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HFCL LIMITED Earnings Release 2026
61636_rns_2026-04-30_3c5437c1-b729-48a5-8a6b-068c54d21613.pdf
Earnings Release
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HFCL GROUP
HFCL Limited
8, Commercial Complex, Masjid Moth, Greater Kailash - II,
New Delhi - 110048, India
Tel : (+91 11) 3520 9400, 3520 9500 Fax : (+91 11) 3520 9525
Web : www.hfcl.com
Email : [email protected]
HFCL/SEC/26-27
April 30, 2026
| The BSE Ltd.
1^{st} Floor, New Trading Wing, Rotunda Building
Phiroze Jeejeebhoy Towers, Dalal Street, Fort
Mumbai – 400001
[email protected]
Security Code No.: 500183 | The National Stock Exchange of India Ltd.
Exchange Plaza, 5^{th} Floor, C – 1, Block G
Bandra – Kurla Complex, Bandra (E)
Mumbai – 400051
[email protected]
Security Code No.: HFCL |
| --- | --- |
RE: Disclosures under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
Subject: Outcome of the meeting of the Board of Directors held on April 30, 2026.
Time of commencement: 12:10 PM
Time of conclusion: 12:45 PM
Dear Sir(s)/ Madam,
This is in continuation to our earlier intimation dated April 23, 2026 and April 27, 2026, with respect to the meeting of the Board of Directors of the Company, scheduled on April 30, 2026.
Pursuant to Regulation 30 read with Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, ("SEBI Listing Regulations"), we would like to inform all our stakeholders that the Board of Directors of the Company, at its meeting held today, has, inter-alia, considered and approved the following:-
- Audited Financial Results of the Company for the 4th Quarter and Financial Year ended March 31, 2026, along with Statement of Profit & Loss, Statement of Assets & Liabilities and the Statement of Cash Flow for the financial year ended March 31, 2026, both on Standalone and Consolidated basis ("Financial Results"), in accordance with Regulation 33 of the SEBI Listing Regulations, together with the Auditors' Reports thereon.
The aforesaid financial results have been duly reviewed and recommended by the Audit Committee and audited by M/s S. Bhandari & Co. LLP, Chartered Accountants and M/s Oswal Sunil & Company, Chartered Accountants, Statutory Auditors of the Company.
The copies of the aforesaid Financial Results along with the Auditors' Reports thereon issued by M/s S. Bhandari & Co. LLP, Chartered Accountants and M/s Oswal Sunil & Company, Chartered Accountants, Statutory Auditors of the Company and Declaration regarding Unmodified Opinion on the Audit Reports on aforesaid Financial Results, both on Standalone and Consolidated basis, are enclosed herewith.
Arrangements have also been made for publication of the aforesaid financial results in Newspapers, as per the requirements of Regulation 47 of the SEBI Listing Regulations.
Please note that aforesaid financial results will also be available on the Company's website at www.hfcl.com.
We hereby also submit a copy of the Press Release on the Audited Financial Results of the Company for the 4th Quarter and Financial Year ended March 31, 2026, both on Standalone and Consolidated basis.
- Dividend for the financial year 2025-26 @20%, i.e., Re. 0.20/- per equity share of face value Re.1/- each, out of the Profits of the Company for the financial year 2025-26, which shall be paid, subject to the approval of the shareholders in the ensuing annual general meeting or other authorities, wherever required.
The Dividend for the financial year ended March 31, 2026, if declared, at the ensuing annual general meeting, will be paid to the shareholders, within 30 days from the date of declaration.
Regd. Office & Works: 8, Electronics Complex, Chambaghat, Solan-173213 (H.P.) Tel: (01792) 230644, 230645, 230647 Fax: (01792) 231902
Corporate Identity Number: L64200HP1987PLC007466
HFCL GROUP
HFCL Limited
8, Commercial Complex, Masjid Moth, Greater Kailash - II,
New Delhi - 110048, India
Tel : (+91 11) 3520 9400, 3520 9500 Fax : (+91 11) 3520 9525
Web : www.hfcl.com
Email : [email protected]
- Constitution of a Committee of the Board/Executives, to be known as the Strategic Restructuring Committee ("Restructuring Committee").
The Company presently operates through multiple business verticals, namely Telecom, Defence and Engineering, Procurement and Construction ("EPC"), each with distinct operating characteristics, capital requirements, growth trajectories and regulatory frameworks. In view of the evolving business environment and the need for sharper strategic focus, operational efficiency and long-term value creation, the Board has considered it appropriate to evaluate various options for business and structural realignment of these verticals.
Accordingly, the Restructuring Committee has been constituted to evaluate and examine various strategic options for business and structural realignment, including but not limited to demerger, business transfer, slump sale, consolidation, divestment or any other form of corporate or business restructuring, and to place its recommendations before the Board for consideration.
Composition of the Restructuring Committee
- Mr. Mahendra Nahata, Managing Director – Chairperson
- Mr. Ajai Kumar, Independent Director – Member
- Mr. Arvind Kharabanda, Non-Executive Director – Member
- Mr. V. R. Jain, Chief Financial Officer – Member
- Mr. Manoj Baid, President and Company Secretary – Member
The Board shall consider the recommendations of the Restructuring Committee in due course and shall keep the stock exchanges and stakeholders appropriately informed, as and when required, in accordance with applicable regulatory requirements.
You are requested to take the above information on records and upload the same on your respective websites.
Thanking you.
Yours faithfully,
For HFCL Limited
MANO J BAID
Digitally signed by MANOJ BAID
Date: 2026.04.30
12:48:35 +05'30'
(Manoj Baid)
President & Company Secretary
Encl.:
- Audited Annual Financial Results;
- Statement of Assets & Liabilities;
- Cash Flow Statement;
- Auditors' Report on Financial Results;
- Declaration on Unmodified Opinion
- Press Release
Regd. Office & Works: 8, Electronics Complex, Chambaghat, Solan-173213 (H.P.) Tel: (01792) 230644, 230645, 230647 Fax: (01792) 231902
Corporate Identity Number: L64200HP1987PLC007466
S Bhandari & Co LLP
Chartered Accountants
P-7, Tilak Marg, C-Scheme
Jaipur- 302 005
Oswal Sunil & Company
Chartered Accountants
71, Daryaganj,
New Delhi-110 002
Independent Auditors’ Report on the Quarterly and Annual Audited Standalone Financial Results of the Company Pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
TO THE BOARD OF DIRECTORS OF
HFCL Limited
Report on the Audit of the Standalone Financial Results
Opinion
We have audited the accompanying statement of quarterly and annual standalone financial results of HFCL Limited (the "Company") for the quarter ended March 31, 2026 and for the year ended March 31, 2026 ("the Statement"), attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
In our opinion and to the best of our information and according to the explanations given to us, the Statement:
i) is presented in accordance with the requirements of the Listing Regulations in this regard; and
ii) give a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards ("Ind AS") and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information of the Company for the quarter and year ended March 31, 2026.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Standalone Financial Results" section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.
Board of Directors’ Responsibilities for the Standalone Financial Results
The Statement has been prepared on the basis of the standalone annual financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit and other comprehensive income of the Company and other financial information in accordance with the applicable Indian accounting standards (Ind AS) prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
S Bhandari & Co LLP
Chartered Accountants
S Bhandari & Co LLP
Chartered Accountants
Oswal Sunil & Company
Chartered Accountants
In preparing the Statement, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company's financial reporting process.
Auditors' Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
-
Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
-
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
-
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
-
Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.
-
Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
-
Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the Standalone Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Standalone Financial Results.
S BHANDARI & CO LLP
Chartered Accountants
Chartered Accountants
S Bhandari & Co LLP
Chartered Accountants
Oswal Sunil & Company
Chartered Accountants
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Other Matter
The Statement includes the results for the quarter ended March 31, 2026 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2026 and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations. Our opinion on the statement is not modified in respect of this matter.
For S Bhandari & Co LLP
Chartered Accountants
Firm Registration No. 000560C/C400334
(J.S.P. Bansal)
Partner
Membership No: 070980
UDIN: 26070980DBYCZM8698
Place: New Delhi
Date: April 30, 2026
For Oswal Sunil & Company
Chartered Accountants
Firm Registration No. 016520N
(Navin K Lahoty)
Partner
Membership No: 056931
UDIN: 26056931BVYEFN8632
Place: New Delhi
Date: April 30, 2026
S. Bhandari & Co LLP
Chartered Accountants
P-7, Tilak Marg, C-Scheme
Jaipur- 302 005
Oswal Sunil & Company
Chartered Accountants
71, Daryaganj,
New Delhi-110 002
Independent Auditors' Report on the Quarterly and Annual Audited Consolidated Financial Results of the Company Pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
TO THE BOARD OF DIRECTORS OF
HFCL LIMITED
Report on the Audit of the Consolidated Financial Results
Opinion
We have audited the accompanying statement of quarterly and annual consolidated financial results of HFCL Limited ("Holding Company") and its subsidiaries (Holding Company and its subsidiaries together referred to as "the Group"), and its jointly controlled entities for the quarter ended March 31, 2026 and for the year ended March 31, 2026 ("the Statement"), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").
In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate audited financial statements/financial information of the subsidiaries and jointly controlled entities referred in other matter paragraph below, the statement:
i. include the quarterly and annual financial results of the following entities:
Holding Company
- HFCL Limited
Subsidiaries
- HTL Limited;
- Polixel Security Systems Private Limited;
- Moneta Finance Private Limited;
- HFCL Advance Systems Private Limited;
- Raddef Private Limited;
- DragonWave HFCL India Private Limited;
- HFCL Technologies Private Limited;
- HFCL Inc.(United State of America); and
- HFCL B.V. (Netherlands)*
*As per the consolidated financial results
Jointly Controlled Entities
- Nimpaa Telecommunications Private Limited,
- BigCat Wireless Private Limited
ii. is presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
iii. gives a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards ("Ind AS"), and other accounting principles generally accepted in India, of the consolidated net profit and other comprehensive income and other financial information of the Group and of its jointly controlled entities for the quarter and year ended March 31, 2026.
S. B. HANDARI & CO LLP
C.A. 1943
Office of the Secretary
J. R. C.
S Bhandari & Co LLP
Chartered Accountants
Oswal Sunil & Company
Chartered Accountants
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under Section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Consolidated Financial Results" section of our report. We are independent of the Group and its jointly controlled entities in accordance with the 'Code of Ethics' issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in "Other Matters" paragraph below, is sufficient and appropriate to provide a basis for our audit opinion.
Board of Directors' Responsibilities for the Consolidated Financial Results
These Consolidated financial results have been prepared on the basis of the consolidated annual financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of these consolidated financial results that give a true and fair view of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group including its jointly controlled entities in accordance with the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.
The respective Board of Directors of the companies included in the Group and of its jointly controlled entities are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its jointly controlled entities and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Board of Directors of the Holding Company, as aforesaid.
In preparing the consolidated financial results, the respective Board of Directors of the companies included in the Group and of its jointly controlled entities are responsible for assessing the ability of the Group and its jointly controlled entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the Companies included in the Group and of its jointly controlled entities are responsible for overseeing the financial reporting process of the Group and of its jointly controlled entities.
Auditors' Responsibilities for the Audit of the Consolidated Financial Results
Our objectives are to obtain reasonable assurance about whether the Consolidated financial results as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
S BHANDARI & CO LLP
Chartered Accountants
S Bhandari & Co LLP
Chartered Accountants
Oswal Sunil & Company
Chartered Accountants
-
Identify and assess the risks of material misstatement of the consolidated financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
-
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
-
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
-
Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.
-
Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its jointly controlled entities to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in consolidated financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Group and its jointly controlled entities to cease to continue as a going concern.
-
Evaluate the overall presentation, structure and content of the Consolidated financial results, including the disclosures, and whether the Consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation.
-
Perform procedures in accordance with the Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, issued by the SEBI under Regulation 33(8) of the Listing Regulations to the extent applicable.
-
Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group and its jointly controlled entities to express an opinion on the consolidated financial results. We are responsible for the direction, supervision and performance of the audit of the financial information of such entities included in the consolidated financial results of which we are the independent auditors. For the other entities included in the consolidated financial results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.
Materiality is the magnitude of misstatements in the Consolidated Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Consolidated Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Consolidated Financial Results.
We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
S BHANDARI & CO LLP
S Bhandari & Co LLP
Chartered Accountants
Oswal Sunil & Company
Chartered Accountants
Other Matters
i) We did not audit the financial information / financial results of two subsidiaries included in the consolidated financial results, whose financial results/statements include total assets of Rs. 8.64 Crores as at March 31, 2026, total revenues of Rs. Nil Crores and Rs. Nil, total net profit after tax of Rs. 0.09 Crores and Rs. 0.39 Crores, total comprehensive (loss)/income of Rs. (5.24) Crores and Rs. (4.95) Crores, for the quarter and for the year ended March 31, 2026, respectively, and net cash inflows of Rs. 0.14 Crores for the year ended March 31, 2026, as considered in the Consolidated financial results which have been audited by their respective independent auditors.
The independent auditor's report on the financial statements/financial information of these entities have been furnished to us by the Management and our opinion on the Consolidated financial results in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of such auditors and the procedures performed by us as stated in paragraph above.
Our opinion on the Consolidated financial results is not modified in respect of the above matter with respect to our reliance on the work done and the reports of the other auditors.
ii) The financial information / financial results of five subsidiaries included in the consolidated financial results, whose financial results/statements include total assets of Rs. 729.37 Crores as at March 31, 2026, total revenues of Rs. 258.31 Crores and Rs. 912.64 Crores, total net profit after tax of Rs. 18.38 Crores and Rs. 61.72 Crores, total comprehensive income of Rs. 15.47 Crores and Rs. 58.51 Crores, for the quarter and for the year ended March 31, 2026, respectively, and net cash inflows of Rs. 0.44 Crores for the year ended March 31, 2026, as considered in the Consolidated financial results which have been audited by one of the joint auditor of the Holding company and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of such joint auditor.
Our conclusion on the Statement is not modified in respect of the above matters
iii) The Consolidated Financial Statements includes financial information /financial results of three foreign branches which reflects total assets of Rs. 57.22 Crores as at March 31, 2026, total revenues of Rs. 19.35 Crores and Rs. 75.55 Crores, total net (loss) after tax of Rs. (0.73) Crores and Rs. (0.54) Crores, total comprehensive (loss)/income of Rs. (0.73) Crores and Rs. 0.85 Crores, for the quarter and for the year ended March 31, 2026, respectively, and net cash outflows of Rs. 1.90 Crores for the year ended March 31, 2026, audited by the respective independent branch auditor.
The independent branch auditor's report on the financial information/financial results of these branches have been furnished to us by the Management and our opinion on the Consolidated financial results in so far as it relates to the amounts and disclosures included in respect of these branches is based solely on the reports of such branch auditors and the procedures performed by us as stated in paragraph above.
Our opinion on the Consolidated financial results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the branch auditors.
iv) The Consolidated Financial Statements includes consolidated financial information/financial result of one foreign subsidiary (incorporating results of its step down subsidiaries), which reflects total assets of Rs. 14.77 Crores as at March 31, 2026, total revenues of Rs. 5.47 Crores and Rs. 15.21 Crores, total net profit after tax of Rs. 2.38 Crores and Rs. 1.14 Crores, total comprehensive profit of Rs. 2.66 Crores and Rs. 2.08 Crores, for the quarter and for the year ended March 31, 2026, respectively, and net cash inflows of Rs. 0.93 Crores for the year ended March 31, 2026, audited by the independent auditors in accordance with the regulations of such foreign country.
The Consolidated Financial Statements includes consolidated financial information/financial result of another foreign subsidiary, which reflects total assets of Rs. 854.67 Crores as at March 31, 2026, total revenues of Rs. 903.34 Crores and Rs. 1374.91 Crores, total net profit after tax of Rs. 3.51 Crores and Rs. 52.09 Crores, total comprehensive profit of Rs. 4.37 Crores and Rs. 50.21 Crores, for the quarter and for the year ended March 31, 2026, respectively, and net cash inflows of Rs. 5.99 Crores for the year ended March 31, 2026, audited by the independent auditor in accordance with the regulations of such foreign country.
S BHANDARI & CO LLP
Chartered Accountants
S Bhandari & Co LLP
Chartered Accountants
Oswal Sunil & Company
Chartered Accountants
Financial information/financial results of both the foreign subsidiaries has been converted by the Holding Company's management and further audited by the Indian Auditors as per the as per the accounting principles generally accepted in India and whose report has been furnished to us by the management.
Our opinion on the Consolidated financial results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.
v) We did not audit the financial information / financial results of two jointly controlled entities included in the consolidated financial results, whose financial information / financial results include total net (loss)/profit after tax of Rs. (1.09) Crores and Rs. 0.36 Crores, total comprehensive (loss)/income of Rs. (1.09) Crores and Rs. 0.36 Crores, for the quarter and for the year ended March 31, 2026, respectively, as considered in the Consolidated financial results which have been audited by their respective independent auditors.
The independent auditor's report on the financial information / financial results of these entities have been furnished to us by the Management and our opinion on the Consolidated financial results in so far as it relates to the amounts and disclosures included in respect of these jointly controlled entities is based solely on the reports of such auditors and the procedures performed by us as stated in paragraph above.
Our opinion on the Consolidated financial results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.
vi) The Statement includes the results for the quarter ended March 31, 2026 being the balancing figures between the audited figures in respect of the full financial year ended March 31, 2026 and the published unaudited year-to-date figures up to the end of the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.
For S Bhandari & Co LLP
Chartered Accountants
Firm Registration No. 000560C/C400334
(J.S.P. Bansal)
Partner
Membership No: 070980
UDIN: 26070980DRVBDS1514
Place: New Delhi
Date: April 30, 2026
For Oswal Sunil & Company
Chartered Accountants
Firm Registration No. 016520N
(Nawin K Lahoty)
Partner
Membership No: 056931
UDIN: 26056931UFQFTR4513
Place: New Delhi
Date: April 30, 2026
HFCs, LIMITED
Regd. Office : 8, Eledronics Complex, Chambaghial, Solan-173213 (Himachal Pradesh)
Tel. : (+911792) 220044 , Fax No(+911792) 231932, E-mail: [email protected]
Website: www.hfcl.com / Corporate Identity Number (CIN): L84200HP1987PLC007466
STATEMENT OF AUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED 31ST MARCH, 2024
| ID. No. | Particulars | Consolidated |
|---|---|---|
| Three months ended | Preceding three months ended | Corresponding three months ended in the previous year |
| March 31, 2024 | December 31, 2023 | March 31, 2025 |
| Audited | Un-audited | Audited |
| I | INCOME | |
| Revenue from Operations | 1,511.24 | 1,223.89 |
| Other Income | 23.15 | 15.15 |
| Total Income | 1,324.39 | |
| II | EXPENSES | |
| Cost of materials/services consumed | 655.97 | 469.96 |
| Purchases of stock-in-trade | 463.40 | 381.49 |
| Change in inventories of finished goods, work-in progress and stock-in-trade | (160.23) | (157.17) |
| Employee benefits expense (Refer Note No. 4) | 106.52 | 79.93 |
| Finance costs | 94.51 | 54.75 |
| Depreciation, Impairment and Amortisation expenses | 41.52 | 36.92 |
| Other expenses | 185.32 | 94.22 |
| Total Expenses | 1,318.01 | |
| III | Profit / (Loss) before exceptional items and tax (I-II) | 216.38 |
| IV | Share of net profits / (loss) of jointly controlled entities accounted for using equity method | - |
| V | Profit / (Loss) before exceptional items and tax (III+IV) | 216.38 |
| VI | Exceptional items | - |
| VII | Profit / (Loss) before tax (V-VI) | 216.38 |
| VIII | Tax expense | |
| Current Tax | 62.36 | 17.46 |
| Deferred Tax / (Benefits) | (23.56) | 5.29 |
| IX | Profit / (Loss) after tax for the period / year from continuing operations (VII-VIII) | 177.58 |
| X | Other Comprehensive Income / (Loss) Items that will not be reclassified to profit or loss | (30.78) |
| Income tax on above item | (0.13) | (0.02) |
| Items that will be reclassified to profit or loss | 1.22 | (0.57) |
| Other comprehensive Income / (Loss) for the period / year after tax | (29.69) | (21.08) |
| Total comprehensive income / (Loss) for the period / year (IX+X) | 147.69 | 35.16 |
| XII | Profit / (Loss) attributable to: | |
| Owners of the Parent Non-controlling interests | - | - |
| XIII | Total comprehensive income / (Loss) attributable to: | |
| Owners of the Parent Non-controlling interests | - | - |
| Total-pp Equity Share Capital (Face value of Re. V- each) | 153.03 | 153.03 |
| XIV | Other Equity | - |
| XVI | Earnings / (Loss) per Share (face value of Re. V- each) | |
| Basic (Re / Rs.) | 1.58 | 0.39 |
| Diluted (Re / Rs.) | 1.56 |
Cont...
Audited Standalone and Consolidated segment wise revenue, results, assets and liabilities for the fourth quarter and year ended 31st March, 2020
(Rs. in Crore unless otherwise stated)
| Sl. No. | Particulars | Standalone | Consolidated | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Three months ended | Preceding three months ended | Corresponding three months ended in the previous year | Current Financial Year ended | Previous Financial Year ended | Three months ended | Preceding three months ended | Corresponding three months ended in the previous year | Current Financial Year ended | Previous Financial Year ended | ||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | March 31, 2026 | March 31, 2025 | March 31, 2026 | December 31, 2025 | March 31, 2025 | March 31, 2026 | March 31, 2025 | ||
| Audited | Un-audited | Audited | Audited | Audited | Audited | Un-audited | Audited | Audited | Audited | ||
| 1 | Segment Revenue | ||||||||||
| a. Telecom Products | 901.12 | 701.79 | 558.85 | 2,503.00 | 2,160.81 | 1,209.22 | 691.21 | 588.88 | 2,931.01 | 2,390.18 | |
| b. Defence Product & Services | 0.19 | 0.27 | 0.21 | 0.79 | 0.23 | 12.42 | 10.81 | 11.93 | 76.70 | 49.88 | |
| c. Turnkey Contracts and Services | 939.93 | 521.83 | 198.13 | 1,963.76 | 1,614.08 | 597.14 | 497.00 | 180.48 | 1,875.01 | 1,900.46 | |
| d. Others | 18.34 | 20.75 | 10.52 | 26.55 | 37.99 | ||||||
| Revenue from Operations | 1,511.24 | 1,222.68 | 757.18 | 4,527.54 | 3,795.22 | 1,824.12 | 1,210.75 | 800.72 | 4,948.27 | 4,064.52 | |
| 2 | Segment Results - Profit (Loss) before tax and interest from each segment | ||||||||||
| a. Telecom Products | 360.55 | 140.97 | 3.91 | 634.57 | 118.84 | 383.00 | 202.62 | 4.52 | 763.92 | 134.47 | |
| b. Defence Product & Services | (5.39) | (3.32) | (0.41) | (14.79) | (4.46) | (5.90) | (0.71) | (0.15) | (5.05) | 0.11 | |
| c. Turnkey Contracts and Services | (94.00) | (11.16) | (56.49) | (112.25) | 232.82 | (84.10) | (11.16) | (56.43) | (113.01) | 233.17 | |
| d. Others | (1.72) | 0.72 | (0.30) | (3.04) | (6.14) | ||||||
| Total | 270.26 | 126.55 | (52.93) | 507.53 | 368.26 | 291.26 | 191.44 | (52.42) | 643.82 | 381.81 | |
| Less: i. Interest | Less: i. Interest | 54.51 | 54.75 | 42.32 | 209.67 | 149.46 | 62.78 | 62.76 | 51.05 | 242.06 | 185.01 |
| i. Other un-allocable expenditure net off | 6.74 | 0.07 | 0.89 | 7.39 | 0.21 | 6.75 | 0.07 | 8.21 | 7.36 | 10.54 | |
| ii. Un-allocable income | (7.43) | (7.31) | (9.54) | (31.86) | (31.91) | (6.16) | (9.50) | (6.76) | (33.22) | (30.52) | |
| Total Profit / (Loss) before Tax | 216.38 | 78.94 | (92.80) | 322.14 | 241.43 | 227.93 | 138.11 | (104.93) | 427.68 | 216.55 | |
| 3 | Segment Assets | ||||||||||
| a. Telecom Products | 3,419.79 | 3,451.27 | 2,727.92 | 3,419.79 | 2,727.92 | 3,977.94 | 3,905.23 | 2,965.48 | 3,977.84 | 2,965.48 | |
| b. Defence Product & Services | 180.61 | 147.53 | 100.22 | 180.61 | 100.22 | 296.95 | 254.45 | 162.18 | 256.26 | 162.18 | |
| c. Turnkey Contracts and Services | 3,767.28 | 3,722.77 | 3,502.13 | 3,767.28 | 3,502.13 | 3,765.29 | 3,724.15 | 3,501.82 | 3,765.29 | 3,501.82 | |
| d. Others | 33.92 | 42.32 | 34.84 | 33.92 | 34.84 | ||||||
| e. Un-allocated | 763.75 | 853.50 | 839.58 | 763.75 | 839.58 | 833.57 | 839.24 | 881.96 | 833.57 | 881.98 | |
| Total | 5,131.43 | 6,215.07 | 7,176.95 | 6,131.43 | 7,176.95 | 6,857.57 | 6,855.41 | 7,540.30 | 6,857.57 | 7,540.30 | |
| 4 | Segment Liabilities | ||||||||||
| a. Telecom Products | 961.54 | 1,124.67 | 1,485.01 | 961.54 | 1,485.01 | 1,306.06 | 1,393.38 | 1,551.51 | 1,306.06 | 1,551.51 | |
| b. Defence Product & Services | 43.99 | 10.03 | 0.11 | 43.99 | 0.11 | 59.09 | 28.33 | 24.35 | 59.09 | 24.35 | |
| c. Turnkey Contracts and Services | 1,321.50 | 1,512.88 | 910.97 | 1,321.50 | 910.97 | 1,322.56 | 1,513.96 | 950.92 | 1,322.56 | 950.92 | |
| d. Others | 22.06 | 27.90 | 17.09 | 22.06 | 17.09 | ||||||
| e. Un-allocated | 1,076.95 | 986.96 | 800.31 | 1,076.95 | 800.31 | 1,208.19 | 1,098.28 | 913.14 | 1,208.19 | 913.14 | |
| Total | 3,463.98 | 3,635.66 | 3,210.40 | 3,403.98 | 3,210.40 | 3,918.98 | 4,061.95 | 3,426.98 | 3,918.98 | 3,426.98 |
Notes:
1. The above Audited Standalone & Consolidated Financial Results of the Company for the fourth quarter and year ended 31st March, 2026 have been reviewed and recommended by the Audit Committee and were approved by the Board of Directors of the Company at their respective meetings held on 30th April, 2025.
2. The above Results are in compliance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2021 (as amended).
3. (i) During the Financial year 2023-24, the Company had issued: 5,10,14,491, equity shares of face value of Rs. 1 each at an issue price of Rs.69/ per equity share (including premium of Rs.69/- per equity share), aggregating to -Rs. 352.00 Crore (including securities premium of Rs.346.90 Crore). The issue was made through eligible Qualified Institutions Placement ("QIP") in terms of chapter VI of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 as amended, Section 42 & 62 and other relevant provisions of the Companies Act, 2013. The Company has fully utilized the net QIP proceeds amounting to Rs. 342.68 crore up to 31st March, 2026, towards purposes specified in the placement document.
(ii) During the quarter ended 31st December, 2025, the Company has issued: 8,79,29,651, equity shares of face value of Rs. 1 each at an issue price of Rs.62.55/- per equity share (including premium of Rs.61.55/- per equity share), aggregating to -Rs. 550.00 Crore (including securities premium of Rs.541.21 Crore). The issue was made through eligible Qualified Institutions Placement ("QIP") in terms of chapter VI of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 as amended, Section 42 & 62 and other relevant provisions of the Companies Act, 2013. The 1 of the proceeds from QIP issue, the Company had utilized Rs. 478.32 Crore ( including share issue expenses) towards purposes/objects specified in the placement document. The balance QIP proceeds amounting to Rs. 71.68 Crore remains invested in fixed deposit of Rs. 65.42 Crore and Rs. 9.29 Crore is lying in the monitoring account with scheduled commercial bank as an interim use of funds.
(iii) The Board of Directors and Shareholders of the Company at their meetings held on March 25, 2026 and April 24, 2026 respectively, has approved the raising of funds through the issuance of up to 7,80,00,000 (Seven crore fifty lakhs) warrants convertible into 7,80,00,000 equity shares at a price of Rs.74/- per equity share to one of the Promoters and one of the members of the Promoter Group of the Company. Amount equivalent to 25% of the Warrant Exercise Price i.e., Rs.74/- per warrant Exercise Price shall payable at the time of subscription and abatement of each warrant and balance consideration of being 75% of the Warrant Exercise Price shall be payable within 18 months from the abatement date, at the time of exercising the warrants to apply for fully paid-up equity share of Rs.1/- each of the Company, against each warrant held by the warrant holders.
-
Pursuant to the notification issued by the Ministry of Labour & Employment on November 31, 2025, notifying the Code on Wages, 2015, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively referred to as the "Labour Codes"), the Company has evaluated the impact of the said Codes on employee benefits. In accordance with Ind AS 18 Employee Benefits, the Company has recognized the resulting past service cost in respect of gratuity and compensated absences. Accordingly, an amount of 78.48 crore on a standalone basis and 78.91 crore on a consolidated basis has been recognized during the quarter ended December 31, 2025 and included under "Employee benefit expense".
-
The Consolidated financial results for the fourth quarter and year ended 31st March, 2026 includes the results of the following entities:
a. HFCL Limited (HFCL) (Holding Company)
b. HTL Limited (Subsidiary)
c. Raddel Private Limited (Subsidiary)
d. Morelle Finance Private Limited (Wholly owned Subsidiary)
e. Poiled Security Systems Private Limited (Wholly owned Subsidiary)
f. HFCL Advance Systems Private Limited (Wholly owned Subsidiary)
g. Dragonflibes HFCL India Private Limited (Wholly owned Subsidiary)
h. HFCL Technologies Private Limited (Wholly owned Subsidiary)
i. HFCL Inc. United States of America, (Wholly owned Subsidiary)
j. HFCL S.V. Netherlands, (Wholly owned Subsidiary)
k. Nimpse Telecommunications Private Limited (Jointly Controlled Entity)
l. BigCar Wireless Private Limited (Jointly Controlled Entity)
m. HFCL Canada Inc. Canada, (Wholly owned Subsidiary of HFCL S.V.- Netherlands)
n. HFCL Poland Sp. z.o.o. (Formerly Blue Divide Sp. z.o.o.), Poland, (Wholly owned Subsidiary of HFCL S.V.- Netherlands) (Voluntarily Liquidated and its name has been removed from National Court Register w.e.f. 02 January 2009)
o. HFCL UK Limited, United Kingdom, (Wholly owned Subsidiary of HFCL S.V.- Netherlands)
p. HFCL Pty Limited, Australia, (Wholly owned Subsidiary of HFCL S.V.- Netherlands) -
Earning per share is not annualised for the Quarter ended 31st March, 2026, Quarter ended 31st December, 2025 and Quarter ended 31st March, 2025.
-
The Figures of the quarter ended March 31, 2026 and March 31, 2025 are the balancing figures between audited figures in respect of the full financial years and the published year to date figures up to the third quarter of the respective financial years, which were subject to limited review by the Auditors.
-
Over the past few years, the Company has strengthened its capabilities in defence sector through sustained investments in technology, product development, and domain expertise. Its portfolio in this segment includes, inter alia, Thermal Weapon Sights, Electronic Fuzes, Platers, and Multi-Mode Hand Grenades. The Company has built a sizeable order book in the defence segment and continues to actively participate in ongoing and prospective market opportunities. Further, as part of its long term strategy, the Company is evaluating opportunities to expand its footprint in the defence and aerospace domain, including through inorganic growth initiatives such as the proposed acquisition of an aerospace business, subject to necessary approvals and customary conditions.
-
In view of the increasing scale of operations and the growth potential of this segment, the revenue and corresponding profit from defence related activities have been separately disclosed under the "Defence Products" segment.
-
The Board has recommended a Dividend @ 20% i.e., Rs 0.20 per equity share of face value of Rs.1/- each, for the financial year ended March 31, 2026, subject to the approval of shareholders at the ensuing Annual General Meeting (AGM) of the Company or other authorities wherever required. The Dividend for the financial year ended 31st March, 2026, if declared at the ensuing AGM, will be paid to the shareholders within 30 days from the date of declaration.
-
The figures of the previous periods have been re-grouped re-arranged wherever considered necessary.
Place: New Delhi
Date: 30th April, 2026
HFCL LIMITED
Statement of Assets and Liabilities as at March 31, 2026
(All amounts are in Rs.crore)
| Particulars | Standalone | Consolidated |
|---|---|---|
| As at March 31, 2026 | As at March 31, 2025 | As at March 31, 2026 |
| Audited | Audited | Audited |
| (1) | ASSETS | |
| Non-current Assets | ||
| (a) Property, Plant and Equipment | 730.49 | 469.26 |
| (b) Capital work-in-progress | 55.83 | 157.20 |
| (c) Right-of-use-assets | 28.37 | 16.66 |
| (d) Goodwill | - | - |
| (e) Other Intangible assets | 233.51 | 177.64 |
| (f) Intangible assets under development | 401.24 | 401.85 |
| (g) Investment in subsidiaries and joint controlled entities | 144.89 | 135.06 |
| (h) Financial Assets | ||
| (i) Investments | 57.69 | 130.80 |
| (ii) Trade receivables | 269.80 | 409.86 |
| (iii) Loans | 52.96 | 29.65 |
| (iv) Others | 36.62 | 70.58 |
| (i) Other non-current assets | 20.54 | 43.50 |
| Sub-total | 2,031.94 | 2,042.06 |
| (2) | Current Assets | |
| (a) Inventories | 1,166.33 | 731.17 |
| (b) Financial Assets | ||
| (i) Investments | 41.30 | 1.18 |
| (ii) Trade receivables | 1,812.60 | 1,894.23 |
| (iii) Cash and cash equivalents | 17.44 | 57.80 |
| (iv) Bank balances other than (iii) above | 384.24 | 401.84 |
| (v) Loans | 21.60 | 17.50 |
| (vi) Others | 563.54 | 583.39 |
| (c) Current Tax Assets (Net) | 8.61 | 8.16 |
| (d) Other current assets | 2,044.48 | 1,441.61 |
| Sub-total | 6,060.14 | 5,136.88 |
| Assets classified as held for sale | 39.35 | - |
| Total Assets | 8,131.43 | 7,178.94 |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| (a) Equity Share capital | 153.03 | 144.21 |
| (b) Other Equity | 4,574.42 | 3,818.34 |
| (c) Non-Controlling interest | - | - |
| (2) | Sub-total | 4,727.45 |
| Liabilities | ||
| Non-current Liabilities | ||
| (a) Financial Liabilities | ||
| (i) Borrowings | 334.52 | 328.54 |
| (ii) Lease liabilities | 18.80 | 9.73 |
| (b) Provisions | 57.61 | 49.76 |
| (c) Deferred tax liabilities (net) | 78.56 | 88.61 |
| Sub-total | 489.49 | 476.64 |
| Current Liabilities | ||
| (a) Financial Liabilities | ||
| (i) Borrowings | 1,154.50 | 768.21 |
| (ii) Lease liabilities | 12.21 | 8.97 |
| (iii) Operational Buyers' Credit | 147.65 | 162.20 |
| (iv) Trade Payable | 923.96 | 1,138.98 |
| (v) Other financial liabilities | 358.98 | 428.39 |
| (b) Current Tax liabilities (Net) | 47.05 | 0.75 |
| (c) Other current liabilities | 239.56 | 217.09 |
| (d) Provisions | 12.47 | 15.16 |
| Sub-total | 2,896.38 | 2,739.75 |
| Liabilities directly associated with the assets held for sale | 18.11 | - |
| Total Equity and Liabilities | 8,131.43 | 7,178.94 |
SULIAMBI
P
A
HFCL LIMITED
Standalone Statement of Cash Flow for the year ended March 31, 2026
(All amounts are in Rs.crore)
| Particulars | Standalone | Consolidated | ||
|---|---|---|---|---|
| For the period ended March 31, 2026 | For the year ended March 31, 2025 | For the period ended March 31, 2026 | For the year ended March 31, 2025 | |
| Audited | Audited | Audited | Audited | |
| I. Cash flow from Operating Activities : | ||||
| Net Profit before taxes and Exceptional items | 322.14 | 241.43 | 427.68 | 216.59 |
| Adjustments for : | ||||
| Depreciation, Impairment and Amortization expenses | 137.99 | 84.90 | 157.30 | 105.51 |
| (Gain)/Loss on disposal of property, plant and equipment | 2.04 | 0.76 | 2.14 | (0.76) |
| Financial Guarantee impairment | (7.14) | (7.03) | (0.30) | (0.30) |
| Bad Debts, Warrants forfeited, advances and miscellaneous balances written back / o | 46.50 | 9.13 | 49.32 | 10.22 |
| Liquidated Damages recovered on Sales | 0.00 | (5.94) | - | 5.94 |
| Unrealised Loss / (gain) on foreign exchange fluctuation | (2.36) | (9.62) | (4.51) | (4.05) |
| (Gain)/Loss on Sale of Investments - Net | (0.01) | (0.11) | (0.01) | (0.11) |
| Share of (profit)/loss of associates | - | - | (0.37) | (0.36) |
| Dividend and interest income classified as investing cash flows | (23.47) | (24.01) | (24.77) | (24.98) |
| Finance costs (net) | 209.97 | 149.46 | 242.06 | 185.01 |
| 363.52 | 197.54 | 420.86 | 276.12 | |
| Change in operating assets and liabilities : | ||||
| (Increase)/Decrease in Trade and other receivables | 177.42 | 349.69 | (225.21) | 422.08 |
| (Increase)/Decrease in Inventories | (455.52) | (112.23) | (517.15) | (124.42) |
| Increase/ (Decrease) in Trade payables | (211.54) | 303.32 | (71.22) | 271.04 |
| (Increase)/Decrease in other financial assets | 17.87 | (438.37) | (120.44) | (438.01) |
| Increase/ (Decrease) in other financial liabilities | (10.25) | 162.20 | (10.25) | 162.20 |
| (Increase)/Decrease in other non-current assets | 17.08 | 73.33 | 9.67 | (8.73) |
| (Increase)/Decrease in other current assets | (604.03) | (496.99) | (357.96) | (507.61) |
| Increase / (Decrease) in provisions | (2.69) | 3.31 | (2.67) | 3.56 |
| Increase / (Decrease) in other non-current liabilities | 10.18 | 6.86 | 11.74 | 6.79 |
| Increase/(Decrease) in other current liabilities | (71.25) | 134.36 | 100.39 | 118.14 |
| (1,132.73) | (14.52) | (1,183.10) | (94.96) | |
| Cash generated from /(used in) operations | (447.07) | 424.45 | (334.56) | 397.75 |
| Income taxes paid/refund (net) | (34.06) | 6.88 | (43.57) | (1.76) |
| Net cash inflow from /(used in) operating activities | (481.13) | 431.33 | (378.13) | 395.99 |
| II Cash flow from Investing activities | ||||
| Payment for acquisition of subsidiaries & other investments | (3.00) | (0.36) | (3.00) | (4.45) |
| Proceeds from sale of Investment | 12.00 | 4.24 | 12.11 | 4.24 |
| Payments for property, plant and equipment including CWIP & Capital Advances | (205.66) | (209.29) | (230.18) | (230.17) |
| Payments for Intangible Assets | (115.06) | (178.98) | (115.13) | (179.03) |
| Payment for loan to bodies corporate / subsidiaries | (27.41) | (11.92) | (13.35) | 6.26 |
| Proceeds from sale of property, plant and equipment | 0.45 | 0.06 | 0.54 | 1.66 |
| Bank deposits placed/matured (net) | 52.19 | (122.38) | 20.48 | (121.84) |
| Dividends received | - | - | - | - |
| Interest received | 8.07 | 13.67 | 4.42 | 4.94 |
| Net Cash flow from / (used in) investing activities | (278.42) | (504.96) | (324.11) | (518.39) |
| III Cash flow from Financing Activities | ||||
| Proceeds from Issue of convertible Warrants | - | 10.20 | - | 10.20 |
| Proceeds from issues of Share Capital ( including security premium) | 550.53 | 0.66 | 550.53 | 0.66 |
| Share issue expenses | (6.91) | - | (6.91) | - |
| Proceeds from borrowings | 482.77 | 418.66 | 495.39 | 551.21 |
| (Repayment) of borrowings | (172.06) | (189.69) | (198.42) | (231.48) |
| Proceeds / (Repayment) under supplier finance arrangement | 84.43 | 48.70 | 75.34 | 44.06 |
| Repayment of lease liabilities | (14.94) | (10.09) | (14.94) | (10.09) |
| 923.82 | 278.44 | 900.99 | 364.56 | |
| Less: | ||||
| Interest paid under supplier finance arrangement | (13.25) | (8.63) | (15.97) | - |
| Finance Costs paid on other then supplier finance arrangement | (176.96) | (130.40) | (201.21) | (166.13) |
| Dividend paid | (14.42) | (28.84) | (14.42) | (28.84) |
| Net Cash flow from/ (used in) financing activities | 719.19 | 110.57 | 669.39 | 169.59 |
| IV Net increase/(decrease) in cash & cash equivalents (I + II + III) | (40.36) | 36.94 | (32.85) | 47.19 |
| V Cash and cash equivalents at the beginning of the financial year | 57.80 | 20.86 | 70.52 | 23.33 |
| VI Cash and cash equivalents at end of the period / year | 17.44 | 57.80 | 37.67 | 70.52 |
Notes:
1 The Statement of Cash flow has been prepared under the indirect method as set-out in the Ind AS - 7 "Statement of Cash Flow" as specified in the Companies (Indian Accounting Standards) Rules, 2015.
2 Figures in brackets indicate cash outflow.
A
CILAMAR
A
HINDI
HFCL GROUP
HFCL Limited
8, Commercial Complex, Masjid Moth, Greater Kailash - II, New Delhi - 110048, India
Tel : (+91 11) 3520 9400, 3520 9500 Fax : (+91 11) 3520 9525
Web : www.hfcl.com
Email : [email protected]
HFCL/SEC/26-27
April 30, 2026
| The BSE Ltd.
1^{st} Floor, New Trading Wing, Rotunda Building
Phiroze Jeejeebhoy Towers, Dalal Street, Fort
Mumbai – 400001
[email protected]
Security Code No.: 500183 | The National Stock Exchange of India Ltd.
Exchange Plaza, 5^{th} Floor, C – 1, Block G
Bandra – Kurla Complex, Bandra (E)
Mumbai – 400051
[email protected]
Security Code No.: HFCL |
| --- | --- |
RE: Declaration under Regulation 33(3)(d) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”).
Subject: Audit Report with Unmodified Opinion, on Annual Audited Financial Results for the Financial Year ended March 31, 2026, both on Standalone and Consolidated basis.
Dear Sir(s)/ Madam,
Pursuant to Regulation 33(3) of the SEBI Listing Regulations, the Board of Directors of the Company at its meeting held today has considered and approved the Audited Financial Results of the Company for the Financial Year ended March 31, 2026, both on Standalone and Consolidated basis.
In compliance of Regulation 33(3)(d) of the SEBI Listing Regulations read with SEBI Master Circular no. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, we hereby declare that the Statutory Auditors of the Company, namely, M/s S. Bhandari & Co. LLP, Chartered Accountants and M/s Oswal Sunil & Company, Chartered Accountants, have issued Audit Reports with Unmodified Opinion on the Annual Audited Financial Results of the Company, for the Financial Year ended March 31, 2026, on Standalone and Consolidated basis.
You are requested to take the above information on records and disseminate the same on your respective websites.
Thanking you,
Yours faithfully,
For HFCL Limited
(Vijay Raj Jain)
Chief Financial Officer
Regd. Office & Works : 8, Electronics Complex, Chambaghat, Solan- 173 213 (H.P.) Tel. : (01792) 230644, 230645, 230647, Fax : (01792) 231902
Corporate Identity Number : L64200HP1987PLC007466
H F C L G R O U E
Press Release
For Immediate Release
HFCL Reports Highest-Ever Annual and Quarterly Performance; Highest ever Order Book of more than ₹21,000 Crore; Defence and Aerospace platform positions HFCL for next phase of high-growth trajectory in defence sector.
New Delhi, April 30, 2026 - HFCL Limited (HFCL), a leading technology enterprise in telecom, digital infrastructure, and defence sectors, delivered its strongest-ever financial performance in FY26, recording over 21% revenue growth compared to FY25 along with significant expansion in margins.
The Company also recorded its highest-ever quarterly performance, driven by the successful execution of its strategy focused on expanding global footprints, introducing new products and augmenting capacities with marked improvement in business mix.
This performance represents a key inflection point for HFCL as it evolves into a structurally stronger and global enterprise, supported by a product-led portfolio, an expanding export footprint, and the emergence of defence as a high-growth vertical.
Key Financial Highlights – FY26
- Full Year Revenue increased to ₹4,949.27 crore in FY26 as compared to ₹4,064.52 crore in FY25, up by 21.77%
- Quarterly Revenue increased to Rs.1,824 crore as compared to Rs.800 crore in same quarter of FY25, a growth of 128% YoY
- EBITDA increased to ₹826.75 crore in FY26 as compared to ₹506.75 crore in FY25, up by 63%
- EBITDA Margin expanded significantly to 16.70% in FY26 compared to 12.47% in FY25, up by 423 bps
- PBT increased to ₹427.68 crore in FY26 as compared to ₹216.59 crore in FY25, up by 97%
- PBT Margin increased to 8.64% in FY26 compared to 5.33% in FY25, up by 331 bps
- PAT increased to ₹329.44 crore in FY26 as compared to ₹173.26 crore in FY25, up by 90%
- Export Revenue increased to ₹2,047 crore (41% of revenue) in FY26 as compared to ₹497 crore (12% of revenue) in FY25
- Order Book grew phenomenally to ₹21,206 crore highest ever, as compared to ₹9,967 crore in FY25, providing strong multi-year revenue visibility.
- Recommended dividend of 20%
Consolidated Financial Highlights – FY26
| Particulars | FY26
₹in crore | FY25
₹in crore | Change
Y-o-Y % |
| --- | --- | --- | --- |
| Revenue | 4949.27 | 4064.52 | 21.77% |
| EBIDTA | 826.75 | 506.75 | 63.15% |
| EBIDTA Margin (%) | 16.70% | 12.47% | 423 Bps |
| PAT | 329.44 | 173.26 | 90.14% |
| PAT Margin (%) | 6.66% | 4.26% | 240 Bps |
Consolidated Financial Highlights - Q4FY26
| Particulars | Q4FY26 ₹in crore | Q3FY26 ₹ in crore | Change Q-o-Q % | Q4FY25 ₹ in crore | Change Y-o-Y % |
|---|---|---|---|---|---|
| Revenue | 1824.12 | 1210.79 | 50.66% | 800.72 | 127.81% |
| EBIDTA | 336.93 | 243.52 | 38.36% | -22.33 | - |
| EBIDTA Margin | 18.47% | 20.11% | -164 Bps | -2.79% | 2126 Bps |
| PAT | 184.45 | 102.37 | 80.18% | -83.30 | - |
| PAT Margin | 10.11% | 8.45% | 166 Bps | -10.40% | 2051 Bps |
On a standalone basis, the Company reported quarterly revenue of ₹1511.24 crore, EBIDTA of ₹312.41 crore, PBT of ₹216.38 crore and PAT of ₹177.58 crore.
Record Performance Driven by Improving Business Mix
HFCL's record financial performance in FY26 highlights the strength of its operating model and the disciplined execution of its strategic priorities. During the quarter, the Company delivered over 50% revenue growth sequentially, alongside a healthy expansion in EBITDA margin.
This improvement was driven by a favourable shift in revenue mix towards products, an increasing share of exports, and improved realisations in high fiber-count optical fiber cables.
Global Optical Fiber Upcycle and Export Momentum
The global optical fiber industry is undergoing a structural upcycle, supported by rising investments in hyperscale data centres, artificial intelligence workloads, and cloud infrastructure. This has led to strong global demand for high-performance optical fiber cable solutions.
HFCL continues to see robust growth in its performance with increased demand from United States, Europe and Asia, aided by growing customer acceptance of HFCL's products and strong execution capabilities. This momentum is further reinforced by the Company's highest-ever optical fiber cable (OFC) order book of ₹13,483 crore.
HFCL through its subsidiary, HTL Limited is substantially expanding its manufacturing capacities for data centre interconnect solutions which will also contribute significantly in the growth of revenue and profitability in coming quarters. It is expected that data centre interconnect solutions will contribute about Rs.400 crore additional revenue in FY26-27 and about Rs.800 crore in FY27-28.
Backward Integration to Drive Margin Expansion
As part of its long-term strategy to enhance structural competitiveness, HFCL has decided to set up preform manufacturing facility as high level backward integration, involving an estimated capital outlay of approximately ₹580 crore.
This backward integration initiative is expected to serve as a key margin expansion lever by reducing import dependence, improving supply chain security and enhancing cost efficiencies. As global demand scales, this initiative will play a critical role in cost reduction sustained profitability and reinforcing HFCL's competitive positioning.
Strategic Defence & Aerospace Platform - A Transformational Step
In a significant strategic move, HFCL has entered into a MoU to participate in defence aerospace-related opportunities. The aerospace business being acquired operates in a high-entry-barrier segment, characterised by stringent qualification requirements, high precision engineering, long approval cycles, and a limited global supplier base.
Importantly, the business comes with established capabilities, certifications, long-standing customer relationships, and a confirmed export-oriented order book of approximately ₹1,930 crore, providing immediate revenue visibility.
In parallel, HFCL's land-based defence business is entering a strong scale-up phase, supported by increasing product maturity, ongoing field trials, and rising order inflows across thermal weapon sights, radars, and tactical communication systems.
Additionally, the Company is progressing with the establishment of an ammunition-focused manufacturing facility in Andhra Pradesh, covering products such as electronic fuzes, multi-mode hand grenades, and 155 mm artillery shells, further strengthening HFCL's position in the defence manufacturing ecosystem.
Commenting on the performance, Mr. Mahendra Nahata, Managing Director, HFCL, said "FY26 has been a defining year for HFCL, during which we delivered our highest-ever performance, achieving over 21% YoY revenue growth and ~97% YoY PBT growth.
Looking ahead, we strongly believe that HFCL is entering a structurally stronger and more predictable growth phase. We are witnessing not only a substantial expansion in our order book but also improvement in its quality, with a higher share of exports, long-term contracts, and high-margin products.
Our strategic initiatives, backward integration into optical fiber preform, expansion in defence sector, growing global footprint, and a strong focus on product-led growth are building a powerful foundation for sustained margin expansion and improved returns.
HFCL has transformed into a more global, technology-driven, diversified, and structurally profitable enterprise, which we believe will drive consistent earnings growth in the years ahead. We believe the strong momentum witnessed in Q4FY26 will continue in coming quarters."
About HFCL
HFCL is a leading technology enterprise with operations in high end Telecom and Defence Equipment, Optical Fiber and Optical Fiber Cables and also creating digital networks for Telcos, Enterprises and Defence Forces. Over the years, HFCL has emerged as a trusted partner offering sustainable high-tech solutions with a commitment to providing the latest technological products to its customers. Our strong R&D expertise coupled with our global system integration services and decades of experience in Fiber optics enable us to deliver innovative digital network solutions required for the most advanced networks.
The Company's in-house R&D Centers located at Gurgaon, Bengaluru and Hyderabad along with invested R&D houses and other R&D collaborators at different locations in India and abroad, innovate a futuristic range of technology products and solutions. HFCL has developed capabilities to provide premium quality Optical Fiber and Optical Fiber Cables, state-of-the-art Telecom Products including IP-MPLS Routers, Backhaul Radios, Wi-Fi Systems and Defence products viz. Thermal Weapon Sights, Electronic Fuzes, High-Capacity Radio Relay and Surveillance Radars of different types.
HFCL operates advanced manufacturing facilities in Hyderabad, Goa, Chennai (through its subsidiary HTL Ltd.) and Hosur for defence equipment.
HFCL is a partner of choice for its customers across India, Europe, Asia Pacific, Middle East, Africa and USA. HFCL's commitment to quality and environmental sustainability inspires it to innovate solutions for the ever-evolving customer needs.
Visit www.hfcl.com for more information.
| HFCL Limited
Manoj Baid | Amit Agarwal | Alok Chander
Email:[email protected], [email protected], [email protected]
Contact: +91 11 35209400 | Kommune PR
Ruby Sinha | Saurabh Gupta | Saurav
Email: [email protected]
Contact: +91 98180 75578, +91 96542 44050 |
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