 |
| Expenses | 916 | 1,130 | 984 | 935 | 860 | 838 | 843 | 853 | 983 | 1,510 | 1,501 | 1,912 |
| Operating Profit | 117 | 196 | 175 | 158 | 152 | −37 | 28 | 190 | 228 | 314 | 414 | 630 |
| OPM % | 11% | 15% | 15% | 14% | 15% | −4.6% | 3.3% | 18% | 19% | 17% | 22% | 25% |
| Other Income | 47 | 14 | 10 | 15 | 21 | 14 | 15 | 13 | 17 | 22 | 31 | 27 |
| Interest | 37 | 40 | 42 | 45 | 47 | 51 | 56 | 61 | 63 | 63 | 62 | 65 |
| Depreciation | 19 | 20 | 24 | 25 | 26 | 30 | 32 | 36 | 44 | 45 | 51 | 54 |
| Profit before tax | 108 | 149 | 119 | 102 | 100 | −105 | −45 | 106 | 138 | 228 | 332 | 539 |
| Tax % | 24% | 27% | 7% | 28% | 28% | −21% | −34% | 32% | 26% | 19% | 26% | 27% |
| Net Profit | 82 | 109 | 111 | 73 | 73 | −83 | −29 | 72 | 102 | 184 | 246 | 394 |
| EPS in Rs | 0.58 | 0.76 | 0.77 | 0.51 | 0.51 | −0.56 | −0.22 | 0.47 | 0.64 | 1.17 | 1.49 | 2.37 |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
- 6%
- 5 Years
- 2%
- 3 Years
- 1%
- TTM
- 101%
- 10 Years
- 3%
- 5 Years
- 5%
- 3 Years
- 1%
- TTM
- 3,016%
- 10 Years
- 32%
- 5 Years
- 29%
- 3 Years
- 57%
- TTM
- —
- 10 Years
- 10%
- 5 Years
- 8%
- 3 Years
- 7%
- TTM
- —
P/E and EPS over time
Daily P/E and trailing 12-month EPS. EPS updates with each result.
Peers
Listed companies in the same business.
| HFCL | ₹ 243.40 | ₹ 36,803 Cr. | 42.4x | 7.9x | 7% | — |
| ITI | ₹ 215.45 | ₹ 20,719 Cr. | — | 14.4x | 16.6% | 13.4% |
| Tejas Networks | ₹ 410.00 | ₹ 7,297 Cr. | — | 3.3x | −26.8% | −82.4% |
| Avantel | ₹ 136.55 | ₹ 3,606 Cr. | 308.2x | 13.4x | — | 7.1% |
| Vindhya Telelinks | ₹ 2,478.30 | ₹ 2,894 Cr. | 9.6x | 0.5x | 5.3% | 6.1% |
| Paramount Communications | ₹ 57.59 | ₹ 1,885 Cr. | 32.8x | 2.5x | 8% | 3.1% |
Management
- Manoj Baid
- President, Compliance Officer, Company Secretary
- Vijay Raj Jain
- Chief Financial Officer
- Mahendra Nahata
- Managing Director, Executive Director
Prices are delayed and for information only. Nothing on this page is investment advice.