HFCL · Telecommunication
HFCL Ltd. reported revenue of ₹1,824 cr for January to March 2026, +127.7% on the year and +50.6% on the quarter. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹4,949 cr, +21.7% on the four before.
Operating profit (EBITDA) was ₹314 cr, a margin of 17.2%, +2,183 bps on the year and −161 bps on the quarter. Over the last 8 quarters the margin has ranged from −4.6% to 18.8%, averaging 12.2%.
The company swung to a net profit of ₹184 cr from a loss of ₹83.0 cr a year earlier, with earnings per share of ₹1.17. The tax rate was 19% against an average of 25% over the previous 6 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹329 cr, +89.1% 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 ₹2.06 over the last four quarters, the stock at ₹206.47 trades at 100.2 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.
A lower tax rate lifted profit. Is the lower rate going to last?
Source: Quarterly statements
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.
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.
| 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 ₹1,824 cr (+127.7% on the year) and net profit of ₹184 cr (— on the year) for January to March 2026.
1 check raised a question: A lower tax rate lifted profit. Is the lower rate going to last?
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