HFCL

₹82.5 -0.6 | 0.7%

WEBSITE BSE:500183 NSE : HFCL 09 Jul, 16:10

Market Cap ₹11902 Cr.

Stock P/E 35.3

P/B 2.9

Current Price ₹82.5

Book Value ₹ 28.6

Face Value 1

52W High ₹171

Dividend Yield 0.12%

52W Low ₹ 71.5

Edit Ratio

HFCL Research see more...

Overview Inc. Year: 1987Industry: Telecom-Infrastructure

HFCL Ltd is an India-based agency that is mainly engaged in manufacturing of telecommunication system, optical fiber cables and intelligent power systems. The Company is a manufacturer of optical fiber cables, optical delivery, power electronics and broadband device for the telecommunication enterprise. It provides solutions for constructing wi-fi and optical telecommunication networks, such as optical shipping networks (DWDM), rural global device for cellular communications (GSM) networks, broadband access networks, radio backhaul, fiber to the home and in-building solutions. The Company serves industries, consisting of homeland security, telecommunications, defense and railways. The Company has its production centers at Solan (Himachal Pradesh), Goa, and Chennai (Tamil Nadu) and caters to both Indian and global markets. Its merchandise are also exported to the UK, Eastern Europe, Africa and Middle East, in addition to the South and Southeast Asian areas.

HFCL Share Price

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Peer Comparison

HFCL Quarterly Results

#(Fig in Cr.)	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
Net Sales	1086	1433	995	1111	1032	1326	1158	1094	1012	801
Other Income	24	14	13	17	47	14	11	14	20	14
Total Income	1110	1447	1008	1129	1079	1340	1169	1107	1032	814
Total Expenditure	917	1279	849	979	916	1130	983	935	860	837
Operating Profit	193	168	160	150	163	209	185	172	172	-22
Interest	37	38	36	35	37	40	42	45	47	51
Depreciation	20	21	21	21	19	20	24	25	26	30
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	136	109	102	94	108	150	119	101	100	-104
Provision for Tax	35	30	27	24	25	40	8	29	28	-22
Profit After Tax	101	79	75	70	82	109	111	72	72	-82
Adjustments	-5	-7	-7	-0	0	1	0	2	2	1
Profit After Adjustments	96	72	68	69	82	110	111	74	74	-81
Adjusted Earnings Per Share	0.7	0.5	0.5	0.5	0.6	0.8	0.8	0.5	0.5	-0.6

HFCL Profit & Loss

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Net Sales	2019	2553	2580	2131	3227	4738	3839	4423	4727	4743	4465	4065
Other Income	177	225	36	21	35	47	56	35	43	47	101	59
Total Income	2197	2778	2616	2153	3262	4785	3895	4458	4770	4790	4566	4122
Total Expenditure	1928	2388	2266	1939	2955	4327	3379	3873	4077	4125	3884	3615
Operating Profit	268	390	351	214	308	458	516	584	693	666	682	507
Interest	44	44	62	62	64	92	115	175	166	152	147	185
Depreciation	20	34	26	22	23	27	42	69	78	83	82	105
Exceptional Income / Expenses	272	0	-110	0	-2	0	0	-4	-6	0	0	0
Profit Before Tax	476	312	156	124	220	339	358	337	442	431	454	216
Provision for Tax	3	0	0	1	49	107	121	91	116	113	117	43
Profit After Tax	473	312	156	124	172	232	237	246	326	318	338	173
Adjustments	2	12	0	-1	-4	-12	-10	-7	0	0	0	5
Profit After Adjustments	475	324	156	123	168	220	227	239	326	318	338	178
Adjusted Earnings Per Share	3.7	2.6	1.3	1	1.4	1.7	1.8	1.9	2.4	2.3	2.3	1.2

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	-6%	0%	-1%	8%
Operating Profit CAGR	2%	5%	8%	10%
PAT CAGR	6%	11%	8%	-3%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	-35%	10%	42%	20%
ROE Average	10%	11%	13%	29%
ROCE Average	13%	16%	18%	24%

HFCL Balance Sheet

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Shareholder's Funds	634	958	840	964	1179	1442	1668	1916	2798	3108	3956
Minority's Interest	0	0	0	2	-22	-10	-0	7	20	37	44
Borrowings	183	162	332	268	141	134	201	251	121	110	169
Other Non-Current Liabilities	13	16	13	-104	-95	-53	37	48	49	76	134
Total Current Liabilities	841	711	957	1023	1267	1701	1911	2987	2178	2142	2184
Total Liabilities	1672	1847	2141	2153	2470	3214	3817	5209	5166	5473	6487
Fixed Assets	230	199	175	188	196	238	504	508	528	548	652
Other Non-Current Assets	373	278	72	59	129	310	252	551	819	842	1301
Total Current Assets	1068	1370	1895	1906	2145	2666	3061	4150	3819	4082	4534
Total Assets	1672	1847	2141	2153	2470	3214	3817	5209	5166	5473	6487

HFCL Cash Flow

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Opening Cash & Cash Equivalents	41	16	27	9	6	67	18	16	21	17	63
Cash Flow from Operating Activities	86	129	0	136	207	34	172	145	205	235	-45
Cash Flow from Investing Activities	133	-45	37	-25	-30	-150	-167	-165	-458	-44	-449
Cash Flow from Financing Activities	-243	-74	-55	-114	-116	67	-7	25	248	-145	454
Net Cash Inflow / Outflow	-24	10	-18	-3	61	-49	-1	5	-5	46	-40
Closing Cash & Cash Equivalent	16	27	9	6	67	18	16	21	17	63	23

HFCL Ratios

#	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Earnings Per Share (Rs)	3.7	2.57	1.26	0.99	1.35	1.73	1.77	1.86	2.37	2.31	2.34
CEPS(Rs)	3.98	2.79	1.47	1.17	1.57	2.03	2.17	2.45	2.94	2.91	2.91
DPS(Rs)	0	0	0	0	0.06	0.1	0	0.15	0.18	0.2	0.2
Book NAV/Share(Rs)	4.47	7.08	6.78	7.78	9.37	11.21	12.9	14.8	20.34	22.36	27.43
Core EBITDA Margin(%)	4.43	6.32	10.95	8.76	8.39	8.68	11.99	12.43	13.75	13.04	13.02
EBIT Margin(%)	25.29	13.62	7.58	8.47	8.74	9.1	12.33	11.57	12.87	12.29	13.47
Pre Tax Margin(%)	23.15	11.92	5.44	5.64	6.78	7.16	9.33	7.62	9.35	9.08	10.17
PAT Margin (%)	23	11.92	5.44	5.62	5.29	4.9	6.18	5.57	6.89	6.7	7.56
Cash Profit Margin (%)	23.97	13.23	6.35	6.6	6	5.47	7.27	7.12	8.55	8.45	9.39
ROA(%)	31.96	17.71	7.84	5.76	7.43	8.17	6.75	5.46	6.28	5.97	5.64
ROE(%)	145.04	43.55	18.21	13.71	16.16	17.94	15.38	13.84	13.87	10.82	9.6
ROCE(%)	68.77	31.93	16.38	12.93	18.03	23.43	21.45	19.62	19.04	15.38	13.43
Receivable days	56.59	45.19	93.92	189.88	132.68	102.26	146.53	174.16	174	145.52	167.64
Inventory Days	22.04	30.41	34.27	43.21	25.78	18.42	28.91	32.14	38.94	51.22	62.63
Payable days	535.99	313.65	254.6	271.3	133.77	110.55	234.16	192.45	235.57	141.05	147.34
PER(x)	2.22	5.21	12.88	12.85	19.12	13.21	5.1	13.54	33.21	26.43	39.21
Price/Book(x)	1.83	1.89	2.4	1.64	2.77	2.03	0.7	1.7	3.87	2.73	3.35
Dividend Yield(%)	0	0	0	0	0.23	0.44	0	0.6	0.23	0.33	0.22
EV/Net Sales(x)	0.65	0.74	0.96	0.95	1.1	0.7	0.44	0.87	2.34	1.9	3.11
EV/Core EBITDA(x)	4.92	4.86	7.04	9.43	11.53	7.28	3.25	6.59	15.94	13.5	20.34
Net Sales Growth(%)	232.95	26.42	1.06	-17.39	51.42	46.8	-18.97	15.21	6.88	0.34	-5.87
EBIT Growth(%)	269.09	-31.6	-38.8	-14.35	52.21	51.8	9.74	8.12	18.95	-4.23	3.17
PAT Growth(%)	759.55	-34.16	-49.82	-20.88	38.79	35.27	2.18	3.75	32.33	-2.5	6.24
EPS Growth(%)	712.55	-30.43	-50.93	-21.37	36.55	27.41	2.53	5.18	27.37	-2.61	1.53
Debt/Equity(x)	0.51	0.33	0.65	0.56	0.4	0.41	0.43	0.48	0.27	0.3	0.25
Current Ratio(x)	1.27	1.93	1.98	1.86	1.69	1.57	1.6	1.39	1.75	1.91	2.08
Quick Ratio(x)	1.07	1.56	1.69	1.62	1.52	1.41	1.42	1.24	1.49	1.55	1.72
Interest Cover(x)	11.83	8.02	3.54	2.99	4.46	4.69	4.12	2.93	3.66	3.83	4.08
Total Debt/Mcap(x)	0.32	0.19	0.27	0.34	0.15	0.2	0.61	0.28	0.07	0.11	0.07

HFCL Shareholding Pattern

#	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
Promoter	39.24	39.24	39.24	37.84	37.84	37.68	37.63	36.24	35.89	34.37
FII	6.52	6.77	7.53	8.35	8.18	7.65	7.02	6.68	6.7	6.97
DII	2.64	2.78	2.95	4.64	4.54	5.68	7.39	8.69	9.32	11.62
Public	51.6	51.21	50.29	49.17	49.44	48.99	47.97	48.38	48.08	47.04
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
Promoter	54.06	54.06	54.06	54.06	54.06	54.3	54.28	52.28	51.78	49.58
FII	8.99	9.33	10.37	11.93	11.69	11.03	10.13	9.64	9.67	10.05
DII	3.64	3.83	4.06	6.63	6.49	8.18	10.66	12.54	13.45	16.76
Public	71.09	70.56	69.28	70.25	70.64	70.59	69.2	69.8	69.37	67.87
Others	0	0	0	0	0	0	0	0	0	0
Total	137.78	137.78	137.78	142.88	142.88	144.1	144.27	144.27	144.27	144.27

Pros

Company is almost debt free.

Cons

Promoter holding is low: 34.37%.
Company has a low return on equity of 11% over the last 3 years.
Debtor days have increased from 141.05 to 147.34days.
The company has delivered a poor profit growth of 7% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.