HFCL Ltd(HFCL)

NSE: HFCLBSE: 500183

₹ 240.45-4.45%refreshed 23 Oct, 03:51 pm ISTMarket cap: ₹ 36,803 crWebsite: www.hfcl.comUpdated: 24 Oct 2026

About

HFCL Ltd is an Indian telecom infrastructure company. It makes optical fibre cables, telecom networking equipment and defence products, and it also carries out network deployment projects. Its consolidated revenue was ₹4,949.27 crore in FY26. Its order book stood at ₹28,911 Cr in Q2 FY27, with 64% from OFC/DCI and 57% from exports.^[1][2]

Business segments

Telecom Product contributed ₹2,931.01 crore, or 59.2% of FY26 revenue, at a 26.1% EBIT margin. Its share rose 30.7 percentage points between FY19 and FY26.^[3]
Turnkey Contract and Services (EPC and system integration) contributed ₹1,875.0 crore, or 37.9% of FY26 revenue, at a -6.0% EBIT margin.^[3]
Products made up about 91% of revenue in Q2 FY27, against 85% in Q1 FY27 and 62% in Q1 FY26.^[2][4]

Products and brands

The company has five business lines: OFC and Connectivity Solutions, Defence Equipment, Telecom Equipment, System Integration, and Wire Harness for the aerospace, defence and automotive sectors.^[5]
Telecom equipment includes Wi-Fi 6/7 access points sold under the 'IO by HFCL' brand, IP/MPLS routers, Ethernet L2/L3 switches, Unlicensed Band Radios and 5G FWA CPE.^[5]
HFCL was the first Indian company to develop and commercially launch a 5G FWA CPE. It has shipped over 8 lakh units to a leading Indian telecom operator.^[5]
More than 500K Unlicensed Band Radio units have been deployed across India and international markets.^[5]
Defence products include Thermal Weapon Sights, Electronic Fuze, High-Capacity Radio Relay, Surveillance Radars and Multi-Mode Hand Grenades. HFCL is a NATO-listed supplier.^[5]

Manufacturing and capacity

As of Q2 FY27, capacity was 39 mn fkm/annum for optical fibre cable and 28 mn fkm/annum for optical fibre.^[2]
Annual defence capacities: Electronic Fuze 1,50,000 units, Thermal Weapon Sights 10,000 units, High-Capacity Radio Relay ~1,000 units and Surveillance Radars ~1,000 units.^[5]
Plants are in Hyderabad and Goa (OFC/fibre) and Hosur, Tamil Nadu (defence). R&D centres in Bengaluru, Gurugram and Hyderabad employ 229 engineers and scientists.^[5]
The Goa plant holds TDAP certification from VDE Institute, Germany. Both OFC plants have NABL accreditation, and the fibre carries GR-20 Telcordia certification.^[5]

Order book and operating numbers

The order book was ₹28,911 Cr in Q2 FY27, up from ₹26,665 Cr in Q1 FY27 and ₹21,206 Cr in Q4 FY26. OFC/DCI made up 64% of it and exports 57%.^[2]
The defence order book was about ₹1,850 Cr in Q2 FY27. About ₹1,600 Cr of it sits in the aerospace entity being acquired.^[2]
OFC realisation per fkm rose from ~₹850 in Q1 FY26 to ~₹950 in Q2 FY26 and ~₹1,055 in Q3 FY26.^[6]
The BharatNet Phase III contract is worth ₹7,335 crore and covers more than 80,000 IP/MPLS routers.^[5]

Customers and exports

In Q2 FY27, exports were about 63% of revenue and private-sector customers about 92%.^[2]
Exports were 41.36% of revenue in FY26, against 12.23% in FY25.^[4]
More than 70% of cable output is exported. HFCL sells to over 60 countries and supplies Tier 1 telecom operators in Europe and the US.^[5]
HFCL holds a five-year OFC supply contract worth about ₹10,159 crore (about USD 1.1 billion) with a global hyperscaler.^[7]

Expansion and capex

About ₹1,800 Cr is planned for optical fibre, cable and preform manufacturing. Optical fibre capacity is to go from 28 to 43.1 mn fkm and cable from 39 to 62 mn fkm by July 2028.^[2]
A 600 MT/annum preform facility costing ₹1,250 Cr is due by October 2028 to supply fibre production in-house.^[2]
Phase 1 of the Multi-Mode Hand Grenade facility, in the 1,000-acre Andhra Ammunition Complex, involves ₹230 Cr. The foundation stone was laid on May 15, 2026.^[2][7]
Data centre connectivity capacity, including the HTL subsidiary, is being expanded 5x. The board approved ₹215 crore for miniature multi-fibre and SNMT assemblies.^[4]

Recent developments

Q2 FY27 revenue was ₹2,541.79 Cr, up 143.62% YoY. Management called it the company's best quarter.^[2]
HFCL signed definitive agreements to acquire the aerospace business HASPL. Closing is expected within calendar 2026, with consolidation from Q4 FY27.^[5]
A board Restructuring Committee, advised by EY, is evaluating options to position the business verticals separately. No outcome has been committed.^[4][2]
A 7,000-fibre-count cable is in commercial production for the US market, and a 14,000-fibre cable is under development.^[4]
A ₹550 crore QIP was completed in Q3 FY26. A ₹555 crore promoter warrant issue at ₹74/share was approved.^[8]

Market Cap

₹36,803 Cr

High / Low

₹282 / 60

Stock P/E

42.4

Price / Book

6.5

Book Value

₹32

EPS

₹2.0

No. of Shares

153.06 Cr

ROCE

11.0%

ROE

6.9%

OPM

13.4%

Debt / Equity

0.35

Sales

₹4,949 Cr

Net Profit

₹329 Cr

Promoter holding

28.3%

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HFCL Ltd(HFCL)

About

Business segments

Products and brands

Manufacturing and capacity

Order book and operating numbers

Customers and exports

Expansion and capex

Recent developments

Signal history

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