HFCL Limited
NSE: HFCL · Telecom - Infrastructure · sector
₹244.63NSE close 2026-10-26
Key numbers
Market cap₹37,438 cr
Price₹244.63
52w high / low₹282 / ₹60
P/E42.6xSector median 9.2x
P/B6.6xSector median 2.6x
Book value₹36.9
Dividend yield0.04%Sector median 0.04%
ROE17.7%Sector median 17.7%
ROCE19.9%Sector median 24.1%
OPM21.2%Sector median 38.5%
Debt / equity0.33xSector median 0.33x
EV/EBITDA24.4xSector median 5.7x
Interest cover5.9x
Current ratio2.10x
Sales growth 3y+1.4%Sector median +1.4%
Profit growth 3y+1.2%Sector median +26.5%
PEG–
Last 12 months to Sep 2026, Consolidated. "Sector median" = middle value of 6 companies in Telecom - Infrastructure (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹510 cr vs borrowings ₹1,713 cr (FY26): borrowings are higher by ₹1,204 cr.
- Borrowings rose in each of the last 3 years (₹748 cr → ₹1,713 cr).
- Operating profit covered interest 5.9x in the last 12 months.
- 2.08% of the promoters' shares are pledged (0.6% of all shares).
- Promoter holding fell by 1.73 percentage points in a year, to 28.29% (2026-09-30).
- Operating cash flow was below net profit in 4 of the last 5 years (FY26, FY24, FY23, FY22).
- Net loss in 2 of the last 8 quarters.
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 11% of net profit in the last 12 months.
- Debtor days went from 181 (FY24) to 163 (FY26).
- Dividend paid in 5 of the last 5 financial years.
- Price ₹244.63 on 2026-10-26: -13.3% from the 52-week high, +308.9% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹260.40 · low ₹62.37
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,012 | 801 | 871 | 1,043 | 1,211 | 1,824 | 1,915 | 2,542 |
| EBITDA | 152 | -36 | 29 | 190 | 228 | 314 | 414 | 631 |
| OPM % | 15.0% | -4.5% | 3.3% | 18.2% | 18.8% | 17.2% | 21.6% | 24.8% |
| Other income | 20 | 14 | 15 | 13 | 15 | 22 | 31 | 27 |
| Net profit | 74 | -81 | -32 | 68 | 98 | 178 | 229 | 363 |
| EPS (₹) | 0.51 | -0.56 | -0.22 | 0.47 | 0.67 | 1.21 | 1.49 | 2.37 |
| Revenue YoY | +19.6% | +127.8% | +119.9% | +143.6% | ||||
| Profit YoY | +32.5% | – | – | +434.8% |
Consolidated figures where filed. Latest quarter Sep 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 4,727 | 4,743 | 4,465 | 4,065 | 4,949 | 7,492 |
| EBITDA | 644 | 619 | 582 | 449 | 762 | 1,587 |
| Net profit | 313 | 301 | 330 | 177 | 312 | 868 |
| EPS (₹) | 2.38 | 2.18 | 2.33 | 1.23 | 2.13 | 5.74 |
| Revenue growth | +0.3% | -5.9% | -9.0% | +21.8% | +101.0% | |
| Profit growth | -3.9% | +9.6% | -46.2% | +75.7% | +3,016.5% | |
| Dividend / share (₹) | 0.15 | 0.18 | 0.20 | 0.20 | 0.10 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +1.4% | +2.3% | +101.0% |
| Net profit | +1.2% | +5.5% | +3,016.5% |
| EPS | -0.8% | +2.7% | – |
| Share price | – | +45.6% (2y) | +242.9% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 3,108 | 3,956 | 4,119 | 4,891 |
| Borrowings | – | 748 | 977 | 1,341 | 1,713 |
| Cash & equivalents | – | 335 | 342 | 493 | 510 |
| Total assets | – | 5,473 | 6,487 | 7,546 | 8,868 |
| Fixed assets | – | 487 | 496 | 630 | 913 |
| Capital work in progress | – | 70 | 154 | 200 | 85 |
| Investments | – | 39 | 169 | 137 | 70 |
| Receivables | – | 1,886 | 2,215 | 1,892 | 2,212 |
| Inventory | – | 758 | 774 | 899 | 1,416 |
| Payables | – | 878 | 808 | 1,079 | 1,007 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 206 | 236 | -45 | 396 | -378 |
| Cash from investing | -458 | -45 | -449 | -518 | -324 |
| Cash from financing | 248 | -145 | 454 | 170 | 669 |
| Capex | 145 | 342 | 410 | 409 | 345 |
| Free cash flow | 61 | -105 | -455 | -13 | -723 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 9.7% | 8.3% | 4.3% | 6.4% |
| ROCE % | – | 15.1% | 12.2% | 7.3% | 10.1% |
| Debtor days | – | 145 | 181 | 170 | 163 |
| Inventory days | – | 80 | 88 | 111 | 161 |
| Payable days | – | 92 | 92 | 134 | 115 |
| Cash conversion cycle (days) | – | 133 | 177 | 147 | 209 |
| Working capital days | – | 149 | 192 | 223 | 246 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 28.29% |
| FIIs | 17.24% |
| DIIs | 10.38% |
| of which Mutual funds | 8.03% |
| of which Insurance | 0.26% |
| Government | 0.00% |
| Public (non-institutions) | 44.07% |
| Quarter | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 34.37% | 31.58% | 30.02% | 28.29% | 28.29% | 28.29% | 28.29% | 28.29% |
| Promoter group | % |
|---|---|
| MN Ventures Private Limited | 13.92% |
| Nextwave Communications Private Limited | 12.73% |
| Resolute Prop Trading Private Limited | 1.45% |
| Mahendra Nahata | 0.09% |
| Satellite Finance PVT. Ltd | 0.06% |
| Anant Nahata | 0.04% |
| JAI Kumar Choraria | 0.00% |
| Abhinav Oswal | 0.00% |
| Aariv Nahata | 0.00% |
| Kamal Oswal | 0.00% |
| Krishiv Nahata | 0.00% |
| Manisha Oswal | 0.00% |
| Neha Nahata | 0.00% |
| Priyanka Sanghi | 0.00% |
| Pushpa Devi Maloo | 0.00% |
| Public holders above 1% | % |
|---|---|
| Quant Mutual Fund - Quant Commodities Fund | 7.23% |
| Smallcap World Fund, INC | 3.83% |
| Reliance Strategic Business Ventures Limited | 3.17% |
| Reliance Ventures Limited | 1.48% |
7,64,828 shareholders. Pledged: 2.08% of promoter shares.
Peers in Telecom - Infrastructure
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| INDUSTOWER | ₹1,02,622 cr | 14.3x | 2.6x | 19.8% | 28.4% | 55.8% | +4.6% | – |
| HFCL | ₹37,438 cr | 42.6x | 6.6x | 17.7% | 19.9% | 21.2% | +1.4% | 0.04% |
| BONDADA | ₹2,948 cr | 9.5x | 4.2x | 55.8% | 51.1% | 11.5% | – | 0.04% |
| PACEDIGITK | ₹2,944 cr | 8.9x | 1.3x | 13.7% | 16.3% | 16.3% | – | – |
| GTLINFRA | ₹1,268 cr | 1.2x | – | – | 705.4% | 117.1% | -2.0% | – |
| SUYOG | ₹549 cr | 9.0x | 1.1x | 13.6% | 17.1% | 69.3% | – | 0.37% |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Telecom Product | ₹2,931 cr | 59.2% | ₹764 cr | 26.1% |
| Turnkey Contract and Services | ₹1,875 cr | 37.9% | ₹-113 cr | -6.0% |
| Defence Product and Services | ₹77 cr | 1.5% | ₹-5 cr | -6.6% |
| Others | ₹67 cr | 1.3% | ₹-2 cr | -3.1% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-09-22 | Dividend | Dividend - Re 0.20 Per Share |
| 2025-09-08 | Dividend | Dividend - Re 0.10 Per Share |
| 2024-09-23 | Dividend | Annual General Meeting/Dividend - Rs 0.20 Per Share |
| 2023-09-22 | Dividend | Annual General Meeting/Dividend - Re 0.20 Per Share |
| 2022-09-22 | Dividend | Annual General Meeting/Dividend - Re 0.18 Per Share |
| 2021-09-22 | Dividend | Annual General Meeting/Dividend - Rs 0.15 Per Share |
| 2020-09-18 | Other | Annual General Meeting |
| 2019-09-19 | Dividend | Annual General Meeting/Dividend - Rs 0.10 Per Share |
| 2018-09-19 | Dividend | Annual General Meeting/Dividend Re 0.06 Per Share |
| 2017-09-15 | Other | Annual General Meetin |
| 2016-09-21 | Other | Annual General Meeting |
| 2015-09-22 | Other | Annual General Meeting |
| 2014-09-12 | Other | Annual General Meeting |
| 2013-09-12 | Other | Annual General Meeting |
| 2012-09-20 | Other | Annual General Meeting |
| 2011-09-15 | Other | Annual General Meeting |
| 2011-03-11 | Other | Annual General Meeting |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Telecom Products: Telecom Products - Manufacturing of optical fiber, optical fiber cables and telecom and networking products
- Turnkey Contract and Services: Engineering, Procurement and Construction Services
| Sector | Telecommunication |
| Industry | Telecom - Infrastructure |
| Sub-industry | Telecom - Infrastructure |
| Symbol | HFCL |
| BSE code | 500183 |
| ISIN | INE548A01028 |
| Face value | ₹1.0 |
| Incorporated | 1987-05-11 |
| Website | www.hfcl.com |
| Plants (India / abroad) | 4 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.