FY27 Growth Guidance at a Glance
| Company | FY26 Revenue | Key FY27 Guidance |
|---|
| HFCL Ltd | ₹4,949.27 crore |
|
|---|
| Tips Industries Ltd | ₹376 crore |
|
|---|
| Smartworks Coworking Spaces Ltd | ₹1,795.8 crore |
|
|---|
Source: Q1 FY27 Earnings Call Transcripts
1. HFCL Ltd
HFCL is India's leading telecom equipment and technology company. It is the country's largest optical fibre cable supplier and has a presence across more than 60 countries. The company operates six manufacturing facilities and caters to high-growth sectors such as optical fibre (OF), optical fibre cables (OFC), pre-connected solutions (PCS), telecom and networking, defence, and system integration/EPC projects.
For FY26, HFCL reported revenue of ₹4,949.27 crore. As of the end of the June quarter, its order book stood at around ₹26,665 crore.
Revenue Guidance Raised to 40%
The biggest surprise from HFCL's earnings call was the sharp increase in its revenue guidance. Earlier, the company was aiming for around 20% revenue growth in FY27. After the first quarter, management raised that expectation to 40% and above.
The company said this confidence stems from healthy order inflows, better execution capabilities, expanding export opportunities and favourable industry trends. Another positive takeaway was profitability. Management had earlier indicated that EBITDA margins could cross 20% during FY27. The company achieved an EBITDA margin of over 23.25% in the very first quarter.
Optical Fibre Manufacturing Capacity to Be Completed by December 2026
The management believes demand for optical fibre infrastructure will remain strong as artificial intelligence, cloud computing, hyperscale data centres and high-performance computing require faster and more reliable connectivity.
The company also expects demand to remain healthy for at least the next five years. The expansion of optical fibre manufacturing capacity from 28 million fibre kilometres to 34 million fibre kilometres is progressing well and is expected to be completed by December 2026. Similarly, the expansion of optical fibre cable manufacturing capacity from 34 million fibre kilometres to 43 million fibre kilometres, along with the expansion of infrastructure for data centre connectivity solutions, is progressing as planned.
2. Tips Industries Ltd
Tips Industries Limited is one of India’s leading entertainment companies, having a presence across music, film production, distribution and artist management. The company also has a large music library with a collection of over 38,000 songs across various genres and major regional languages. Kumar Taurani and his brother Ramesh Taurani are the founders of the company.
The company’s revenue in FY26 stood at ₹376 crore.
65%-70% EBITDA Margin Maintained
The management continues to expect annual EBITDA margins of 65% to 70%. Management clarified that quarterly margins may fluctuate because of content release schedules, but the full-year margin outlook remains unchanged. During Q1 FY27, the company reported an EBITDA margin of 50.3%.
Revenue and PAT to Grow 20%
The company also reaffirmed its guidance of 20% revenue growth and 20% profit after tax growth for FY27. The company expects annual content acquisition costs to remain between ₹85 crore and ₹90 crore.
One of the key themes discussed during the earnings call was the shift towards subscription-based music consumption. At present, subscription contributes only around 10% to 15% of industry revenue in India. Globally, however, subscription generates more than half of total music streaming revenue.
The company believes India will gradually move in the same direction over the next three to five years as platforms such as Spotify and YouTube continue promoting paid subscriptions.
3. Smartworks Coworking Spaces Ltd
Smartworks Coworking Spaces is India's largest managed office platform. The company designs, builds and manages large office spaces for enterprises, global capability centres (GCCs), multinational companies (MNCs) and fast-growing Indian businesses. It offers customised workspaces that can be scaled as businesses grow, while maintaining a consistent experience across cities. The company also focuses on quick execution, with new office spaces typically ready within 45 to 60 days.
The company’s revenue for FY26 stood at ₹1,795.8 crore.
Revenue Guidance at 28% to 30%
Management reiterated its FY27 guidance, projecting revenue growth of 28% to 30% and normalised EBITDA margins of 19% to 20%.
FY27 Expansion Target of up to 3 million sq. ft.
The company also plans to add 2.5 million to 3 million square feet of office space during FY27. It expects its operational portfolio to cross 13 million square feet by March 31, 2027. Over the next nine months, the company expects another 2.2 million to 2.7 million square feet to become operational.
Management also highlighted that return on capital employed remained healthy at 21.5% in Q1 FY27, despite one of the largest investment phases in the company's history. As these new projects mature and begin contributing fully, the company expects returns to improve further during FY28.
