Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 13 Oct - As per Regulation 30 read with Para A of Part A of Schedule III to the SEBI Listing Regulations, we wish to inform you that …
Source: Bse
HFCL Limited (HFCL)
Large CapTelecom stocks · Large cap · NSE
HFCL Limited (HFCL) operates in the Telecom sector. This document is an announcement for its Q2FY27 and H1FY27 unaudited financial results conference call.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals15 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result19 Oct, 11:57 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Telecom P/E 28.1 (n=16)
Technical timing lens
Trend score and candlestick chart
84Strong Bullfull bull SMA stack · SMA20 +4.6% / mo · MACD + · near 52W high
Stock trend: 84
Sector RS: —
Telecom FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
HFCLD candles · FIT view+148.2%Latest close ₹264.78 on 2026-10-21
Bar
-6.2%
RSI
60
MACD hist
1.38
52W pos
92%
2026-10-21O ₹282.25H ₹282.25L ₹256.00C ₹264.78Vol 1.7Cr sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
HFCLNifty TelecommunicationsNifty 500
- HFCL
- +21.5%
- Nifty 500
- -6.5%
- Nifty Telecommunications
- +1.0%
- Vs Nifty 500
- +28.0 pp
Chart stats
21 Oct 2026- From 52W high
- -6.2%
- 52W range position
- 92%
- ATR (14)
- 5.2%
- Volume vs 20D
- 2.28x
- Avg traded value
- ₹201 Cr
- 20D price channel
- ₹199 - ₹282.3
₹282.3
₹59.8 - ₹282.3
₹13.7
Latest completed session
20-session average
57.6% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · OVERVALUED17
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +143.7% · PAT +447.5% YoY
Technical
Strong Bull84
Price trend and sector-relative-strength timing.
Valuation
Legacy model-279.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence61
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Excellent · 100/100Rev +144% YoY · PAT +448% YoY · margin expansion · +33% QoQ · operating leverage
Filed 19 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,541.8 Cr | +143.7% | +32.7% |
| EBITDA | ₹630.5 Cr | +231.9% | +52.3% |
| Operating margin | 24.8% | +681 bps | +318 bps |
| PAT | ₹394.2 Cr | +447.5% | +60.5% |
| PAT margin | 15.5% | +861 bps | +268 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 47.42
- P/B
- 8.03
- EV/EBITDA
- 31.15
- Market Cap
- 41138.68Cr
Profitability
- ROE
- 6.98%
- ROCE
- 10.80%
- ROA
- 6.81%
- Dividend Y
- 0.08%
Growth (CAGR)
- Revenue 5Y
- 2.00%
- EPS 5Y
- 5.00%
- Revenue 3Y
- 1.00%
- EPS 3Y
- 1.00%
Balance Sheet
- Debt/Equity
- 0.39
- Interest Coverage
- 4.60×
- Altman Z
- 7.98
- Book Value
- 32.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- -378.00 Cr
- EPS TTM
- 5.67
Shareholding
- Promoter Hold
- 28.29%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 91%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 2,542+32.7% vs prev
Net Profit
₹ CrLatest: 394+60.5% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 60. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~4.4% over last month) — short-term momentum positive.
- RSI(14) at 60 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 6% off 52W high · 343% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
99
RS percentile
Stage 2 UptrendEstablished S2
1M return
+23.5%
3M return
+21.5%
6M return
+170.9%
1Y return
+243.2%
RS 1D
0
RS 20D
0
Sector rank
#7
Industry rank
-
Stage evidence
- Price is 44.8% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +14.5%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
16 Apr 2026
S2 age
132 trading sessions
Sector
improving
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 372.22-0.58%
RS vs Nifty 500372
Valuation & peers
U-Score 17 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 17 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth6/25
Quality0/20
Balance Sheet6/15
Cash Flow3/10
Piotroski
6/9 (+3)
Penalties
-1
Raw sum
17
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
17/100 · legacy band OVERVALUED
Positive drivers
- Balance sheet contributes 6/15 to the score.
- Cash flow contributes 3/10 to the score.
- Growth contributes 6/25 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -279.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Telecom valuation: EV/EBITDA against ARPU, debt, and capex
Telecom needs enterprise-value and cash-flow framing because leverage is structurally important.
Primary lens
EV/EBITDA and debt-adjusted cash generation.
Secondary checks
ARPU growth, subscriber quality, spectrum liabilities, capex intensity.
Main risk check
High EBITDA can still be weak equity value if debt and capex absorb cash.
PE
47.4
PB
8.0
EV/EBITDA
31.1
ROE
7.0%
ROCE
10.8%
FCF Yield
—
Debt/Equity
0.4
MoS
-279.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
17
Previous: 17
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-279.1%
Previous: -284.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
17
17
17
17
17
17
17
17
17
17
17
17
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹63.89
-314.4% MoS
Growth-justified P/E
12.3
Growth-justified Value
₹69.85
-279.1% MoS
PEG
13.95
Comparable companies
Peers
Business-comparable peers in Telecom — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ITI
Small
ITI Limited
Telecom Equipment
match 83
22
—
-8.9%
-67%
OVERVALUED
AKSHOPTFBR
Small
Aksh Optifibre Limited
Telecom Equipment
match 49
8
—
—
—
OVERVALUED
FROG
SME
Frog Cellsat Ltd.
Telecom Equipment
match 49
28
—
-0.7%
—
OVERVALUED
SUYOG
Small
Suyog Telematics Limited
Telecom Equipment
match 47
58
13.0
14.2%
+63%
FAIR VALUE
PACEDIGITK
Small
Pace Digitek Limited
Telecom Equipment
match 47
68
11.8
17.6%
+74%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-19T07:45:09.720Z
Management commentary snapshot
Q2FY27 and H1FY27 Unaudited Financial Results Conference Call Announced
No financial or operational results are disclosed in this conference call announcement to assess the current investment thesis. The document only provides details for an upcoming earnings call.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The document is an announcement for an earnings call and does not contain financial results or operational data to determine the appropriate comparison basis. YoY is chosen as a general default for many businesses.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
61Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 32nd percentile of the scored universe and 23rd percentile within Telecom. Main check: results consistency is weak at 50/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
172 docs text-extracted · 62 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
32nd percentile
overall median 67 · Telecom: 23rd pctile, median 66 · Large: 17th pctile, median 73
Evidence depth
Financial-only
172 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
70
acceptable · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
52
watch · capital discipline
Results
50
watch · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸6 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-378 Cr.
- ▸Promoter holding fell 1.7%.
- ▸ROE is low at 7%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching HFCL Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 25 Sep - Public Notice by way of Advertisement in Newspapers - Special Window for re-lodgment of Transfer requests of Physical Shares in reference to SEBI Circular dated …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 14 Sep - HFCL approves ₹820 crore expansion, raising total capex to ₹1,800 crore for fiber, cable and preform capacity.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 11 Sep - Pursuant to Regulation 30 read with Para A of Part A of Schedule III to the SEBI Listing Regulations, we wish to inform you that …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 11 Sep - Pursuant to Regulation 30 read with Para A of Part A of Schedule III to the SEBI Listing Regulations, we wish to inform you that …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 11 Sep - HFCL will attend investor meetings with Jefferies, Nomura and Arihant Capital on Sep 18, 23 and 29, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Aug - Pursuant to Regulation 30 read with Para A of Part A of Schedule Ill to the SEBI Listing Regulations, we wish to inform you that …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Aug - Pursuant to Regulation 30 read with Para A of Part A of Schedule Ill to the SEBI Listing Regulations, we wish to inform you that …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 6 Aug - HFCL to participate in Nuvama India Conference 2026 in Singapore on August 11-12, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 8 Jul - HFCL launches OptiQ AI™ brand for its optical connectivity portfolio serving AI and hyperscale data centres.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 2 Jul - CARE Ratings upgraded HTL Limited’s bank facilities, reflecting improved operations and financial performance.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 17 Jun - HFCL wins ₹2,666.09 crore RVNL BharatNet Phase-III contract for Uttar Pradesh (West), including 10-year maintenance.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.