Small Infrastructure

HFCL Ltd.

HFCL

₹86.8

-1.4% (-1.23)

Market Cap

₹12,537 Cr.

P/E

70.67

HFCL Ltd.

Price
Growth Table
Balance Sheet
Profit & Loss
Cash Flow
Cash Flow Analysis
Ratios
Quarterly Results
Reverse DCF

FAQs on HFCL Ltd. Shareprice

Has the share price of HFCL grown faster than its competition?

HFCL has given lower returns compared to its competitors.
HFCL has grown at ~14.69% over the last 7yrs while peers have grown at a median rate of 28.8%

Is HFCL stock expensive?

Yes, HFCL is expensive.
Latest PE of HFCL is 70.67, while 3 year average PE is 35.73.
Also latest EV/EBITDA of HFCL is 29.82 while 3yr average is 18.77.

View FAQ's On Business

Growth Table

HFCL Ltd.
Tejas Networks
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In %	1yr	2yr	3yr	4yr	5yr	6yr	7yr	8yr	9yr	10yr
Share Price CAGR	-22.66	11.51	13.13	15.22	46.64	27.09	14.69	27.09	18.53	21.68
TTM EPS CAGR	-46.69	-25.03	-17.01	-9.48	-6.39	-5.58	-0.76	2.82	-0.69	-4.10
Sales CAGR	-8.97	-7.43	-4.91	-2.09	1.15	-2.52	4.03	7.90	4.79	4.77
PAT Margin (Abs Growth)	0.86	0.67	1.99	1.38	2.66	2.27	1.94	2.12	-4.36	-15.44
PE CAGR	45.07	48.73	36.32	27.28	56.65	34.60	15.57	23.60	19.35	26.88
CFO CAGR	-119	—	—	—	—	—	—	—	—	—

* Share price and PE growth are updated everyday. All other fields are as of latest financial year end. EPS adjusted for bonus and splits.

Balance Sheet

HFCL Ltd.
Tejas Networks
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Assets	2,141	2,153	2,470	3,214	3,817	5,209	5,166	5,473	6,487	7,546
Non Current Assets	247	370	443	628	768	1,066	1,352	1,362	1,876	2,176
Net Block	175	188	196	238	504	508	528	548	652	835
Capital Work in Progress	0.66	1.68	9.85	85.52	33.77	36.02	108	268	469	200
Intangible Assets Under Development	0.55	—	8.17	21.51	18.71	24.20	60.69	198	315	402
Long Term Investments	55.44	48.71	51.65	57.18	55.69	34.82	46.56	57.60	189	137
Current Assets	1,895	1,906	2,145	2,666	3,061	4,150	3,819	4,082	4,534	5,371
Inventory	276	245	214	265	344	435	573	758	774	899
Accounts Receivable	1,113	1,179	1,182	1,472	1,610	2,611	1,896	1,886	2,215	1,892
Short Term Investments	1.25	1.75	3.60	2.39	2.50	5.79	8.80	12.38	5.19	1.30
Cash & Bank Balances	86.99	97.47	132	159	192	306	528	323	336	491
Liabilities	2,141	2,153	2,470	3,214	3,817	5,209	5,166	5,473	6,487	7,546
Shareholders Funds	840	964	1,179	1,442	1,668	1,916	2,798	3,108	3,956	4,079
Share Capital	124	124	124	127	128	128	137	138	144	144
Reserves	716	840	1,037	1,302	1,528	1,772	2,659	2,940	3,807	3,935
Non Current Liabilities	345	164	45.97	81.46	238	299	170	186	303	539
Secured Loans	332	177	111	104	169	129	121	110	169	—
Unsecured Loans	—	90.31	29.93	30.46	31.96	122	—	—	—	390
Current Liabilities	957	1,023	1,267	1,701	1,911	2,987	2,178	2,142	2,184	2,888
Accounts Payable	495	457	563	865	815	1,748	1,010	878	808	1,079
Short Term Loans	162	180	201	419	468	588	590	747	738	951

Balance Sheet Snapshot

No data available.

Fund Flow Analysis

Increase
Decrease
Total

No data available.

*Data is as of latest FY end

Profit & Loss

HFCL Ltd.
Tejas Networks
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	TTM
Sales	2,580	2,131	3,227	4,738	3,839	4,423	4,727	4,743	4,465	4,065
Operating Expenses	2,266	1,939	2,955	4,327	3,379	3,873	4,077	4,125	3,884	3,616
Raw Material	632	601	1,351	2,364	1,403	2,423	2,217	2,545	2,191	1,909
Material Cost (%)	22.81	30.06	43.11	49.73	34.10	54.96	45.20	51.50	46.76	44.93
Employee Cost	159	152	168	200	224	253	311	348	351	364
Power & Fuel Cost	7.47	9.94	11.66	14.96	16.32	26.33	35.10	49.04	43.95	—
Operating Profit	315	193	273	411	460	550	650	619	582	449
Other Income	36.29	21.41	35.09	46.96	55.79	34.76	42.91	47.18	101	57.76
OPM (%)	12.19	9.05	8.44	8.68	11.99	12.43	13.75	13.04	13.02	11.05
Depreciation and Amortisation	26.18	21.75	23.22	26.97	41.95	68.63	78.25	82.97	81.76	106
Interest	61.50	62.39	63.63	91.87	115	175	166	152	147	185
Profit Before Tax	156	124	220	339	358	337	442	431	454	216
Tax	0.01	0.50	48.70	107	121	90.62	116	113	117	43.33
Net Profit	156	123	168	220	227	239	326	318	338	173
Number of shares(Crs)	124	124	124	127	128	128	138	138	144	—
Dividend Payout Ratio(%)	0.00	0.00	4.43	5.80	0.00	8.06	7.59	8.66	8.53	—

TTM Values as of Mar 2025

Cash Flow

HFCL Ltd.
Tejas Networks
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash from Operating Activity	0.42	136	207	33.94	172	145	205	235	-44.87	396
Profit Before Tax	163	124	222	339	358	337	442	431	454	217
Adjustments	414	74.61	74.06	138	168	249	227	212	198	267
OCF Before Working Capital	577	199	296	478	526	586	669	642	652	483
Working Capital Changes	-545	-6.27	-6.35	-415	-263	-423	-402	-309	-577	-85.67
Taxes Paid	-31.21	-56.48	-82.81	-28.47	-90.83	-17.79	-61.38	-98.61	-120	-1.76
Cash from Investing Activity	37.28	-25.03	-30.02	-150	-167	-165	-458	-44.09	-449	-518
Net Fixed Assets Purchased	-51.31	-22.96	-40.84	-177	-168	-104	-182	-340	-410	-229
Fixed Assets Purchased	-57.68	-32.64	-40.84	-177	-168	-106	-183	-342	-410	-230
Fixed Assets Sold	6.37	9.68	—	0.03	0.07	2.15	0.74	1.13	0.50	1.66
Investment Purchased	-1.28	-5.30	-2.39	—	-3.41	-87.95	-252	—	-53.93	—
Investment Sold	76.51	0.30	—	—	—	33.13	—	253	8.95	4.24
Interest Recieved	13.70	3.45	13.19	26.69	5.35	3.77	6.84	5.86	3.80	4.94
Dividends Recieved	13.93	12.31	12.76	10.14	5.12	3.77	—	—	—	—
Subsidiary Investments	—	—	—	—	0.60	-13.03	-12.00	-10.25	—	—
Cash from Financing Activity	-55.20	-114	-116	67.36	-6.58	24.99	248	-145	454	170
Proceeds From Shares	—	—	—	—	—	—	606	3.08	353	—
Net Long Term Borrowings	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	364
Proceeds From Borrowings	—	—	—	—	—	—	—	—	—	590
Repayment From Borrowings	—	—	—	—	—	—	—	—	—	-226
Interest Paid	-60.04	-78.03	-63.74	-91.34	-111	-174	-156	-147	-157	-166
Dividend Paid	—	—	—	-8.86	-15.32	—	-19.05	-24.45	-28.55	-28.84
Net Cash Flow	-17.50	-3.16	60.66	-49.03	-1.09	4.87	-4.62	46.22	-39.58	47.20
Opening Cash & Cash Equivalents	26.57	9.07	5.91	66.56	17.53	16.44	21.31	16.69	62.91	23.32
Effect of FX	—	—	—	—	—	—	—	—	—	—
Closing Cash & Cash Equivalents	9.07	5.91	66.57	17.53	16.44	21.31	16.69	62.91	23.33	70.52
Net Capex (est)	51.31	22.96	40.84	177	168	104	182	340	410	229
Free Cash Flow (est)	-50.89	113	166	-143	4.55	40.85	23.04	-105	-454	167

Cash Flow Analysis

Increase
Decrease
Total

No data available.

Ratios

= Dominant Factor

HFCL Ltd.
Tejas Networks
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	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Operational Ratios
Quick Ratio	1.56	1.69	1.62	1.52	1.41	1.42	1.24	1.49	1.55	1.72
Liquid Assets (Crs)	1,107	1,619	1,660	1,931	2,402	2,717	3,715	3,246	3,324	3,759
Current Liabilities (Crs)	711	957	1,023	1,267	1,701	1,911	2,987	2,178	2,142	2,184
Current Ratio	1.93	1.98	1.86	1.69	1.57	1.60	1.39	1.75	1.91	2.08
Current Assets (Crs)	1,370	1,895	1,906	2,145	2,666	3,061	4,150	3,819	4,082	4,534
Current Liabilities (Crs)	711	957	1,023	1,267	1,701	1,911	2,987	2,178	2,142	2,184
Interest Coverage Ratio	8.02	3.54	2.99	4.46	4.69	4.12	2.93	3.66	3.83	4.08
EBIT (Crs)	356	325	193	284	431	474	516	615	583	600
Interest Expenses (Crs)	44.38	61.50	62.39	63.63	91.87	115	175	166	152	147
Fixed Asset Turnover	4.74	5.56	4.58	6.57	8.51	4.68	4.99	4.95	4.52	3.67
Net Sales (Crs)	2,553	2,580	2,131	3,227	4,738	3,839	4,423	4,727	4,743	4,465
Fixed Assets (Crs)	539	464	465	492	557	821	886	955	1,050	1,216
Cash Conversion Cycle	-238	-126	-38.21	24.69	10.12	-58.71	13.85	-22.63	55.68	82.93
Inventory Days	30.41	34.27	43.21	25.78	18.42	28.91	32.14	38.94	51.22	62.63
Days Receivable	45.19	93.92	190	133	102	147	174	174	146	168
Days Payable	314	255	271	134	111	234	192	236	141	147
Debt to Equity Ratio	0.33	0.65	0.56	0.40	0.41	0.43	0.48	0.27	0.29	0.25
Total Debt (Crs)	317	544	539	469	591	712	920	757	916	977
Shareholders Equity (Crs)	958	840	964	1,179	1,442	1,668	1,916	2,798	3,108	3,956
Free Cash Flow/Sales (%)	4.37	-1.97	5.31	5.15	-3.02	0.12	0.92	0.49	-2.22	-10.18
Free Cash Flow(est) (Crs)	111	-50.89	113	166	-143	4.55	40.85	23.04	-105	-454
Net Sales (Crs)	2,553	2,580	2,131	3,227	4,738	3,839	4,423	4,727	4,743	4,465
Profitability Ratios
Gross Margin (%)	85.48	77.19	69.94	56.89	50.27	65.90	45.04	54.80	48.50	53.24
Op Profit Margin (%)	6.47	12.19	9.05	8.44	8.68	11.99	12.43	13.75	13.04	13.02
Operating Profit (Crs)	390	351	214	308	458	516	584	693	666	682
Net Sales (Crs)	2,553	2,580	2,131	3,227	4,738	3,839	4,423	4,727	4,743	4,465
Net Profit Margin (%)	12.69	6.06	5.77	5.20	4.64	5.92	5.40	6.89	6.70	7.56
Net Profit (Crs)	324	156	123	168	220	227	239	326	318	338
Net Sales (Crs)	2,553	2,580	2,131	3,227	4,738	3,839	4,423	4,727	4,743	4,465
ROCE (%)	31.34	27.40	17.05	23.65	28.50	24.88	23.20	20.57	17.50	13.95
EBIT (Crs)	356	325	193	284	431	474	516	615	583	600
Capital Employed (Crs)	1,136	1,185	1,129	1,203	1,513	1,906	2,223	2,989	3,330	4,303
Return on Assets (%)	17.53	7.30	5.71	6.80	6.84	5.95	4.59	6.31	5.81	5.20
Net Profit (Crs)	324	156	123	168	220	227	239	326	318	338
Total Assets (Crs)	1,847	2,141	2,153	2,470	3,214	3,817	5,209	5,166	5,473	6,487
ROIC (%)	18.71	27.67	17.35	20.13	22.57	18.14	24.93	23.60	16.00	11.71
Op Profit after Taxes (Crs)	131	288	170	194	263	277	352	421	395	372
Invested Capital (Crs)	700	1,042	982	965	1,166	1,528	1,410	1,786	2,470	3,173
ROE (%)	33.82	18.61	12.75	14.24	15.25	13.62	12.47	11.64	10.22	8.53
Net Profit Margin (%)	12.69	6.06	5.77	5.20	4.64	5.92	5.40	6.89	6.70	7.56
Asset Turnover ratio	1.38	1.20	0.99	1.31	1.47	1.01	0.85	0.91	0.87	0.69
Equity Multiplier	1.93	2.55	2.23	2.10	2.23	2.29	2.72	1.85	1.76	1.64
Adjusted EPS	2.57	1.26	0.99	1.35	1.73	1.77	1.86	2.37	2.31	2.34
Valuation Ratios
P/E	5.21	12.88	12.85	19.12	13.21	5.10	13.54	33.21	26.43	39.21
Price to Book	1.89	2.40	1.64	2.77	2.03	0.70	1.70	3.87	2.73	3.35
EV/EBITDA	4.86	7.04	9.43	11.53	7.28	3.25	6.59	15.94	13.50	20.34
Dividend Yield (%)	0.00	0.00	0.00	0.23	0.44	0.00	0.60	0.23	0.33	0.22

Quarterly Results

HFCL Ltd.
Tejas Networks
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In Rs. Cr.	Dec'22	Mar'23	Jun'23	Sep'23	Dec'23	Mar'24	Jun'24	Sep'24	Dec'24	Mar'25
Net Sales	1,086	1,433	995	1,111	1,032	1,326	1,158	1,094	1,012	801
Operating Expenses	917	1,279	849	979	916	1,130	983	935	860	837
Increase/Decrease in Stock	16.39	-87.39	3.97	-59.12	-4.75	-42.99	-27.46	58.43	84.63	-198
Raw Material	459	590	469	468	535	461	411	334	378	786
Employee Cost	84.32	92.12	91.42	81.49	90.08	87.54	88.70	89.45	94.49	90.91
Selling and Distribution Expenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Electricity, Power & Fuel Cost	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Gen_AdminExpenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Miscellaneous Expenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Profit	169	154	146	133	117	196	175	158	152	-35.97
Other Income	24.33	13.74	13.17	17.17	46.72	13.61	10.50	13.58	20.04	13.64
Interest	37.03	37.92	36.30	34.78	36.55	39.65	42.31	44.88	46.76	51.06
PBDT	156	130	123	115	127	170	143	127	125	-73.39
Depreciation and Amortization	20.13	21.44	20.90	21.45	19.27	20.14	24.07	25.48	25.52	30.44
Profit Before Tax	136	109	102	93.54	108	150	119	101	99.61	-104
Tax	35.30	30.25	26.97	24.01	25.43	40.09	8.14	29.14	27.68	-21.63
Profit After Tax	101	78.56	75.45	69.53	82.20	109	111	72.32	71.93	-82.20
Exceptional Items	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	96.13	71.82	68.10	69.42	82.23	110	111	73.89	73.64	-81.44
Quarterly Ratios
EPS	0.70	0.52	0.49	0.49	0.58	0.76	0.77	0.51	0.51	-0.56
Operating Profit Margin	15.56	10.78	14.72	11.93	11.31	14.76	15.10	14.47	15.01	-4.49
Net Profit Margin	9.29	5.48	7.58	6.26	7.96	8.25	9.57	6.61	7.11	-10.27

Reverse DCF

Earnings

Discount Rate (%)

Terminal Multiple

5 YEAR

10 YEAR

20 YEAR

68.20%

Implied Growth Rate over a 5 year period*

25.30%

Implied Growth Rate over a 10 year period*

12.00%

Implied Growth Rate over a 20 year period*

*Implied Growth calculated using Newton-Raphson method.

Learn how to use Reverse DCF

FAQs on HFCL Ltd. Financials

How strong is HFCL balance sheet?

Balance sheet of HFCL is strong.
It shouldn't have solvency or liquidity issues.

Is the debt of HFCL increasing or decreasing?

Yes, The net debt of HFCL is increasing.
Latest net debt of HFCL is ₹850 Crs as of Mar-25.
This is greater than Mar-24 when it was ₹305 Crs.

Is the profitablity of HFCL improving?

The profit is oscillating.
The profit of HFCL is ₹173 Crs for TTM, ₹338 Crs for Mar 2024 and ₹318 Crs for Mar 2023.

Does HFCL pay decent dividends?

The company seems to be paying a very low dividend.
Investors need to see where the company is allocating its profits.
HFCL latest dividend payout ratio is 8.53% and 3yr average dividend payout ratio is 8.26%

How has HFCL allocated its funds?

Companies resources are allocated to majorly unproductive assets like Accounts Receivable

View FAQ's On Shareholding

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HFCL Ltd.

HFCL Ltd.

Has the share price of HFCL grown faster than its competition?

Is HFCL stock expensive?

How strong is HFCL balance sheet?

Is the debt of HFCL increasing or decreasing?

Is the profitablity of HFCL improving?

Does HFCL pay decent dividends?

How has HFCL allocated its funds?

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