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HFCL Margin Trend — Quarter by Quarter

HFCL's EBITDA margin moved from 16.0% in Q1 FY24 to 18.5% in Q4 FY26 across 3 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2618.5%+2126 bps
Q1 FY2515.0%-104 bps
Q1 FY2416.0%+369 bps

What management said about ebitda margin

G

Q4 FY26 · EBITDA margin expansion of 3-4% in FY27

Blended EBITDA margin expected to improve by 300-400 bps in FY27 due to better product mix and reduction in EPC losses.

G

Q1 FY24 · EBITDA margins to sustain around current levels

Management expects EBITDA margins to remain around 16% with potential slight improvement as product mix improves.

G

Q1 FY24 · Optical fiber capacity expansion to add INR 150 Cr annualized profit

Expansion of optical fiber capacity from 10M to 33M fiber km is expected to generate additional profitability of INR 150 Cr annually at current prices.