# HFCL share price today (HFCL Ltd, NSE: HFCL)

> HFCL share price today: ₹228.16 at the NSE close on 4 November 2026, up 204.7% in a year. HFCL (NSE: HFCL) is worth ₹34,966 crore, trades at a P/E of 40.3 and has closed between ₹61.10 and ₹261.30 over the past 52 weeks. > HFCL Ltd's share price has risen faster than its earnings: +204.7% in a year, against +65.9% for earnings per share. HFCL · Telecom Services · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/hfcl-ltd

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## Key numbers

- Business trend: Turning around, from fewer quarters than usual
- Price: ₹228.16 (+204.7% in a year)
- P/E: 40.3× (higher than 80% of the last 11 years)
- Revenue (Sep 2026): ₹2,542 Cr (+143.7% on a year ago)
- Profit (Sep 2026): ₹394 Cr (+447.2% on a year ago)
- Operating margin: 25.0% (+7.0 points on a year ago)
- ROCE: 11%, FY26
- Profit that came in as cash: −3%, last 3 years

The main question: profits are rising, but only −3% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. ## What is the HFCL share price today? HFCL Ltd's share price was ₹228.16 at the close on 4 November 2026. It has been rising for 27 weeks. That is 27.7% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹61 and ₹261, and at that close it sat 83% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 14 weeks in a row. Over the last 11 years the share price moved +1,242% while the NIFTY 500 moved +257%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at HFCL this quarter? Three changes stood out: best operating margin in 16 quarters, highest quarterly profit in 16 quarters and highest quarterly revenue in 16 quarters. 1. Best operating margin in 16 quarters Operating margin was 25% in the September 2026 quarter, against 18% a year earlier. Why: Profit left after running costs rose because the company sold more data centre connectivity and higher capacity cables, where it says few suppliers compete, and it made more parts in house. Next results: check whether the interim preform plan starts cutting costs and Germanium supplier arrangements move ahead. From the earnings call on 19 Oct 2026. 2. Highest quarterly profit in 16 quarters Profit of ₹394 crore in the September 2026 quarter is the highest of the last 16 quarters. Why: Profit rose because the company sold more data centre connectivity and cables, and it made more parts in house to keep more of each sale. Next results: check whether connectivity sales keep growing and whether certified products for inside data centres move beyond first shipments. From the earnings call on 19 Oct 2026. 3. Highest quarterly revenue in 16 quarters Revenue of ₹2,542 crore in the September 2026 quarter is the highest of the last 16 quarters. Why: Revenue rose because the company sold more optical fibre cable and data centre connectivity, with demand spreading beyond North America. From the earnings call on 19 Oct 2026. ## What are HFCL's latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), HFCL reported revenue of ₹2,542 crore, up 143.7% from ₹1,043 crore a year earlier, and a profit of ₹394 crore, up 447.2% from ₹72.0 crore. ### HFCL results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹2,542 crore | ₹1,043 crore | +143.7% |
| Profit | ₹394 crore | ₹72.0 crore | +447.2% |
| Earnings per share | ₹2.37 | ₹0.47 | +404.3% |
| Operating margin | 25.0% | 18.0% | +7.0 points |

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). HFCL's management discussed these results on a call held on 19 October 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.)

## What is the HFCL share price history? HFCL closed at ₹228.16 on 4 November 2026, up 204.7% from ₹74.87 a year earlier (7 November 2025) and up 200.4% over five years. Its highest weekly close since February 2016 was ₹261.30 on 9 October 2026. ### HFCL share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹231.30 | −1.4% |
| 1 month ago · 1 Oct 2026 | ₹237.95 | −4.1% |
| 6 months ago · 8 May 2026 | ₹141.15 | +61.6% |
| 1 year ago · 7 Nov 2025 | ₹74.87 | +204.7% |
| 3 years ago · 3 Nov 2023 | ₹66.05 | +245.4% |
| 5 years ago · 4 Nov 2021 | ₹75.95 | +200.4% |
| 10 years ago · 4 Nov 2016 | ₹14.35 | +1,490.0% |
| Earliest weekly close in our records · 26 Feb 2016 | ₹17.00 | +1,242.1% |
| Highest weekly close since February 2016, also the 52-week high · 9 Oct 2026 | ₹261.30 | −12.7% |
| Lowest weekly close since February 2016 · 3 Apr 2020 | ₹8.75 | +2,507.5% |
| 52-week low (weekly close) · 23 Jan 2026 | ₹61.10 | +273.4% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (565 weekly closes from 26 February 2016 to 4 November 2026.)

## What is the latest news on HFCL? 4 Nov 2026: HFCL closed at ₹228.16, down 1.4% on the week and down 4.1% on the month. 19 Oct 2026: HFCL held its results call for July to September 2026. Management guided: FY27 consolidated revenue growth of at least 80% over FY26; ₹10,000 crore revenue milestone may arrive well before FY29. ### Earlier

- Results for July to September 2026: Revenue up 143.7% and profit up 447.2% on a year earlier. - 22 Sep 2026: ex-date for a dividend of ₹0.20 a share. ## What dividend does HFCL pay? HFCL paid ₹0.20 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.09% at the ₹228.16 close on 4 November 2026. The last was a dividend of ₹0.20 a share, ex-date 22 September 2026. ### HFCL dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 22 Sep 2026 | ₹0.20 | Dividend | same day |
| 8 Sep 2025 | ₹0.10 | Dividend | 9 Sep 2025 |
| 23 Sep 2024 | ₹0.20 | Dividend | n/a |
| 22 Sep 2023 | ₹0.20 | Dividend | n/a |
| 22 Sep 2022 | ₹0.18 | Dividend | n/a |
| 22 Sep 2021 | ₹0.15 | Dividend | n/a |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. HFCL Ltd paid out 10% of its profit as dividends in FY26, and it paid a dividend in 8 of its last 13 reported years. (From the NSE corporate-actions record, read 5 November 2026.)

## What did HFCL management say on the latest results call? On the call for July to September 2026, held on 19 October 2026, HFCL's management guided: FY27 consolidated revenue growth of at least 80% over FY26; ₹10,000 crore revenue milestone may arrive well before FY29. > “Friends, I want to emphasize that we do not see this quarter as a peak, but as the sustained phase of strong growth.”
> Mahendra Nahata, on the call for July to September 2026

### What management guided

- Defence revenue: ₹500-600 crore this year, at least ₹2,000 crore next year and around ₹5,000 crore within three years; aerospace acquisition expected to close this quarter. - Fibre capacity moves from 28 million to 34 million, then 43 million; cable from 34 million to 63 million; interim own-preform solution from Q1 calendar 2027 and 600-ton facility due October 2028. - Connectivity revenue above ₹800 crore this year and ₹2,000 crore next year; sequential growth expected next quarter. - Overall margins expected to improve, without a numerical goal. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/131/Conference Call/CC-Oct26.pdf). (From the call for July to September 2026, 19 October 2026.)

## What to watch in HFCL's next results? When HFCL reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: Check whether connectivity sales extend their recent growth and whether certified in-data-centre products move beyond initial shipments. - What to check (from the call)
- Check whether connectivity sales extend their recent growth and whether certified in-data-centre products move beyond initial shipments. - Confirm aerospace acquisition closing and transfer of its export backlog into consolidated results. - Track turnkey billing catch-up as BharatNet milestones clear and Army AMC approval converts costs into revenue. - Check whether the interim preform cost bridge begins and Germanium supplier arrangements advance. ## Which stock lists is HFCL on? HFCL is on 3 of our India lists: Momentum stocks, Small & mid cap stocks and AI & data centre stocks. - [Momentum stocks Market cap cr: 34921.925548013314](https://www.sectoralpha.in/momentum-stocks-india)
- [Small & mid cap stocks Size rank in India: 244](https://www.sectoralpha.in/small-cap-stocks-india)
- [AI & data centre stocks Group on the list: Data centre suppliers](https://www.sectoralpha.in/ai-stocks-india)

## Is HFCL profitable? HFCL Ltd earned ₹394 Cr of net profit in the Sep 2026 quarter, +447.2% on the same quarter a year earlier. Full-year FY26 profit was ₹329 Cr. Over 10 years profit has grown 7.7% a year on average. That is 15.5% of the quarter's revenue. The same quarter a year earlier earned ₹72.0 Cr. 2 of the last 12 reported quarters were loss-making. For the full year, FY26 profit was ₹329 Cr (+90.2% on the year before). ## How much revenue does HFCL make, and is it growing? HFCL Ltd reported ₹2,542 Cr of revenue in the Sep 2026 quarter, +143.7% on the same quarter a year earlier. That is the 4th quarter in a row with growth on the year before. Over 10 years it has grown 5.6% a year on average. The last full year, FY26, came in at ₹4,949 Cr. The last four reported quarters add to ₹7,492 Cr. FY26 revenue was ₹4,949 Cr, +21.7% on the year before. Recent pace: the last four quarters grew +102.8% on average, against 5.6% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +101.0%, against +27.5% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +2,706.1%, against +57.1% a year (accelerating). ## How much of every ₹100 of sales does HFCL keep? HFCL Ltd's operating margin was 25.0% in the Sep 2026 quarter, 7.0 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 13 years it has been between 8.0% and 15.0%. The latest quarter is above every full year in that period. Why the margin moved: operating margin changed +6.6 percentage points on the year while gross margin changed +0.0 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales. When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold. ## Is HFCL's profit turning into cash? Over the last 3 years HFCL Ltd's operations used more cash than they brought in, so cash conversion was −3%, a gap worth watching. In FY26 its operations used ₹378 Cr of cash, against ₹329 Cr of profit. After ₹405 Cr of spending on assets, free cash was −₹783 Cr: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why −3% of profit came in as cash: the cash cycle got 200 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives. When less than 70% of profit comes in as cash, it is the thing to watch on this page. What to look at next: less of the profit turns into cash than it should, and the cash cycle is 200 days longer. The next section looks at where the cash is stuck. ## Where does HFCL's cash go? HFCL Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 218 days in FY26, up from 18 days in FY21. It spent ₹1,231 Cr on assets over the last 3 years. Customers take 163 days to pay, and stock sits for 191 days on average. At FY26 sales of ₹4,949 Cr, each day of that cycle ties up about ₹13.6 Cr, so roughly ₹2,956 Cr is tied up in the business at any time. FY26: customers took 163 days to pay and stock sat for 191 days, about 6.3 months of sales sitting as stock, for a full cycle of 218 days, longer than FY21's 18. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 191 days. Customers pay about 163 days after that. Suppliers are paid at 136 days. Together that makes the 218-day cycle. Spending on assets: ₹1,231 Cr over the last 3 years, against ₹345 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹486 Cr (FY26): assets paid for that are not earning yet. In short: cash is getting stuck in the daily cycle, so watch the cycle more than the profit. ## What is HFCL's P/E ratio, and how does it compare with its own history? HFCL Ltd's P/E is 40.3×, near the high end of its own history: higher than 80% of past readings. Its usual P/E (the middle reading) is 28.5×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is where it is: over the past year earnings per share moved +65.9% while the price moved +204.7%. The price did better than earnings, which pushed the multiple up within its own range. Where the price move came from: over 5 years the price moved +24.6% a year; about +16.8% a year came from earnings growth and about +7.8 percentage points from the multiple (the market paying more); over 10 years the price moved +31.9% a year; about +11.2% a year came from earnings growth and about +20.7 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. The PEG ratio and its quarterly curve, which only the second data source has, are not shown on this page: its two data sources disagree by up to 9.8% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## Is the HFCL business getting better or worse? HFCL Ltd's business is turning around. Profit growth has swung from −90.9% at its low to +2706.1%, improving for 4 quarters in a row, with ROCE steady at 11.0%. This is based on 9 quarters of 4 measures, with some gaps. Why it matters: a turn in growth is often where a bigger change starts. The lines say a turn is forming, so the question is whether the next quarters confirm it. The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone. This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution. ## How much does HFCL earn on its capital? HFCL Ltd earned a ROCE of 11% in FY26. That is up from a low of 8% in FY25. We cannot compare its return on capital used with its cost of capital from the data we have. It comes from a 6.6% net margin and 0.56× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 6.6% net margin × 0.56× asset turnover × 1.81× leverage (assets divided by equity) ≈ 6.7% on equity. The margin does its share; borrowing is a big part of it. The quarterly return lines and the return-on-capital-used (ROIC) line, which only the second data source has, are not shown on this page: its two data sources disagree by up to 9.8% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## Does HFCL have too much debt? HFCL Ltd had ₹1,896 Cr of borrowings against ₹4,891 Cr of equity in FY26, so its debt is 0.39× its equity. Its operating profit is 3 times its interest bill. Over 5 years borrowings went from ₹942 Cr to ₹1,896 Cr. Over the last 3 of those years it spent ₹1,231 Cr on assets. Part of the spending on assets is being paid for with borrowed money. The total-debt and debt-to-equity series, which only the second data source has, are not shown on this page: its two data sources disagree by up to 9.8% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## What is the HFCL shareholding pattern? Foreign institutions raised their stake in HFCL Ltd by 10.6 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 17.2% of the company. Promoters moved −8.0 points over the same period, to 28.3%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Foreign institutions: +10.6 points over 8 quarters, to 17.2%; Promoters: −8.0 points over 8 quarters, to 28.3%; Domestic institutions: +1.7 points over 8 quarters, to 10.4%. Why the owners changed: foreign institutions drove it (+10.6 points), with the other side taken by promoters (−8.0 points). They raised their stake step by step. ## How far is HFCL from balance-sheet trouble? For HFCL Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does HFCL rank in its industry? 69.5 out of 100, rank 3 of 16 in Telecom Services, with 75% of the evidence available. HFCL Ltd scores 69.5 out of 100 against the 16 companies it is compared with in Telecom Services, ranking 3. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 30 + 12.8 + 9.8 + 16.9 = 69.5. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is HFCL compared with? HFCL ranks 3 of 16 Telecom Services companies on the 4-Factor Sector Score, with 69.5 out of 100. 1. [Bharti Airtel Ltd](https://www.sectoralpha.in/stocks/bharti-airtel-ltd) BHARTIARTL · turning · Most evidence points up · 89% evidence 75.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.6/35 · Revenue 19.6% · Profit -9.4% · Operating margin change 1 points · 88% evidence Capital efficiency 21.4/25 · ROCE 17.6% · Operating margin 57% · 100% evidence Valuation 15.1/20 · P/E 39.4× · PEG 0.69 · 65% evidence Relative strength 18.0/20 · Lead over its industry 8.8% · Lead over NIFTY 500 7.5% · 1 year -3.9% · 100% evidence · 2 of 12 weeks ahead Exact sum: 20.6 + 21.4 + 15.1 + 18 = 75.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Bharti Hexacom Ltd](https://www.sectoralpha.in/stocks/bharti-hexacom-ltd) BHARTIHEXA · breaking out · Most evidence points up · 74% evidence 69.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.3/35 · Revenue 7.9% · Profit 32.8% · Operating margin change 2 points · 88% evidence Capital efficiency 21.2/25 · ROCE 21.4% · Operating margin 53% · 100% evidence Valuation 12.1/20 · P/E 44.3× · PEG 1.18 · 65% evidence Relative strength 12.0/20 · Lead over its industry n/a · Lead over NIFTY 500 7.5% · 1 year -12.1% · 25% evidence · 5 of 12 weeks ahead Exact sum: 24.3 + 21.2 + 12.1 + 12 = 69.6 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 3. HFCL Ltd this page HFCL · leader · Most evidence points up · 75% evidence 69.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 30.0/35 · Revenue 100% · Profit 100% · Operating margin change 7 points · 95% evidence Capital efficiency 12.8/25 · ROCE 10.8% · Operating margin 25% · 76% evidence Valuation 9.8/20 · P/E 40.8× · PEG n/a · 15% evidence Relative strength 16.9/20 · Lead over its industry 78% · Lead over NIFTY 500 70.2% · 1 year 214.7% · 100% evidence · 10 of 12 weeks ahead Exact sum: 30 + 12.8 + 9.8 + 16.9 = 69.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [ADC India Communications Ltd](https://www.sectoralpha.in/stocks/adc-india-communications-ltd) KRONECOMM · breaking out · Evidence leans up · 78% evidence 58.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.9/35 · Revenue 19% · Profit 0.3% · Operating margin change 4 points · 83% evidence Capital efficiency 18.1/25 · ROCE 31.4% · Operating margin 17.1% · 76% evidence Valuation 6.4/20 · P/E 44.7× · PEG n/a · 50% evidence Relative strength 17.4/20 · Lead over its industry 28.7% · Lead over NIFTY 500 24.8% · 1 year 41.9% · 100% evidence · 2 of 12 weeks ahead Exact sum: 16.9 + 18.1 + 6.4 + 17.4 = 58.8 · What this means: Relative strength against the index is 24.8%, and revenue and profit growth are weak. 5. [Indus Towers Ltd](https://www.sectoralpha.in/stocks/indus-towers-ltd) INDUSTOWER · turning · Evidence leans up · 100% evidence 56.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 8.6/35 · Revenue 5.3% · Profit -24% · Operating margin change -2 points · 100% evidence Capital efficiency 20.1/25 · ROCE 19.5% · Operating margin 54% · 100% evidence Valuation 16.8/20 · P/E 14× · PEG 0.46 · 100% evidence Relative strength 10.6/20 · Lead over its industry -2.5% · Lead over NIFTY 500 -3.5% · 1 year 4% · 100% evidence · 0 of 12 weeks ahead Exact sum: 8.6 + 20.1 + 16.8 + 10.6 = 56.1 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 6. [Tata Communications Ltd](https://www.sectoralpha.in/stocks/tata-communications-ltd) TATACOMM · turning · Evidence leans up · 93% evidence 55.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.9/35 · Revenue 9.1% · Profit -34% · Operating margin change 2 points · 100% evidence Capital efficiency 17.0/25 · ROCE 14.6% · Operating margin 21% · 100% evidence Valuation 7.9/20 · P/E 39.4× · PEG 2.22 · 65% evidence Relative strength 15.1/20 · Lead over its industry 4.3% · Lead over NIFTY 500 2.4% · 1 year -10.7% · 100% evidence · 0 of 12 weeks ahead Exact sum: 15.9 + 17 + 7.9 + 15.1 = 55.9 · What this means: Relative strength against the index is 2.4%, and revenue and profit growth are weak. 7. [Tata Teleservices (Maharashtra) Ltd](https://www.sectoralpha.in/stocks/tata-teleservices-maharashtraltd) TTML · basing · Evidence leans up · 74% evidence 50.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.0/35 · Revenue -0.7% · Profit 100% · Operating margin change 4 points · 74% evidence Capital efficiency 17.9/25 · ROCE 55.6% · Operating margin 53% · 100% evidence Valuation 8.7/20 · P/E 182.8× · PEG n/a · 15% evidence Relative strength 6.9/20 · Lead over its industry -13.6% · Lead over NIFTY 500 -14.6% · 1 year -37.1% · 100% evidence · 0 of 12 weeks ahead Exact sum: 17 + 17.9 + 8.7 + 6.9 = 50.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Suyog Telematics Ltd](https://www.sectoralpha.in/stocks/suyog-telematics-ltd) SUYOG · quiet · Evidence leans down · 78% evidence 48.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.0/35 · Revenue 11.4% · Profit 50% · Operating margin change -1 points · 83% evidence Capital efficiency 16.2/25 · ROCE 14.4% · Operating margin 60% · 76% evidence Valuation 12.6/20 · P/E 8.7× · PEG n/a · 50% evidence Relative strength 0.0/20 · Lead over its industry -33.1% · Lead over NIFTY 500 -34.4% · 1 year -42.9% · 100% evidence · 0 of 12 weeks ahead Exact sum: 20 + 16.2 + 12.6 + 0 = 48.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Vodafone Idea Ltd](https://www.sectoralpha.in/stocks/vodafone-idea-ltd) IDEA · quiet · Evidence leans down · 71% evidence 47.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.5/35 · Revenue 3.3% · Profit 100% · Operating margin change 1 points · 65% evidence Capital efficiency 6.1/25 · ROCE -1.7% · Operating margin 43% · 100% evidence Valuation 11.3/20 · P/E 3.6× · PEG n/a · 15% evidence Relative strength 11.3/20 · Lead over its industry 5.8% · Lead over NIFTY 500 3.3% · 1 year 35.5% · 100% evidence · 2 of 12 weeks ahead Exact sum: 18.5 + 6.1 + 11.3 + 11.3 = 47.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [NELCO Ltd](https://www.sectoralpha.in/stocks/nelco-ltd) NELCO · quiet · Evidence leans down · 68% evidence 39.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.5/35 · Revenue 6.2% · Profit -7.5% · Operating margin change 1.5 points · 100% evidence Capital efficiency 8.7/25 · ROCE 7.2% · Operating margin 11.6% · 100% evidence Valuation 8.5/20 · P/E 254× · PEG n/a · 15% evidence Relative strength 9.1/20 · Lead over its industry n/a · Lead over NIFTY 500 -8% · 1 year -22.5% · 25% evidence · 7 of 12 weeks ahead Exact sum: 13.5 + 8.7 + 8.5 + 9.1 = 39.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [GTL Infrastructure Ltd](https://www.sectoralpha.in/stocks/gtl-infrastructure-ltd) GTLINFRA · basing · Too little evidence to rank firmly · 56% evidence 39.3 out of 100 Growth Capital Valuation Relative
12. [ITI Ltd](https://www.sectoralpha.in/stocks/iti-ltd) ITI · quiet · Most evidence points down · 71% evidence 34.2 out of 100 Growth Capital Valuation Relative
13. [Tejas Networks Ltd](https://www.sectoralpha.in/stocks/tejas-networks-ltd) TEJASNET · basing · Most evidence points down · 71% evidence 28.6 out of 100 Growth Capital Valuation Relative
14. [OnMobile Global Ltd](https://www.sectoralpha.in/stocks/onmobile-global-ltd) ONMOBILE · basing · Most evidence points down · 65% evidence 25.3 out of 100 Growth Capital Valuation Relative
15. [Sar Televenture Ltd](https://www.sectoralpha.in/stocks/sar-televenture-ltd) SARTELE · Too little evidence to rank firmly · 39% evidence 58.7 out of 100 Growth Capital Valuation Relative
16. [Mahanagar Telephone Nigam Ltd](https://www.sectoralpha.in/stocks/mahanagar-telephone-nigam-ltd) MTNL · basing · Too little evidence to rank firmly · 46% evidence 37.9 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Telecom Services](https://www.sectoralpha.in/sectors/telecom-services), all 16 compared on one page. ## Which companies are close to HFCL in size? HFCL is the 6th largest of 16 Telecom Services companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Indus Towers, Bharti Hexacom and Tata Communications. Just below it: ITI, Tejas Networks and Tata Teleservices (Maharashtra). ### Telecom Services companies close in size

1. [Indus Towers Ltd](https://www.sectoralpha.in/stocks/indus-towers-ltd) ₹99,802 crore
2. [Bharti Hexacom Ltd](https://www.sectoralpha.in/stocks/bharti-hexacom-ltd) ₹81,810 crore
3. [Tata Communications Ltd](https://www.sectoralpha.in/stocks/tata-communications-ltd) ₹47,763 crore
4. HFCL Ltd ₹35,401 crore
5. [ITI Ltd](https://www.sectoralpha.in/stocks/iti-ltd) ₹20,799 crore
6. [Tejas Networks Ltd](https://www.sectoralpha.in/stocks/tejas-networks-ltd) ₹7,178 crore
7. [Tata Teleservices (Maharashtra) Ltd](https://www.sectoralpha.in/stocks/tata-teleservices-maharashtraltd) ₹6,709 crore

[All 16 Telecom Services companies, largest first](https://www.sectoralpha.in/sectors/telecom-services#all-companies)

### Companies close in size in other industries

1. [Bharat Dynamics Ltd](https://www.sectoralpha.in/stocks/bharat-dynamics-ltd) ₹35,703 crore · Aerospace & Defence - Equipments
2. [Emcure Pharmaceuticals Ltd](https://www.sectoralpha.in/stocks/emcure-pharmaceuticals-ltd) ₹35,510 crore · Pharma - Formulators
3. HFCL Ltd ₹35,401 crore
4. [Narayana Hrudayalaya Ltd](https://www.sectoralpha.in/stocks/narayana-hrudayalaya-ltd) ₹35,154 crore · Hospitals
5. [Indian Railway Catering & Tourism Corporation Ltd](https://www.sectoralpha.in/stocks/indian-railway-catering-tourism-corporation-ltd) ₹34,896 crore · Railways

## What else do people ask about HFCL? ### What is HFCL's share price today? HFCL Ltd's share price is ₹228.16, +204.7% over the past year. The whole company is worth ₹34,966 Cr on the market. In the last 52 weeks it traded between ₹61 to ₹261; today it is 83% of the way up from the low, 27.7% above its 200-day average (as of 4 November 2026). ### What were HFCL's latest quarterly results? HFCL Ltd reported revenue of ₹2,542 Cr and net profit of ₹394 Cr for the Sep 2026 quarter. Revenue rose 143.7% and profit rose 447.2% compared with a year earlier. Earnings per share were ₹2.37. The operating margin was 25.0%, 7.0 percentage points higher than a year earlier (as of 4 November 2026). ### What is HFCL's market cap? HFCL Ltd's market capitalisation is ₹34,966 Cr at a share price of ₹228.16. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is HFCL performing? HFCL Ltd's share price has been rising for 27 weeks. In its latest quarter, revenue rose 143.7% and profit rose 447.2% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 14 weeks running (as of 4 November 2026). ### Will HFCL's share price go up? This page does not forecast HFCL Ltd's share price. What it shows instead: the share price is ₹228.16, and it has been rising for 27 weeks. Its P/E of 40.3× is higher than 80% of its own last 11 years (as of 4 November 2026). ### Who owns HFCL? Promoters own 28.3% of HFCL Ltd, foreign institutions 17.2%, domestic institutions 10.4% and the public 44.1% (latest quarter). The biggest change over the last two years: Foreign institutions raised their stake by 10.6 percentage points over 8 quarters (as of 4 November 2026). ### Where is HFCL in its business cycle? HFCL Ltd's FY26 operating margin was 15.0%, against a 13-year range of 8.0% to 15.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 25.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the HFCL story? The main question: profits are rising, but only −3% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is HFCL a stock worth studying right now? What the numbers show: HFCL Ltd's share price has risen faster than its earnings: +204.7% in a year, against +65.9% for earnings per share. The main open question: whether the cash starts to follow the profit. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a HFCL share price forecast for 2026? What management itself guided: FY27 consolidated revenue growth of at least 80% over FY26; ₹10,000 crore revenue milestone may arrive well before FY29. ## Lists

- Momentum stocks: https://www.sectoralpha.in/momentum-stocks-india
- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india
- AI & data centre stocks: https://www.sectoralpha.in/ai-stocks-india

This is research, not advice. We’re not SEBI-registered.