Hfcl Limited (HFCL) · mywealthgrid

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About

HFCL operates in telecom infrastructure (Communication Services sector), generating ₹1,000–1,900 Cr quarterly revenue (standalone). Market cap ₹34,149 Cr. Project-based business model.

Face value: ₹1

Market cap

₹36,483 Cr

P/E

63.7×

P/B

7.5×

Dividend yield

0.1%

ROE

6.9%

ROCE

13.2%

Debt / equity

0.35

OPM

15.4%

EPS (TTM)

₹3.7

Book value

₹32.0

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE 59.64 elevated; verify earnings growth needed to justify valuation
Revenue swings ₹1,003 Cr (Sep 2025) to ₹1,914 Cr (Jun 2026); clarify order book and project pipeline visibility
Operating margins fluctuate 12.7%–21.63%; assess if improvements sustainable or project-dependent
ROE 6.92% weak for ₹34,149 Cr market cap; evaluate capital allocation and investment returns

Generated analysis · source review pending

Growth drivers

Revenue reached ₹1,914.98 Cr (Jun 2026) from ₹1,003 Cr (Sep 2025); verify if new orders sustain trajectory
Margins improved to 21.63% (Jun 2026) from 12.7% (Dec 2025); monitor if repeatable with scale
D/E 0.35 allows balance-sheet leverage to fund larger projects
Telecom infrastructure demand tied to operator capex cycles; verify order book visibility

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹238.4+10.2%1Y

Quick read

rule-based

Pros

No positive flags triggered.

Cons

−Low return on equity of 6.9% (3-yr avg)
−Modest revenue growth of 2.3% a year over the last 5 years
−Expensive at 63.7× trailing earnings
−Low dividend payout of 5.3% of profit
−Promoter holding fell 3.3 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

28/100

Business quality: 33
Growth: 37
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 50 NIFTY SMALLCAP 100 NIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	3,839	4,423	4,727	4,743	4,465	4,065	4,949
COGS	2,934	3,404	3,499	3,479	3,220	2,944	3,202
Gross profit	905	1,019	1,228	1,264	1,245	1,121	1,747
	412	469	578	646	662	671	985
	493	550	650	619	582	449	762
OPM %	12.8%	12.4%	13.8%	13%	13.1%	11.1%	15.4%
Depreciation	42	69	78	83	82	106	157
Interest	115	176	166	152	147	185	242
	22	32	37	47	101	58	65
Profit before tax	358	337	442	431	454	217	428
Tax	121	91	116	113	117	43	98
Tax %	33.8%	26.9%	26.3%	26.2%	25.7%	20%	23%
	237	246	326	318	338	173	329
PAT margin %	6.2%	5.6%	6.9%	6.7%	7.6%	4.3%	6.7%
EPS (₹)	1.8	1.9	2.4	2.2	2.3	1.2	2.1
EPS adjusted (₹)	1.8	1.9	2.3	2.2	2.3	1.2	2
	0%	8.1%	7.6%	9.2%	8.6%	8.1%	9.4%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	124	124	124	127	128	128	137	138	144	144	153
Reserves	554	840	1,055	1,314	1,540	1,788	2,661	2,970	3,812	3,975	4,738
Minority interest	—	—	—	—	—	7	20	37	44	—	58
	376	448	342	553	669	838	730	748	977	1,341	1,713
	567	864	1,067	1,299	1,492	2,454	1,623	1,580	1,510	2,086	2,206
Total equity & liabilities	1,621	2,275	2,588	3,294	3,829	5,216	5,171	5,473	6,487	7,546	8,868
	198	188	192	228	463	487	504	531	640	835	1,187
CWIP	4	2	2	64	15	12	47	71	154	200	85
Investments	73	46	50	54	58	61	79	87	206	175	163
	1,347	2,039	2,345	2,948	3,293	4,656	4,540	4,784	5,487	6,337	7,432
Total assets	1,621	2,275	2,588	3,294	3,829	5,216	5,171	5,473	6,487	7,546	8,868

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Telecom Product	2,931.01	763.92	3,977.84	1,306.06	2,671.78	28.59
Turnkey Contract and Services	1,875	-113.01

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	23.6%	23%	26%	26.7%	27.9%	27.6%	35.3%
EBITDA margin %	12.9%	12.4%	13.8%	13%	13%	11.1%	15.4%
EBIT margin %	11.8%	10.9%	12.1%	11.3%	11.2%	8.5%	12.2%
PAT margin %	6.2%	5.6%	6.9%	6.7%	7.6%	4.3%	6.7%
Working capital
Receivable days	164	215	146	145	181	170	163
Inventory days	43	47	60	80	88	111	161
Payable days	10	187	108	92	92	134	115
NWC days	197	75	98	133	177	148	210
Leverage
Current ratio	1.6	1.39	1.75	1.91	2.08	1.86	1.99
Debt to EBITDA	1.35	1.53	1.12	1.21	1.68	2.99	2.25
Debt to equity	0.4	0.44	0.26	0.24	0.25	0.33	0.35
Interest coverage	4.1	2.9	3.7	3.8	4.1	2.2	2.8
Asset turnover	1	0.85	0.91	0.87	0.69	0.54	0.56
Return ratios
Return on assets %	6.2%	4.7%	6.3%	5.8%	5.2%	2.3%	3.7%
Return on capital employed %	24.7%	24.9%	23.5%	18.4%	15.7%	9%	13.2%
Return on equity %	14.2%	12.9%	11.6%	10.2%	8.5%	4.2%	6.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	37.84%	37.84%	37.68%	37.63%	36.24%	35.89%	34.37%	31.58%	30.02%	28.29%	28.29%	28.29%
	8.35%	8.18%	7.65%	7.02%	6.68%	6.7%	6.97%	7.76%	7.48%	7.48%	7.08%	15.74%
	6.25%	6.15%	7.31%	9.08%	10.36%	10.96%	13.26%	14.03%	13.58%	9.07%	8.58%	10.92%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	47.49%	47.76%	47.29%	46.21%	46.67%	46.4%	45.36%	46.59%	48.88%	55.13%	56.03%	45.03%
No. of shareholders	—	—	—	—	—	—	—	—	8,69,442	8,42,209	8,03,693	7,32,721

Promoter holding down 9.55 percentage points since Sep 2023.

2 disclosures

Person	Deal	Shares	Value	Holding	Filed
HFCL Employees TrustOther	SellOff Market	32,400	₹6.69 L	0.04% → 0.04%	25 Oct 20257(2)
HFCL Employees TrustOther	SellOff Market	30,600	₹6.32 L

96 deals · 17 Sept 2021 – 30 Apr 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
30 Apr 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	1,16,17,948	₹114.48	₹133.00 Cr
30 Apr 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	1,15,13,142	₹114.40	₹131.71 Cr
30 Apr 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	85,56,554	₹114.14	₹97.66 Cr
30 Apr 2026	QE SECURITIES LLP	Bulk	NSE	Sell	82,72,491	₹113.54	₹93.93 Cr
30 Apr 2026	QE SECURITIES LLP	Bulk	NSE	Buy	78,89,651	₹113.51	₹89.56 Cr
30 Apr 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	74,27,345	₹114.60	₹85.12 Cr
31 Dec 2025	DHWAJA SHARES & SECURITIES PVT LTD	Bulk	NSE	Buy	77,58,631	₹68.33	₹53.01 Cr
31 Dec 2025	DHWAJA SHARES & SECURITIES PVT LTD	Bulk	NSE	Sell	41,99,435	₹69.24	₹29.08 Cr
30 Dec 2025	NECTA BLOOM VCC - NECTA BLOOM ONE	Bulk	NSE	Sell	79,54,251	₹64.59	₹51.38 Cr
29 Dec 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	81,14,394	₹65.32	₹53.00 Cr

1–10 of 96

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Mr. Arvind KharabandaNon-Executive - Non Independent Director-Chairperson
Mr. Mahendra NahataExecutive Director-MD
V R JainChief Financial Officer
Mr. Ranjeet Mal KastiaNon-Executive - Non Independent Director
Mr. Ajai KumarNon-Executive - Independent Director
Mrs. Bela BanerjeeNon-Executive - Independent Director
Mr. Anil Narendra ShahNon-Executive - Independent Director
Manoj BaidAssociates Vice President ( Corporate ) Company Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 10 fund houses

Held by these funds

0.57%

of the company's equity

All mutual funds

8.42%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

38 schemes · 10 fund houses

		Shares
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	16.32 L	40.66	1.16%	0.107%	+20,770
Nifty 500 Momentum 50 Index Fund	Nippon India Mutual Fund	12.91 L	32.16	2.42%	0.084%	+19,005
ACTIVE MOMENTUM FUND	Samco Mutual Fund	11.58 L	28.85	3.84%	0.076%	-0
Nifty Smallcap 250 Index Fund	SBI Mutual Fund	8.3 L	20.66	1.16%	0.054%	+9,638
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	8.04 L	20.03	2.42%	0.053%	-4,595
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	6.01 L	14.98	1.15%	0.039%	+5,598
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	3.87 L	9.64	2.42%	0.025%	-16,811
Nifty Smallcap 250 Index Fund	ICICI Prudential Mutual Fund	3.66 L	9.1	1.15%	0.024%	+7,034

1–8 of 38

1 / 5

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

47 announcementsExport CSV

11 Sept 2026, 6:51 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	23.6%	23%	26%	26.7%	27.9%	27.6%	35.3%
EBITDA margin %	12.9%	12.4%	13.8%	13%	13%	11.1%	15.4%
EBIT margin %	11.8%	10.9%	12.1%	11.3%	11.2%	8.5%	12.2%
PAT margin %	6.2%	5.6%	6.9%	6.7%	7.6%	4.3%	6.7%
Working capital
Receivable days	164	215	146	145	181	170	163
Inventory days	43	47	60	80	88	111	161
Payable days	10	187	108	92	92	134	115
NWC days	197	75	98	133	177	148	210
Leverage
Current ratio	1.6	1.39	1.75	1.91	2.08	1.86	1.99
Debt to EBITDA	1.35	1.53	1.12	1.21	1.68	2.99	2.25
Debt to equity	0.4	0.44	0.26	0.24	0.25	0.33	0.35
Interest coverage	4.1	2.9	3.7	3.8	4.1	2.2	2.8
Asset turnover	1	0.85	0.91	0.87	0.69	0.54	0.56
Return ratios
Return on assets %	6.2%	4.7%	6.3%	5.8%	5.2%	2.3%	3.7%
Return on capital employed %	24.7%	24.9%	23.5%	18.4%	15.7%	9%	13.2%
Return on equity %	14.2%	12.9%	11.6%	10.2%	8.5%	4.2%	6.7%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Indus Towers LimitedINDUSTOWERINDUSTOWER	₹99,262 Cr	₹1,00,183 Cr	₹32,867 Cr	₹18,332 Cr	55.9%	₹7,154 Cr	22%	19.9%	19.8%	-12
Hfcl LimitedHFCLHFCL	₹36,483 Cr	₹38,197 Cr	₹5,993 Cr	₹1,146 Cr	15.4%	₹573 Cr	6.7%	13.2%	6.9%	210
Pace Digitek LimitedPACEDIGITKPACEDIGITK	₹3,613 Cr	₹4,574 Cr	₹2,830 Cr	₹461 Cr	17.2%	₹315 Cr	11.6%	23%	17.6%	-136
Bondada Engineering LtdBONDADABONDADA	₹3,010 Cr	₹3,242 Cr	₹2,635 Cr	₹281 Cr	10.7%	₹184 Cr	7%	46%	30.3%	116
Gtl Infrastructure LimitedGTLINFRAGTLINFRA	₹1,371 Cr	₹6,087 Cr	₹952 Cr	₹142 Cr	14.9%	₹-603 Cr	-63.3%	2.9%	-123.2%	25
Suyog Telematics LimitedSUYOGSUYOG	₹807 Cr	₹943 Cr	₹238 Cr	₹165 Cr	74%	₹60 Cr	28.4%	15.6%	14.2%	-678

Date	Category	Subject	Filing
11 Sept 2026, 6:51 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
11 Sept 2026, 6:38 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
11 Sept 2026, 6:34 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
6 Sept 2026, 6:27 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
5 Sept 2026, 11:20 pm	Company Update General	HFCL Ltd - 500183 - Dispatch Of Letter To Shareholders Providing Web-Link To Annual Report	PDF
5 Sept 2026, 4:29 pm	Corp. Action Record Date	Corporate Action - Record Date September 22, 2026 For Dividend	PDF
5 Sept 2026, 4:06 pm	Others Business Responsibility and Sustainability Reporting (BRSR)	Business Responsibility and Sustainability Reporting (BRSR)	PDF
5 Sept 2026, 3:14 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-80	136	207	34	172	57	206	236	-45	396	-378
	100	-25	-30	-150	-167	-77	-458	-45	-449	-518	-324
	-34	-114	-116	67	-7	25	248	-145	454	170	669
Net cash flow	—	—	—	—	—	5	-4	47	-40	47	-33
Free cash flow	—	—	—	—	—	-41	61	43	-228	166	-608
CFO / Operating profit %	—	—	—	—	34.9%	10.3%	31.7%	38.2%	-7.7%	88.2%	-49.6%

Hfcl Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

8

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Defence Product and Services · revenue

Hfcl Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends8

Board meetings1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Defence Product and Services · revenue

8

1