HFCL · Telecommunication
HFCL Ltd. reported revenue of ₹1,915 cr for April to June 2026, +119.9% on the year and +5.0% on the quarter. That is faster than this quarter has grown in recent years (−4.2% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹5,993 cr, +58.6% on the four before.
Operating profit (EBITDA) was ₹414 cr, a margin of 21.6%, +1,840 bps on the year and +440 bps on the quarter. It is the widest margin of the last 8 quarters (range −4.6% to 21.6%). Operating costs grew +78.1% against revenue growth of +119.9%, so more of each rupee of sales reached operating profit.
The company swung to a net profit of ₹246 cr from a loss of ₹29.0 cr a year earlier, with earnings per share of ₹1.49. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹604 cr, +1,676.5% on the four before.
Telecom is capital-heavy: depreciation and interest take a large share of operating profit, so the operating line matters more than net profit in any one quarter. The quarterly statements do not carry revenue per user, subscribers and capital spending; those come with the filing read.
On earnings per share of ₹3.77 over the last four quarters, the stock at ₹256.01 trades at 67.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Turned profitable from a loss a year ago.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,111 cr | ₹1,032 cr | ₹1,326 cr | ₹1,158 cr | ₹1,094 cr | ₹1,012 cr | ₹801 cr | ₹871 cr | ₹1,043 cr | ₹1,211 cr | ₹1,824 cr | ₹1,915 cr |
| YoY | — | — | — | +16% | −2% | −2% | −40% | −25% | −5% | +20% | +128% | +120% |
| EBITDA margin | 12.0% | 11.3% | 14.8% | 15.1% | 14.4% | 15.0% | −4.6% | 3.2% | 18.2% | 18.8% | 17.2% | 21.6% |
| Other income, % of PBT | 19% | 44% | 9% | 8% | 15% | 21% | — | — | 12% | 12% | 10% | 9% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 24% | 27% | 7% | 28% | 28% | — | — | 32% | 26% | 19% | 26% |
| Net profit | ₹70.0 cr | ₹82.0 cr | ₹109 cr | ₹111 cr | ₹73.0 cr | ₹73.0 cr | −₹83.0 cr | −₹29.0 cr | ₹72.0 cr | ₹102 cr | ₹184 cr | ₹246 cr |
| YoY | — | — | — | +46% | +4% | −11% | −176% | −126% | −1% | +40% | — | — |
| Core profit YoY | — | — | — | +21% | +14% | +30% | −188% | −155% | +7% | +53% | — | — |
| EPS | ₹0.49 | ₹0.58 | ₹0.76 | ₹0.77 | ₹0.51 | ₹0.51 | −₹0.56 | −₹0.22 | ₹0.47 | ₹0.64 | ₹1.17 | ₹1.49 |
| Flags | · | 1 | · | 2 | ✓ | ✓ | 2 | 2 | ✓ | ✓ | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
HFCL Ltd. reported revenue of ₹1,915 cr (+119.9% on the year) and net profit of ₹246 cr (— on the year) for April to June 2026.
None of the 6 checks that could run raised a question.
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