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HFCL Ltd

Q2 FY26

HFCL Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹256

Market cap₹39.2K Cr

P/E68.4

Updated16 Oct 2026

Read4 min read

The short version

Revenue growth of about 20% expected in the near term, with consistent growth over the next two quarters. HFCL expects a revenue growth of about 20% in the near future, driven by increasing global data consumption, hyperscalers expansion, and rising fiber optic cable demand.

From HFCL Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

Revenue growth of about 20% expected in the near term, with consistent growth over the next two quarters.
Fiber optic cable demand is mushrooming globally due to increasing data consumption and hyperscaler expansion.
Defense segment is a major growth area, with products designed locally expected to yield significant multiple growth over time.
Telecom products demand (5G, 6G) is picking up, with ongoing and upcoming EPC projects like BharatNet contributing to growth.
Defense revenues projected to exceed INR 500 crores next year and potentially reach INR 1,000 crores in the following year.
Exports, especially in high-fiber-count cables and passive connectivity solutions for data centers, are expanding rapidly.

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Profitability & Margins

HFCL expects a revenue growth of about 20% in the near future, driven by increasing global data consumption, hyperscalers expansion, and rising fiber optic cable demand.
Defense segment is a major growth area, with local design and development yielding promising results; defense revenues are projected to exceed INR 500 crores next year and potentially reach INR 1,000 crores the following year.
Telecom product demand is picking up, especially with ongoing and upcoming 5G and 6G rollouts, supporting steady capex and revenue growth.
EBITDA margins are stable around 19%, expected to be maintained over the next two quarters.

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Capital Expenditure Plans

Hosur defense facility capex done till now: INR 15-20 crores.
Maximum capex planned at Hosur: INR 50 crores more.
Increasing tactical cable manufacturing capacity: from 3 machines to 5.
Plan to backward integrate steel tube manufacturing for tactical cables to enhance competitiveness.
Proposed ammunition factory on 1,000-acre land in Andhra Pradesh for defense products.
No plans currently to develop facilities in the U.S. for BEAD demand.

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Fundraising & Capital Structure

No explicit mention of any new fundraising through debt or equity in the current call.
Interest cost has increased due to ongoing expansion capex and working capital needs.
Internal revenue generation is happening, which is expected to reduce the need for additional funds.
Receivables from projects (e.g., UP, NFS) are expected to improve, thereby reducing interest cost.
Debt-equity ratio is low at 0.35, indicating a comfortable leverage position.

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Order Book & Pipeline

As of September 30, 2025, HFCL Limited's order book stood at INR 9,981 Crores, slightly down from INR 10,480 Crores in the previous quarter (Page 7).
Major ongoing projects include EPC projects like BharatNet, defense contracts, and telecom product supply (Pages 20-22).
The company is actively participating in defense tenders, including the BMP-2 upgradation program, which, if won, could add significant revenues running into a few thousand crores annually (Page 16).

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HFCL Ltd — Quarterly revenue & net profit

Revenue Net profit Net loss

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Jun 2026Q1 FY27

Sep 2026Q2 FY27

Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹2.5K Cr, net profit ₹394 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What HFCL's management said in earlier quarters

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Frequently Asked Questions

What were HFCL Ltd Q2 FY26 results?

Revenue growth of about 20% expected in the near term, with consistent growth over the next two quarters. HFCL expects a revenue growth of about 20% in the near future, driven by increasing global data consumption, hyperscalers expansion, and rising fiber optic cable demand.

What is HFCL Ltd share price analysis?

HFCL Ltd currently shows a neutral. The stock trades at a P/E of 68.4 with a market cap of ₹39,185 Cr. Investors should review the full earnings analysis for detailed insights.

Is HFCL Ltd planning capital expenditure?

Hosur defense facility capex done till now: INR 15-20 crores. - Maximum capex planned at Hosur: INR 50 crores more. - Increasing tactical cable manufacturing capacity: from 3 machines to 5. - Plan to backward integrate steel tube manufacturing for tactical cables to enhance competitiveness. - Proposed ammunition factory on 1,000-acre land in Andhra Pradesh for defense products. - No plans currently to develop facilities in the U.S.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.