HFCL
HFCL share price & financials
- Price
- ₹209.61
- Market cap
- ₹29.6k Cr
- Sector
- Telecommunication
- Calls analysed
- 8
HFCL Limited Q1 FY27
What went well
- Revenue for Q1 FY27 stood at ₹1914.98 crores, a 120% increase compared to ₹871.02 crores in Q1 FY26.
- EBITDA for Q1 FY27 was ₹445.27 crores, marking a 936% jump from ₹42.93 crores in Q1 FY26.
- EBITDA margin in Q1 FY27 reached 23.25%, significantly higher than 4.93% in Q1 FY26 and 18.47% in Q4 FY26.
What to watch
- Potential geopolitical situations (e.g., Suez Canal closure) could impact supply chains and margins, though management believes current margins are sustainable under normal conditions.
What HFCL Limited does
HFCL designs and manufactures optical fibre (OF) and optical fibre cable (OFC), telecom networking equipment (Wi-Fi access points, routers, switches, 5G FWA CPE) and defence electronics (thermal sights, fuzes, radars), and separately executes large-scale telecom and public-network EPC/system-integration projects such as BharatNet, GSM backhaul and defence communication networks. It earns through direct product sales to telecom operators, hyperscalers/data centres and defence customers, plus project execution and O&M contracts for government and private telecom networks, and is expanding into defence/aerospace manufacturing and backward-integrated optical preform production.
Segments
- OF, OFC & Connectivity Solutions
- Defence Equipment
- Telecom Equipment
- EPC & System Integration
- Market position in Optical Fibre Cable (India)
- #1 (largest supplier)
- Manufacturing facilities in India
- 6
- Optical Fiber capacity
- 28 mn fkm/annum (expanding to ~33.9 mn fkm)
- Optical Fiber Cable capacity
- 34 mn fkm/annum (expanding to ~43 mn fkm)
- Country presence
- 60+ countries
- Marquee customers served
- 80+
Guidance record · Q1 FY27
what the last two calls moved 22 tracked 3 delivered 7 missed 12 open- OFC Market Demand Recovery delivered said Q2 FY25 Promised: Market of fiber optic cable would pick up significantly from Q4 FY25 Q1 FY27: The promise remains achieved. The strong order book of ~INR 16,000 crores in OFC and positive pricing commentary in Q1 FY27 further validate the market recovery.
- Overall Revenue Target went quiet said Q2 FY25 Promised: INR 10,000 crores of revenue in 3 years' time frame Q1 FY27: The aspirational target of INR 10,000 crores was not mentioned. Management provided a more concrete FY27 growth guidance of 40%+ instead.
- Passive Components Business Revenue revised up said Q2 FY25 Promised: INR 750 crores in next 2-3 years Q1 FY27: Management significantly revised the guidance upwards, now targeting INR 800 crores from the data center connectivity business in FY27 itself, compared to the previous guidance of INR 400 crores for FY27 and INR 800 crores for FY28.
All 22 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 119.9%, net profit up 948.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,094 | 1,012 | 801 | 871 | 1,043 −5% | 1,211 +20% | 1,824 +128% | 1,915 +120% |
| EBITDA | 158 | 152 | -37 | 28 | 190 +20% | 228 +50% | 314 +949% | 414 +1379% |
| Net profit | 73 | 73 | -83 | -29 | 72 −1% | 102 +40% | 184 +322% | 246 +948% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +230.6% 1Y
1Y: ₹70.68 on 10 Sept 2025 → ₹233.69. High ₹251.47 (28 Aug 2026), low ₹60.95 (27 Jan 2026).
How the price took the results
close before → close after
- Q1 FY27
- −0.0%
- 22 Jul
- Q4 FY26
- +8.3%
- 30 Apr
- Q3 FY26
- +3.1%
- 3 Feb
- Q2 FY26
- −3.2%
- 17 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 1.4% a year over 3 years, FY23 to FY26. Operating margin widened to 15.4%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹4.7k Cr | ₹4.5k Cr | ₹4.1k Cr | ₹4.9k Cr |
| Operating profit | ₹618 Cr | ₹592 Cr | ₹448 Cr | ₹760 Cr |
| Operating margin | 13.0% | 13.3% | 11.0% | 15.4% |
| Interest | ₹152 Cr | ₹148 Cr | ₹185 Cr | ₹243 Cr |
| Depreciation | ₹82 Cr | ₹81 Cr | ₹105 Cr | ₹157 Cr |
| Net profit | ₹318 Cr | ₹337 Cr | ₹174 Cr | ₹329 Cr |
| Net margin | 6.7% | 7.5% | 4.3% | 6.6% |
| ROCE | 15.0% | 13.0% | 8.0% | 11.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹128 Cr | ₹137 Cr | ₹138 Cr | ₹144 Cr | ₹144 Cr | ₹153 Cr |
| Reserves | ₹1.8k Cr | ₹2.7k Cr | ₹3.0k Cr | ₹3.8k Cr | ₹4.0k Cr | ₹4.7k Cr |
| Borrowings | ₹942 Cr | ₹783 Cr | ₹936 Cr | ₹991 Cr | ₹1.6k Cr | ₹1.7k Cr |
| Other liabilities | ₹2.4k Cr | ₹1.6k Cr | ₹1.4k Cr | ₹1.5k Cr | ₹2.2k Cr | ₹2.2k Cr |
| Total liabilities | ₹5.2k Cr | ₹5.2k Cr | ₹5.5k Cr | ₹6.5k Cr | ₹8.0k Cr | ₹8.9k Cr |
| Fixed assets | ₹508 Cr | ₹528 Cr | ₹548 Cr | ₹652 Cr | ₹1.5k Cr | ₹1.6k Cr |
| Capital work in progress | ₹36 Cr | ₹108 Cr | ₹268 Cr | ₹469 Cr | ₹112 Cr | ₹85 Cr |
| Investments | ₹41 Cr | ₹55 Cr | ₹70 Cr | ₹194 Cr | ₹178 Cr | ₹135 Cr |
| Other assets | ₹4.6k Cr | ₹4.5k Cr | ₹4.6k Cr | ₹5.2k Cr | ₹6.2k Cr | ₹7.0k Cr |
| Total assets | ₹5.2k Cr | ₹5.2k Cr | ₹5.5k Cr | ₹6.5k Cr | ₹8.0k Cr | ₹8.9k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs added +7.99 pp while promoters trimmed −3.29 pp. The shareholder count shrank 15% to 7,32,721.
- Promoters
- 28.3%
- FIIs
- 15.7%
- DIIs
- 10.9%
- Public
- 45.0%
- Others
- 0.0%
Since Jun 2025
- FIIs +7.99 pp
- Promoters −3.29 pp
- DIIs −3.12 pp
How it drifted, 12 quarters
Over this window promoters fell from 37.8% to 28.3% — −9.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 37.8%, FIIs 8.3%, DIIs 4.6%, Public 49.1%, Others 0.1%.Dec '23: Promoters 37.8%, FIIs 8.2%, DIIs 4.5%, Public 49.4%, Others 0.1%.Mar '24: Promoters 37.7%, FIIs 7.7%, DIIs 5.7%, Public 48.9%, Others 0.1%.Jun '24: Promoters 37.6%, FIIs 7.0%, DIIs 7.4%, Public 47.9%, Others 0.1%.Sep '24: Promoters 36.2%, FIIs 6.7%, DIIs 8.7%, Public 48.3%, Others 0.1%.Dec '24: Promoters 35.9%, FIIs 6.7%, DIIs 11.0%, Public 46.4%, Others 0.0%.Mar '25: Promoters 34.4%, FIIs 7.0%, DIIs 13.3%, Public 45.4%, Others 0.0%.Jun '25: Promoters 31.6%, FIIs 7.8%, DIIs 14.0%, Public 46.6%, Others 0.0%.Sep '25: Promoters 30.0%, FIIs 7.5%, DIIs 13.6%, Public 48.9%, Others 0.0%.Dec '25: Promoters 28.3%, FIIs 7.5%, DIIs 9.1%, Public 55.1%, Others 0.0%.Mar '26: Promoters 28.3%, FIIs 7.1%, DIIs 8.6%, Public 56.0%, Others 0.0%.Jun '26: Promoters 28.3%, FIIs 15.7%, DIIs 10.9%, Public 45.0%, Others 0.0%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Smallcap World Fund, Inc Global fund house newly disclosed 3.02% held
- Quant Mutual Fund - Quant Multi Cap Fund Mutual fund +1.16 pp 7.70% held
- Quadrature Capital Vector Sp Limited FPI fund newly disclosed 1.15% held
- BNP Paribas Financial Markets Global fund house newly disclosed 1.07% held
- Ayaan Logipark Private Limited (Previously known as Logipark Ghaziabad Private Limited) newly disclosed 0.00% held
- Oswal Silchar Logipark Private Limited newly disclosed 0.00% held
- Arham Logipark Private Limited newly disclosed 0.00% held
- Ziyah Logipark Private Limited newly disclosed 0.00% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of HFCL Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| MN Ventures Private Limited | 13.92% | unchanged |
| Nextwave Communications Private Limited | 12.73% | unchanged |
| Quant Mutual Fund - Quant Multi Cap Fund Mutual fund | 7.70% | +1.16 pp |
| Reliance Strategic Business Ventures Limited | 3.17% | unchanged |
| Smallcap World Fund, Inc Global fund house | 3.02% | newly disclosed |
| Reliance Ventures Limited VC / PE | 1.48% | unchanged |
| Fitcore Tech-Solutions Private Limited | 1.45% | unchanged |
| Quadrature Capital Vector Sp Limited FPI fund | 1.15% | newly disclosed |
| BNP Paribas Financial Markets Global fund house | 1.07% | newly disclosed |
| Mahendra Nahata | 0.09% | unchanged |
| Satellite Finance Private Limited | 0.06% | unchanged |
| Anant Nahata | 0.04% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in HFCL
Filings to Aug 2026
0 new, 5 added, 1 trimmed, 0 sold out — net +0.50 L shares (+1.3%).
- Held by funds
- ₹96 Cr
- 6 schemes
- Biggest holder
- Nippon India Nifty Smallcap 250 Index Fund
- ₹41 Cr · 1.2% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹41 Cr | +0.21 L | Oct '20 |
| Nippon India Nifty 500 Momentum 50 Index Fund Nippon India Mutual Fund | ₹32 Cr | +0.19 L | Jun '26 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹21 Cr | +0.10 L | Oct '22 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.01 L | Sep '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹1 Cr | −0.00 L | Sep '24 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | +0.00 L | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
5 added, 1 trimmed — net +50,339 shares (+1.3%)
- Funds are sitting on
- +57%
- vs est. average cost
- Held by funds
- ₹96 Cr
- 6 schemes · ≈ 0.27% of the company
- Biggest holder
- Nippon India Nifty Smallcap 250 Index Fund
- ₹41 Cr · 1.2% of that fund
Shares held by these funds +466%
Aug '23 37.96 L shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse HFCL Limited
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