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HFCL (HFCL) had a P/E of 36.8× on 6 Nov 2026, below the industry P/E of 40.6×, and the shares are 25% below their 52-week high. Sales and net profit grew 1.3% and 1.2% a year over 3 years, with ROCE of 11% and ROE of 19%. Debt is 0.34× equity, and its dividend yield is 0.1%. It is a small-cap company with a market cap of ₹32,237 Cr, ranked 2nd of 24 Communication Equipment companies by market cap; the shares rose 188% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Sep 2026.How we calculate this

past year
Open
₹210.66
Day high
₹210.66
Day low
₹210.66
Prev. close
₹221.74
Volume
14.5 L

Health check

2 good · 4 fair
  • ReturnsAhead

    +188.1% over a year, better than 6 of 7 peers.

  • Price tagIn line

    P/E 36.8 vs industry 40.6.

  • GrowthSteady

    Sales +1.3%, profit +1.2% a year over 3 years.

  • ProfitabilityAverage

    ROCE 10.8% vs peer median 11.3%.

  • Balance sheetFair

    Debt 0.34× equity, interest covered 3.6×, Piotroski 6 of 9.

  • Red flagsNone found

    No warning signs in the headline numbers.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Communication Equipment

23 listed peers. Screen the industry

Small cap

₹32,237 Cr, #2 of 24 in its industry by size.

Moves with the market

Beta 0.96 vs the NIFTY 50: tracks the market closely.

Key metrics

Last 12 months to Sep 2026: sales ₹7,492 Cr · profit ₹868 Cr
Market cap
₹32,237 Cr
Small cap
P/E
36.8
Industry 40.6
Price to book
5.71
Peers 8.15
Dividend yield
0.09%
ROE
18.7%
Peers 16.0%
ROCE
10.8%
Peers 11.3%
Debt to equity
0.34
Debt ₹1,938 Cr
EPS (TTM)
₹5.73
Face value ₹1
OPM (TTM)
21.2%
Net margin 11.6%
Sales growth
+143.6%
Latest quarter vs a year ago
Profit growth
+434.8%
Latest quarter vs a year ago
Price to sales
4.30
EV/EBITDA 22.0

Strengths and risks

Strengths

  • Return on equity of 18.7%.
  • Quarterly profit up 434.8% on a year ago.
  • Quarterly sales up 143.6% on a year ago.

No obvious red flags in the headline numbers.

Derived automatically from reported figures. Not a recommendation.

About HFCL

HFCL Limited manufactures and sells telecom products in India and internationally. The company offers optical fiber cables, such as underground, aerial, microduct, FTTH, and micromodule cables; access solutions, including Wi-Fi access points, network switches, unlicensed band radios, IO canvas unified network management platform, and accessories; IP/MPLS routers; 5G product portfolio comprising access routers/cell site routers and pre-aggregation and…

Headquarters
New Delhi
Employees
1,820
Sector
Technology
ISIN
INE548A01028
Website
hfcl.com

Price range

52 weeks

₹59.82₹282.25

Today

₹210.66₹210.66
Avg volume (3M)
1 Cr
1-year return
plus 188.1%
From 52-week high
minus 25.4%

Peers · Communication Equipment

Capital-heavy industry columns

Compare with peersScreen the whole industry
Company
STLTECHSterlite Technologies719.90minus 5.00%37,01852.465.88.0%22.0%0.22−11.8%plus 530.2%
HFCLHFCL210.66minus 5.00%32,23736.842.910.8%21.2%0.341.3%plus 188.1%
ITIITI248.85minus 0.58%23,961135.2350.114.4%−4.0%0.4016.1%minus 22.6%
ASTRAMICROAstra Microwave Products1,557.80minus 0.01%14,79178.444.620.8%28.6%0.2212.6%plus 47.1%
TEJASNETTejas Networks417.20minus 1.59%7,422––−29.5%−23.2%1.976.1%minus 21.7%
AVANTELAvantel138.69minus 1.24%3,686190.076.98.2%24.7%0.3112.9%minus 16.3%
PACEDIGITKPace Digitek158.13minus 1.62%3,4139.88.516.1%16.3%0.5773.8%minus 26.6%
PARACABLESParamount Communications64.13minus 6.11%2,09927.9––5.7%0.15–plus 59.2%
Median of 7 peers–−1.59%7,42265.465.811.3%16.3%0.3112.8%−16.3%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrJun 25Sep 25Dec 25Mar 26Jun 26Sep 26
871–1,2111,8241,9152,542
843–9831,5091,5011,911
28.4–228315414631
3.3%–18.8%17.3%21.6%24.8%
14.7–16.521.531.127.1
55.6–62.862.862.565.3
32.2–43.845.551.353.7
−44.7–138228332539
34.5%–25.9%19.1%25.9%26.8%
–67.997.6179229363
-0.22–0.671.211.492.36

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+1.3%
Profit CAGR 3Y
+1.2%
EPS CAGR 3Y
−0.8%
ROE
18.7%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
4,7354,4584,0574,928
–minus 5.9%minus 9.0%+21.5%
4,1093,8623,6094,134
626596448794
13.2%13.4%11.0%16.1%
−29.27.2−20.8−13.1
82.777.2116164
8381.8103158
−0.39.88.2−30.1
431454217428
26.2%25.7%20.0%23.0%
301330177312
–+9.6%minus 46.2%+75.7%
2.182.331.232.13

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
138144144153
2,9703,8123,9354,738
9369911,5221,896
1,4291,5401,9452,081
5,4736,4877,5468,868
6147228951,064
110214248122
3916913770.4
7695.1169116
4,6335,2866,0987,495
5,4736,4877,5468,868

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
235−44.9396−378
−44.1−449−518−324
−145454170669
46.2−39.647.2−32.9
−342−410−409−345
−106−455−13.2−723
−24.5−28.6−28.8−14.4

Shareholding pattern

Source: NSE filings
28.3%
promoters
  • Promoters28.29%
  • Public71.69%
  • Employee trusts0.01%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 202628.29%71.69%0.00
30 Jun 202628.29%71.69%0.00
31 Mar 202628.29%71.69%0.00
31 Dec 202528.29%71.68%0.00
24 Dec 202528.29%71.68%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you