Assembled from the company's filings and exchange data as of today. Download PDF renders this page on the server; the narrative sections arrive with the Nexa composer.
Dossier · HFCL LIMITED · 29 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
HFCL LIMITED
NSE: HFCL · BSE: 500183
NSE: HFCL · BSE: 500183
Telecommunication › Telecommunication › Telecom - Services › Telecom - Infrastructure
HFCL LIMITED
StateQ1 FY27 filed
Last close · 28 Oct 2026₹243.50
Market cap₹37.3k cr
TTM P/E · P/B · EV/EBITDA63.4 · 7.53 · 31.7
HFCL LIMITED is a Telecom - Services company listed on NSE. The annual-report business brief for this company has not been generated yet; the numbers below are as filed.
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,727 | 4,743 | 4,465 | 4,065 | 4,949 |
| EBITDA (ex other income) | 644 | 619 | 582 | 449 | 762 |
| margin % | 13.6 | 13.0 | 13.0 | 11.0 | 15.4 |
| Owners' profit | 313 | 301 | 330 | 177 | 312 |
| EPS, as reported (₹) | 2.38 | 2.18 | 2.33 | 1.23 | 2.13 |
| ROE % · ROCE % | 11.6 · 20.3 | 10.1 · 17.5 | 8.4 · 14.0 | 4.2 · 8.6 | 6.7 · 12.2 |
| Debt / equity (x) | 0.26 | 0.24 | 0.24 | 0.33 | 0.35 |
| Cash from operations | 206 | 236 | (45) | 396 | (378) |
| Capex | (145) | (194) | (184) | (230) | (230) |
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · HFCL LIMITED · 29 October 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,094 | 1,012 | 801 | 871 | 1,043 | 1,211 | 1,824 | 1,915 |
| Profit before tax | 101 | 100 | (104) | (45) | 107 | 137 | 228 | 332 |
| Net profit | 73 | 73 | (83) | (29) | 72 | 102 | 184 | 246 |
| EPS (₹) | 0.51 | 0.51 | (0.56) | (0.22) | 0.47 | 0.67 | 1.21 | 1.49 |
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Telecom Product | 1,206 | 24.4 |
| Defence Product and Services | 12 | 0.3 |
| Turnkey Contract and Services | 587 | 11.9 |
| Others | 19 | 0.4 |
| Telecom Products | 1,837 | 37.1 |
| Turnkey Contracts and Services | 1,288 | 26.0 |
| Total, before eliminations | 4,949 | 100.0 |
Source: the filed segment block, four quarters summed.
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INDUS TOWERS LIMITED | 98,401 | 13.8 | 2.48 | 5.3 | 18.0 | 15.4 | 18.4 | 56.1 |
| HFCL LIMITED ◆ | 37,263 | 63.4 | 7.53 | 47.1 | 6.7 | 7.8 | 2.3 | 23.3 |
| Bondada Engineering Limited | 3,127 | 12.2 | 4.27 | 9.7 | 28.8 | 37.2 | — | 12.3 |
| PACE DIGITEK LIMITED | 3,078 | 9.1 | 1.37 | 7.5 | 13.6 | 14.5 | — | 20.6 |
| GTL INFRA.LTD | 1,281 | 1.6 | — | — | (14.9) | (233.9) | — | 45.2 |
| SUYOG TELEMATICS LIMITED | 532 | 8.7 | 1.09 | 3.8 | 12.9 | 10.2 | — | 62.4 |
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 63.4 | 13.8 | 14 of 15 | 7% |
| P/B | 7.5 | 3.4 | 10 of 12 | 18% |
| ROCE | 7.8 | 11.0 | 12 of 18 | 35% |
| ROE | 6.7 | 13.3 | 10 of 12 | 18% |
| Debt / Equity | 0.3 | 0.3 | 7 of 12 | 46% |
| EBITDA margin | 23.3 | 23.3 | 10 of 19 | 50% |
| Revenue growth | 119.8 | 6.1 | 2 of 20 | 95% |
| Profit growth | 938.4 | 45.9 | 2 of 18 | 94% |
| Market cap | 37263 | 2916 | 6 of 20 | 74% |
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · HFCL LIMITED · 29 October 2026Page 3 of 3
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · HFCL Q2 FY27 profit jumps over fivefold; 80% revenue growth guided | investor communications | medium | — | — |
| 22 Oct 2026 · HFCL incorporates wholly-owned telecom infrastructure subsidiary | strategic transactions | low | — | — |
| 20 Oct 2026 · Q2 FY2026-27 results published in newspapers | compliance | minimal | — | — |
| 19 Oct 2026 · HFCL posts audio of Oct 19 investors and analysts call on website | investor communications | low | — | — |
| 19 Oct 2026 · HFCL Q2FY27 fund utilisation: Rs 525.67cr QIP deployed, Rs 90cr warrant delay | compliance | low | — | — |
| 19 Oct 2026 · HFCL Q2FY27: Revenue up 144%, PAT up 448% YoY; guides 80% FY27 growth | investor communications | medium | — | — |
| 19 Oct 2026 · HFCL Q2 FY27 PAT up 448% YoY to Rs 394.22 cr; revenue up 144% | compliance | low | — | — |
| 19 Oct 2026 · HFCL Q2 FY27: Revenue up 144% YoY, PAT up 448%, EBITDA margin at 26% | results | high | — | — |
| 17 Oct 2026 · HFCL gets ESG rating of 71 (Excellent) from ERAIL | business updates | medium | — | — |
| 13 Oct 2026 · Routine quarterly demat compliance certificate filed for Q2 FY27 | compliance | minimal | — | — |
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in