HFCL

HFCL Limited

Optical fibre and cable, optical connectivity, plus defence and aerospace electronics

Telecommunication›Telecommunication›Telecom - Services›Telecom - Infrastructure

hfcl.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹256.01
Market cap
39,278 Cr
Stock P/E
68.6
P/B
8.01
Dividend yield
0.0%
ROE (FY26)
6.3%
ROCE (FY26)
10.1%
Operating margin (FY26)
12.2%
Debt / equity (FY26)
0.35
OCF / EBITDA (FY26)
-49.6%
OCF / EBITDA (3Y)
-1.5%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

HFCL makes optical fibre, optical fibre cables, telecom networking products and defence equipment, selling to customers in India and in export markets.

Company snapshot

2ndBy market cap

Ranked among 5 companies in Telecom - Infrastructure.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 57.1% of revenue

SegmentRevenue shareRevenuePBTAssets
Others
0.0%
0.50 Cr-0.29 Cr—
Telecom Products
57.1%
1,863 Cr128 Cr—
Turnkey Contracts and Services
42.9%
1,400 Cr310 Cr—

What we see

Concerns
  • ✗Over the last three years operations used more cash than they brought in, despite an operating profit — the business is not yet turning its profit into cash.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales1,111 Cr1,032 Cr1,326 Cr1,158 Cr1,094 Cr1,012 Cr801 Cr871 Cr1,043 Cr1,211 Cr1,824 Cr1,915 Cr
Operating expenses (approx.)979 Cr916 Cr1,130 Cr983 Cr935 Cr860 Cr837 Cr843 Cr853 Cr983 Cr1,510 Cr1,501 Cr
EBITDA133 Cr117 Cr196 Cr175 Cr158 Cr152 Cr-36 Cr28 Cr190 Cr228 Cr314 Cr414 Cr
OPM %11.9%11.3%14.8%15.1%14.5%15.0%-4.5%3.3%18.2%18.8%17.2%21.6%
Other income17 Cr47 Cr14 Cr11 Cr14 Cr20 Cr14 Cr15 Cr13 Cr15 Cr22 Cr31 Cr
Interest35 Cr37 Cr40 Cr42 Cr45 Cr47 Cr51 Cr56 Cr61 Cr63 Cr63 Cr62 Cr
Depreciation21 Cr19 Cr20 Cr24 Cr25 Cr26 Cr30 Cr32 Cr36 Cr44 Cr45 Cr51 Cr
Profit before tax94 Cr108 Cr149 Cr119 Cr102 Cr100 Cr-105 Cr-45 Cr106 Cr138 Cr228 Cr332 Cr
Tax %25.5%23.6%26.8%6.9%28.4%27.6%20.6%34.5%32.4%25.9%19.1%25.9%
Net profit70 Cr82 Cr109 Cr111 Cr73 Cr73 Cr-83 Cr-29 Cr72 Cr102 Cr184 Cr246 Cr
EPS (₹)₹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 (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2,203 Cr3,252 Cr4,738 Cr3,839 Cr4,423 Cr4,727 Cr4,743 Cr4,465 Cr4,065 Cr4,949 CrSign in free for the trailing twelve months
Operating expenses (approx.)2,010 Cr2,971 Cr4,327 Cr3,345 Cr3,873 Cr4,077 Cr4,125 Cr3,884 Cr3,616 Cr4,187 CrSign in free for the trailing twelve months
EBITDA193 Cr281 Cr411 Cr494 Cr550 Cr650 Cr619 Cr582 Cr449 Cr762 CrSign in free for the trailing twelve months
OPM %8.8%8.6%8.7%12.9%12.4%13.8%13.0%13.0%11.0%15.4%Sign in free for the trailing twelve months
Other income21 Cr26 Cr47 Cr22 Cr36 Cr43 Cr47 Cr101 Cr58 Cr65 CrSign in free for the trailing twelve months
Interest62 Cr64 Cr92 Cr115 Cr176 Cr166 Cr152 Cr147 Cr185 Cr242 CrSign in free for the trailing twelve months
Depreciation22 Cr23 Cr27 Cr42 Cr69 Cr78 Cr83 Cr82 Cr106 Cr157 CrSign in free for the trailing twelve months
Profit before tax124 Cr220 Cr339 Cr358 Cr337 Cr442 Cr431 Cr454 Cr217 Cr428 CrSign in free for the trailing twelve months
Tax %0.4%22.1%31.5%33.8%26.9%26.3%26.2%25.7%20.0%23.0%Sign in free for the trailing twelve months
Net profit124 Cr172 Cr232 Cr237 Cr246 Cr326 Cr318 Cr338 Cr173 Cr329 CrSign in free for the trailing twelve months
EPS (₹)₹1.00₹1.39₹1.77₹1.77₹1.86₹2.38₹2.18₹2.33₹1.23₹2.13Sign in free for the trailing twelve months
Dividend payout %————0.0%5.8%7.7%8.5%16.6%4.4%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital124 Cr124 Cr127 Cr128 Cr128 Cr137 Cr138 Cr144 Cr144 Cr153 Cr
Reserves840 Cr1,027 Cr1,314 Cr1,540 Cr1,788 Cr2,661 Cr2,970 Cr3,812 Cr3,975 Cr4,738 Cr
Borrowings448 Cr342 Cr553 Cr669 Cr838 Cr730 Cr748 Cr977 Cr1,341 Cr1,713 Cr
Other liabilities862 Cr1,090 Cr1,320 Cr1,492 Cr2,454 Cr1,623 Cr1,580 Cr1,510 Cr2,086 Cr2,206 Cr
Total liabilities2,275 Cr2,588 Cr3,304 Cr3,829 Cr5,216 Cr5,171 Cr5,473 Cr6,487 Cr7,546 Cr8,868 Cr
Fixed assets (net)158 Cr166 Cr202 Cr437 Cr443 Cr465 Cr487 Cr496 Cr630 Cr913 Cr
CWIP2 Cr2 Cr64 Cr15 Cr12 Cr47 Cr71 Cr154 Cr200 Cr85 Cr
Investments50 Cr55 Cr60 Cr78 Cr61 Cr79 Cr87 Cr206 Cr175 Cr163 Cr
Loans & advances——14 Cr15 Cr12 Cr26 Cr21 Cr20 Cr16 Cr20 Cr
Inventories245 Cr214 Cr265 Cr344 Cr435 Cr573 Cr758 Cr774 Cr899 Cr1,416 Cr
Trade receivables1,179 Cr1,233 Cr1,472 Cr1,610 Cr2,611 Cr1,896 Cr1,886 Cr2,215 Cr1,892 Cr2,212 Cr
Cash & bank6 Cr67 Cr18 Cr16 Cr21 Cr17 Cr64 Cr23 Cr71 Cr38 Cr
Other assets634 Cr852 Cr1,210 Cr1,314 Cr1,620 Cr2,067 Cr2,099 Cr2,598 Cr3,665 Cr4,020 Cr
Total assets2,275 Cr2,588 Cr3,304 Cr3,829 Cr5,216 Cr5,171 Cr5,473 Cr6,487 Cr7,546 Cr8,868 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity136 Cr207 Cr38 Cr167 Cr57 Cr206 Cr236 Cr-45 Cr396 Cr-378 Cr
Cash from investing-25 Cr-30 Cr-155 Cr-162 Cr-77 Cr-458 Cr-45 Cr-449 Cr-518 Cr-324 Cr
Cash from financing-114 Cr-116 Cr67 Cr-7 Cr25 Cr248 Cr-145 Cr454 Cr170 Cr669 Cr
Net cash flow-3 Cr61 Cr-49 Cr-1 Cr5 Cr-4 Cr47 Cr-40 Cr47 Cr-33 Cr
Free cash flow (OCF − Capex)101 Cr168 Cr-139 Cr-0.56 Cr-49 Cr61 Cr-105 Cr-455 Cr-13 Cr-723 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %13.2%19.0%21.7%20.2%18.6%17.2%15.0%12.1%7.4%10.1%
ROE %12.7%14.8%15.4%13.7%12.4%11.1%9.6%8.2%4.3%6.3%
Debtor days195138113153215146145181169163
Inventory days2034338589889137146171271
Days payable378114124139393162158153206193
Cash conversion cycle20672773-8174123175135241
OCF / EBITDA %70.5%73.6%9.3%33.9%10.3%31.7%38.2%-7.7%88.2%-49.6%
OCF / EBITDA % (3 years)——43.1%34.8%18.0%25.4%27.5%21.5%35.6%-1.5%
Debt / equity0.460.300.390.400.440.260.240.250.330.35
Current ratio1.861.731.561.601.391.751.912.081.861.99
Net debt / EBITDA2.29—1.301.321.491.101.111.642.832.20