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Revenue
₹871 Cr
verified against source
Revenue YoY
-24.78%
reported change
EBITDA
₹42.93 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
HFCL reported Q1 FY26 revenue of INR 871 crore, down ~25% YoY, with EBITDA margin of 4.93% (vs 16% YoY) and a PAT loss of INR 29 crore. The sharp decline was driven by continued weakness in optical fiber cable (OFC) demand, though management noted a strong demand revival starting June, with July capacity utilization near 100%. The order book surged to INR 10,480 crore (+55% YoY), supported by defense wins (thermal weapon sights, tactical cables) and a INR 650 crore router order under BharatNet. Guidance is bullish: OFC revenue expected to double to INR 2,400 crore in FY26, total revenue growth of ~25%, and defense revenue of INR 200+ crore. Key risks include delayed defense product trials (electronic fuzes) and execution risk on capacity expansion.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects overall revenue to increase by about 25% in FY26 compared to FY25.
- Optical fiber cable revenue is expected to reach INR 2,400 crore in FY26, up from INR 1,200 crore in FY25.
- Defense segment revenue is expected to be around INR 200 crore or more in FY26.
- IBR cable capacity will increase from 1.73 to 19.01 million fiber km per annum by end of FY26.
Risks flagged
- Electronic fuzes testing by DRDO in August may fail, delaying revenue from INR 700 crore export orders.
- Promoter holding has declined from 35% to 31% over two quarters, raising concerns about commitment.
- Aggressive IBR cable capacity expansion may face delays or cost overruns, impacting margin recovery.
- EPC segment (INR 6,494 crore order book) has low margins (6-8%), limiting overall profitability improvement.
Key quotes
- We are witnessing a strong resurgence in global demand. This renewed momentum beginning in Q1 of FY 2026 has enabled our manufacturing facilities to operate at optimal levels.
- Our optical fiber cable business is poised to more than double its revenue in FY 2026 compared to FY 2025.
- We want to completely professionalize the company. It would run by professional CEOs and professional business heads.
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