HFCL
HFCL Ltd valuation: P/E, P/B and sector benchmarks.
Twelve years of multiples investors have paid for HFCL Ltd, framed against the sector median so the premium or discount is obvious at a glance.
HFCL Ltd trades at a P/E of 93.29× and P/B of 6.02×, against the Technology sector median P/E of 19.26×.
Valuation
Profitability
Growth
Financial Health
HFCL Ltd chart patterns: breakouts, tops and bottoms.
Auto-detected classical chart patterns for HFCL Ltd — Double Top/Bottom, Head & Shoulders, Triple Bottom and more — with break levels, targets and quality scores across Intraday, Daily and Weekly timeframes.
HFCL Ltd financials: P&L, balance sheet, cash flow, ratios.
Twelve years of audited numbers for HFCL Ltd, switchable between annual and quarterly views, consolidated or standalone.
HFCL Ltd reports its full P&L, balance sheet, cash flow and ratios on this page — current market capitalisation of ₹32,082.96 Cr and reported EPS of ₹2.14.
| Period | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue from Operations | 3,252 | 4,738 | 3,839 | 4,423 | 4,727 | 4,743 | 4,465 | 4,065 | 4,949 |
| Other Income | 26 | 47 | 22 | 36 | 43 | 47 | 101 | 58 | 65 |
| Total Income | 3,278 | 4,785 | 3,861 | 4,459 | 4,770 | 4,790 | 4,566 | 4,122 | 5,015 |
| Cost of Goods Sold (COGS) | 2,633 | 3,938 | 2,934 | 3,404 | 3,499 | 3,479 | 3,220 | 2,944 | 3,202 |
| Gross Profit | 619 | 800 | 905 | 1,019 | 1,228 | 1,264 | 1,245 | 1,121 | 1,747 |
| +Operating Expenses | 337 | 389 | 411 | 469 | 578 | 646 | 663 | 672 | 985 |
| EBITDA | 281 | 411 | 494 | 550 | 650 | 619 | 582 | 449 | 762 |
| +Non-Operating Expenses | 85 | 119 | 157 | 241 | 238 | 235 | 229 | 291 | 399 |
| Profit Before Tax (PBT) | 219 | 339 | 359 | 337 | 442 | 431 | 453 | 216 | 428 |
| +Tax Expense | 49 | 107 | 121 | 91 | 116 | 113 | 117 | 43 | 98 |
| Profit After Tax (PAT) | 172 | 232 | 237 | 246 | 326 | 318 | 338 | 173 | 329 |
| Earnings Per Share (EPS) | 1.35 | 1.73 | 1.78 | 1.86 | 2.27 | 2.18 | 2.29 | 1.23 | 2.04 |
| Diluted Shares Outstanding (Nos.) | 124 | 127 | 128 | 128 | 138 | 138 | 144 | 144 | 153 |
| +Additional Disclosures | 5,697 | 8,400 | 6,446 | 7,534 | 7,835 | 7,857 | 7,471 | 6,976 | 7,777 |
| Sales Growth % | — | 45.70 | -18.97 | 15.21 | 6.88 | 0.34 | -5.87 | -8.97 | 21.77 |
| YoY Sales Growth % | — | 45.70 | -18.97 | 15.21 | 6.88 | 0.34 | -5.87 | -8.97 | 21.77 |
| Material Cost % | 55 | 53 | 56 | 37 | 49 | 43 | 43 | 47 | 38 |
| Employee Cost % | 5 | 4 | 6 | 6 | 7 | 7 | 8 | 9 | 9 |
| Other Cost % | 5 | 4 | 5 | 5 | 6 | 6 | 7 | 8 | 11 |
| OPM % | 9 | 9 | 13 | 12 | 14 | 13 | 13 | 11 | 15 |
| Tax % | 22 | 32 | 34 | 27 | 26 | 26 | 26 | 20 | 23 |
| Profit Growth % | — | 35.27 | 2.18 | 3.75 | 32.33 | -2.50 | 6.24 | -48.67 | 90.14 |
| Gross Margin % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA Margin % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest Coverage Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Additional Fields | 258 | 384 | 452 | 481 | 572 | 536 | 500 | 343 | 604 |
HFCL segment analysis: revenue and profit mix.
Disclosed business segments at HFCL with their share of revenue and profit, switchable between consolidated and standalone reporting.
HFCL discloses revenue and profit across multiple business segments — toggle between consolidated and standalone views to see the mix.
Segment-wise Financial Analysis
HFCL Ltd investment thesis: bull case, bear case, and the flip lines.
Why someone would buy HFCL Ltd, why someone wouldn't, and the quantitative tripwires that would force the call to flip.
HFCL Ltd's investment case rests on 6 positive markers and 8 flagged concerns drawn from the latest reported filings.
What you're getting.
HFCL maintains a relatively low debt-to-equity ratio of 0.38, suggesting a manageable debt level and lower financial risk for investors compared to higher-debt peers. This indicates a sound financial structure.
Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) have significantly increased their holdings from 8.84% in June 2022 to 21.05% by September 2025, indicating growing institutional confidence.
Despite recent quarterly profit fluctuations, HFCL has demonstrated a history of consistent profitability, with net profits frequently exceeding ₹70 crore, showcasing its underlying revenue-generating capacity.
HFCL operates within the expanding Telecom-Infrastructure sector, a dynamic industry with substantial potential for growth and increased market share. This positioning offers significant opportunities for future profitability and expansion.
The current stock price of ₹77.20 is significantly below its 52-week high of ₹136.00, potentially offering an attractive entry point for investors anticipating a market recovery or improved company performance.
What can break it.
HFCL's price-to-earnings (P/E) ratio stands at an exceptionally high 400.00, suggesting the stock may be significantly overvalued compared to its current earnings, posing a risk of future price correction.
HFCL's most recent quarterly profit experienced a dramatic -126% decline, indicating a significant drop in profitability and raising concerns about the company's short-term financial health and future performance.
The company's most recent quarterly sales decreased by 4.60%, signaling potential weakening market demand or operational challenges that need close monitoring to assess their long-term impact on revenue generation.
HFCL's Return on Equity (ROE) is a low 4.42%, indicating inefficient use of shareholder capital to generate profits and suggesting that the company's profitability for its equity base is suboptimal.
A significant decline in promoter holdings from 39.20% in June 2022 to 30.02% by September 2025 raises concerns about potential future dilution of ownership and control, impacting investor confidence.
What would change my mind.
Trim if P/E re-rates above 121 (~6.3× the sector multiple of 19.3). The valuation cushion thins from there.
Reassess if quarterly profit growth prints below 0% for two consecutive quarters. The bull case relies on compounding earnings.
Watch interest coverage if debt-to-equity climbs above 38.82. Balance sheet risk re-prices growth multiples fast.
Exit if ROE slips below 8%. The operating engine is no longer compounding capital efficiently.
HFCL Ltd peer comparison — same-sector benchmarks.
Same-sector listed peers ranked on P/E, market cap, dividend yield and growth — HFCL Ltd is highlighted for quick read-across.
Quick Compare
Peer Comparison
HFCL Ltd technical analysis: indicators, pivots and CPR.
Live RSI, MACD and moving-average signals plus today's pivot and Central Pivot Range levels for HFCL Ltd — derived from the live tape, not yesterday's close.
HFCL Ltd last traded at ₹209.61 with an intraday range of ₹204.01–₹209.61 — live indicator, pivot and CPR signals below.
Pivot points
Standard pivot — most widely referenced.
Pivot levels · Classic
Live: ₹209.61| Level | Price (₹) | Distance | % Δ |
|---|---|---|---|
| R4 | 222.68 | +13.07 | +6.23% |
| R3 | 217.08 | +7.47 | +3.56% |
| R2 | 213.34 | +3.73 | +1.78% |
| R1 | 211.48 | +1.87 | +0.89% |
| PIVOT | 207.74 | -1.87 | -0.89% |
| CURRENT | 209.61 | — | — |
| S1 | 194.68 | -14.93 | -7.12% |
| S2 | 200.28 | -9.33 | -4.45% |
| S3 | 202.14 | -7.47 | -3.56% |
| S4 | 205.88 | -3.73 | -1.78% |
HFCL is trading Above CPR, indicating Bullishness
CPR is Wider, suggesting unlikely for trending moves
Day's range: 204.01 ~ 209.61
Trading Above opening range, showing Bullishness
HFCL Ltd delivery volume — last 20 sessions of conviction.
Daily traded volume and delivery percentage for HFCL Ltd over 20 sessions — the gap between intraday flipping and genuine accumulation.
Latest session delivery in HFCL Ltd stood at 46.5% of traded volume, against a 20-day average of 38.1%.
HFCL announcements: results, concalls, ratings, M&A.
Filings HFCL sent to the exchanges, sequenced as they hit the tape — concall transcripts, results, credit ratings and presentations.
HFCL files concall transcripts, results, credit ratings and corporate-action notices on the NSE and BSE exchange portals — latest 183 documents below.
Analysts/Institutional Investor Meet/Con. Call Updates
HFCL Limited has informed the Exchange about Schedule of meet
Analysts/Institutional Investor Meet/Con. Call Updates
HFCL Limited has informed the Exchange about Schedule of meet
Disclosure under SEBI Takeover Regulations
MN Ventures Private Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India…
Copy of Newspaper Publication
HFCL Limited has informed the Exchange about Copy of Newspaper Publication
Bagging/Receiving of orders/contracts
HFCL Limited has informed the Exchange about Bagging/Receiving of orders/contracts
Investor decks & rating reports.
Investor Presentation
Investor Presentation
Investor Presentation
Investor Presentation
Investor Presentation
Investor Presentation
HFCL insider trading: promoter and management activity.
Promoter, director and designated-employee transactions in HFCL as reported to SEBI — buying and selling signals from the people who know the business best.
HFCL insider activity below tracks 3 reported promoter, director and designated-employee transactions under SEBI Regulation 7(2).
| Insider | Category | Txn Date | Action | Quantity | Value (₹) | Price |
|---|---|---|---|---|---|---|
| HFCL Employees Trust | Insider | 06 Mar 2026 | buy | +6.0 K | ₹1.24 L | ₹20.65 |
| HFCL Employees Trust | Insider | 06 Mar 2026 | buy | +6.0 K | ₹1.24 L | ₹20.65 |
| HFCL Employees Trust | Insider | 28 Mar 2025 | sell | −41.9 K | ₹8.65 L | ₹20.65 |
HFCL dividend history, splits and bonus issues.
Every dividend, stock split and bonus issue HFCL has declared, sequenced by announce and record date.
HFCL corporate-action history below covers all declared dividends, stock splits and bonus issues recorded with NSE and BSE.
About HFCL Ltd: business, sector, key facts.
What HFCL Ltd does, where it operates, the people running it, and the numbers that describe the entity behind the ticker.
HFCL Ltd operates in the Technology, listed as NSE: HFCL, BSE: 500183.
HFCL Limited is a prominent Indian manufacturer and supplier of telecom products, operating both domestically and internationally. The company's core business is centered around two primary segments: Telecom Products and Turnkey Contracts and Services. This dual approach allows them to offer a comprehensive range of solutions to their diverse clientele, extending from the provision of individual components to the complete design and implementation of entire telecommunications networks.
Within the Telecom Products segment, HFCL boasts a wide-ranging portfolio. This includes a comprehensive selection of optical fiber cables – encompassing underground, aerial, microduct, FTTH (Fiber to the Home), and micromodule varieties. Beyond fiber optics, they provide a robust array of telecom solutions, encompassing unlicensed band backhaul radios, Wi-Fi access points, routers, managed switches, antennas, network management solutions, and a growing 5G product portfolio. This demonstrates a commitment to staying at the forefront of technological advancements within the telecommunications sector.
Further diversifying its offerings, HFCL also produces a substantial line of defence products. This portfolio includes sophisticated components like electronic fuzes, electro-optics, high-capacity radio relay systems, software-defined radios, and ground surveillance radars. This diversification showcases their ability to cater to the unique needs of governmental and military sectors, leveraging their technological expertise for applications beyond commercial telecommunications.
Completing their product range is a selection of passive networking components. These vital elements include high-density cabinets, joint closures, optical splitters, aerial cable accessories, fiber optic cable assemblies, and copper cable assemblies. These components play a crucial role in the infrastructure of any telecommunication network, underscoring HFCL's commitment to providing end-to-end solutions.
In addition to manufacturing and supplying these products, HFCL also undertakes turnkey contracts and services. This involves providing complete network solutions for a variety of sectors including public telecommunications, defence, and railway communications. This aspect of their business highlights their system integration capabilities, allowing them to manage large-scale projects from design to deployment. This holistic approach to business positions HFCL as a significant player in the Indian and international telecommunications landscape.
The company's strategic partnership with Qualcomm Technologies, Inc., focused on developing 5G RAN and access products, further solidifies its commitment to innovation and future technological advancements. Founded in 1987, HFCL continues to adapt and expand its operations to maintain its leading position in the telecom industry.
Questions investors ask about HFCL Ltd (HFCL).
Quick answers grounded in this page's data — price action, fundamentals, ratios and ownership.
01What is the current share price of HFCL Ltd (HFCL)?
The current share price of HFCL Ltd (HFCL) is ₹209.61. Today, the stock has gained by ₹9.98 (5.00%), trading in a range of ₹204.01 to ₹209.61. The stock opened at ₹206.99 with a trading volume of 2,60,62,936 shares.
02Is HFCL Ltd stock a good investment for long-term?
HFCL Ltd can be considered for long-term investment based on several factors. The company has a market capitalization of ₹32,082.96 crores, P/E ratio of 93.29, ROE of 7.27%, and ROCE of 7.55%. The dividend yield stands at 0.00%. However, investment decisions should be based on your financial goals, risk appetite, and thorough research. It's recommended to consult with a SEBI-registered financial advisor before making investment decisions.
03What is the 52-week high and low price of HFCL Ltd stock?
The 52-week high price of HFCL Ltd (HFCL) is ₹208.98, while the 52-week low is ₹59.82. Currently trading at ₹209.61, the stock is 100.4% away from its 52-week low and -0.3% below its 52-week high. These levels help investors understand the stock's price volatility and trading range over the past year.
04Should I buy HFCL Ltd stock at the current price?
Whether to buy HFCL Ltd stock at ₹209.61 depends on multiple factors. The stock is currently trading with a P/E ratio of 93.29 and P/B ratio of 6.02. Today's performance shows a gain of 5.00%. Consider analyzing the company's fundamentals, technical indicators, industry trends, and your investment horizon. Compare these metrics with industry peers and consult a financial advisor for personalized advice.
05What is the dividend yield of HFCL Ltd and when is the next dividend?
HFCL Ltd offers a dividend yield of 0.00%, which means for every ₹100 invested at the current price of ₹209.61, you can expect to receive approximately ₹0.00 annually as dividends. The face value of the stock is ₹1.00. For information about the next dividend announcement and ex-dividend date, please check the company's official announcements or visit the BSE/NSE websites.
06What are the key financial ratios and metrics of HFCL Ltd?
HFCL Ltd's key financial metrics include: P/E Ratio: 93.29, P/B Ratio: 6.02, ROE: 7.27%, ROCE: 7.55%, Dividend Yield: 0.00%, EPS: ₹2.14, Book Value: ₹33.15, and Debt-to-Equity: 38.32. The company's market cap stands at ₹32,082.96 crores. These metrics help evaluate the company's valuation, profitability, and financial health.
07How is HFCL Ltd stock performing today in the market?
HFCL Ltd stock opened at ₹206.99 and is currently trading at ₹209.61, showing a gain of ₹9.98 (5.00%). The intraday high is ₹209.61 and low is ₹204.01. The trading volume stands at 2,60,62,936 shares, indicating strong market participation today.
08What is the P/E ratio of HFCL Ltd and what does it indicate?
HFCL Ltd has a Price-to-Earnings (P/E) ratio of 93.29, which means investors are willing to pay ₹93.29 for every ₹1 of earnings. With an EPS of ₹2.14, this P/E ratio suggests the stock may be trading at a premium, possibly due to high growth expectations. Compare this with industry peers and historical P/E ratios for better context.
The data, ratios and commentary about HFCL Ltd (HFCL) on this page are published for educational and informational purposes only and are not investment, legal or tax advice. StockeZee is not a SEBI-registered investment adviser, research analyst or portfolio manager, and no content here should be construed as a recommendation to buy, hold or sell any security. Live and historical market data may be delayed, revised by the exchanges, or contain errors; figures sourced from third-party feeds and corporate disclosures may not always be current. Past performance is not indicative of future results, and equity investments carry the risk of capital loss. Before acting on anything you read here, please consult a SEBI-registered financial advisor and read all scheme-related documents carefully.
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