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]
Business Segments1) Telecom Products (57% in 9M FY25 vs 43% in FY22):[1][2]a) Telecom and Networking Products:The company offers UBR radios, Wi-Fi 5/6 access points, AI-driven network management, home mesh routers, etc. It is atop manufacturer of Wi-Fi access points and UBR radios in India.b) Optical Fiber Cables:It manufactures optical fibers, micro cables, ribbon cables, and IBR cables, holding thelargest market share in OFC supplies.[3]c) Defence:It is aprominent player in India's defence sector, offering products like electronic fuzes, thermal weapon sights, and surveillance radars.d) Passive Connectivity Solutions:It supplies cable assemblies, high-density cabinets, and PLC splitters for high-bandwidth networks in data centers, LANs, and FTTx networks.e) Aerospace and Automotive:It provides custom cable assemblies for the aerospace and automotive industries.[4]The segment revenue grew 24% YoY in 9M FY25, driven by a strategic shift from project-based to product-based revenue, to facilitate lower working capital needs, faster realizations, and improved margins.[5]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Indus Towers | 432.95 | 12.14 | 114219.28 | 0.00 | 1839.30 | -17.28 | 8188.20 | 9.68 | 28.99 | 31520.30 | 64.45 | 9358.40 | 1839.30 | 3.19 | 16.26 | 0.58 |
| 2. | Altius Telecom | 150.00 | 51.16 | 45711.00 | 5.74 | 280.00 | 33.08 | 6080.20 | 51.15 | 8.17 | 24113.40 | 41.32 | 893.50 | 280.00 | 3.44 | 1.30 | 3.88 |
| 3. | HFCL | 66.86 | 409.51 | 10233.68 | 0.16 | 61.44 | -17.95 | 1003.13 | -0.83 | 7.90 | 3510.54 | 7.40 | 24.99 | 61.44 | 2.44 | 2.93 | 0.34 |
| 4. | Pace Digitek | 177.15 | 16.09 | 3823.86 | 0.00 | 67.87 | -32.70 | 533.45 | -36.96 | 41.31 | 2438.78 | 19.89 | 268.20 | 64.08 | – | 11.41 | 0.12 |
| 5. | Bondada Engineer | 324.60 | 21.78 | 3622.31 | 0.03 | 92.56 | 147.65 | 1216.67 | 153.16 | 39.50 | 2307.45 | 11.45 | 166.22 | 89.75 | 6.24 | 13.40 | 0.41 |
| 6. | Vindhya Telelink | 1293.40 | 5.75 | 1532.67 | 1.24 | 59.12 | 142.69 | 959.83 | 0.75 | 7.64 | 4135.69 | 6.91 | 266.77 | 59.12 | 0.35 | 2.79 | 0.33 |
| 7. | GTL Infra. | 1.14 | – | 1460.24 | 0.00 | -193.47 | 9.61 | 356.49 | 5.98 | – | 1366.51 | 24.12 | -884.93 | -193.47 | – | -20.85 | – |
| – | Median: 10 Co. | 211.1 | 17.24 | 2577.49 | 0.01 | 60.28 | 9.61 | 746.64 | 9.45 | 13.67 | 2373.11 | 17.99 | 107.33 | 60.28 | 2.02 | 7.3 | 0.34 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,119 | 1,002 | 1,323 | 880 | 1,002 | 954 | 1,238 | 1,066 | 1,012 | 961 | 757 | 789 | 1,003 |
Expenses | 968 | 879 | 1,223 | 785 | 888 | 855 | 1,052 | 900 | 864 | 816 | 800 | 790 | 844 |
Operating Profit | 152 | 123 | 100 | 95 | 114 | 100 | 186 | 165 | 148 | 145 | -43 | -1 | 159 |
Other Income | -3 | 24 | 14 | 13 | 18 | 46 | 13 | 11 | 13 | 21 | 16 | 14 | 15 |
Profit before tax | 102 | 107 | 70 | 66 | 90 | 103 | 153 | 123 | 104 | 107 | -93 | -63 | 90 |
Tax % | 26% | 25% | 27% | 26% | 25% | 25% | 25% | 7% | 28% | 27% | -22% | -33% | 32% |
Net Profit | 76 | 80 | 51 | 49 | 68 | 78 | 115 | 114 | 75 | 78 | -73 | -42 | 61 |
EPS in Rs | 0.55 | 0.58 | 0.37 | 0.35 | 0.47 | 0.55 | 0.80 | 0.79 | 0.52 | 0.54 | -0.50 | -0.29 | 0.43 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 2,019 | 2,551 | 2,858 | 2,016 | 3,066 | 4,366 | 3,547 | 4,106 | 4,286 | 4,396 | 4,075 | 3,795 | 3,511 |
Expenses | 1,831 | 2,257 | 2,539 | 1,835 | 2,802 | 4,026 | 3,120 | 3,637 | 3,759 | 3,929 | 3,589 | 3,380 | 3,251 |
Operating Profit | 188 | 294 | 320 | 181 | 264 | 340 | 427 | 469 | 528 | 466 | 486 | 415 | 260 |
Other Income | 13 | -28 | -86 | 19 | 17 | 46 | 21 | 29 | 44 | 49 | 100 | 61 | 66 |
Interest | 33 | 43 | 58 | 60 | 61 | 78 | 90 | 148 | 133 | 117 | 115 | 149 | 181 |
Depreciation | 20 | 34 | 25 | 16 | 16 | 18 | 30 | 54 | 57 | 57 | 58 | 85 | 104 |
Profit before tax | 148 | 190 | 150 | 124 | 204 | 291 | 328 | 296 | 382 | 342 | 412 | 241 | 41 |
Net Profit | 147 | 190 | 150 | 124 | 155 | 184 | 204 | 223 | 283 | 255 | 310 | 195 | 25 |
EPS in Rs | 1.19 | 1.53 | 1.21 | 1.00 | 1.25 | 1.44 | 1.59 | 1.74 | 2.05 | 1.85 | 2.15 | 1.35 | 0.18 |
Dividend Payout % | 0% | 0% | 0% | 0% | 5% | 7% | 0% | 9% | 9% | 11% | 9% | 7% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 124 | 124 | 124 | 124 | 124 | 127 | 128 | 128 | 137 | 138 | 144 | 144 | 144 |
Reserves | 634 | 808 | 794 | 920 | 1,092 | 1,316 | 1,517 | 1,748 | 2,591 | 2,855 | 3,678 | 3,818 | 3,857 |
Borrowings | 365 | 370 | 525 | 494 | 425 | 552 | 632 | 825 | 637 | 791 | 833 | 1,278 | 1,345 |
Other Liabilities | 516 | 520 | 703 | 689 | 905 | 1,139 | 1,357 | 2,236 | 1,441 | 1,296 | 1,475 | 1,939 | 2,078 |
Total Liabilities | 1,639 | 1,823 | 2,146 | 2,227 | 2,546 | 3,134 | 3,634 | 4,937 | 4,807 | 5,080 | 6,130 | 7,179 | 7,424 |
Fixed Assets | 153 | 122 | 106 | 111 | 110 | 117 | 362 | 368 | 375 | 365 | 460 | 664 | 1,292 |
Gross Block | 493 | 412 | 391 | 378 | 389 | 409 | 640 | 691 | 727 | 767 | 903 | 1,174 | – |
Accumulated Depreciation | 340 | 290 | 285 | 267 | 278 | 292 | 277 | 324 | 352 | 402 | 443 | 510 | – |
CWIP | 1 | 0 | 1 | 1 | 10 | 84 | 31 | 27 | 86 | 243 | 437 | 559 | 76 |
Investments | 365 | 296 | 51 | 65 | 66 | 71 | 80 | 65 | 85 | 103 | 231 | 267 | 290 |
Other Assets | 1,120 | 1,405 | 1,988 | 2,050 | 2,360 | 2,862 | 3,161 | 4,477 | 4,261 | 4,369 | 5,002 | 5,689 | 5,766 |
Total Assets | 1,639 | 1,823 | 2,146 | 2,227 | 2,546 | 3,134 | 3,634 | 4,937 | 4,807 | 5,080 | 6,130 | 7,179 | 7,424 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 101 | 119 | -80 | 138 | 183 | -16 | 208 | 82 | 140 | 184 | -111 | 431 |
Cash from Investing Activity | -105 | -44 | 100 | -38 | -15 | -119 | -163 | -116 | -388 | -10 | -410 | -505 |
Cash from Financing Activity | -28 | -61 | -34 | -103 | -121 | 93 | -39 | 40 | 242 | -127 | 480 | 111 |
Net Cash Flow | -32 | 14 | -14 | -3 | 47 | -42 | 6 | 7 | -5 | 47 | -40 | 37 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 46 | 53 | 143 | 208 | 141 | 120 | 159 | 225 | 154 | 148 | 191 | 182 |
Inventory Days | 376 | 260 | 185 | 139 | 51 | 33 | 87 | 49 | 78 | 90 | 117 | 124 |
Days Payable | 424 | 304 | 281 | 251 | 146 | 129 | 249 | 266 | 178 | 131 | 159 | 193 |
Cash Conversion Cycle | -1 | 9 | 47 | 96 | 45 | 25 | -3 | 8 | 53 | 107 | 149 | 113 |
Working Capital Days | 74 | 94 | 134 | 150 | 93 | 69 | 96 | 70 | 92 | 125 | 166 | 186 |
ROCE % | 17% | 23% | 23% | 12% | 17% | 20% | 20% | 18% | 17% | 13% | 12% | 8% |
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Stock Analysis
HFCL Limited is a diversified telecommunications infrastructure company involved in telecom infrastructure development, system integration, and the manufacturing and supply of telecom equipment, optical fiber, and optic fiber cables (OFC).
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