New Risk • Jun 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 11% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.8% average weekly change). Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹163, the stock trades at a trailing P/E ratio of 80x. Average forward P/E is 15x in the Telecom industry in India. Total returns to shareholders of 158% over the past three years. Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₹146, the stock trades at a trailing P/E ratio of 71.8x. Average forward P/E is 14x in the Telecom industry in India. Total returns to shareholders of 118% over the past three years. Reported Earnings • May 05
Full year 2026 earnings released: EPS: ₹2.13 (vs ₹1.23 in FY 2025) Full year 2026 results: EPS: ₹2.13 (up from ₹1.23 in FY 2025). Revenue: ₹50.1b (up 23% from FY 2025). Net income: ₹3.12b (up 76% from FY 2025). Profit margin: 6.2% (up from 4.4% in FY 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 3.6% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Reported Earnings • Feb 04
Third quarter 2026 earnings released: EPS: ₹0.67 (vs ₹0.51 in 3Q 2025) Third quarter 2026 results: EPS: ₹0.67 (up from ₹0.51 in 3Q 2025). Revenue: ₹12.1b (up 20% from 3Q 2025). Net income: ₹976.2m (up 33% from 3Q 2025). Profit margin: 8.1% (up from 7.3% in 3Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Jan 22
HFCL Limited to Report Q3, 2026 Results on Feb 03, 2026 HFCL Limited announced that they will report Q3, 2026 results on Feb 03, 2026 Announcement • Dec 23
HFCL Limited has filed a Follow-on Equity Offering. HFCL Limited has filed a Follow-on Equity Offering.
Security Name: Equity Shares
Security Type: Common Stock
Transaction Features: Regulation S; Subsequent Direct Listing Reported Earnings • Oct 20
Second quarter 2026 earnings released: EPS: ₹0.47 (vs ₹0.51 in 2Q 2025) Second quarter 2026 results: EPS: ₹0.47 (down from ₹0.51 in 2Q 2025). Revenue: ₹10.4b (down 4.6% from 2Q 2025). Net income: ₹678.6m (down 8.2% from 2Q 2025). Profit margin: 6.5% (down from 6.8% in 2Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Oct 09
HFCL Limited to Report Q2, 2026 Results on Oct 17, 2025 HFCL Limited announced that they will report Q2, 2026 results on Oct 17, 2025 Announcement • Sep 02
Trinity Tech Solutions entered into a Share Purchase Agreement to acquire 15.19% stake in Nivetti Systems Private Limited from HFCL Limited (NSEI:HFCL) for approximately INR 520 million. Trinity Tech Solutions entered into a Share Purchase Agreement to acquire 15.19% stake in Nivetti Systems Private Limited from HFCL Limited (NSEI:HFCL) for approximately INR 520 million on September 1, 2025. Under the terms of the SPA, the Company has agreed to sell its entire stake, i.e., 2,17,594 equity shares representing 15.19% of the total shareholding in Nivetti, to Trinity in one or more tranches, for a total consideration of INR 520 million. The expected date of completion will be On or before October 15, 2025. Upcoming Dividend • Sep 01
Upcoming dividend of ₹0.10 per share Eligible shareholders must have bought the stock before 08 September 2025. Payment date: 15 October 2025. Payout ratio is a comfortable 8.1% but the company is not cash flow positive. Trailing yield: 0.1%. Lower than top quartile of Indian dividend payers (1.3%). Lower than average of industry peers (4.9%). Announcement • Aug 22
HFCL Limited announces Annual dividend, payable on October 15, 2025 HFCL Limited announced Annual dividend of INR 0.1000 per share payable on October 15, 2025, ex-date on September 08, 2025 and record date on September 08, 2025. Announcement • Aug 21
HFCL Limited to Report Fiscal Year 2026 Results on May 30, 2026 HFCL Limited announced that they will report fiscal year 2026 results on May 30, 2026 Announcement • Aug 20
HFCL Limited, Annual General Meeting, Sep 15, 2025 HFCL Limited, Annual General Meeting, Sep 15, 2025, at 11:00 Indian Standard Time. Reported Earnings • Jul 26
First quarter 2026 earnings released: ₹0.22 loss per share (vs ₹0.77 profit in 1Q 2025) First quarter 2026 results: ₹0.22 loss per share (down from ₹0.77 profit in 1Q 2025). Revenue: ₹8.71b (down 25% from 1Q 2025). Net loss: ₹322.4m (down 129% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Jul 18
HFCL Limited to Report Q1, 2026 Results on Jul 25, 2025 HFCL Limited announced that they will report Q1, 2026 results on Jul 25, 2025 Reported Earnings • May 23
Full year 2025 earnings released: EPS: ₹1.23 (vs ₹2.33 in FY 2024) Full year 2025 results: EPS: ₹1.23 (down from ₹2.33 in FY 2024). Revenue: ₹41.2b (down 7.7% from FY 2024). Net income: ₹1.77b (down 46% from FY 2024). Profit margin: 4.3% (down from 7.4% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹90.08, the stock trades at a trailing P/E ratio of 35.2x. Average trailing P/E is 26x in the Telecom industry in India. Total returns to shareholders of 42% over the past three years. Announcement • May 10
HFCL Limited to Report Q4, 2025 Results on May 22, 2025 HFCL Limited announced that they will report Q4, 2025 results on May 22, 2025 Reported Earnings • Feb 04
Third quarter 2025 earnings released: EPS: ₹0.51 (vs ₹0.58 in 3Q 2024) Third quarter 2025 results: EPS: ₹0.51 (down from ₹0.58 in 3Q 2024). Revenue: ₹10.1b (down 2.0% from 3Q 2024). Net income: ₹736.5m (down 10% from 3Q 2024). Profit margin: 7.3% (down from 8.0% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 8% per year. Announcement • Jan 23
HFCL Limited to Report Q3, 2025 Results on Feb 03, 2025 HFCL Limited announced that they will report Q3, 2025 results on Feb 03, 2025 Announcement • Jan 03
HFCL Limited Announces Retirement of Subodh Kumar Garg as Executive Director - Growth Strategy HFCL Limited announced that Mr. Subodh Kumar Garg, Executive Director - Growth Strategy, a Senior Management Personnel of the Company, has retired from services of the Company with effect from the closing of business hours of December 31, 2024. However, he will continue to discharge his role and functions in the capacity of strategic advisor of the Company. Board Change • Dec 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Independent Director Ajai Kumar was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 24
Second quarter 2025 earnings released: EPS: ₹0.51 (vs ₹0.50 in 2Q 2024) Second quarter 2025 results: EPS: ₹0.51 (up from ₹0.50 in 2Q 2024). Revenue: ₹10.9b (down 3.1% from 2Q 2024). Net income: ₹738.9m (up 6.4% from 2Q 2024). Profit margin: 6.8% (up from 6.2% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Announcement • Oct 16
HFCL Limited Unveils Two Innovative UBR Solutions:, Advanced 4G & 5G Backhauling and Energy-Efficient Rural Broadband Connectivity Solutions HFCL Limited announced the launch of two revolutionary Unlicensed Band Radio (UBR) products at the India Mobile Congress 2024, Pragati Maidan, New Delhi. Promising to address the surging data demands of today's network environments and yet maintaining sustainability, HFCL's new launches include: (a) 1 Gbps Small Form Factor 4G/5G backhauling Radio offering unprecedented spectral and power efficiency, and (b) Energy efficient 2 Gbps Point-to-Multipoint Rural connectivity UBR. These designed in India UBR products underline HFCL's position as a key player in the industry for 4G/5G wireless backhauling and rural connectivity solutions. HFCL's new UBR devices offer fibre-like speeds, power efficiency, and significant cost reductions on utilities and tower space, enabling telcos and service providers to save on CAPEX and OPEX alike. Unlike any of traditional backhauling solutions, be it fibre optics, which can be costly and limited in reach, microwave systems which have inherent capacity constraints, and E-band radios which face reliability issues, HFCL's UBRs deliver superior performance, ultra-high capacity and high reliability at almost one-tenth cost as compared to conventional backhauling methods. The 1 Gbps UBR features a compact, portable design with an integrated antenna, making it exceptionally easy to transport and install. Its small form factor is ideal for rapid deployment in both urban and rural environments and is packed with advanced features like bandwidth aggregation, low latency, minimized jitter, and long range etc. making this ideal for 4G and 5G backhauling. Even in compact form, the device provides 1 Gbps throughput, ensuring reliable and fast last-mile access and backhaul connectivity over longer distances. It also includes advanced RF interference mitigation technologies to enhance signal integrity and achievable throughput, optimizing network performance in challenging environments. The 2 Gbps UBR is ideal for providing connectivity in remote villages from a Gram Panchayat in point-to- multipoint scenario, allowing simultaneous delivery of high-bandwidth to multiple villages from a single fibre-PoP. This makes it an ideal solution for extensive deployments in remote and rural environments. These innovative UBRs are designed to deliver high throughput in last-mile and offers telcos and service providers with a scalable and robust wireless backhauling solution. What sets HFCL apart is that these new UBR devices, among other wireless and wired products in its portfolio, can be easily controlled, monitored, and managed through an advanced Element Management System (EMS). A single-pane-of-glass interface that simplifies network management for large-scale deployments for telcos and enterprises. Additionally, Link Planning tool LinkXpert allows for meticulous network planning in advance, ensuring optimal resource utilization and maximizing network efficiency. The Company has also hit a significant milestone of over 500,000 successful deployments of UBRs across its key markets including India, the UK, Europe, Middle East and Africa. Announcement • Oct 11
HFCL Limited to Report Q2, 2025 Results on Oct 21, 2024 HFCL Limited announced that they will report Q2, 2025 results on Oct 21, 2024 Upcoming Dividend • Sep 18
Upcoming dividend of ₹0.20 per share Eligible shareholders must have bought the stock before 23 September 2024. Payment date: 30 October 2024. Payout ratio is a comfortable 8.6% but the company is not cash flow positive. Trailing yield: 0.1%. Lower than top quartile of Indian dividend payers (1.0%). Lower than average of industry peers (4.5%). Announcement • Sep 12
HFCL Limited Showcases Its Latest Range of Innovative High-Density Blown Fibre Solutions At the Connected Britain 2024 Event HFCL Limited showcased its latest range of innovative high-density blown fibre solutions at the Connected Britain 2024 event. The solutions include a comprehensive range of products including - a Compact Fibre Units (CFU) with capacities of up to 12 fibres, available in sizes between 1.1mm and 1.6mm diameter. A 36F Fibre Blown Nano family cable with a 2.4mm diameter. And a new Openreach's PIA approved 1F Aerial Drop Cable, with a 1mm diameter, has also been introduced. Together, these offerings will enable UK operators to connect customers more quickly, cost-effectively, and sustainably. These new additions, further expand HFCL's extensive optical fibre solution portfolio, paving the way for advanced fibre infrastructure and faster broadband rollouts in the UK, targeting Building Digital UK (BDUK) initiative. To accelerate digital connectivity in the UK, HFCL has unveiled a tailored portfolio of 1F-12F compact fibre units (CFUs). These CFUs feature a low-friction HDPE (High-Density Polyethylene) jacket, designed for efficient, long-distance installations in microducts. Capable of being jetted up to 1km at speeds exceeding 80 meters per minute, they deliver exceptional performance. The 12F and 6F units are ideal for low-fibre count distribution networks using small microducts, such as FTTA networks, while the 1F, 2F, and 4F units are perfect for final access even in the smallest microducts. Available in recyclable cardboard pans or reusable/recyclable spools, with lengths up to 6km, these ultra-compact fibre units also lower transportation costs per fibre-kilometre, reducing environmental impact and the carbon footprint associated with network construction. Another new component of HFCL's end-to-end fibre solution is the addition of a 36F version to its already successful 2-24 Fibre Blown Nano family, with a diameter range of 2mm - 2.4mm. This new version maintains the same 2.4mm diameter as the 24F cable, incorporating customised low-friction jacketing and HFCL's world-class 200-micron single-mode optical fibre. This cable is uniquely designed to ise fibre count in the smallest microducts, increasing the maximum available fibre count in a 2.4mm unit by 50%. The increased fibre density enables operators to maximise capacity within existing duct networks, avoiding the need for costly civil works to install new ducts. This higher packing density is also advantageous for operators leasing duct space, as it allows costs to be distributed across a larger number of fibres. HFCL has consciously implemented eco-friendly measures in the manufacturing of this cable, offering sustainable benefits by minimising the use of plastics and gel per fibre-kilometre and utilising recyclable reels. The PIA approved 3.5mm 1F aerial drop cable brings a cost effective and high-quality solution to customers. With Openreach's PIA approval, telecom providers can leverage existing infrastructure to install this 1F aerial drop cable. It is compatible with two leading clamps and works seamlessly with top Aerial Subscriber Nodes (ASN). An ASN is a crucial component in network infrastructure that enables last-mile connectivity, typically in rural or hard-to-reach areas. Mounted on aerial cable poles, it facilitates high-speed internet access by connecting subscribers to the main fibre optic network or wireless network. This solution range launched by HFCL is designed to meet the network requirements of telcos and multiple system operators (MSOs) deploying FTTx services in microducts, targeting markets in the UK, Europe, and North America. HFCL's innovative approach and focus on sustainability set these products apart from competitors, offering superior performance with unmatched customer service. Declared Dividend • Sep 04
Dividend of ₹0.20 announced Dividend of ₹0.20 is the same as last year. Ex-date: 23rd September 2024 Payment date: 30th October 2024 Dividend yield will be 0.1%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is covered by earnings (9% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 22% per year over the past 6 years. However, payments have been volatile during that time. Earnings per share has grown by 2.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Sep 02
HFCL Limited, Annual General Meeting, Sep 30, 2024 HFCL Limited, Annual General Meeting, Sep 30, 2024, at 11:00 Indian Standard Time. Announcement • Aug 27
HFCL Limited Announces Cessation of Surendra Singh Sirohi as Independent Director, Member/Chairman of Committees HFCL Limited announced that Mr. Surendra Singh Sirohi (DIN: 07595264) has completed his second term as an Independent Director and consequently ceased to be a Director of the Company with effect from i.e. August 27, 2024. Consequently, Mr. Sirohi has also ceased to be a Member/Chairman of the following committees of the Company: - Audit Committee Member; Nomination, Remuneration and Compensation Committee (NRC) Chairman; Corporate Social Responsibility Committee (CSR) Member; and Environmental, Social, and Governance Committee (ESG) Chairman. Announcement • Aug 22
HFCL Limited Debuts New Ribbon and Microcable Solutions At ISE EXPO 2024 HFCL Limited introduced a suite of new high-performance cable solutions at ISE EXPO 2024 in Dallas, Texas, USA. First, HFCL introduced a product line of high-density single-jacket single-armor Intermittently Bonded Ribbon (IBR) cables with 144-1728 fibers, a development which was recognized with the presentation of an ISE Innovators Award. Second, HFCL expanded its award-winning Nano Thin product line of loose tube microcables to add a 10.6mm diameter 864 fiber cable. As one of the leading global suppliers of optical fiber cables, HFCL will cater to changing demands for network deployment driven by growth in data centers, metro networks and FTTx in North America with these innovative cable solutions. In order to address the connectivity needs and bandwidth challenges faced by telcos and enterprises in the fast-evolving digital landscape, HFCL showcased its new family of 144-1728F Single-Jacket Single-Armor IBR Cables, the smallest, lightest and highest-density general purpose armored ribbon cables available in the North American market. The rugged armored design makes these cables ideal for lashed aerial, direct buried and duct deployments, with a wide range of fiber counts available to support OSP trunk and distribution applications. This patent-pending cable family features a tubeless design for simplified core access, and supports quick, direct access to the core with a guide notch for slitting tools. These craft-friendly features facilitate faster splicing in the field during both installation and restoration. Use of fiberglass-composite strength members instead of steel wire improves safety while supporting lower cable bend radius, enabling use of smaller handholes and pedestals to reduce both material consumption and system cost. Compared to competing armored IBR cable solutions, the cables themselves are more sustainable, with diameter reductions up to 24% and weight reductions ranging from 18 to 48%. HFCL has also extended its sustainable Nano Thin microcable product line to include a 10.6mm diameter 864 fiber cable. This innovative cable maximizes fiber capacity in 14mm diameter microducts to support increased traffic driven by AI and data centers. This 864 fiber cable uses cost-effective, backward-compatible ITU G.657.A1 optical fiber, and its fiber packing density of 9.8 fibers/mm2 is a world record for cables with this fiber type. The cable has a fill factor of 0.75 in 14mm diameter microduct, smaller than that of competing cables. This ideal fill factor enables fast installation by jetting, as demonstrated by a trial by HFCL in which 2,000m of cable was installed in duct on an industry-standard route in only 16 minutes, an astonishing speed of 125 m/minute. New Risk • Aug 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.6% average weekly change). Minor Risk Shareholders have been diluted in the past year (4.7% increase in shares outstanding). Announcement • Jul 31
Hfcl Develops Critical Defense Technologies Indigenously with Focus on Exports HFCL has indigenously designed and developed various cutting edge defence technologies including Electronics Fuzes, Ti Cores for Thermal Sights, Thermal Weapon Sights for light machine guns and assault rifles, Ground Surveillance Radars for various range and applications, High Capacity Radio Relays, among others. HFCL is also in the advanced stage of discussions to adopt defence technology and products developed by the Indian Agencies. The Company's indigenously developed electronic fuzes for artillery ammunition have already undergone extensive testing. The intellectual property rights of these products are entirely owned by HFCL in line with the Atmanirbhar Bharat Abhiyaan. Discussions are underway for the export of these indigenously developed fuzes. HFCL has also designed 12-micron Ti-core based thermal weapon sight for defence forces, a feat accomplished by few global companies. HFCL has also participated in tenders for thermal weapon sights for light machine guns and rocket launchers with its indigenously developed products, which are currently in various stages of trials.Further, to fulfill the critical Information, Surveillance, and Reconnaissance (ISR) needs of Defense and Security Forces, HFCL has strategically focused on developing advanced radar technologies. In its initial offering, HFCL through its subsidiary, Raddef Private Limited, an R&D enterprise specializing in cutting-edge radars and RF solutions, has designed and developed a range of ground and coastal surveillance radars to meet diverse operational needs. These radars employ Frequency Modulated Continuous Wave (FMCW) technology, which offers numerous advantages over other radar technologies, including high accuracy, low power consumption, and resistance to interference. HFCL is also in discussion with a large player for the development of critical sub-systems for their overall surveillance platform. The surveillance radars have been subjected to extensive trials for ground and coastal surveillance applications. The senior defense officials recently visited the Company's R&D facility at Bangalore and appreciated the progress made by HFCL. HFCL is also one of the shortlisted vendors in the Make-II program of the Indian Army for upgrading armaments of BMP 2/2K, having successfully cleared first level of user trials. Aiming to be a significant contributor to the defense sector and fortify national security, HFCL has invested in its R&D capabilities over the past five years to develop various defense technologies. The Indian Defence forces, recognized as the world's fourth largest armed force, stands on the brink of a significant transformation. The Government has identified the Defence sector as pivotal area for the `Aatmanirbhar Bharat' initiative. This strategy focuses on fostering indigenous manufacturing capabilities and strengthening a robust research and development ecosystem. With active initiatives by Indian and various global governments to modernize and upgrade defense networks and systems, there is a total addressable market of multi billion dollars. Reported Earnings • Jul 25
First quarter 2025 earnings released: EPS: ₹0.77 (vs ₹0.49 in 1Q 2024) First quarter 2025 results: EPS: ₹0.77 (up from ₹0.49 in 1Q 2024). Revenue: ₹11.6b (up 16% from 1Q 2024). Net income: ₹1.11b (up 64% from 1Q 2024). Profit margin: 9.6% (up from 6.8% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Announcement • Jul 13
HFCL Limited to Report Q1, 2025 Results on Jul 24, 2024 HFCL Limited announced that they will report Q1, 2025 results on Jul 24, 2024 Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹130, the stock trades at a trailing P/E ratio of 57x. Average trailing P/E is 53x in the Telecom industry in India. Total returns to shareholders of 48% over the past three years. New Risk • Jun 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Shareholders have been diluted in the past year (4.7% increase in shares outstanding). Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₹83.45, the stock trades at a trailing P/E ratio of 36.5x. Average trailing P/E is 45x in the Telecom industry in India. Total returns to shareholders of 64% over the past three years. Reported Earnings • May 04
Full year 2024 earnings released: EPS: ₹2.33 (vs ₹2.18 in FY 2023) Full year 2024 results: EPS: ₹2.33 (up from ₹2.18 in FY 2023). Revenue: ₹45.7b (down 3.7% from FY 2023). Net income: ₹3.30b (up 9.6% from FY 2023). Profit margin: 7.2% (up from 6.3% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 42% per year, which means it is well ahead of earnings. Announcement • Apr 21
HFCL Limited to Report Q4, 2024 Results on May 03, 2024 HFCL Limited announced that they will report Q4, 2024 results on May 03, 2024 Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₹83.70, the stock trades at a trailing P/E ratio of 41.3x. Average trailing P/E is 47x in the Telecom industry in India. Total returns to shareholders of 215% over the past three years. Reported Earnings • Feb 02
Third quarter 2024 earnings released: EPS: ₹0.58 (vs ₹0.69 in 3Q 2023) Third quarter 2024 results: EPS: ₹0.58 (down from ₹0.69 in 3Q 2023). Revenue: ₹10.8b (flat on 3Q 2023). Net income: ₹822.4m (down 14% from 3Q 2023). Profit margin: 7.6% (down from 8.9% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jan 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Shareholders have been diluted in the past year (3.7% increase in shares outstanding). Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₹106, the stock trades at a trailing P/E ratio of 49.4x. Average trailing P/E is 53x in the Telecom industry in India. Total returns to shareholders of 275% over the past three years. Announcement • Jan 12
HFCL Limited to Report Q3, 2024 Results on Jan 25, 2024 HFCL Limited announced that they will report Q3, 2024 results on Jan 25, 2024 Announcement • Oct 31
HFCL Limited Launches a Suite of Connectivity Products and Solutions for Global Telcos and Enterprises HFCL Limited has unveiled a pioneering suite of 5G products and network solutions at the India Mobile Congress 2023 held during October 27, 2023 to October 29, 2023. HFCL launched a comprehensive suite of next-gen connectivity products and solutions for the international markets, including 5G FWA (Fixed Wireless Access) CPE (Customer Premise Equipment), IP MPLS Routers, 2 Gbps UBR (Unlicensed Band Radio), and 1728-high fiber count IBR (Intermittently Bonded Ribbon) Optical Fibre Cable. HFCL has unveiled its own designed and developed 5G FWA (Fixed Wireless Access) CPE (Customer Premise Equipment) solution in various variants. Pioneering innovative technology products, HFCL's portfolio of Indoor and Outdoor 5G FWA CPE products will accelerate wireless broadband penetration in urban, rural areas and help bridge the last-mile connectivity challenge in key global markets. Built to complement wired broadband connections in areas where fibre rollout is limited, HFCL's range of 5G FWA CPE support both 5G SA and NSA technologies across multiple Sub-6 GHz and mmWave frequency bands to offer cost-effective and fibre-like speeds to customers using the 5G network. Marking a significant leap in offering 5G backhauling and carrier-grade enterprise wireless connectivity, the launch of 2 Gbps UBR positions HFCL as a dominant player in the growing Indian and global UBR market. This innovative product offers a low-latency, 2 Gbps connectivity solution which can operate across an extended 5GHz frequency range. It is designed for easy installation, effortless management, high reliability and has advanced security features to protect from external threat vectors. Further, in comparison to traditional backhaul solutions, 5G wireless backhauling with 2 Gbps UBR will enable HFCL's customers to save up to 75% on the total cost of ownership (TCO). Further, addressing the connectivity needs and bandwidth challenges faced by telcos and enterprises in the fast-evolving digital landscape, HFCL has also launched revolutionary IP MPLS Routers. The comprehensive IP MPLS Router product line introduced by HFCL aims to empower telcos to backhaul 5G networks, fibre broadband networks and provide last mile connectivity to enterprises in urban metros and tier 2 cities. This IP MPLS Router portfolio will help HFCL's customers build scalable and efficient networks that are capable of handling different types of data traffic, support Quality of Service (QoS) for bandwidth prioritization and avoid network congestion. Along with these, HFCL has also introduced its 1728-high-fibre count Intermittently Bonded Ribbon (IBR) Optical Fibre Cable that will allow telcos and enterprises to accelerate installation of 5G network infrastructure, expand FTTH capabilities and address the rising demand for high-capacity networks particularly from hyper scale data centres. The gel-free IBR cable is also optimised with high productivity mass fusion splicing for cost efficient deployment, easy installation in congested areas and quick restoration in case of any accidental outage. Reported Earnings • Oct 22
Second quarter 2024 earnings released: EPS: ₹0.50 (vs ₹0.60 in 2Q 2023) Second quarter 2024 results: EPS: ₹0.50 (down from ₹0.60 in 2Q 2023). Revenue: ₹11.3b (down 3.8% from 2Q 2023). Net income: ₹694.2m (down 15% from 2Q 2023). Profit margin: 6.2% (down from 7.0% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 11
HFCL Limited to Report Q2, 2024 Results on Oct 19, 2023 HFCL Limited announced that they will report Q2, 2024 results on Oct 19, 2023 Upcoming Dividend • Sep 15
Upcoming dividend of ₹0.20 per share at 0.3% yield Eligible shareholders must have bought the stock before 22 September 2023. Payment date: 30 October 2023. Payout ratio is a comfortable 9.2% but the company is not cash flow positive. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.3%). Lower than average of industry peers (4.3%). Announcement • Sep 02
HFCL Limited, Annual General Meeting, Sep 30, 2023 HFCL Limited, Annual General Meeting, Sep 30, 2023, at 11:00 Indian Standard Time. New Risk • Sep 01
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.7% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Announcement • Aug 25
HFCL Limited Announces Retirement of Brij Bhushan Singh as Executive President- Defence Products HFCL Limited announced that Mr. Brij Bhushan Singh, Executive President- Defence Products has vide e-mail sent on August 04, 2023 expressed his desire to take early retirement, due to his personal reasons. It is further informed that on his request, Mr. Brij Bhushan Singh has been relieved from his duties, effective end of business hours of August 18, 2023. Reported Earnings • Jul 28
First quarter 2024 earnings released: EPS: ₹0.49 (vs ₹0.37 in 1Q 2023) First quarter 2024 results: EPS: ₹0.49 (up from ₹0.37 in 1Q 2023). Revenue: ₹9.95b (down 5.3% from 1Q 2023). Net income: ₹680.9m (up 33% from 1Q 2023). Profit margin: 6.8% (up from 4.9% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 72% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 15
HFCL Limited to Report Q1, 2024 Results on Jul 26, 2023 HFCL Limited announced that they will report Q1, 2024 results on Jul 26, 2023 Announcement • May 09
HFCL Limited Proposes Dividend for the Year 2023 HFCL Limited proposed dividend for the financial year 2022-23 @ 20%, i.e., INR 0.20 per equity share of face value INR 1 each, out of the Profits of the Company for the financial year 2022-23, which shall be paid, subject to the approval of the shareholders in the upcoming annual general meeting or other authorities, wherever required. The Dividend for the financial year ended March 31, 2023, if declared, at the upcoming annual general meeting, will be paid to the shareholders, within 30 days from the date of declaration. Reported Earnings • May 09
Full year 2023 earnings released: EPS: ₹2.18 (vs ₹2.38 in FY 2022) Full year 2023 results: EPS: ₹2.18 (down from ₹2.38 in FY 2022). Revenue: ₹47.9b (up 1.3% from FY 2022). Net income: ₹3.01b (down 3.9% from FY 2022). Profit margin: 6.3% (down from 6.6% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 88% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Feb 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Independent Director Ajay Kumar was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jan 25
Third quarter 2023 earnings released: EPS: ₹0.69 (vs ₹0.59 in 3Q 2022) Third quarter 2023 results: EPS: ₹0.69 (up from ₹0.59 in 3Q 2022). Revenue: ₹10.9b (down 11% from 3Q 2022). Net income: ₹961.3m (up 23% from 3Q 2022). Profit margin: 8.9% (up from 6.4% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 12
HFCL Limited to Report Q3, 2023 Results on Jan 23, 2023 HFCL Limited announced that they will report Q3, 2023 results on Jan 23, 2023 Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹66.40, the stock trades at a trailing P/E ratio of 33.1x. Average trailing P/E is 20x in the Telecom industry in India. Total returns to shareholders of 279% over the past three years. Reported Earnings • Oct 21
Second quarter 2023 earnings released: EPS: ₹0.60 (vs ₹0.64 in 2Q 2022) Second quarter 2023 results: EPS: ₹0.60. Revenue: ₹11.7b (up 4.6% from 2Q 2022). Net income: ₹818.4m (flat on 2Q 2022). Profit margin: 7.0% (down from 7.3% in 2Q 2022). The decrease in margin was driven by higher expenses. Announcement • Oct 17
HFCL Limited announced that it has received INR 282 million in funding from MN Ventures Private Limited and other investors On October 15, 2022. As of the same date, the transaction was approved in the 35th annual general meeting of the company. Announcement • Oct 11
HFCL Limited to Report Q2, 2023 Results on Oct 18, 2022 HFCL Limited announced that they will report Q2, 2023 results on Oct 18, 2022 Announcement • Oct 04
HFCL Limited Announces the Launch of 5G Lab-As-A-Service HFCL Limited announced the launch of 5G Lab-as-a-Service to accelerate rollout of 5G solutions and services. Telecom operators are adopting multi-vendor networks based on cloud-native technologies for faster and cost-effective rollout of 5G services and for improved user experience. There is also a need to support multiple frequency bands (sub-6 GHz, millimeter wave) and various deployment scenarios to realize diverse 5G use cases for Consumer, Enterprise and Industry Verticals. HFCL's 5G Lab-as-a-Service provides an automated test environment for the private sector, academia and government to work together on product innovations from concept to reality. The 5G Lab provides a sandbox for rapid prototyping of 5G use cases addressing the needs of various industry segments that include manufacturing, transportation, healthcare and retail. The 5G Lab will help to create pre-integrated and pre-validated 5G solutions for Low Mobility Large Cell needed for efficient rollout of rural mobile broadband in the country. With a proven track record of delivering fully integrated solutions for telecom networks, HFCL is bringing its system integration expertise to 5G networks. The lab is equipped with a multi-vendor 5G network and test tools that include signal analyzer and signal generator for RF conformance tests, O-RAN studio, PTP conformance test equipment and anechoic chamber. HFCL has built an agile DevOps-based test platform for automated lab validation, field deployment, and service automation. HFCL is offering this 5G Lab-as-a-Service (LaaS) to technology providers for: Standard compliance and interface testing (3GPP), Feature testing including functional, stress and performance testing, Proof of concept, pre-deployment and field testing, End user devices, network functions, infrastructure and applications testing. HFCL will provide access to highly skilled teams with expertise in 5G networks and devices including expertise in DevOps, CI/CD, Kubernetes, and cloud-native technologies that are needed for testing in 5G environments. From rapid prototyping to end-to-end testing, HFCL's 5G Lab will enable telecom operators and ecosystem partners to innovate and co-create 5G solutions, services and business models to build new 5G use cases and unlock the benefits of this technology. Announcement • Oct 02
HFCL Limited Approves Declaration of Dividend for the Financial Year Ended 31st March, 2022 The AGM of HFCL Limited held on 30th September, 2022, has approved declaration of Dividend of INR 0.18 (Eighteen Paisa only) or 18% per fully paid-up equity share of face value of INR 1 (Rupee One only) for the financial year ended 31st March, 2022. Upcoming Dividend • Sep 15
Upcoming dividend of ₹0.18 per share Eligible shareholders must have bought the stock before 22 September 2022. Payment date: 30 October 2022. Payout ratio is a comfortable 8.7% and the cash payout ratio is 84%. Trailing yield: 0.2%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (4.4%).