India's Most Valuable Companies 2024 edition · Source: Hurun India
Rank#291- Valuation
- ₹18,860 Cr
2023 #401 2022 #300 2021 #333
Market Cap
₹38,502 Cr
HFCL · NSE
Share Price
₹240.07
-4.56% today
Revenue
₹4,949 Cr
FY 2025-26 · +21.8% YoY
EBITDA
₹762 Cr
Margin 15.4%
Net Profit
₹313 Cr
FY 2025-26 · +76.5% YoY
P/E (TTM)
46.7x
P/B 7.2x
ROE
7.3%
ROCE 10.7%
Debt / Equity
0.38
Interest cover 40.1x
About HFCL Limited
Data last updated:
HFCL Limited is a public limited company based in Solan, Himachal Pradesh, India. It operates in the telecom equipment and tech solutions segment of the telecommunications sector. It was incorporated on 11 May 1987 and has been in existence for over 39 years.
HFCL is part of the Nifty 500 and BSE 500 indices. Its director Mahendra Nahata and family are #252 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Himachal Pradesh, under CIN L64200HP1987PLC007466. Its GSTIN is 02AAACH4041D2ZF (Himachal Pradesh). The company holds 45 GST registrations, of which 37 are active. It is a listed company as per MCA records. Its shares are listed on BSE: 500183 and NSE: HFCL.
The company has an authorised share capital of ₹760 Cr and a paid-up capital of ₹153.06 Cr. It was formerly known as Himachal Futuristic Communications Limited. It is led by directors including Mahendra Nahata (Managing Director) and Arvind Kharabanda.
Its last annual general meeting (AGM) was held on 15 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at 8 Electronics Complex Chambaghat Solan, Himachal Pradesh, India – 173213.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹4,949.27 Cr, a growth of 21.8% compared to the previous year. For the same year it recorded a net profit of ₹313.36 Cr (net margin 6.3%) and EBITDA of ₹761.5 Cr (EBITDA margin 15.4%). The net worth stands at ₹4,890.75 Cr (up 19.9% YoY). Total assets are valued at ₹6,907.55 Cr (up 21.3% YoY).
The company has about 2,336 employees on its provident fund (EPFO) records. Its group structure includes 7 subsidiaries.
The company is associated with 1 brand: HFCL. As per MCA filings, the company has open charges of ₹7,822.59 Cr and satisfied charges of ₹4,809.53 Cr on record. Court records list 574 cases involving the company, including 488 filed by the company and 87 filed against it; 70 cases are pending. The company has 113 deals on record (85 market trades, 15 secondary share transfers, 10 funding rounds), with disclosed funding of ₹1,053.31 Cr; the latest was in April 2026. The company has 18 MSME Form 1 returns on record between 2019 and 2024, listing 3,876 overdue payments to 389 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website hfcl.com.
Company details
CIN L64200HP1987PLC007466
Registration Number 007466
Incorporation Date 11 May 1987
ROC Himachal Pradesh
Listing Status Listed - Listed on NSE (HFCL); Listed on BSE (500183)
Company Status Active
Date of Last AGM 15 September 2025
Date of Balance Sheet 31 March 2026
Compliance Status Active Compliant
CIN history
HFCL has one previous CIN (Corporate Identification Number): L64200HR1987PLC148689. The current CIN is L64200HP1987PLC007466, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L64200HP1987PLC007466 | Current |
| L64200HR1987PLC148689 | Previous |
Recognitions & Rankings of HFCL
India's Richest People 2026 edition · 1 director · Source: Hurun India
- #252 Mahendra Nahata & family ₹14,600 Cr
Stock market indices
Nifty 500 BSE 500
Contact details
HFCL Limited's registered office is in Solan, Himachal Pradesh. Its website is hfcl.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered Address8 Electronics Complex Chambaghat Solan, Himachal Pradesh, India – 173213
- IndustryTelecom, Telecom Equipment & Tech Solutions
To see the full contact details of HFCL Limited, buy the company report.
Comprehensive company report
HFCL Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included
Business activity
The main business activities of HFCL are manufacturing and information and communication. In detail, this covers computer, electronic, communication and scientific measuring & control equipment and wired, wireless or satellite telecommunication activities. 2 activity segments are registered with the MCA.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C9 | Computer, electronic, Communication and scientific measuring & control equipment | |
| J | Information and communication | J5 | Wired, wireless or satellite Telecommunication activities |
To see the full business activity and turnover split of HFCL Limited, buy the company report.
Financials of HFCL Limited
FY 2025-26 filings availableHFCL Limited reported revenue of ₹4,949.27 Cr (up 21.8% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue
₹4,949 Cr
+21.8% YoY
EBITDA
₹762 Cr
+69.6% YoY
Profit After Tax
₹313 Cr
+76.5% YoY
Net Worth
₹4,891 Cr
+19.9% YoY
Total Assets
₹6,908 Cr
+21.3% YoY
Total Debt
₹1,896 Cr
+24.6% YoY
Revenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 4,949 | 4,065 | 4,465 | 4,743 | 4,727 | 4,423 | 3,839 |
| Revenue growth | +21.8% | -9.0% | -5.9% | +0.3% | +6.9% | +15.2% | - |
| EBITDA | 762 | 449 | 582 | 619 | 644 | 545 | 493 |
| EBITDA margin | +15.4% | +11.1% | +13.0% | +13.0% | +13.6% | +12.3% | +12.8% |
| Profit before tax | 428 | 217 | 454 | 431 | 442 | 337 | 358 |
| Net profit | 313 | 178 | 330 | 301 | 318 | 242 | 227 |
| Net profit margin | +6.3% | +4.4% | +7.4% | +6.4% | +6.7% | +5.5% | +5.9% |
| EPS (₹) | 2.04 | 1.23 | 2.29 | 2.19 | 2.28 | 1.86 | 1.77 |
| Balance sheet | |||||||
| Total assets | 6,908 | 5,694 | 5,039 | 4,121 | 3,636 | 2,902 | 2,434 |
| Net worth | 4,891 | 4,079 | 3,956 | 3,108 | 2,798 | 1,916 | 1,668 |
| Total debt | 1,896 | 1,522 | 991 | 936 | 783 | 942 | 734 |
| Cash & bank | 468 | 491 | 336 | 323 | 528 | 306 | 192 |
| Net working capital | 4,783 | 3,604 | 3,139 | 2,747 | 2,275 | 1,830 | 1,664 |
| Cash flow | |||||||
| Cash from operations | (378) | 396 | (44.87) | 235 | 205 | 145 | 172 |
| Cash from investing | (324) | (518) | (449) | (44.09) | (458) | (165) | (167) |
| Cash from financing | 669 | 170 | 454 | (145) | 248 | 24.98 | (6.58) |
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,542 | 1,915 | 1,824 | 1,211 | 1,043 | 871 | 801 | 1,012 |
| Revenue growth (YoY) | +143.6% | +119.9% | +127.8% | +19.7% | -4.6% | -24.8% | - | - |
| Other income | 27.46 | 31.15 | 22.26 | 16.54 | 13.04 | 14.72 | 13.64 | 20.69 |
| EBITDA | 630 | 414 | 314 | 228 | 190 | 28.40 | (37.07) | 152 |
| EBITDA margin | +24.8% | +21.6% | +17.2% | +18.8% | +18.2% | +3.3% | -4.6% | +15.0% |
| Depreciation | 53.72 | 51.25 | 45.48 | 43.77 | 35.93 | 32.20 | 30.44 | 25.52 |
| Interest | 65.34 | 62.48 | 62.78 | 62.76 | 60.90 | 55.62 | 51.06 | 46.76 |
| Profit before tax | 539 | 332 | 228 | 138 | 106 | (44.70) | (105) | 100 |
| Tax | 144 | 85.88 | 43.48 | 35.74 | 34.42 | (15.40) | (21.63) | 27.68 |
| Net profit | 394 | 246 | 184 | 102 | 71.92 | (29.30) | (83.30) | 72.58 |
| EPS (₹) | 2.36 | 1.49 | 1.21 | 0.67 | 0.47 | (0.22) | (0.56) | 0.51 |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 4,528 | 3,795 | 4,075 | 4,396 | 4,286 | 4,106 | 3,547 |
| Revenue growth | +19.3% | -6.9% | -7.3% | +2.6% | +4.4% | +15.8% | - |
| EBITDA | 603 | 415 | 486 | 466 | 528 | 464 | 427 |
| EBITDA margin | +13.3% | +10.9% | +11.9% | +10.6% | +12.3% | +11.3% | +12.0% |
| Profit before tax | 322 | 241 | 412 | 342 | 382 | 296 | 328 |
| Net profit | 254 | 195 | 310 | 255 | 283 | 226 | 204 |
| Net profit margin | +5.6% | +5.2% | +7.6% | +5.8% | +6.6% | +5.5% | +5.8% |
| EPS (₹) | 1.65 | 1.35 | 2.15 | 1.85 | 2.06 | 1.74 | 1.59 |
| Balance sheet | |||||||
| Total assets | 6,471 | 5,290 | 4,699 | 3,822 | 3,399 | 2,734 | 2,305 |
| Net worth | 4,727 | 3,963 | 3,822 | 2,993 | 2,728 | 1,876 | 1,645 |
| Total debt | 1,668 | 1,278 | 833 | 791 | 637 | 825 | 632 |
| Cash & bank | 402 | 460 | 318 | 296 | 505 | 294 | 181 |
| Net working capital | 4,437 | 3,335 | 2,865 | 2,509 | 2,103 | 1,696 | 1,574 |
| Cash flow | |||||||
| Cash from operations | (481) | 431 | (111) | 184 | 140 | 82.48 | 208 |
| Cash from investing | (278) | (505) | (410) | (10.01) | (388) | (116) | (163) |
| Cash from financing | 719 | 111 | 480 | (127) | 242 | 40.45 | (38.96) |
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,178 | 1,608 | 1,511 | 1,224 | 1,003 | 789 | 757 | 961 |
| Revenue growth (YoY) | +117.1% | +103.7% | +99.6% | +27.4% | -0.8% | -25.9% | - | - |
| Other income | 25.30 | 32.54 | 23.15 | 15.15 | 15.07 | 14.09 | 15.76 | 21.01 |
| Total expenses | 1,744 | 1,304 | 1,222 | 1,068 | 844 | 790 | 800 | 816 |
| EBITDA | 434 | 304 | 289 | 155 | 159 | (1.10) | (42.96) | 145 |
| EBITDA margin | +19.9% | +18.9% | +19.1% | +12.7% | +15.9% | -0.1% | -5.7% | +15.1% |
| Depreciation | 44.24 | 43.02 | 41.52 | 36.92 | 31.41 | 28.14 | 23.08 | 21.19 |
| Interest | 56.33 | 53.21 | 54.51 | 54.75 | 52.97 | 47.74 | 42.52 | 37.62 |
| Profit before tax | 359 | 240 | 216 | 78.94 | 89.71 | (62.89) | (92.80) | 107 |
| Tax | 90.49 | 60.91 | 38.80 | 22.75 | 28.27 | (20.55) | (20.21) | 28.39 |
Financial Statements
Figures in ₹ Cr; negatives in brackets. Updated 24 Oct 2026
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,542 | 1,915 | 1,824 | 1,211 | 1,043 | 871 | 801 | 1,012 |
| Revenue growth (YoY) | +143.6% | +119.9% | +127.8% | +19.7% | -4.6% | -24.8% | - | - |
| Other income | 27.46 | 31.15 | 22.26 | 16.54 | 13.04 | 14.72 | 13.64 | 20.69 |
| EBITDA | 630 | 414 | 314 | 228 | 190 | 28.40 | (37.07) | 152 |
| EBITDA margin | +24.8% | +21.6% | +17.2% | +18.8% | +18.2% | +3.3% | -4.6% | +15.0% |
| Depreciation | 53.72 | 51.25 | 45.48 | 43.77 | 35.93 | 32.20 | 30.44 | 25.52 |
| Interest | 65.34 | 62.48 | 62.78 | 62.76 | 60.90 | 55.62 | 51.06 | 46.76 |
| Profit before tax | 539 | 332 | 228 | 138 | 106 | (44.70) | (105) | 100 |
| Tax | 144 | 85.88 | 43.48 | 35.74 | 34.42 | (15.40) | (21.63) | 27.68 |
| Net profit | 394 | 246 | 184 | 102 | 71.92 | (29.30) | (83.30) | 72.58 |
| EPS (₹) | 2.36 | 1.49 | 1.21 | 0.67 | 0.47 | (0.22) | (0.56) | 0.51 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 4,949 | 4,065 | 4,465 | 4,743 | 4,727 | 4,423 | 3,839 |
| Revenue growth | +21.8% | -9.0% | -5.9% | +0.3% | +6.9% | +15.2% | - |
| Other income | 65.62 | 58.12 | 102 | 47.18 | 43.07 | 34.76 | 22.08 |
| Total expenses | 4,188 | 3,616 | 3,884 | 4,125 | 4,083 | 3,878 | 3,346 |
| Employee cost | 445 | 364 | 351 | 348 | 311 | 253 | 224 |
| EBITDA | 762 | 449 | 582 | 619 | 644 | 545 | 493 |
| EBITDA margin | +15.4% | +11.1% | +13.0% | +13.0% | +13.6% | +12.3% | +12.8% |
| Depreciation | 157 | 106 | 81.76 | 82.97 | 78.25 | 68.63 | 41.95 |
| Interest | 242 | 185 | 147 | 152 | 166 | 175 | 115 |
| Profit before tax | 428 | 217 | 454 | 431 | 442 | 337 | 358 |
| Tax | 98.24 | 43.33 | 116 | 113 | 116 | 90.62 | 121 |
| Net profit | 313 | 178 | 330 | 301 | 318 | 242 | 227 |
| Net profit margin | +6.3% | +4.4% | +7.4% | +6.4% | +6.7% | +5.5% | +5.9% |
| EPS (₹) | 2.04 | 1.23 | 2.29 | 2.19 | 2.28 | 1.86 | 1.77 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 153 | 144 | 144 | 138 | 137 | 128 | 128 |
| Reserves & surplus | 4,738 | 3,935 | 3,808 | 2,942 | 2,661 | 1,788 | 1,540 |
| Shareholders' funds (net worth) | 4,891 | 4,079 | 3,956 | 3,108 | 2,798 | 1,916 | 1,668 |
| Minority interest | 57.84 | 40.17 | 44.29 | 36.60 | 19.97 | 7.26 | (0.05) |
| Secured loans | 1,056 | 882 | 669 | 523 | 509 | 639 | 549 |
| Unsecured loans | 841 | 640 | 322 | 413 | 274 | 303 | 184 |
| Total debt | 1,896 | 1,522 | 991 | 936 | 783 | 942 | 734 |
| Total liabilities | 6,908 | 5,694 | 5,039 | 4,121 | 3,636 | 2,902 | 2,434 |
| Assets | |||||||
| Gross block | 1,989 | 1,495 | 1,216 | 1,050 | 955 | 886 | 821 |
| Net block | 1,216 | 852 | 652 | 548 | 528 | 508 | 504 |
| Capital work in progress | 486 | 602 | 469 | 268 | 108 | 36.02 | 33.77 |
| Investments | 135 | 158 | 194 | 69.98 | 55.36 | 40.61 | 58.19 |
| Inventories | 1,416 | 899 | 774 | 758 | 573 | 435 | 344 |
| Sundry debtors | 2,212 | 1,892 | 2,215 | 1,886 | 1,896 | 2,611 | 1,610 |
| Cash & bank balances | 468 | 491 | 336 | 323 | 528 | 306 | 192 |
| Loans & advances | 2,565 | 2,087 | 1,184 | 1,103 | 813 | 791 | 913 |
| Total current assets | 6,662 | 5,369 | 4,510 | 4,070 | 3,810 | 4,144 | 3,059 |
| Total current liabilities | 1,879 | 1,766 | 1,371 | 1,322 | 1,535 | 2,314 | 1,395 |
| Net working capital | 4,783 | 3,604 | 3,139 | 2,747 | 2,275 | 1,830 | 1,664 |
| Total assets | 6,908 | 5,694 | 5,039 | 4,121 | 3,636 | 2,902 | 2,434 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 70.52 | 23.33 | 62.91 | 16.69 | 21.31 | 16.45 | 17.53 |
| Net cash from operating activities | (378) | 396 | (44.87) | 235 | 205 | 145 | 172 |
| Net cash from investing activities | (324) | (518) | (449) | (44.09) | (458) | (165) | (167) |
| Net cash from financing activities | 669 | 170 | 454 | (145) | 248 | 24.98 | (6.58) |
| Net change in cash | (32.85) | 47.19 | (39.58) | 46.22 | (4.62) | 4.86 | (1.09) |
| Closing cash | 468 | 491 | 336 | 323 | 528 | 306 | 192 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +21.8% | -9.0% | -5.9% | +0.3% | +6.9% | +15.2% | - |
| EBITDA growth | +69.6% | -22.8% | -6.0% | -3.9% | +18.0% | +10.6% | - |
| PBT growth | +97.5% | -52.3% | +5.4% | -2.6% | +31.2% | -6.0% | +5.6% |
| Net income growth | +76.5% | -46.2% | +9.6% | -5.3% | +31.3% | +6.5% | - |
| Revenue CAGR (3Y) | +1.4% | -4.9% | +0.3% | +7.3% | -0.1% | +11.1% | +21.7% |
| EBITDA CAGR (3Y) | +7.2% | -11.3% | +2.2% | +7.9% | +15.7% | +24.7% | +38.2% |
| Profitability & leverage | |||||||
| Net income margin | +6.7% | +4.3% | +7.6% | +6.7% | +6.9% | +5.6% | +6.2% |
| Return on capital employed | +10.7% | +7.5% | +13.3% | +15.1% | +18.7% | +19.2% | +21.1% |
| Return on net worth | +7.4% | +4.3% | +9.6% | +10.8% | +13.8% | +13.7% | +15.3% |
| Debt / equity | 0.38 | 0.31 | 0.27 | 0.29 | 0.37 | 0.47 | 0.43 |
| Long-term debt / equity | 0.12 | 0.09 | 0.04 | 0.04 | 0.07 | 0.11 | 0.11 |
| Interest cover | 40.07 | 53.86 | 29.47 | 28.41 | 29.43 | 36.64 | 25.45 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 2.84 | 3.00 | 3.94 | 4.73 | 5.14 | 5.19 | 5.58 |
| Inventory turnover | 4.28 | 4.86 | 5.83 | 7.13 | 9.37 | 11.36 | 12.62 |
| Debtors turnover | 2.41 | 1.98 | 2.18 | 2.51 | 2.10 | 2.10 | 2.49 |
| EPS (₹) | 2.04 | 1.23 | 2.29 | 2.19 | 2.28 | 1.86 | 1.77 |
| Dividend per share (₹) | 0.20 | 0.10 | 0.20 | 0.20 | 0.18 | 0.15 | 0.00 |
| Book value per share (₹) | 31.96 | 28.29 | 27.44 | 22.37 | 20.35 | 14.92 | 12.99 |
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,178 | 1,608 | 1,511 | 1,224 | 1,003 | 789 | 757 | 961 |
| Revenue growth (YoY) | +117.1% | +103.7% | +99.6% | +27.4% | -0.8% | -25.9% | - | - |
| Other income | 25.30 | 32.54 | 23.15 | 15.15 | 15.07 | 14.09 | 15.76 | 21.01 |
| Total expenses | 1,744 | 1,304 | 1,222 | 1,068 | 844 | 790 | 800 | 816 |
| EBITDA | 434 | 304 | 289 | 155 | 159 | (1.10) | (42.96) | 145 |
| EBITDA margin | +19.9% | +18.9% | +19.1% | +12.7% | +15.9% | -0.1% | -5.7% | +15.1% |
| Depreciation | 44.24 | 43.02 | 41.52 | 36.92 | 31.41 | 28.14 | 23.08 | 21.19 |
| Interest | 56.33 | 53.21 | 54.51 | 54.75 | 52.97 | 47.74 | 42.52 | 37.62 |
| Profit before tax | 359 | 240 | 216 | 78.94 | 89.71 | (62.89) | (92.80) | 107 |
| Tax | 90.49 | 60.91 | 38.80 | 22.75 | 28.27 | (20.55) | (20.21) | 28.39 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 4,528 | 3,795 | 4,075 | 4,396 | 4,286 | 4,106 | 3,547 |
| Revenue growth | +19.3% | -6.9% | -7.3% | +2.6% | +4.4% | +15.8% | - |
| Other income | 67.46 | 60.90 | 100 | 49.46 | 43.83 | 33.22 | 20.94 |
| Total expenses | 3,925 | 3,380 | 3,589 | 3,929 | 3,759 | 3,641 | 3,120 |
| Employee cost | 341 | 273 | 265 | 280 | 262 | 216 | 194 |
| EBITDA | 603 | 415 | 486 | 466 | 528 | 464 | 427 |
| EBITDA margin | +13.3% | +10.9% | +11.9% | +10.6% | +12.3% | +11.3% | +12.0% |
| Depreciation | 138 | 84.90 | 58.48 | 57.43 | 57.30 | 53.59 | 30.14 |
| Interest | 210 | 149 | 115 | 117 | 133 | 148 | 90.10 |
| Profit before tax | 322 | 241 | 412 | 342 | 382 | 296 | 328 |
| Tax | 69.27 | 46.68 | 103 | 87.09 | 98.89 | 73.01 | 124 |
| Net profit | 254 | 195 | 310 | 255 | 283 | 226 | 204 |
| Net profit margin | +5.6% | +5.2% | +7.6% | +5.8% | +6.6% | +5.5% | +5.8% |
| EPS (₹) | 1.65 | 1.35 | 2.15 | 1.85 | 2.06 | 1.74 | 1.59 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 153 | 144 | 144 | 138 | 137 | 128 | 128 |
| Reserves & surplus | 4,574 | 3,818 | 3,674 | 2,827 | 2,591 | 1,748 | 1,517 |
| Shareholders' funds (net worth) | 4,727 | 3,963 | 3,822 | 2,993 | 2,728 | 1,876 | 1,645 |
| Secured loans | 881 | 715 | 552 | 425 | 418 | 575 | 487 |
| Unsecured loans | 786 | 562 | 281 | 365 | 219 | 250 | 145 |
| Total debt | 1,668 | 1,278 | 833 | 791 | 637 | 825 | 632 |
| Total liabilities | 6,471 | 5,290 | 4,699 | 3,822 | 3,399 | 2,734 | 2,305 |
| Assets | |||||||
| Gross block | 1,602 | 1,166 | 903 | 767 | 727 | 691 | 640 |
| Net block | 992 | 664 | 460 | 365 | 375 | 368 | 362 |
| Capital work in progress | 457 | 559 | 437 | 243 | 86.40 | 27.07 | 30.88 |
| Investments | 244 | 267 | 231 | 103 | 84.56 | 65.20 | 80.18 |
| Inventories | 1,166 | 731 | 619 | 584 | 408 | 306 | 272 |
| Sundry debtors | 1,813 | 1,894 | 2,127 | 1,784 | 1,804 | 2,528 | 1,546 |
| Cash & bank balances | 402 | 460 | 318 | 296 | 505 | 294 | 181 |
| Loans & advances | 2,638 | 2,051 | 1,158 | 1,076 | 794 | 771 | 905 |
| Total current assets | 6,019 | 5,136 | 4,222 | 3,741 | 3,511 | 3,899 | 2,904 |
| Total current liabilities | 1,582 | 1,800 | 1,356 | 1,233 | 1,408 | 2,204 | 1,329 |
| Net working capital | 4,437 | 3,335 | 2,865 | 2,509 | 2,103 | 1,696 | 1,574 |
| Total assets | 6,471 | 5,290 | 4,699 | 3,822 | 3,399 | 2,734 | 2,305 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 57.80 | 20.86 | 61.35 | 14.32 | 19.79 | 12.73 | 6.81 |
| Net cash from operating activities | (481) | 431 | (111) | 184 | 140 | 82.48 | 208 |
| Net cash from investing activities | (278) | (505) | (410) | (10.01) | (388) | (116) | (163) |
| Net cash from financing activities | 719 | 111 | 480 | (127) | 242 | 40.45 | (38.96) |
| Net change in cash | (40.36) | 36.94 | (40.49) | 47.03 | (5.46) | 7.06 | 5.91 |
| Closing cash | 402 | 460 | 318 | 296 | 505 | 294 | 181 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +19.3% | -6.9% | -7.3% | +2.6% | +4.4% | +15.8% | - |
| EBITDA growth | +45.3% | -14.6% | +4.1% | -11.6% | +13.6% | +8.7% | - |
| PBT growth | +33.4% | -41.5% | +20.7% | -10.5% | +29.0% | -9.8% | +12.8% |
| Net income growth | +30.2% | -36.9% | +21.6% | -10.0% | +25.2% | +10.9% | - |
| Revenue CAGR (3Y) | +1.0% | -4.0% | -0.3% | +7.4% | -0.6% | +10.2% | +20.7% |
| EBITDA CAGR (3Y) | +8.9% | -7.7% | +1.5% | +3.0% | +15.7% | +21.0% | +33.2% |
| Profitability & leverage | |||||||
| Net income margin | +5.6% | +5.1% | +7.6% | +5.8% | +6.6% | +5.4% | +5.8% |
| Return on capital employed | +9.1% | +7.8% | +12.4% | +12.7% | +16.8% | +17.6% | +19.3% |
| Return on net worth | +5.8% | +5.0% | +9.1% | +8.9% | +12.3% | +12.7% | +13.2% |
| Debt / equity | 0.34 | 0.27 | 0.24 | 0.25 | 0.32 | 0.41 | 0.38 |
| Long-term debt / equity | 0.08 | 0.06 | 0.03 | 0.04 | 0.05 | 0.08 | 0.09 |
| Interest cover | 45.19 | 45.29 | 26.92 | 28.56 | 28.19 | 36.08 | 22.69 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 3.26 | 3.65 | 4.88 | 5.88 | 6.04 | 6.17 | 6.77 |
| Inventory turnover | 4.77 | 5.62 | 6.77 | 8.85 | 11.99 | 14.19 | 15.29 |
| Debtors turnover | 2.44 | 1.89 | 2.08 | 2.45 | 1.98 | 2.02 | 2.38 |
| EPS (₹) | 1.65 | 1.35 | 2.15 | 1.85 | 2.06 | 1.74 | 1.59 |
| Dividend per share (₹) | 0.20 | 0.10 | 0.20 | 0.20 | 0.18 | 0.15 | 0.00 |
| Book value per share (₹) | 30.89 | 27.48 | 26.51 | 21.54 | 19.84 | 14.61 | 12.81 |
To see the full year-wise statements and ratios of HFCL Limited, buy the company report.
Board of directors of HFCL Limited
HFCL has 6 current directors and 13 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
Auditor
HFCL Limited is audited by S. Bhandari & Co. LLP for the financial year 2025.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| S. Bhandari & Co. LLP | FY 2025 | 000560C |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 28.30%, foreign institutional investors hold 15.70%, domestic institutional investors hold 11.00% and retail and other public shareholders hold 45.00%.
Sep 2026
QUARTER
28.30% Promoters
11.00% DII (Domestic Institutional)
15.70% FII (Foreign Institutional)
45.00% Retail & Others
Promoter holding - history
Now 28.30% · Sep 2026High 30.00% · Dec 2025Low 28.30% · Mar 2026
Shareholding trend - last 6 quarters
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 28.30% | 28.30% | 28.30% | 30.00% |
| Public | 71.70% | 71.70% | 71.70% | 70.00% |
Charges & borrowings
Open charges
₹7,822.59 Cr
Satisfied charges
₹4,809.53 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 24 Jun 2026 | 101312599 | Others | ₹16.03 Cr | Open | |
| 16 Jun 2026 | 101323361 | Others | ₹38.62 Cr | Open | |
| 09 Jun 2026 | 101314417 | Others | ₹39.45 Cr | Open | |
| 22 Apr 2026 | 101284784 | Others | ₹88 Cr | Open | |
| 22 Apr 2026 | 101284795 | Others | ₹92 Cr | Open |
To see the full charge records of HFCL Limited, buy the company report.
Total charge records: 114 View all charges
Deals & funding
HFCL Limited has 113 deals on record (85 market trades, 15 secondary share transfers, 10 funding rounds), with disclosed funding of ₹1,053.31 Cr; the latest was in April 2026.
Total deals
113
Market trades
85
Secondary share transfers
15
Funding rounds
10
QIPs
3
Disclosed funding
₹1,053.31 Cr
Deals on record (5 of 113)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Apr 2026 | Market trade | ₹318.93 Cr | Buyer: Junomoneta Finsol Private Limited , Hrti Private Limited , Qe Securities LLP Seller: Junomoneta Finsol Private Limited , Qe Securities LLP , Hrti Private Limited |
| Dec 2025 | Market trade | ₹53.02 Cr | Buyer: Dhwaja Shares & Securities Private Limited Seller: Dhwaja Shares & Securities Private Limited |
| Dec 2025 | Market trade | ₹105.6 Cr | Buyer: Graviton Research Capital LLP Seller: Graviton Research Capital LLP , an individual |
| Dec 2025 | QIP | ₹550 Cr | Investors: Rajasthan Global Securities Private Limited , Finquest Financial Solutions Private Limited , Shine Star Build-Cap Private Limited , an individual |
| Nov 2025 | Market trade | ₹61.71 Cr | Buyer: Kotak Mahindra Mutual Fund, Irage Broking Services LLP Seller: Irage Broking Services LLP |
To see the full deal history of HFCL Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
HFCL Limited has 574 court cases on record: 488 filed by HFCL, 87 filed against it. 70 cases are pending and 504 are disposed.
Total cases
574
Filed by the company
488
Filed against the company
87
Pending
70
Disposed
504
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 510 | 53 | 56 |
| District courts | 60 | 33 | 13 |
| Supreme Court | 4 | 1 | 1 |
Cases on record (5 of 574)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court of Rajasthan | Interim or miscellaneous application | Filed by the company against Rajcomp Info Services Limited (Risl) | Pending |
| High Court of Rajasthan | Writ petition | Filed by the company against Rajcomp Info Services Limited (Risl) | Pending |
| District court, Chamba, Himachal Pradesh | Court case (Suit For Recovery) | Filed against the company by Kaliangi Constructions Pvt.Ltd Through Bharvi | Pending |
| High Court of Delhi | Arbitration matter | Filed against the company by M/S Freight Systems (India) Pvt. Ltd. | Disposed |
| Bombay High Court | Court case (ARP) | Filed against the company by M/S. Shiv Shakti Sanchar Private Limited | Disposed |
To see the full case history of HFCL Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
HFCL Limited was last rated by Care on 06 Jul 2022.
| Rating agency | Rated on | Rating |
|---|---|---|
| Care | 06 Jul 2022 |
To see the full credit ratings and regulatory alerts of HFCL Limited, buy the company report.
MSME payment delays
HFCL Limited has 18 MSME Form 1 returns on record between 2019 and 2024, listing 3,876 overdue payments to 389 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 389)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Bullseye Cargo Private Limited | |||
| Shashi Engicon Private Limited | |||
| Sukhdev Explosives Private Limited | |||
| an individual supplier | |||
| Siyaram Mahaparv Private Limited |
To see the full MSME payment records of HFCL Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
HFCL has 7 subsidiary companies and 2 associated companies. This group structure data is as of FY 2024. The table lists each entity with its relationship and holding.
7
Subsidiary companies
2
Associated companies
Key subsidiaries
| Company Name | CIN | Shares held |
|---|---|---|
| HFCL Advance Systems Private Limited | U29253HP2015PTC000880 | |
| HFCL Technologies Private Limited | U29309DL2021PTC382794 | |
| Dragonwave HFCL India Private Limited | U64200DL2010PTC211117 | |
| Moneta Finance Private Limited | U65921HP1995PTC017088 | |
| Raddef Private Limited | U74999KA2017PTC105873 | |
| Polixel Security Systems Private Limited | U93000DL2010PTC199073 |
To see the full group structure of HFCL Limited, buy the company report.
Employees & EPFO
HFCL Limited has a workforce of 2,336 employees on its EPFO records as of Oct 10, 2025, across 6 active EPFO establishments.
Employee count
2,336
Active EPFO establishments
6
Employee growth
3.64%
GST
HFCL has 45 GST registrations: 37 active and 8 cancelled or inactive. The first 4 active GSTINs are listed below.
Total GSTINs
45
Active
37
Cancelled / inactive
8
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 02AAACH4041D2ZF | Himachal Pradesh | Active | 01 Jul 2017 |
| 02AAACH4041D4ZD | Himachal Pradesh | Active | 21 Jul 2017 |
| 03AAACH4041D1ZE | Punjab | Active | 01 Jul 2017 |
| 04AAACH4041D1ZC | Chandigarh | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of HFCL Limited, buy the company report.
Recent activity
HFCL Limited has 30 board changes on record since 1987: 19 appointments and 11 cessations. The latest: Anil Narendra Shah was appointed as Director on 21 Jan 2026.
Charges
A charge with Others amounted to Rs. 16.03 Cr with Charge ID 101312599 was registered on 24 Jun 2026.
Charges
A charge with Others amounted to Rs. 38.62 Cr with Charge ID 101323361 was registered on 16 Jun 2026.
Charges
A charge registered on 21 Dec 2020 via Charge ID 100401795 with Others was fully satisfied on 15 Jun 2026.
Charges
A charge with Others amounted to Rs. 39.45 Cr with Charge ID 101314417 was registered on 09 Jun 2026.
Charges
A charge registered on 03 Mar 2020 via Charge ID 100330321 with Others was fully satisfied on 01 Jun 2026.
Charges
A charge with Others of Rs. 265.00 Cr registered on 10 Apr 2024 with Charge ID 100912551 was modified on 19 May 2026.
Charges
A charge with Others of Rs. 265.00 Cr registered on 10 Apr 2024 with Charge ID 100912572 was modified on 19 May 2026.
Charges
A charge with Others amounted to Rs. 88.00 Cr with Charge ID 101284784 was registered on 22 Apr 2026.
Charges
A charge with Others amounted to Rs. 92.00 Cr with Charge ID 101284795 was registered on 22 Apr 2026.
Filing
Hfcl Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Himachal Pradesh.
Charges
A charge registered on 09 Jun 2021 via Charge ID 100453383 with Others was fully satisfied on 19 Mar 2026.
Charges
A charge with Others amounted to Rs. 10.00 Cr with Charge ID 101249928 was registered on 17 Feb 2026.
242 earlier events are in the company report.
News
HFCL: Plans to Acquire Aerospace Business This Quarter, With Current Order Book Estimated at INR 1,600-1,800 Crores, Boosting Revenue.
HFCL: Expects Defense Revenue To Reach INR 500-600 Crore For FY '27, At Least INR 2,000 Crore In FY '28, And A Goal Of INR 5,000 Crore In Three Years
HFCL: Q2 CONS NET PROFIT 3.6B RUPEES VS 678M (YOY)
HFCL: Q2 REVENUE 25.4B RUPEES VS 10.4B (YOY)
HFCL: Q2 EBITDA 6.3B RUPEES VS 1.9B (YOY); Q2 EBITDA MARGIN 24.8% VS 18.4% (YOY)
HFCL: Expects At Least 80% Revenue Growth By FY27, Aiming To Reach ₹10,000 Crore Revenue Sooner Than FY29.
Frequently asked questions
HFCL is an active public limited company based in Solan, Himachal Pradesh, India. The company works in telecom equipment and tech solutions, within the telecom industry. It was incorporated on 11 May 1987 (39+ years old) and is registered under CIN L64200HP1987PLC007466. Listed on BSE: 500183 and NSE: HFCL.
HFCL reported revenue of ₹4,949.27 Cr for FY 2025-26 (up 21.8% YoY) based on consolidated financials.
HFCL has 6 current directors:
- Mahendra Nahata - Managing Director
- Arvind Kharabanda - Director
- Ajai Kumar - Director
- Ranjeet Mal Kastia - Director
- Bela Banerjee - Director
- Anil Narendra Shah - Director
The latest financial statements of HFCL on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 15 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of HFCL is 02AAACH4041D2ZF, registered in Himachal Pradesh. The company has 45 GST registrations in all, of which 37 are active and 8 are cancelled or inactive. Other active GSTINs include 02AAACH4041D4ZD (Himachal Pradesh), 03AAACH4041D1ZE (Punjab), 04AAACH4041D1ZC (Chandigarh).
The CIN (Corporate Identification Number) of HFCL is L64200HP1987PLC007466. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. HFCL is a listed company as per MCA records. Its shares are listed on both BSE (code: 500183) and NSE (symbol: HFCL).
HFCL has 574 court cases on record: 488 filed by the company and 87 filed against it. 70 are pending. Most are in the high courts.
HFCL was incorporated on 11 May 1987, making it 39+ years old. It is registered with the Registrar of Companies, Himachal Pradesh.
HFCL has 113 deals on record (85 market trades, 15 secondary share transfers, 10 funding rounds), with disclosed funding of ₹1,053.31 Cr; the latest was in April 2026.
Anil Narendra Shah was appointed as Director on 21 Jan 2026. Tamali Sengupta ceased to be Director on 24 Dec 2024. Bela Banerjee was appointed as Director on 17 Dec 2024. HFCL has 30 board changes on record in total.