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HFCL Q2 FY27 Share Price & Earnings Call Analysis

₹243.46+0.27% today
Market cap
₹37,275 Cr
P/E
65.10
ROE
6.98%
PEG
48.57
Price to sales
6.23
Debt to equity
0.39
52W high / low
₹272 / ₹61.0
Sales growth (5Y)
2.27%
EBITDA margin
19.13%
Net profit margin
6.69%
Promoter holding
28.29%
Sales (last year)
₹5,993 Cr

HFCL Ltd (Himachal Futuristic Communications Limited) is a diverse telecom infrastructure enabler with active interest spanning telecom infrastructure development, system integration, and manufacture and supply of high end telecom equipment, Optical Fiber and Optic Fiber Cable (OFC).[1]

Guidance scorecard · Q2 FY27 call

What HFCL Ltd's management guided
and where it ranks in Telecom - Services

#1of 12 in
Telecom - Services
Revenue40%+MarginsUp 2%+CapexPlannedFundraisingNone plannedOrder bookRising

RevenueQ1 FY27 call

40%+
  • FY27 revenue growth revised upward from an initial estimate of 20% to 40%, reflecting strong order inflows and favorable industry dynamics.
  • Order book stands at INR 26,000+ crores, about 5 times FY26 revenue, indicating strong visibility and sustainability.
  • Telecom and optical fiber cable businesses are on a robust growth path with capacity expansions ongoing.
  • Data center connectivity business expected to reach around INR 800 crores revenue this year, with capacity being increased 5x.
  • Fiber optic cable demand driven by global trends including AI, hyperscale data centers, and telecom network expansions, expected to sustain strong growth for at least 5 years.
  • Defense & aerospace business targeted to cross INR 3,000 crores by FY28-29 and INR 5,000 crores the following year.

2 more points from HFCL Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Up 2%+

See what HFCL Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Board approved INR 580 crores for greenfield preform manufacturing facility (300 MT per annum) for backward integration and fiber capacity.
  • Capacity for data center connectivity products (including subsidiary HTL Limited) being scaled up 5x with revenue expectations of over INR 700 crores in the first production year.
Full Q1 FY27 analysis

FundraisingQ1 FY27 call

None planned

See what HFCL Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Rising
  • HFCL's current order book stands at an all-time high of INR 26,000 crores.
  • Out of this, approximately INR 22,000 crores pertains to orders with a 5-year execution period.
  • The order book includes various fiber optic cable orders (3 months to 5 years), BharatNet contracts (3 years), and O&M contracts (7 years).
  • Optical fiber cable orders amount to around INR 16,000 crores.
  • Defence-related orders currently account for about INR 300 crores within the INR 26,000 crores, with an additional acquisition order book of approximately INR 2,300 crores nearing completion.
  • New orders continue to come in as execution progresses, maintaining a robust pipeline.

2 more points from HFCL Ltd's call on the order book

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Full Q1 FY27 analysis
Full Telecom - Services ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Telecom - Services
on management's own guidance

  1. Strong growth
    2
  2. This stockHFCLStrong growth
    1
  3. Strong growth
    3
See all potential multibaggersAll Telecom - Services rankings

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Telecom - Services companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
1HFCLThis stock40%+Up 2%+₹39,185 Cr68.4
240%+Flat₹3,509 Cr11.7
340%+Flat₹3,372 Cr15.5
420–40%Flat₹11.94L Cr38.2
520–40%Flat₹81,095 Cr43.9
620–40%Flat₹52,416 Cr41.4

Sign up free to see every company in the sector ranking and track HFCL Ltd.

Pro shows every company guiding 40%+ revenue growth →Full Telecom - Services ranking

HFCL Ltd announcements

All announcements →

Financials of HFCL Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

HFCL Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +37.84%37.69%37.63%36.24%35.90%34.37%31.58%30.02%28.29%28.29%28.29%28.29%
FIIs +8.18%7.66%7.02%6.68%6.70%6.97%7.75%7.48%7.48%7.08%15.74%17.24%
DIIs +4.55%5.68%7.39%8.69%10.96%13.26%14.04%13.57%9.07%8.57%10.92%10.39%
Public +49.37%48.91%47.91%48.33%46.40%45.36%46.61%48.89%55.13%56.02%45.02%44.06%
Others +0.08%0.06%0.06%0.05%0.04%0.04%0.04%0.04%0.03%0.02%0.02%0.01%
No. of Shareholders6,51,7867,29,5367,70,7917,73,2768,20,6398,40,2198,58,6388,69,4428,42,2098,03,6937,32,7217,64,828

Financials of HFCL Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +1,1111,0321,3261,1581,0941,0128018711,0431,2111,8241,9152,542
Expenses +9799161,1309849358608388438539831,5101,5011,912
Operating Profit133117196175158152-3728190228314414630
OPM %12%11%15%15%14%15%-4.6%3.3%18%19%17%22%25%
Other Income +18471410152114151317223127
Interest35374042454751566163636265
Depreciation21192024252630323644455154
Profit before tax94108149119102100-105-45106138228332539
Tax %25%24%27%7%28%28%-21%-34%32%26%19%26%27%
Net Profit +70821091117373-83-2972102184246394
EPS in Rs0.490.580.760.770.510.51-0.56-0.220.470.641.171.492.37

Financials of HFCL Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +2,5532,8722,1313,2274,7383,8394,4234,7274,7434,4654,0654,9497,492
Expenses +2,2722,6001,9442,9444,3203,3463,8734,0774,1253,8843,6154,1865,905
Operating Profit2812731872834184935506506195824497641,586
OPM %11%10%9%9%9%13%12%14%13%13%11%15%21%
Other Income +110-2921244022313747102586397
Interest4462626492115175166152147185242253
Depreciation34262223274269788382106157194
Profit before tax3121561242203393583374424314542174281,236
Tax %0%0%0%22%32%34%27%26%26%26%20%23%
Net Profit +324156124172232237246326318338173329927
EPS in Rs2.611.260.991.351.731.771.862.272.182.291.232.045.67
Dividend Payout %0%0%0%4%6%0%8%8%9%9%8%10%

Financials of HFCL Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital124124124124127128128137138144144153153
Reserves7537168401,0551,3141,5401,7882,6612,9703,8123,9354,7385,496
Borrowings +3985445394695907349427839369911,5221,8961,869
Other Liabilities +5727917739411,2621,4272,3581,5901,4291,5401,9452,0802,657
Total Liabilities1,8472,1752,2752,5883,2943,8295,2165,1715,4736,4877,5468,86810,175
Fixed Assets +1991751881962385045085285486528521,2161,624
CWIP41210863436108268469602486138
Investments2725750556058415570194158135192
Other Assets +1,3731,9432,0352,3272,9113,2334,6314,4804,5865,1725,9357,0318,220
Total Assets1,8472,1752,2752,5883,2943,8295,2165,1715,4736,4877,5468,86810,175

Financials of HFCL Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +129013620734172145205235-45396-378
Cash from Investing Activity +-4537-25-30-150-167-165-458-44-449-518-324
Cash from Financing Activity +-74-55-114-11667-725248-145454170669
Net Cash Flow10-18-361-49-15-546-4047-33
Free Cash Flow111-51110166-14354123-105-454-12-723
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit54%12%103%102%15%53%30%41%54%13%89%-44%

Financials of HFCL Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days52141202134113153215146145181170163
Inventory Days2591921405641966598113135145191
Days Payable320307260148134227262173131141174136
Cash Conversion Cycle-926814220221872127175141218
Working Capital Days751121348462917085124163179208
ROCE %36%24%13%18%24%21%20%19%15%13%8%11%

Guidance history

How HFCL Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →40%+Up 2%+PlannedNone plannedRising
Q4 FY26 call →20–40%Up 2%+PlannedPlannedRising
Q3 FY26 call →20–40%FlatPlannedPlannedRising
Q2 FY26 call →20–40%FlatPlannedPlannedFlat

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

97out of 100

Momentum score · price trend

97 out of 100 — Strengthening

Over the past year its share price has done better than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+215.6%98%
Last 6 months+109.8%97%
Last 3 months+31.8%92%
How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For HFCL Ltd: 0.4 × 98 + 0.4 × 97 + 0.2 × 92 = 97.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

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What HFCL Ltd's management said in earlier quarters

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