HFCL Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Telecom Products: 59.2% • Turnkey Contracts and Services: 37.9% • Defence Product & Services: 1.5%
AI Sector View
AI GENERATEDTelecommunication
Telecom operating proxies are steady, with telecom subscriber base up 11.0% YoY (2026-06) and broadband subscriber base also up 11.0% YoY (2026-06). However, persistent FPI outflows of INR -11055 crore over 3 months to 2026-08-31 suggest weak investor appetite. That combination supports a neutral rather than positive stance.
PROS
- Latest quarter profit grew 938.4% YoY, showing strong momentum
- Company has consistently been profitable over the last 5 years
- Institutional investors have been accumulating - FII+DII up 5.0pp
- Company maintains a comfortable, low leverage position
- Company has a consistent dividend-paying track record
CONS
- Operating cash flow has been negative in recent years
- Promoter holding has decreased over last 2 years: -9.3pp
- Company has a low return on equity of 7.1% over last 3 years
- Company has a low return on capital employed of 10.6%
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.03x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| HFCL | 233.45 | 62.40 | 35731.91 | 0.09 | 245.64 | 938.36 | 1914.98 | 119.85 | 10.86 | 21.62 |
| PACEDIGITK | 158.05 | 11.36 | 3411.53 | 0.00 | 62.50 | 14.27 | 555.36 | 51.29 | 21.90 | 15.50 |
| STLNETWORK | 36.54 | 0.00 | 1783.55 | 0.00 | -218.80 | 2.41 | 1761.50 | -7.27 | 0.32 | 4.70 |
| GTLINFRA | 1.17 | 1.39 | 1498.70 | 0.00 | 69.39 | 129.86 | 327.31 | -2.16 | 0.00 | 43.63 |
| SUYOG | 648.35 | 12.61 | 759.68 | 0.15 | 14.50 | -16.30 | 70.95 | 30.00 | 16.00 | 59.32 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 995 | 1,111 | 1,032 | 1,326 | 1,158 | 1,094 | 1,012 | 801 | 871 | 1,043 | 1,211 | 1,824 | 1,915 | |
| 849 | 979 | 916 | 1,130 | 983 | 935 | 860 | 837 | 843 | 853 | 983 | 1,509 | 1,615 | |
| Operating Profit | 146 | 133 | 117 | 196 | 175 | 158 | 152 | -36 | 28 | 190 | 228 | 315 | 300 |
| OPM % | 14.72% | 11.93% | 11.31% | 14.76% | 15.10% | 14.47% | 15.01% | -4.49% | 3.26% | 18.24% | 18.84% | 17.25% | 15.69% |
| 13 | 17 | 47 | 14 | 10 | 14 | 20 | 14 | 15 | 13 | 15 | 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 |
| Profit before Tax | 102 | 94 | 108 | 150 | 119 | 101 | 100 | -104 | -45 | 107 | 137 | 229 | 332 |
| Tax % | 26.33% | 25.67% | 23.63% | 26.82% | 6.84% | 28.72% | 27.79% | 20.83% | 34.31% | 32.31% | 26.09% | 19.01% | 25.90% |
| Net Profit | 0 | 0 | 0 | 0 | 111 | 73 | 73 | -83 | -29 | 72 | 102 | 184 | 246 |
| 0.49 | 0.50 | 0.58 | 0.76 | 0.77 | 0.51 | 0.51 | -0.56 | -0.22 | 0.47 | 0.67 | 1.21 | 1.49 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,131 | 3,227 | 4,738 | 3,839 | 4,423 | 4,727 | 4,743 | 4,465 | 4,065 | 4,949 | 5,993 | |
| 1,939 | 2,955 | 4,327 | 3,379 | 3,873 | 4,077 | 4,125 | 3,884 | 3,616 | 4,188 | 4,960 | |
| Operating Profit | 193 | 273 | 411 | 460 | 550 | 650 | 619 | 582 | 449 | 762 | 1,033 |
| OPM % | 9.05% | 8.44% | 8.68% | 11.99% | 12.43% | 13.75% | 13.04% | 13.02% | 11.05% | 15.39% | 17.24% |
| 21 | 33 | 47 | 56 | 31 | 37 | 47 | 101 | 58 | 65 | 82 | |
| Interest | 62 | 64 | 92 | 115 | 175 | 166 | 152 | 147 | 185 | 242 | 249 |
| Depreciation | 22 | 23 | 27 | 42 | 69 | 78 | 83 | 82 | 106 | 157 | 176 |
| Profit before Tax | 124 | 220 | 339 | 358 | 337 | 442 | 431 | 454 | 217 | 428 | 804 |
| Tax % | 0.40% | 22.10% | 31.55% | 33.77% | 26.90% | 26.29% | 26.22% | 25.66% | 20.01% | 22.97% | 24.82% |
| Net Profit | 124 | 172 | 232 | 237 | 246 | 326 | 318 | 338 | 173 | 329 | 604 |
| EPS | 1.00 | 1.35 | 1.75 | 1.76 | 1.87 | 2.38 | 2.18 | 2.29 | 1.23 | 2.04 | — |
| Dividend Payout % | 0.00% | 4.43% | 5.80% | 0.00% | 8.06% | 7.59% | 8.66% | 8.73% | 8.13% | 9.82% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 7%
- 5 Years:
- 2%
- 3 Years:
- 1%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 7%
- 5 Years:
- 5%
- 3 Years:
- -1%
STOCK PRICE CAGR
- 10 Years:
- 30%
- 5 Years:
- 25%
- 3 Years:
- 48%
- 1 Year:
- 233%
RETURN ON EQUITY
- 10 Years:
- 12%
- 5 Years:
- 9%
- 3 Years:
- 7%
- Last Year:
- 7%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 124 | 124 | 127 | 128 | 128 | 137 | 138 | 144 | 144 | 153 |
| Minority Interest | 2 | -22 | -10 | -0 | 7 | 20 | 37 | 44 | 40 | 58 |
| 840 | 1,037 | 1,302 | 1,528 | 1,772 | 2,659 | 2,940 | 3,807 | 3,934 | 4,737 | |
| 539 | 409 | 593 | 729 | 938 | 776 | 923 | 916 | 1,397 | 1,669 | |
| Trade Payables | 457 | 563 | 864 | 815 | 1,748 | 1,010 | 878 | 808 | 1,079 | 1,007 |
| 191 | 360 | 338 | 616 | 615 | 564 | 558 | 768 | 953 | 1,244 | |
| Total Liabilities | 2,153 | 2,470 | 3,214 | 3,817 | 5,209 | 5,166 | 5,473 | 6,487 | 7,546 | 8,868 |
| 188 | 196 | 238 | 504 | 508 | 528 | 548 | 652 | 852 | 1,216 | |
| Capital Work in Progress | 2 | 2 | 64 | 15 | 12 | 47 | 70 | 154 | 200 | 85 |
| 50 | 55 | 60 | 58 | 41 | 55 | 70 | 194 | 158 | 135 | |
| 245 | 214 | 265 | 344 | 435 | 573 | 758 | 774 | 899 | 1,416 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,215 | 1,892 | 2,212 | |
| Cash & Bank | 97 | 132 | 159 | 192 | 306 | 528 | 323 | 336 | 491 | 468 |
| 1,570 | 1,871 | 2,428 | 2,704 | 3,907 | 3,434 | 3,703 | 2,161 | 3,055 | 3,335 | |
| Total Assets | 2,153 | 2,470 | 3,214 | 3,817 | 5,209 | 5,166 | 5,473 | 6,487 | 7,546 | 8,868 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 193 | 290 | 62 | 263 | 163 | 267 | 334 | -45 | 396 | -378 | |
| Cash from Investing | -25 | -30 | -150 | -167 | -165 | -458 | -44 | -449 | -518 | -324 |
| Cash from Financing | -114 | -116 | 67 | -7 | 25 | 248 | -145 | 454 | 170 | 669 |
| -3 | 61 | -49 | -1 | 5 | -5 | 46 | -40 | 47 | -33 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - HFCL Limited has informed the Exchange about Schedule of meet with Arihant Capital Bharat Connect Conference, virtually on Tuesday, September 29, 2026
2026-09-11 - HFCL Limited has informed the Exchange about Schedule of meet with Nomura India Power, Data Center & AI Infrastructure Tour 2026 on Wednesday, September 23, 2026 at Mumbai
2026-09-11 - HFCL Limited has informed the Exchange about Schedule of meet with Jefferies India Forum on Friday, September 18, 2026 at The Oberoi, Gurugram.
2026-09-06 - HFCL Limited has informed the Exchange about Copy of Publication of Newspaper Advertisement specifying, inter-alia, Notice of the 39th Annual General Meeting, Voting through Electronic Mode, Record Date and Cut-off Date etc.
2026-09-05 - HFCL Limited has informed the Exchange about Dispatch of Letter to Shareholders providing Web-Link to Annual Report
2026-09-05 - HFCL Limited has informed the Exchange regarding 'Submission of Business Responsibility and Sustainability Report (BRSR) for the financial year 2025-26'.
2026-09-05 - HFCL Limited has informed the Exchange that Record date for the purpose of Dividend is 22-Sep-2026.
2026-09-05 - HFCL Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 29, 2026
2026-09-03 - HFCL Limited has informed the Exchange about Copy of Newspaper Publication
News
Recent coverage and analyst commentary for HFCL
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HFCL Ltd.
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