HFCL IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| Business | REV SHARE | 4,454 | 4,454–4,454 | 90.0% | CAPEX | FY26 | DISC | 90% |
| “Details of business activities (accounting for 90% of the turnover): S. No. Description of Main Activity Description of Business Activity %Turnover of the enti…” AR · +2 DOC | ||||||||
| Business | REV SHARE | 3,659 | 3,659–3,659 | 90.0% | — | FY25 | DISC | 90% |
| “Details of business activities (accounting for 90% of the turnover): S. No. Description of Main Activity Description of Business Activity % Turnover of the ent…” AR · +1 DOC | ||||||||
| FY27 | REV SHARE | — | — | 50.0% | — | FY27 | DISC | 90% |
| “Export Revenue Share: The Company is strengthening its global presence, with growing acceptance of its products among hyperscalers and data centre customers� T…” AR · +1 DOC | ||||||||
| RVNLRail Vikas Nigam Ltd. | CONTRACT | CT 2,666 | — | — | CAPEX | FY27 | EST | 85% |
| “Subject: HFCL secures Contract of ~INR 2666.09 Crores from Rail Vikas Nigam Limited (RVNL) Dear Sir(s)/ Madam, We are pleased to inform our stakeholders that t…” ORDER p.1 · 17-JUN-26 · +2 DOC | ||||||||
| RAILTELRailtel Corporation Of India Ltd. | CONTRACT | CT 135 | — | — | CAPEX | FY27 | EST | 85% |
| “Subject: HFCL secures Purchase Order of ~INR 135.09 Crore from RailTel Corporation of India Limited for Annual Maintenance Contract of Secure Operations Networ…” ORDER p.1 · 27-MAY-26 DOC | ||||||||
| CY26 | CONTRACT | CT 110 | — | — | CAPEX | FY26 | EST | 85% |
| “The details as required under SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, are as under: S. No. Particulars Details…” ORDER p.1 · 13-MAR-26 DOC | ||||||||
| Ministry of Defence | CONTRACT | CT 102 | — | — | CAPEX | FY25 | EST | 85% |
| “Subject: HTL Limited, a material subsidiary of the Company bags Contract of ~INR 101.82 crore from Indian Army for supply of Tactical Optical Fiber Cable and r…” ORDER p.1 · 27-AUG-25 · +1 DOC | ||||||||
| ITIITI Ltd. | CONTRACT | CT 17 | — | — | CAPEX | FY26 | EST | 85% |
| “and ii) A domestic order of ~INR 17.02 Crores from ITI Limited, a prominent public sector undertaking of the Country.” ORDER p.1 · 18-MAY-25 DOC | ||||||||
| Bharat Sanchar Nigam | CONTRACT | CT 2,467 | — | — | CAPEX | FY25 | EST | 85% |
| “Subject: HFCL executes the Agreement with Bharat Sanchar Nigam Limited (“BSNL”) in relation to the Advance Work Order for ~INR 2501.30 Crores for BharatNet Pha…” ORDER p.1 · 19-FEB-25 · +2 DOC | ||||||||
| Delhi Metro Rail Corporation | CONTRACT | CT 81 | — | — | CAPEX | FY24 | EST | 85% |
| “Subject: HFCL bags Order worth ~₹80.92 Crores for Delhi Metro Rail Project from Delhi Metro Rail Corporation (DMRC) Limited.” ORDER p.1 · 12-JUN-23 · +1 DOC | ||||||||
| Uttar Pradesh | CONTRACT | CT 21 | — | — | CAPEX | FY21 | EST | 85% |
| “Subject: HFCL bags Order worth U21.16 Crores for Kanpur Metro (Corridor-1 and Corridor-H) and Agra Metro (Corridor-I) Projects from Uttar Pradesh Metro Rail Co…” ORDER p.1 · 17-MAR-21 · +2 DOC | ||||||||
| RVNLRail Vikas Nigam Ltd. | CONTRACT | CT 2,666 | — | — | — | FY27 | EST | 80% |
| “Bagging/Receiving of orders/contracts HFCL Limited has informed the Exchange about Bagging/Receiving of Contract of INR 2666.09 Crores approx. from Rail Vikas …” ANN · 17-JUN-26 · +1 DOC | ||||||||
| Ministry of Defence | CONTRACT | CT 102 | — | — | — | FY25 | EST | 80% |
| “Bagging/Receiving of orders/contracts HFCL Limited has informed the Exchange about HTL Limited, a material subsidiary of the Company bags Contract of INR 101.8…” ANN · 27-AUG-25 · +2 DOC | ||||||||
| Bharat Sanchar Nigam | CONTRACT | CT 2,501 | — | — | — | FY25 | EST | 80% |
| “Updates HFCL Limited has informed the Exchange regarding 'HFCL executes the Agreement with Bharat Sanchar Nigam Limited ( BSNL ) in relation to the Advance Wor…” ANN · 19-FEB-25 · +2 DOC | ||||||||
| CY27 | CONTRACT | CT 24 | — | — | CAPEX | FY27 | EST | 75% |
| “The details as required under SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, are as under: S. No. Particulars Details…” ORDER p.1 · 01-SEP-26 DOC | ||||||||
| Tera Software Limited | CONTRACT | CT 157 | — | — | CAPEX | FY26 | EST | 75% |
| “Subject: HFCL Limited bags Purchase Order aggregating to ~INR 157 Crores from Tera Software Limited, a consortium partner of ITI Limited for BharatNet Project …” ORDER p.1 · 12-MAY-25 DOC | ||||||||
| Gujarat Metro Rail Corporation | CONTRACT | CT 283 | — | — | CAPEX | FY23 | EST | 75% |
| “Subject: HFCL bags Order worth ~₹282.61 Crores for Surat Metro Rail Project from Gujarat Metro Rail Corporation (GMRC) Limited Dear Sir(s)/ Madam, We are pleas…” ORDER p.1 · 29-MAR-23 · +1 DOC | ||||||||
| State Water & Sanitation Mission | CONTRACT | CT 1,770 | — | — | CAPEX | FY23 | EST | 75% |
| “Subject: HFCL Limited bags Contract from State Water & Sanitation Mission, Lucknow (“SWSM”) aggregating to ~Rs.1770 Crores for providing EPC Services.” ORDER p.1 · 27-NOV-22 DOC | ||||||||
| SWSM | CONTRACT | CT 1,770 | — | — | CAPEX | FY23 | EST | 75% |
| “Dear Sir(s)/ Madam, We are pleased to inform all the stakeholders that the Company has received the Contract aggregating to ~Rs.1770 crores, from SWSM for prov…” ORDER p.1 · 27-NOV-22 DOC | ||||||||
| UPMRC. | CONTRACT | CT 221 | — | — | CAPEX | FY21 | EST | 75% |
| “Mr. Mahendra Nahata, Managing Director, HFCL Limited, said, "We are pleased to share Rs.221 crore order win from UPMRC.” ORDER p.3 · 17-MAR-21 DOC | ||||||||
| Jharkhand Communication Network Limited | CONTRACT | CT 27 | — | — | CAPEX | FY19 | EST | 75% |
| “RE: HFCL bags Work Order for Rs.S27.44 crores- from Jharkhand Communication Network Limited ("JCNL") for implementing Bharat Net Phase-11 in the State of Jhark…” ORDER p.1 · 05-MAR-19 DOC | ||||||||
| Indian Railways | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Business-to-Government (B2G): HFCL plays a crucial role in serving government entities, including, defence organizations, public sector undertakings (PSUs) and…” AR · +1 DOC | ||||||||
| Parties | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “74HFCL Limited | Annual Report 2024-25 PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES Your Company has adopted a “Policy on Dealing with and Mat…” AR DOC | ||||||||
| RailTel. | CONTRACT | — | — | — | CAPEX | FY27 | EST | 70% |
| “The Company had earlier undertaken the implementation of the Secure OPS Network for Indian defence forces under a project awarded by RailTel.” ORDER p.1 · 27-MAY-26 DOC | ||||||||
| HEROMOTOCOHero MotoCorp Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “HFCL is a non-banking finance company engaged in providing financial services, including two-wheeler financing and providing credit to Company’s vendors and su…” AR · +1 DOC | ||||||||
| Tera Software Limited | CONTRACT | CT 157 | — | — | — | FY26 | EST | 70% |
| “Bagging/Receiving of orders/contracts HFCL Limited has informed the Exchange about bagging of Purchase Order aggregating to INR 157 Crores approx. from Tera So…” ANN · 12-MAY-25 DOC | ||||||||
| CRISILCRISIL Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Achievement: HFCL has been awarded bronze medal CRISIL ESG (September 2025) 55 (Adequate) S&P Global CSA (January 2026)” AR DOC | ||||||||
| FY27 | CONTRACT | CT 0 | — | — | SG&A | FY27 | EST | 70% |
| “while continuing investments in renewable energy adoption, resource efficiency, waste reduction and responsible manufacturing� Our sustainability efforts are c…” AR DOC | ||||||||
| Securities and Exchange Board of India | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “(i) Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act, 2013 and dealing w…” AR · +1 DOC | ||||||||
| Office | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “RESOLVED FURTHER THAT upon receipt of the Order of the Hon’ble Regional Director, Northern Region, approving the alteration, and filing of the certified copy o…” AR · +1 DOC | ||||||||
| Himachal Pradesh | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “RESOLVED FURTHER THAT upon receipt of the Order of the Hon’ble Regional Director, Northern Region, approving the alteration, and filing of the certified copy o…” AR · +1 DOC | ||||||||
| Business | UNSTATED | — | — | — | SG&A | FY26 | EST | 70% |
| “Business-to-Emerging Corporate Accounts (B2ECA): This segment comprises Internet Service Providers (ISPs) and system integrators, who are central to India’s on…” AR DOC | ||||||||
| FY27 | UNSTATED | — | — | — | COGS | FY27 | EST | 70% |
| “Goa Plant: • HFCL Goa Plant aims to achieve a 40% cumulative transition to renewable energy by FY 27, with 33% of the targeted renewable energy procurement pla…” AR DOC | ||||||||
| South East Asia | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Marque customer across 60+ countries80+ *Map not to Scale 08 HFCL Limited | Annual Report 2024-25 Some market leaders who we work with In India In South East A…” AR DOC | ||||||||
| Ministry of Defence | CONTRACT | CT 102 | — | — | COGS | FY25 | EST | 70% |
| “The Company has already secured a contract worth ₹44.36 crore from the Indian Army for the supply of these cables, with results from additional large tenders e…” AR · +2 DOC | ||||||||
| Financial Year | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “133 Corporate Overview Statutory ReportsBRSR Financial Statements Stakeholder Group from whom complaint is received Grievance Redressal Mechanism in place (Yes…” AR DOC | ||||||||
| Financial Year | UNSTATED | — | — | — | SG&A | FY25 | EST | 70% |
| “Number of consumer complaints in respect of the following: Current Financial Year 2024-25 Remarks Previous Financial Year 2023-24 Remarks Received Pending at e…” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | SG&A | FY25 | EST | 70% |
| “Number of consumer complaints in respect of the following: Current Financial Year 2024-25 Remarks Previous Financial Year 2023-24 Remarks Received Pending at e…” AR DOC | ||||||||
| Himachal Pradesh | UNSTATED | — | — | — | CAPEX | FY25 | EST | 70% |
| “The following properties are pending for title transfer in the name of the Company: Relevant line item in the Balance sheet Description of item of property Gro…” AR DOC | ||||||||
| PNBPunjab National Bank | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “(b) Capital and Other Commitments Particulars As at March 31, 2025 As at March 31, 2024 Estimated amount of contracts remaining to be executed on capital accou…” AR DOC | ||||||||
| Office | UNSTATED | — | — | — | SG&A | FY25 | EST | 70% |
| “while according approval / consent, as may be considered necessary and further authorized to appoint counsels / consultant and advisors, file applications / pe…” AR DOC | ||||||||
| China. | UNSTATED | — | — | — | — | 2026-07 | EST | 65% |
| “Now in the U.S., China, one, they don't prefer China as I don't think there is an administrative order not to buy from China” CONCALL DOC | ||||||||
| United States | UNSTATED | — | — | — | COGS | 2025-10 | EST | 65% |
| “So there is very minimal impact on HFCL's exports, which is mostly optical fiber cable to United States.” CONCALL DOC | ||||||||
| CDSLCentral Depository Services (India) Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 60% |
| “The password to open the .pdf file is your 8 digit client ID for NSDL account, last 8 digits of client ID for CDSL account or folio number for shares held in p…” AR · +1 DOC | ||||||||
| Defence Research and Development Organisation | UNSTATED | — | — | — | — | 2025-10 | EST | 55% |
| “After that, supply of that particular ammunition in October, we have applied for test range to DRDO, which is in Balasore.” CONCALL DOC | ||||||||
| Private Limited Company | UNSTATED | — | — | — | — | 2026-11 | EST | 50% |
| “Private Customer Revenue Share” SCREENER DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| Financial Year | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “Percentage of input material (input to total inputs by value) sourced from suppliers: Current Financial Year 2024-25 Previous Financial Year 2023-24 Directly s…” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “(Yes/No) Yes� HFCL incorporates labour and human rights-related requirements into its business agreements and contracts� Agreements include clauses requiring c…” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | COGS | FY26 | EST | 70% |
| “while most facilities are equipped with dedicated accessible restrooms featuring support handrails for the convenience of differently abled visitors� 4� Detail…” AR DOC | ||||||||
| Business | UNSTATED | — | — | — | COGS | FY26 | EST | 70% |
| “FY25 Highlights Credit Rating Corporate Overview HFCL at a Glance 02 Offerings 06 Geographic Presence 08 Performance Overview Managing Director’s Message 10 Ke…” AR · +1 DOC | ||||||||
| China. | UNSTATED | — | — | — | — | 2026-07 | EST | 65% |
| “but there is an administrative advice that administration is not in favor of buying from China.” CONCALL DOC | ||||||||
| HALHindustan Aeronautics Ltd. | UNSTATED | — | — | — | COGS | 2026-05 | EST | 60% |
| “Besides, we have also established capabilities in critical areas such as wire harnesses for defence sectors, and we have been recognised by Hindustan Aeronauti…” CONCALL p.6 · 31-MAY-26 DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNOUNCEMENTS | 54/54 | 100% | 14-NOV-26 |
| ANNUAL | 2/2 | 100% | 15-OCT-26 |
| CONCALL | 5/5 | 100% | 09-NOV-26 |
| ORDERS | 51/51 | 100% | 14-NOV-26 |
| RATINGS | 0/2 | 0% | — |
| SCREENER | 1/1 | 100% | 09-NOV-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUST MOM 1M | +10.3% | 14-NOV-26 | from 15-OCT-26 · ITI Ltd. +10.5% w 0 · Rail Vikas Nigam Ltd. +1.4% w 0 · Hero MotoCorp Ltd. +3.4% w 0 · Central Depository Services (India) Ltd. +11.9% w 0 · Punjab National Bank +24.1% w 0 |
| DISTRESS SCORE | 0.374 | 13-OCT-26 | roe 0.07 · operatingMargin 0.15 · debtToEquity 0.39 · interestCoverage 2.77 · assetTurnover 0.56 · leverage 1.81 |
| SUPP MOM 1M | -2.0% | 14-NOV-26 | from 15-OCT-26 · Hindustan Aeronautics Ltd. -2.0% |