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HFCL Ltd.

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hfcl.comBSE: 500183NSE: HFCL
Market Cap₹ 35,732 Cr.
Current Price
High / Low₹ 257 / 60
Stock P/E62.4
Book Value₹ 34
Price to Book2.13
Dividend Yield0.09 %
ROCE10.9 %
ROE7.3 %
Face Value₹ 1

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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 GENERATED

Telecommunication

Hold

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.

Confidence
58%
View full sector analysis →

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

TelecommunicationTelecomTelecom-Infrastructure
Part ofNIFTY500MOMENTM50NIFTY TOTAL MKTNIFTY 500NIFTY SMLCAP 250
S.No.Name
1.HFCL233.4562.4035731.910.09245.64938.361914.98119.8510.8621.62
2.PACEDIGITK158.0511.363411.530.0062.5014.27555.3651.2921.9015.50
3.STLNETWORK36.540.001783.550.00-218.802.411761.50-7.270.324.70
4.GTLINFRA1.171.391498.700.0069.39129.86327.31-2.160.0043.63
5.SUYOG648.3512.61759.680.1514.50-16.3070.9530.0016.0059.32
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
9951,1111,0321,3261,1581,0941,0128018711,0431,2111,8241,915
8499799161,1309839358608378438539831,5091,615
Operating Profit146133117196175158152-3628190228315300
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%
13174714101420141513152231
Interest36353740424547515661636362
Depreciation21211920242526303236444551
Profit before Tax10294108150119101100-104-45107137229332
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 Profit00001117373-83-2972102184246
0.490.500.580.760.770.510.51-0.56-0.220.470.671.211.49

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
2,1313,2274,7383,8394,4234,7274,7434,4654,0654,9495,993
1,9392,9554,3273,3793,8734,0774,1253,8843,6164,1884,960
Operating Profit1932734114605506506195824497621,033
OPM %9.05%8.44%8.68%11.99%12.43%13.75%13.04%13.02%11.05%15.39%17.24%
21334756313747101586582
Interest626492115175166152147185242249
Depreciation2223274269788382106157176
Profit before Tax124220339358337442431454217428804
Tax %0.40%22.10%31.55%33.77%26.90%26.29%26.22%25.66%20.01%22.97%24.82%
Net Profit124172232237246326318338173329604
EPS1.001.351.751.761.872.382.182.291.232.04—
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

Corporate actions

2026

Sep 22

₹ 0.20

Rs.0.2000 per share(20%)Dividend

2025

Sep 8

₹ 0.10

Rs.0.1000 per share(10%)Dividend

2024

Sep 23

₹ 0.20

Rs.0.2000 per share(20%)Dividend

2023

Sep 22

₹ 0.20

Rs.0.2000 per share(20%)Final Dividend

2022

Sep 22

₹ 0.18

Rs.0.1800 per share(18%)Dividend

2021

Sep 22

₹ 0.15

Rs.0.1500 per share(15%)Dividend

2018

Sep 19

₹ 0.06

Rs.0.0600 per share(6%)Dividend

2026

Sep 7

₹ 0.20

Rs.0.2000 per share(20%)Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital124124127128128137138144144153
Minority Interest2-22-10-072037444058
8401,0371,3021,5281,7722,6592,9403,8073,9344,737
5394095937299387769239161,3971,669
Trade Payables4575638648151,7481,0108788081,0791,007
1913603386166155645587689531,244
Total Liabilities2,1532,4703,2143,8175,2095,1665,4736,4877,5468,868
1881962385045085285486528521,216
Capital Work in Progress22641512477015420085
50556058415570194158135
2452142653444355737587748991,416
00000002,2151,8922,212
Cash & Bank97132159192306528323336491468
1,5701,8712,4282,7043,9073,4343,7032,1613,0553,335
Total Assets2,1532,4703,2143,8175,2095,1665,4736,4877,5468,868

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
19329062263163267334-45396-378
Cash from Investing-25-30-150-167-165-458-44-449-518-324
Cash from Financing-114-11667-725248-145454170669
-361-49-15-546-4047-33

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
37.6336.2435.8934.3731.5830.0228.2928.2928.29
7.026.686.706.977.757.487.487.0815.74
7.398.699.3211.6212.3911.936.747.029.39
Government0.000.000.000.000.000.000.000.000.00
47.9748.3848.0847.0448.2950.5757.4957.6146.58

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11
Analysts/Institutional Investor Meet/Con. Call Updates

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
Analysts/Institutional Investor Meet/Con. Call Updates

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
Analysts/Institutional Investor Meet/Con. Call Updates

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
Copy of Newspaper Publication

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
General Updates

2026-09-05 - HFCL Limited has informed the Exchange about Dispatch of Letter to Shareholders providing Web-Link to Annual Report

2026-09-05
Updates

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
Record Date

2026-09-05 - HFCL Limited has informed the Exchange that Record date for the purpose of Dividend is 22-Sep-2026.

2026-09-05
Shareholders meeting

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
Copy of Newspaper Publication

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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