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HFCL Ltd.

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hfcl.comBSE: 500183NSE: HFCL
Market Cap₹ 37,615 Cr.
Current Price
High / Low₹ 257 / 60
Stock P/E79.3
Book Value₹ 32
Price to Book2.20
Dividend Yield0.08 %
ROCE9.2 %
ROE5.8 %
Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2017 • Turnkey Contracts and Services: 74.0% • Telecom Products: 26.0%

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 523.3% YoY, showing strong momentum
  • 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 6.7% over last 3 years
  • Company has a low return on capital employed of 9.9%
  • Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.21x)

* 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.HFCL245.7565.6937614.560.08245.64938.361914.98119.8510.8621.62
2.PACEDIGITK161.1511.583478.440.0062.5014.27555.3651.2921.9015.50
3.STLNETWORK33.150.001618.080.00-218.802.411761.50-7.270.324.70
4.GTLINFRA1.171.391498.700.0069.39129.86327.31-2.160.0043.63
5.SUYOG690.5513.43809.130.1414.50-16.3070.9530.0016.0059.32
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
8801,0029541,2381,0661,0129617577891,0031,2241,5111,608
7858888551,0529008648168007908441,0681,2221,400
Operating Profit95114100186165148145-43-1159155289208
OPM %10.84%11.40%10.47%15.04%15.53%14.60%15.06%-5.67%-0.14%15.85%12.70%19.14%12.91%
13184613111321161415152333
Interest29272831343638434853555553
Depreciation14141515202121232831374243
Profit before Tax6690103153123104107-93-639079216240
Tax %25.60%25.15%24.59%24.72%7.41%28.18%26.56%21.78%32.68%31.51%28.82%17.93%25.37%
Net Profit4968781151147578-73-426156178179
0.370.490.540.810.790.520.54-0.50-0.290.420.391.591.17

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
2,0163,0664,3663,5474,1064,2864,3964,0753,7954,5285,346
1,8352,8144,0283,1543,6373,7593,9293,5893,3803,9254,535
Operating Profit181252338394469528466486415603811
OPM %8.97%8.22%7.74%11.09%11.41%12.31%10.61%11.92%10.93%13.31%15.18%
19294855294449100616786
Interest60617890148133117115149210215
Depreciation161618305457575885138153
Profit before Tax124204291328296382342412241322625
Tax %0.00%23.87%36.70%37.84%24.68%25.91%25.49%24.92%19.33%21.50%24.11%
Net Profit124155184204223283255310195253474
EPS1.011.241.461.611.742.151.852.151.351.65—
Dividend Payout %0.00%4.80%6.92%0.00%8.64%8.75%10.81%9.30%7.40%12.10%—

COMPOUNDED SALES GROWTH

10 Years:
6%
5 Years:
2%
3 Years:
1%

COMPOUNDED PROFIT GROWTH

10 Years:
5%
5 Years:
3%
3 Years:
0%

STOCK PRICE CAGR

10 Years:
30%
5 Years:
25%
3 Years:
45%
1 Year:
230%

RETURN ON EQUITY

10 Years:
11%
5 Years:
8%
3 Years:
7%
Last Year:
6%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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
9201,0741,3031,5051,7322,5892,8253,6733,8174,573
4953655546278216307777881,1771,465
Trade Payables3925167417821,6529348518361,139924
1743493285835935084896909021,016
Total Liabilities2,1052,4273,0543,6254,9274,7995,0806,1307,1798,131
111110117362368375365460664992
Capital Work in Progress1162134264612215756
656671806585103231267244
2181791922723064085846197311,166
00000002,1271,8941,813
Cash & Bank80108136181294505296318460402
1,6301,9622,4772,7173,8903,4003,6862,2523,0063,459
Total Assets2,1052,4273,0543,6254,9274,7995,0806,1307,1798,131

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
1682661129995189264-111431-481
Cash from Investing-38-15-119-163-116-388-10-410-505-278
Cash from Financing-103-12193-3940242-127480111719
-347-4267-547-4037-40

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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

2026-09-06
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

2026-09-01
Bagging/Receiving of orders/contracts

2026-09-01 - HFCL Limited has informed the Exchange Intimation for entering into a long term supply agreement with a customer for supply of Optical Fiber Cables (OFC), worth USD 244 million approx. equivalent to Rs.2329 Crore approx. (approximately INR Two Thousand Three Hundred Twenty Nine Crore)

2026-08-19
General Updates

2026-08-19 - HFCL Limited has informed the Exchange about General Updates

2026-08-15
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-15 - HFCL Limited has informed the Exchange about Schedule of meet

News

Recent coverage and analyst commentary for HFCL

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