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HFCL · NSE · Telecom - Infrastructure

HFCL Ltd

What the numbers mean, from its filings and the exchange. Data as of 13 Oct 2026.
Small Cap · AMFI list Jan-Jun 2026 · Vendor sector: Communication Services
fair low confidence No valuation within 120 days; P/E 67.8 vs peers 46.0 (6th of 9); P/B 2.2 vs peers 3.6 (1st of 8).
Statements through FY2026Prices adjusted for corporate actionsNot yet reviewed by the adversarial model

What is HFCL's share price today?

HFCL last traded at ₹257.85 on the NSE, as of 13 Oct 2026, 10:45 am IST, down 2.9% on the day, up 247.4% over a year. Its 52-week range is ₹60 to ₹276. The live price is in the app.

₹257.85 −2.9% today
+247.4% over 1 year · NSE, as of 13 Oct 2026, 10:45 am IST
60 month-end closes, 30 Jun 2021 to 31 Aug 2026, adjusted for splits and bonuses
52-week range92% of the way up
Low ₹60High ₹276

What is HFCL's market cap?

HFCL's market capitalisation is about ₹40,634 crore: what it would cost to buy every share at today's price. That makes it the 11th largest small cap company we cover.

₹40,634 Cr Small Cap11th largest small cap company
Small Cap means the companies ranked 251 and below by size, under SEBI's rules. Shares in issue are worked out from the market cap and the price. What market cap tells you →

Key facts

From the exchange
Symbol
NSE: HFCL
ISIN
INE548A01028
Cap bucket
Small Cap, 11th largest by market cap
Industry (NSE)
Telecommunication › Telecom - Services › Telecom - Infrastructure
Listed since
2011
Futures and options
Not traded

Is HFCL overvalued?

Fair, with low confidence: no valuation within 120 days; P/E 67.8 vs peers 46.0 (6th of 9); P/B 2.2 vs peers 3.6 (1st of 8).

Valuation

Latest price and trailing 12 months
P/E 67.81
vs peers 46.0 · 6th of 9
Price divided by last year's earnings per share: how many years of today's profit you pay for. Learn more →
P/B 2.20
vs peers 3.6 · 1st of 8
Price divided by book value per share: what you pay for each rupee of net assets on the balance sheet. Learn more →
Market cap ₹40,634 Cr
Total market value of all shares, in ₹ crore. Learn more →
Dividend yield 0.3%
Last year's dividends as a share of today's price. Learn more →
PEG (vendor) 18.84
vs peers 18.7 · 5th of 8
P/E divided by the vendor's earnings growth figure, which it does not disclose; a P/E adjusted for how fast profits grow. Learn more →
PEG on our 3-year EPS growth Not available
P/E divided by the 3-year EPS growth rate from the stored accounts. Learn more →
3 models could be judged
Skipped — Fair value, EPV, Graham number, Graham value, Lynch, Owner earnings: no valuation stored

Our valuation range

🔒 Pro
Value range, implied growth at today's price, and the nine models behind it: in the app.

Is HFCL a quality business?

Quality score 54, 6th of 10 in its peer set; DANGER on 30 of 30 flags judged.

Quality and risk

Data as of 13 Oct 2026
Business quality Not available
The kind of business, which sets the yardstick it is judged by. Learn more →
Quality score 54
vs peers 55.1 · 6th of 10
Returns, margins, leverage and consistency against its peers, out of 100. Learn more →
Risk level DANGER
30 of 30 flags judged
From flags on debt, earnings quality, dilution and price swings. Learn more →

Profitability

ROE 5.8%
vs peers 16.2% · 6th of 8
Return on equity: profit as a share of shareholders' money. Learn more →
ROCE 9.1%
vs peers 18.7% · 5th of 8
Return on capital employed: operating profit as a share of all the capital in the business, debt and equity. Learn more →
Profit margin 9.4%
vs peers 7.7% · 5th of 10
Profit after everything, as a share of revenue. Learn more →
EPS ₹2.15
Trailing 12 months
Profit for each share over the last 12 months.

Scorecard

🔒 Pro
Health scores and red flags with their values and history: in the app.
See the scorecard →
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Has HFCL made money for shareholders?

Yes: +247.4% over one year.

Shareholder returns

1-year return +247.4%
Price only
What the share price did over the last 12 months. Learn more →
5-year return Not available
Yearly average price return over five years, bonuses and splits adjusted. Learn more →
Wealth destroyer Not available
Five-year total return — price CAGR on bonus- and split-adjusted closes plus the dividend yield — below the 7% a bank fixed deposit paid. Learn more →

Returns

3Y and 5Y are yearly averages
1W
+1.0%
1M
+19.6%
3M
+23.7%
6M
+208.7%
1Y
+247.4%
3Y
+47.8%
5Y
—
— not available

Does HFCL pay a dividend?

Yes. HFCL's dividend yield is 0.29% at the latest price; the last payout was ₹0.20 a share, ex-dividend 22 Sep 2026.

Dividends

Per share, by ex-dividend date
Dividend yield0.29%
The past 12 months' dividends as a share of today's price.
22 Sep 2026 · Final₹0.20
8 Sep 2025 · Final₹0.10
23 Sep 2024 · Final₹0.20
22 Sep 2023 · Final₹0.20
22 Sep 2022 · Final₹0.18
Payout ratio🔒 In the app
The share of profit paid out as dividends; a very high share leaves little to reinvest.
Dividend growth, 5 years🔒 In the app
How fast the dividend per share has grown a year.
Years without a miss🔒 In the app
How many years in a row a dividend has been paid.

Is HFCL growing?

Revenue 3 years 1.5% a year; profit 3 years 1.2% a year; revenue 5 years 5.0% a year.

Growth

Statements through FY2026 (Mar-26)
Revenue 3 years 1.5% a year
vs peers 12.5% · 9th of 10
Compound annual growth of revenue over three years. Learn more →
Profit 3 years 1.2% a year
vs peers 22.5% · 4th of 6
Compound annual growth of net profit over three years. Learn more →
Revenue 5 years 5.0% a year
Compound annual growth of revenue over five years. Learn more →
Profit 5 years 12.8% a year
Compound annual growth of net profit over five years. Learn more →
EPS 3 years -1.4% a year
Growth in earnings per share, so dilution counts against the company. Learn more →
EPS 5 years 2.4% a year
Growth in earnings per share over five years, so dilution counts against the company. Learn more →
P/E vs own history 200.6%
vs peers 32.1% · 4th of 5
Today's P/E against its own 5-year median; negative is cheaper than its history. Learn more →

How did HFCL do last quarter?

HFCL reported revenue of ₹1,915 Cr, up 21.8% on a year earlier and a net profit of ₹246 Cr, up 90.1% in the Jun 2026 quarter.

Latest quarter

Jun 2026
Revenue, latest quarter₹1,915 Cr
+21.8% on a year earlier
What the company took in over the quarter.
Net profit, latest quarter₹246 Cr
+90.1% on a year earlier
What was left for shareholders after every cost and tax.

How does HFCL compare with its peers?

Compared with 10 Telecommunication (the sector, as the industry was too small); 6th of 9 on P/E; 6th of 10 on quality score.

Compared with 10 Telecommunication (the sector, as the industry was too small)

10 companies

HFCL against its peers

Largest 10 of 10 peers, by market cap
CompanyMarket capP/EP/BROEROCE1YQuality 🔒Rank 🔒
HFCL Ltd₹40,634 Cr67.82.25.8%9.1%+247.4%
Vodafone Idea Ltd₹1.4 L Cr3.8—-38.9%-1.1%+45.1%
Indus Towers Ltd₹99,103 Cr14.02.819.8%18.7%+7.4%
Bharti Hexacom Ltd₹76,065 Cr42.010.526.5%20.5%−15.0%
Sterlite Technologies Ltd₹52,133 Cr204.36.20.5%6.0%+758.4%
Tata Communications Ltd₹47,401 Cr49.93.67.5%8.4%−7.5%
ITI Ltd₹23,141 Cr87.615.8——−29.4%
Tejas Networks Ltd₹8,174 Cr—2.4——−22.6%
Railtel Corporation of India Ltd₹7,962 Cr23.03.516.2%19.8%−34.1%
Tata Teleservices (Maharashtra) Ltd₹6,455 Cr173.1———−42.2%
Orient Cables (India) Ltd₹4,673 Cr——25.9%24.4%+1.4%
Peer median—46.03.616.2%18.7%−11.1%
Market cap in rupees crore; P/E and P/B on the latest price; 1Y is the price return over a year. A dash is a figure that does not apply or is not reported.

Full peer comparison

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Every peer, every figure, the ranks and the quality and forensic scores side by side: in the app.

Who owns HFCL?

HFCL is held by promoters 28.3%, foreign institutions 15.7%, domestic institutions 10.9%.

Shareholding pattern

Latest filing, percent of shares
Promoters28.3%
The founders and controlling group.
Foreign institutions15.7%
Overseas funds investing through the FPI route.
Domestic institutions10.9%
Indian insurers, banks, pension and mutual funds together.
Mutual funds8.4%
Indian mutual fund schemes; part of domestic institutions.
Retail and others24.4%
Individual investors and everyone else.
Promoter shares pledged🔒 In the app
Promoter shares given as collateral for loans; a high share is a risk to watch.
Holding trend🔒 In the app
Whether promoters, foreign funds and mutual funds have been adding or selling over recent quarters.

What does HFCL do and what is it sensitive to?

HFCL Limited sells optical fibre and cables, telecom and networking equipment, and turnkey telecom infrastructure and system integration to telecom operators, enterprises, government bodies and defence organisations. Sensitive to: interest rates (floating-rate long-term debt).

Business-model card

FY2025 · 34 verified
3Revenue
4Channels
0Regulators
4Reg. dependencies
5Sensitivities
2Costs
2Geographies

HFCL Limited sells optical fibre and cables, telecom and networking equipment, and turnkey telecom infrastructure and system integration to telecom operators, enterprises, government bodies and defence organisations. It earns through product sales recognised on delivery and through turnkey contracts recognised over time.

Revenue by segment

Year ended March 31, 2025 (consolidated, current year)
Telecom Products60.9%
Turnkey Contracts and Services39.1%
Other0.0%

Revenue engine

3 verified
Telecom Products (optical fibre, optical fibre cable and telecom equipment) (61.0%)
Revenue from sale of products, recognised at a point in time when control passes on delivery. Segment turnover was 2,474.56 crore in FY25 versus 1,862.48 crore in FY24. Interpretation: this is the larger line in FY25.
Turnkey Contracts for System Integration and allied Services (39.0%)
Revenue from creating and delivering telecom infrastructure and communication network systems for telecom operators, defence, railways and Jal Jeevan Mission projects. Recognised over time. Segment turnover was 1,589.46 crore in FY25 versus 2,602.56 crore in FY24.
Turnkey project revenue recognition over time
Interpretation: because turnkey revenue is recognised as the obligation is satisfied, project timing and execution progress move reported revenue; the company says it is reducing turnkey dependence.

Customers & channels

4 verified
Business-to-Business (B2B): telecom operators, OEMs and turnkey project companies
Buy optical fibre cables and telecom and networking equipment for 4G, 5G and broadband deployment, plus network implementation for turnkey partners.
Business-to-Government (B2G): defence, PSUs and Indian Railways
Government and defence buyers for large-scale telecom infrastructure, transport networks, FTTH rollouts and Wi-Fi deployments.
Private-sector clients (stated focus)
Company states it is shifting its customer portfolio toward higher-margin private clients. Interpretation: the government/private split chart in the filing is not assigned to a number here because its series order is ambiguous.
1 more statement
Distributors and channel partners
An in-house Channel Sales and Distribution portal is used to manage telecom distributor operations, indicating a distributor channel alongside direct B2B sales.

Regulatory dependencies

4 verified
Government telecom and broadband programmes
Interpretation: slower or reprioritised BharatNet, 4G/5G or Digital India spending would reduce OFC and turnkey orders. The excerpt names these programmes as demand drivers.
Government policy risk
The company's own risk table says policy changes can disrupt operations. Interpretation: exposure runs through order timing and project scope in government-facing revenue.
Localisation under Make in India
Interpretation: domestic-manufacturing emphasis is a policy tailwind for a company that states it manufactures in India, though the excerpt does not say how this affects HFCL's revenue.
1 more statement
Jal Jeevan Mission and irrigation capex
Water-infrastructure projects under Jal Jeevan Mission are an opportunity segment. Interpretation: a change in this allocation would move turnkey project volume.

Sensitivities

5 verified
Interest rates (floating-rate long-term debt)
A 0.25% rise in interest rates would have caused an additional loss of 2.74 crore in FY25 (2.05 crore in FY24). Direction: higher rates increase finance cost.
Currency (USD, EUR, GBP exposures)
Exposure from import and export operations. Interpretation: the 5% INR move table shows USD impact of 18.37 crore in FY25 with the sign depending on direction. The filing's table does not label which way is a gain.
Equity prices on investments
A 10% move in equity prices would change total comprehensive income by 13.81 crore in FY25. Direction: a rise increases and a fall decreases it.
2 more statements
Optical fibre demand cycle and capacity utilisation
Subdued OFC demand over six to seven quarters lowered utilisation. Utilisation recovered to full capacity by Q1 FY26 from 45% in FY25. Direction: demand strength drives plant loading.
Trade restrictions and cost pressures
Interpretation: a rise in trade restrictions could raise input and cost pressures for an import- and export-exposed manufacturer.

Cost inputs

2 verified
Raw materials
Raw material cost includes purchase cost and costs to bring inventory to its present location and condition, valued at weighted average cost.
Backward-integrated components
The company states that backward integration gives control over quality, cost and supply chain efficiency.

Geographies

2 verified
Exports (over 45 countries) (10.0%)
Export markets include Germany, France, the UK, the USA, Canada and others. The filing states exports were 10% of turnover in FY2024-25. Interpretation: the export share chart shows 12.23 for FY25, which conflicts with the 10% figure, and the FY25 revenue table gives outside-India revenue of 496.97 crore.
Europe and North America
Company states its footprint widened across Europe and North America. IBR cable capacity is being expanded to meet demand from these regions.
Each statement is checked word for word against the FY2025 annual report; the passages are in the app.

What changed recently?

Dividend - Re 0.20 Per Share (22 Sep 2026).

Change log

8 entries · newest first
  1. Corporate actionDividend - Re 0.20 Per Share.
  2. Results filedQ1 FY2027 results filed.
  3. Results filedQ4 FY2026 results filed.
  4. Results filedQ3 FY2026 results filed.
  5. Results filedQ2 FY2026 results filed.
  6. Corporate actionDividend - Re 0.10 Per Share.
  7. Results filedQ1 FY2026 results filed.
  8. Results filedQ4 FY2025 results filed.
Get alerts →Sign in to be told when any of these change.

What this page does not tell you

What could not be judged, and why. Never empty.
  • Models not runFair value, EPV, Graham number, Graham value, Lynch, Owner earnings: no valuation stored.
  • FlagsDANGER on 30 of 30 flags judged; 5 red.
  • Data gapsPEG on our 3-year EPS growth, Business quality, 5-year return, Wealth destroyer: not available yet.

What this page rests on

✓10 years of annual statements, through FY2026 (Mar-26)✓10 quarters of results✓183 months of month-end prices, adjusted for bonuses and splits○no valuation of ours yet✓business-model card FY2025 · 34 verified

Questions people ask

What is HFCL's share price today?

HFCL last traded at ₹257.85 on the NSE, as of 13 Oct 2026, 10:45 am IST, down 2.9% on the day, up 247.4% over a year. Its 52-week range is ₹60 to ₹276. The live price is in the app.

What is HFCL's market cap?

HFCL's market capitalisation is about ₹40,634 crore: what it would cost to buy every share at today's price. That makes it the 11th largest small cap company we cover.

Is HFCL Ltd a large cap, mid cap or small cap?

HFCL Ltd (HFCL) is a small cap company in AMFI's classification for Jan-Jun 2026. SEBI's buckets go by rank on six-month average market capitalisation: the top 100 are large caps, 101 to 250 mid caps, the rest small caps.

What is HFCL Ltd's P/E ratio?

67.81, vs peers 46.0 · 6th of 9. Price divided by last year's earnings per share: how many years of today's profit you pay for.

Is HFCL Ltd overvalued?

Fair, with low confidence: no valuation within 120 days; P/E 67.8 vs peers 46.0 (6th of 9); P/B 2.2 vs peers 3.6 (1st of 8).

How does HFCL Ltd make money?

HFCL Limited sells optical fibre and cables, telecom and networking equipment, and turnkey telecom infrastructure and system integration to telecom operators, enterprises, government bodies and defence organisations. It earns through product sales recognised on delivery and through turnkey contracts recognised over time.

Who are HFCL Ltd's peers?

Compared with 10 Telecommunication (the sector, as the industry was too small): Vodafone Idea Ltd, Indus Towers Ltd, Bharti Hexacom Ltd, Sterlite Technologies Ltd, Tata Communications Ltd and 5 more. The app shows how they compare on every figure.

Is this investment advice?

No. Valarth is a research and learning tool and is not a SEBI-registered investment adviser or research analyst. The figures come from the company's filings and the exchanges; what to do with them is your call.

How did HFCL do last quarter?

HFCL reported revenue of ₹1,915 Cr, up 21.8% on a year earlier and a net profit of ₹246 Cr, up 90.1% in the Jun 2026 quarter.

Who owns HFCL?

HFCL is held by promoters 28.3%, foreign institutions 15.7%, domestic institutions 10.9%.

Does HFCL pay a dividend?

Yes. HFCL's dividend yield is 0.29% at the latest price; the last payout was ₹0.20 a share, ex-dividend 22 Sep 2026.

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