HFCL · Telecommunication
HFCL Ltd. reported revenue of ₹2,542 cr for July to September 2026, +143.7% on the year and +32.7% on the quarter. That is faster than this quarter has grown in recent years (−3.1% 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 ₹7,492 cr, +101.0% on the four before.
Operating profit (EBITDA) was ₹630 cr, a margin of 24.8%, +657 bps on the year and +316 bps on the quarter. It is the widest margin of the last 8 quarters (range −4.6% to 24.8%). Operating costs grew +124.2% against revenue growth of +143.7%, so more of each rupee of sales reached operating profit.
Net profit was ₹394 cr, +447.2% on the year and +60.2% on the quarter, with earnings per share of ₹2.37. Profit before other income, one-offs and tax grew faster, at +450.5%; other income, one-offs or tax held the headline back. The tax rate of 27% is in line with its recent average. Profit over the last four quarters totals ₹926 cr, +2,706.1% on the four before.
Of the 5 companies in Telecom that have reported Q2 FY27 so far, HFCL Ltd. ranks 1st on revenue growth; the sector median is +10.5%. Its margin moved +657 bps on the year against a sector median of +139 bps.
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 ₹5.67 over the last four quarters, the stock at ₹206.47 trades at 36.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, 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.
Could not run on this quarter: 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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹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 | ₹2,542 cr |
| YoY | — | — | +16% | −2% | −2% | −40% | −25% | −5% | +20% | +128% | +120% | +144% |
| EBITDA margin | 11.3% | 14.8% | 15.1% | 14.4% | 15.0% | −4.6% | 3.2% | 18.2% | 18.8% | 17.2% | 21.6% | 24.8% |
| Other income, % of PBT | 44% | 9% | 8% | 15% | 21% | — | — | 12% | 12% | 10% | 9% | 5% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 27% | 7% | 28% | 28% | — | — | 32% | 26% | 19% | 26% | 27% |
| Net profit | ₹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 | ₹394 cr |
| YoY | — | — | +46% | +4% | −11% | −176% | −126% | −1% | +40% | — | — | +447% |
| Core profit YoY | — | — | +21% | +14% | +30% | −188% | −155% | +7% | +53% | — | — | +451% |
| EPS | ₹0.58 | ₹0.76 | ₹0.77 | ₹0.51 | ₹0.51 | −₹0.56 | −₹0.22 | ₹0.47 | ₹0.64 | ₹1.17 | ₹1.49 | ₹2.37 |
| 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 ₹2,542 cr (+143.7% on the year) and net profit of ₹394 cr (+447.2% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +450.5% on the year, against +447.2% for reported profit.
None of the 7 checks that could run raised a question.
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