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Revenue
₹1,824.12 Cr
verified against source
Revenue YoY
127.8%
reported change
EBITDA
₹336.93 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 delivered a record Q4 FY26 with revenue of ₹1,824 Cr (up 128% YoY) and EBITDA of ₹337 Cr (18.5% margin vs -2.8% a year ago), driven by strong OFC demand from hyperscalers, a shift to high-margin products, and export growth (41% of revenue vs 12% last year). The order book hit an all-time high of ₹21,200 Cr, including a landmark $1.1B global OFC contract. Management guided for 20-25% revenue growth and 3-4% margin expansion in FY27, supported by capacity additions, data center interconnect solutions (₹400 Cr revenue expected), and defense scaling. Key risk: any sharp reversal in fiber pricing or geopolitical disruption could pressure margins.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects revenue to grow 20-25% year-on-year in FY27, driven by strong order book and capacity expansion.
- Blended EBITDA margin expected to improve by 300-400 bps in FY27 due to better product mix and reduction in EPC losses.
- Data center interconnect solutions expected to contribute at least ₹400 Cr revenue in FY27, scaling to ₹800 Cr in FY28.
- Capital expenditure for FY27 estimated at ₹600 Cr (including preform, defense, and capacity expansion) and ₹350 Cr for FY28.
Risks flagged
- Management acknowledged that geopolitical events (e.g., canal closures, conflicts) could disrupt operations or demand, though they currently see no material impact.
- Analysts raised concerns about rising helium and polymer costs (20% of COGS) and preform prices; management said long-term contracts and pass-through clauses mitigate risk but margins could compress if spot prices spike.
- EPC business has been loss-making due to warranty costs on an army contract; management expects profitability only after AMC signing (likely Q2 FY27). Unbilled revenue of ~₹600 Cr also poses working capital risk.
- The massive order book (₹21,200 Cr) and planned capacity expansions require flawless execution; any delay in commissioning or supply chain bottlenecks could impact revenue recognition.
Key quotes
- This is probably the highest ever single contract secured by any Indian telecom company.
- We expect that this year again we should be able to have a 20 to 25% increase in revenue and looks like that we can have a 3 to 4% increase in our profit margin.
- The global optical fiber market is undergoing a structural transformation driven by hyperscale data centers, artificial intelligence workloads and cloud infrastructure expansion.
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