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500183

HFCL

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HFCL LIMITED performance

Today’s low

Today’s high

₹ 67.77 ₹ 69.40
₹ 67.73

52 week low

52 week high

₹ 60.72 ₹ 116.40
₹ 67.73

Open Price

₹ 67.77

Prev. Close

₹ 67.73

Volume (Shares)

18210925.00

Total traded value

₹ 12334.25

Upper Circuit

₹ 81.27

Lower Circuit

₹ 54.19

info

HFCL LIMITED Share Price Update

As of the latest trading session, HFCL LIMITED share price is currently at ₹ 69.31, which is up by ₹ 1.57 from its previous closing. Today, the stock has fluctuated between ₹ 67.77 and ₹ 69.40. Over the past year, HFCL LIMITED has achieved a return of -40.86 %. In the last month alone, the return has been -4.22 %. Read More...

Investment Returns

Over 1 Month [-]% Over 3 Months [-]% Over 6 Months [-]% Over 1 Year [-]%
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HFCL LIMITED fundamentals


  • Market cap (Cr)

    10,366.80

  • P/E Ratio (TTM)

    423.56

  • Beta

    2.13

  • Book Value / share

    29.73

  • Return on equity

    5.00%

  • EPS (TTM)

    0.16

  • Dividend yield

    0.14%

  • Net profit/quarter (Cr)

    61.44

info icon alternate text

  • Market cap (Cr)

    10,372.90

  • P/E Ratio (TTM)

    423.56

  • Beta

    2.01

  • Book Value / share

    29.73

  • Return on equity

    5.00%

  • EPS (TTM)

    0.16

  • Dividend yield

    0.14%

  • Net profit/quarter (Cr)

    61.44

info icon alternate text

HFCL LIMITED Financials

  • Key Results

  • Key Ratios

  • Balance sheet

  • Cash Flow

  • Competition

info-icon

Revenue

Net income

Particulars SEP 2025 (Values in Cr)
Revenue 1003.13
Operating Expense 928.49
Net Profit 61.44
Net Profit Margin (%) 6.12
Earnings Per Share (EPS) 0.42
EBITDA 174.09
Effective Tax Rate (%) 31.51
Particulars JUN 2025 (Values in Cr)
Revenue 789.28
Operating Expense 866.26
Net Profit -42.34
Net Profit Margin (%) -5.36
Earnings Per Share (EPS) -0.29
EBITDA 12.99
Effective Tax Rate (%) 32.67
Particulars MAR 2025 (Values in Cr)
Revenue 757.19
Operating Expense 865.75
Net Profit -72.59
Net Profit Margin (%) -9.58
Earnings Per Share (EPS) -0.50
EBITDA -27.19
Effective Tax Rate (%) 21.77
Particulars DEC 2024 (Values in Cr)
Revenue 960.94
Operating Expense 875.08
Net Profit 78.48
Net Profit Margin (%) 8.16
Earnings Per Share (EPS) 0.54
EBITDA 165.68
Effective Tax Rate (%) 26.56
Particulars SEP 2024 (Values in Cr)
Revenue 1011.57
Operating Expense 920.35
Net Profit 74.88
Net Profit Margin (%) 7.40
Earnings Per Share (EPS) 0.52
EBITDA 160.73
Effective Tax Rate (%) 28.17
Particulars MAR 2025 (Values in Cr)
Revenue 3795.22
Operating Expense 3614.69
Net Profit 194.75
Net Profit Margin (%) 5.13
Earnings Per Share (EPS) 1.35
EBITDA 475.78
Effective Tax Rate (%) 19.33
Particulars MAR 2024 (Values in Cr)
Revenue 4074.59
Operating Expense 3762.27
Net Profit 309.66
Net Profit Margin (%) 7.59
Earnings Per Share (EPS) 2.19
EBITDA 585.95
Effective Tax Rate (%) 24.92
Particulars MAR 2023 (Values in Cr)
Revenue 4395.68
Operating Expense 4103.45
Net Profit 254.60
Net Profit Margin (%) 5.79
Earnings Per Share (EPS) 1.85
EBITDA 515.94
Effective Tax Rate (%) 25.48
Particulars MAR 2022 (Values in Cr)
Revenue 4286.44
Operating Expense 3948.60
Net Profit 282.78
Net Profit Margin (%) 6.59
Earnings Per Share (EPS) 2.15
EBITDA 571.60
Effective Tax Rate (%) 25.90
Particulars MAR 2021 (Values in Cr)
Revenue 4105.87
Operating Expense 3839.09
Net Profit 222.86
Net Profit Margin (%) 5.42
Earnings Per Share (EPS) 1.74
EBITDA 497.71
Effective Tax Rate (%) 24.67
Particulars MAR 2025 (Values in Cr)
Book Value / Share 28.29
ROE % 4.31
ROCE % 7.54
Total Debt to Total Equity 0.31
EBITDA Margin 12.48
Particulars MAR 2024 (Values in Cr)
Book Value / Share 27.44
ROE % 9.56
ROCE % 13.25
Total Debt to Total Equity 0.27
EBITDA Margin 15.30
Particulars MAR 2023 (Values in Cr)
Book Value / Share 22.37
ROE % 10.76
ROCE % 15.14
Total Debt to Total Equity 0.29
EBITDA Margin 14.04
Particulars MAR 2022 (Values in Cr)
Book Value / Share 20.35
ROE % 13.82
ROCE % 18.69
Total Debt to Total Equity 0.37
EBITDA Margin 14.53
Particulars MAR 2021 (Values in Cr)
Book Value / Share 14.92
ROE % 13.74
ROCE % 19.20
Total Debt to Total Equity 0.47
EBITDA Margin 13.12
Particulars MAR 2025 (Values in Cr)
Book Value / Share 27.48
ROE % 5.00
ROCE % 7.83
Total Debt to Total Equity 0.27
EBITDA Margin 12.54
Particulars MAR 2024 (Values in Cr)
Book Value / Share 26.51
ROE % 9.09
ROCE % 12.38
Total Debt to Total Equity 0.24
EBITDA Margin 14.38
Particulars MAR 2023 (Values in Cr)
Book Value / Share 21.54
ROE % 8.90
ROCE % 12.70
Total Debt to Total Equity 0.25
EBITDA Margin 11.74
Particulars MAR 2022 (Values in Cr)
Book Value / Share 19.84
ROE % 12.28
ROCE % 16.77
Total Debt to Total Equity 0.32
EBITDA Margin 13.34
Particulars MAR 2021 (Values in Cr)
Book Value / Share 14.61
ROE % 12.66
ROCE % 17.63
Total Debt to Total Equity 0.41
EBITDA Margin 12.12
Particulars MAR 2025 (Values in Cr)
Cash & Short Term Investments 491.32
Total Assets 7546.29
Total Liabilities 7546.29
Total Equity 4119.32
Share Outstanding 1442075312
Price to Book Ratio 2.88
Return on Assets (%) 2.35
Return on Capital (%) 3.16
Particulars MAR 2024 (Values in Cr)
Cash & Short Term Investments 336.35
Total Assets 6486.83
Total Liabilities 6486.83
Total Equity 3999.83
Share Outstanding 1440054012
Price to Book Ratio 3.47
Return on Assets (%) 5.08
Return on Capital (%) 6.63
Particulars MAR 2023 (Values in Cr)
Cash & Short Term Investments 322.59
Total Assets 5472.59
Total Liabilities 5472.59
Total Equity 3144.14
Share Outstanding 1376376121
Price to Book Ratio 2.83
Return on Assets (%) 5.49
Return on Capital (%) 7.41
Particulars MAR 2022 (Values in Cr)
Cash & Short Term Investments 528.24
Total Assets 5171.46
Total Liabilities 5171.46
Total Equity 2818.37
Share Outstanding 1374884321
Price to Book Ratio 3.97
Return on Assets (%) 6.05
Return on Capital (%) 8.76
Particulars MAR 2021 (Values in Cr)
Cash & Short Term Investments 306.45
Total Assets 5215.79
Total Liabilities 5215.79
Total Equity 1923.47
Share Outstanding 1284377194
Price to Book Ratio 1.72
Return on Assets (%) 4.58
Return on Capital (%) 8.41
Particulars MAR 2025 (Values in Cr)
Cash & Short Term Investments 459.64
Total Assets 7178.94
Total Liabilities 7178.94
Total Equity 3962.55
Share Outstanding 1442075312
Price to Book Ratio 2.88
Return on Assets (%) 2.71
Return on Capital (%) 3.73
Particulars MAR 2024 (Values in Cr)
Cash & Short Term Investments 318.27
Total Assets 6130.00
Total Liabilities 6130.00
Total Equity 3821.69
Share Outstanding 1440054012
Price to Book Ratio 3.47
Return on Assets (%) 5.05
Return on Capital (%) 6.67
Particulars MAR 2023 (Values in Cr)
Cash & Short Term Investments 296.41
Total Assets 5080.37
Total Liabilities 5080.37
Total Equity 2993.02
Share Outstanding 1376376121
Price to Book Ratio 2.83
Return on Assets (%) 5.01
Return on Capital (%) 6.76
Particulars MAR 2022 (Values in Cr)
Cash & Short Term Investments 504.63
Total Assets 4807.18
Total Liabilities 4807.18
Total Equity 2728.36
Share Outstanding 1374884321
Price to Book Ratio 3.97
Return on Assets (%) 5.88
Return on Capital (%) 8.47
Particulars MAR 2021 (Values in Cr)
Cash & Short Term Investments 293.74
Total Assets 4937.21
Total Liabilities 4937.21
Total Equity 1876.50
Share Outstanding 1284377194
Price to Book Ratio 1.72
Return on Assets (%) 4.51
Return on Capital (%) 8.32
Particulars MAR 2025 (Values in Cr)
Net Income 216.59
Cash from Operations 397.76
Cash from Investing -518.39
Cash from Financing 169.58
Net change in Cash 47.19
Free Cash Flow 627.93
Particulars MAR 2024 (Values in Cr)
Net Income 454.02
Cash from Operations 75.62
Cash from Investing -448.72
Cash from Financing 454.01
Net change in Cash -39.58
Free Cash Flow 259.13
Particulars MAR 2023 (Values in Cr)
Net Income 430.61
Cash from Operations 333.71
Cash from Investing -44.09
Cash from Financing -144.80
Net change in Cash 46.22
Free Cash Flow 527.28
Particulars MAR 2022 (Values in Cr)
Net Income 442.11
Cash from Operations 266.75
Cash from Investing -457.84
Cash from Financing 247.85
Net change in Cash -4.62
Free Cash Flow 411.96
Particulars MAR 2021 (Values in Cr)
Net Income 336.86
Cash from Operations 162.56
Cash from Investing -164.89
Cash from Financing 24.98
Net change in Cash 4.86
Free Cash Flow 259.93
Particulars MAR 2025 (Values in Cr)
Net Income 241.43
Cash from Operations 424.45
Cash from Investing -504.96
Cash from Financing 110.57
Net change in Cash 36.94
Free Cash Flow 633.74
Particulars MAR 2024 (Values in Cr)
Net Income 412.45
Cash from Operations -20.61
Cash from Investing -409.91
Cash from Financing 480.33
Net change in Cash -40.49
Free Cash Flow 117.55
Particulars MAR 2023 (Values in Cr)
Net Income 341.69
Cash from Operations 263.62
Cash from Investing -10.01
Cash from Financing -127.30
Net change in Cash 47.03
Free Cash Flow 382.11
Particulars MAR 2022 (Values in Cr)
Net Income 381.67
Cash from Operations 188.82
Cash from Investing -387.79
Cash from Financing 241.95
Net change in Cash -5.46
Free Cash Flow 286.43
Particulars MAR 2021 (Values in Cr)
Net Income 295.87
Cash from Operations 95.11
Cash from Investing -115.87
Cash from Financing 40.45
Net change in Cash 7.06
Free Cash Flow 152.01
Company Name Price P/E P/B Market Cap 52 Week Low/High
NELCO LTD 729.55 388.06 12.95 1664.83 707.00 / 1417.45
VALIANT COMMUNICATIONS LTD. 860.25 71.93 13.71 984.31 214.70 / 899.90
UMIYA BUILDCON LIMITED 87.50 15.91 1.44 163.49 56.10 / 111.10
NU TEK INDIA LTD. 0.29 0.62 0.00 4.48 0.28 / 0.42
Company Name Price P/E P/B Market Cap 52 Week Low/High
NELCO LTD 729.55 202.09 13.46 1664.83 707.00 / 1417.45
[-] 0.0 0.0 0.0 0.0 0.0 / 0.0
PRECISION ELECTRONICS LTD. 212.45 408.56 23.54 294.24 85.50 / 266.30
ADC INDIA COMMUNICATIONS LIMIT 1520.30 38.72 9.08 699.34 901.25 / 2090.00

HFCL LIMITED shareholding pattern

Holding

47.18%
28.29%
9.98%
14.53%
56.93%
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News

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HFCL LIMITED Technicals Summary

  • EMA & SMA
  • Resistance and Support
  • Delivery and Volume
  • Beta
  • Price Change Analysis
67.73 -1.72 redarrow
red-green-graph indicator
10 Bearish
6 Bullish
  • 5 Days 66.90
  • 26 Days 67.30
  • 10 Days 66.20
  • 50 Days 69.40
  • 12 Days 66.10
  • 100 Days 72.80
  • 20 Days 66.70
  • 200 Days 79.00
68.93 PIVOT

First Support

67.21

First Resistance

70.64

Second Support

65.50

Second Resistance

72.36

Third Support

63.78

Third Resistance

74.07

RSI

50.94

ADX

24.82

MACD

-1.12

Williams % R

-35.51

Commodity Channel Index (CCI)

95.50

Date

2026-01-02

Week

29598045.00

Same Day

6150965.00

Month

10844676.00

1 Year

2.14

3 Year

1.86

Over 1 Month

-4.22%

down

Over 1 Year

-40.86%

down

Over 3 Months

-10.72%

down

Over 3 Years

-3.59%

down

Over 6 Months

-20.95%

down

Over 5 Years

20.28%

down

HFCL LIMITED Corporate Actions

Dividend date Dividend amount Dividend type Record date Instrument type
08 Sep 2025 0.1 Final 09 Sep 2025 Equity shares
23 Sep 2024 0.2 Final 23 Sep 2024 Equity shares
22 Sep 2023 0.2 Final 23 Sep 2023 Equity shares
22 Sep 2022 0.18 Final 24 Sep 2022 Equity shares
22 Sep 2021 0.15 Final 24 Sep 2021 Equity shares
19 Sep 2019 0.1 Final 23 Sep 2019 Equity shares
19 Sep 2018 0.06 Final 24 Sep 2018 Equity shares

Dividend date Dividend amount Dividend type Record date Instrument type
08 Sep 2025 0.1 Final 09 Sep 2025 Equity shares
23 Sep 2024 0.2 Final 23 Sep 2024 Equity shares
22 Sep 2023 0.2 Final 23 Sep 2023 Equity shares
22 Sep 2022 0.18 Final 24 Sep 2022 Equity shares
22 Sep 2021 0.15 Final 24 Sep 2021 Equity shares
19 Sep 2019 0.1 Final 23 Sep 2019 Equity shares
19 Sep 2018 0.06 Final 24 Sep 2018 Equity shares

HFCL Share Result Highlights

Sales were ₹871 Crore in Q1 FY26 compared with ₹1,158 Crore in Q1 FY25. Net loss for the period was ₹29 Crore in Q1 FY26 compared with a net profit of ₹111 Crore in Q1 FY25. Earnings per share was ₹-0.22 in Q1 FY26 compared with ₹0.77 in Q1 FY25.

Date Source: screener.in, and corporate filings on NSE/BSE

HFCL Share Annual Reports

Sales for FY24-25 was ₹4,065 Crore compared with ₹4,465 Crore in FY23-24.
Net profit in FY24-25 was ₹173 Crore compared with ₹338 Crore in FY23-24. Earnings per share was ₹1.23 in FY24-25 compared with ₹2.29 in FY23-24.

Date Source: screener.in, and corporate filings on NSE/BSE

HFCL Share Dividend

Dividend payout for FY25-26 stood at ₹0.10 per share compared with ₹0.20 per share in FY24-25.  

Date Source: screener.in, and corporate filings on NSE/BSE

About HFCL Limited

HFCL Limited, formerly Himachal Futuristic Communications Limited, is a technology enterprise engaged in telecom, optical fibre, and defence equipment manufacturing, along with creating digital networks for telecom operators, enterprises, and governments. The company was incorporated on May 11, 1987, and its name was changed to HFCL Limited on May 15, 2019. HFCL operates state-of-the-art manufacturing facilities in Hyderabad, Goa, Manesar, Hosur, and Solan, producing optical fibre, optical fibre cables, telecom networking products, and defence-grade equipment.

The company was promoted by Mahendra Nahata and entered into collaborations with Seiscor Technologies Inc., USA, for Analog Subscriber Carrier Systems and Philips Kommunikation Industries AG, Germany, for Digital Subscriber Carrier Systems. In 1991, HFCL promoted Himachal Telematics Ltd. and Microwave Communication Ltd. to manufacture digital microwave radios, fax machines, and to establish paging networks.

In 1993–94, HFCL acquired Kaldev Trader & Investment Ltd. (renamed HFCL-Trade-Invest Ltd.) and Coubndge Construction (Delhi) Ltd. The company also partnered with Kong Song Communication & Electronics Co. Ltd., Korea, for pagers and satellite receivers, Dalcons Corporation of Korea for credit card services, and Wireless Telecom Ltd. of USA for VSAT services. In 1995–96, Himachal Telematics Ltd. merged into HFCL.

In 1996–97, HFCL commenced commercial production at its optical fibre cable plant in Goa and later secured a contract for Essar Commvision’s Punjab telecom project. In 1998, the company entered software solutions for the telecom industry and, in 1999, expanded into software exports. 

In 1999–2000, HFCL formed joint ventures with the Kerry Packer Group of Australia, creating Consolidated Futuristic Solutions Ltd. and Excel Netcommerce Ltd. HFCL Infotel Ltd. and Consolidated Futuristic Solutions Ltd. became subsidiaries in 2000–01. In 2001–02, HFCL acquired 74% in HTL Ltd., the switching equipment maker in India. HFCL-Trade-Invest Ltd. merged into the parent company in 2002–03, while HFCL Infotel Ltd. merged with The Investment Trust of India Ltd.

 

In the early 2000s, HFCL entered cable TV markets, executed WLL and CDMA infrastructure orders for MTNL, and continued expanding its manufacturing and project execution capabilities. By 2014–15, it completed optical transport networks for RailTel and GSM networks in remote regions for BSNL, in addition to laying OFC networks in large states. HFCL Advance Systems Pvt. Ltd. became a wholly owned subsidiary in 2015.

From 2017–18, HFCL developed compact micro optical fibre cable designs, secured European CPR certifications, and received contracts from Nokia for the EU-funded Digital Poland project. It also delivered DWDM equipment for BSNL’s Defence Telecom network.

In FY 2019, HFCL redeemed CRPS worth ₹60.38 crore, converted outstanding warrants, and acquired a 90% stake in Raddef Pvt. Ltd., later increased to 100%.  Chennai's production capacity rose, and a new Greenfield OF factory was created in Hyderabad. HFCL also acquired DragonWave’s stake in DHIPL, making it a wholly owned subsidiary.

In 2020, HFCL started manufacturing commercial optical fibre at Hyderabad and introduced Wi-Fi and unlicensed band radio products. R&D facilities on RF, radar, and sensor systems were set up in Bengaluru. By FY 2020–21, HFCL shipped over 150,000 Wi-Fi/UBR, had Wi-Fi 6 products under its catalogue, and contributed to BharatNet Phase-II.

For FY 2022, the company implemented BharatNet projects in Jharkhand where they shipped OFC, POE switches and rural broadband solutions. Product line ups were extended with 18 Wi-Fi models and six UBR models. In 2023, HFCL launched a 5G Lab-as-a-Service, unlicensed band radios, and the world's first open-source Wi-Fi 7 access point; in addition, HFCL launched new research and development (R&D) centres in Bengaluru, Gurugram and Hyderabad.

In 2024, HFCL introduced new optical fibre cable variants for 5G and data centre applications, exhibited new cable solutions at ISE Expo and made progress in Wireless Technologies with new high-speed backhaul radios.

In the fiscal year 2025, HFCL commissioned new facilities at Manesar for telecom products and Hosur for defence production. Through decades of diversification, HFCL Limited, has embraced a new business model like many defence companies, enabling it to follow and distribute overall capabilities. Acquisitions and innovation has transformed it from a telecom equipment maker into a leading technology enterprise, with global recognition in optical fibre solutions, defence electronics, and advanced digital network.

 

Popular FAQs

Who is the CEO of HFCL Limited?

Mahendra Nahata is the founder and managing director (MD) of HFCL Limited (Himachal Futuristic Communications Limited).

 

When was HFCL Limited established?

HFCL Limited was incorporated as a public limited company on May 11, 1987. The company changed its name to HFCL Limited on May 15, 2019.

 

What factors influence the HFCL Share Price?

Several factors influence the HFCL share price, including shareholding structure (with promoter holding decreasing from 37.84% in December 2023 to 36.24% in September 2024), company performance (with flat Q2 FY25 results and a 1.50% decrease in net sales over the past five years), supply and demand dynamics in the market and the company’s involvement in projects such as its successful bid for the BharatNet Phase III Project.

 

Is HFCL Limited debt free?

No, HFCL Limited is not debt-free. The company has a debt/equity ratio of 0.21, indicating it carries some debt.

 

What is the CAGR of HFCL Share?

HFCL has shown a compounded profit growth rate (CAGR) of 4% over 10 years, 8% over 5 years, 11% over 3 years, and 23% for the trailing twelve months (TTM).

 

How has the HFCL Share Price performed over the past year?

The HFCL share price has increased by 92.1% over the past year, with a year-to-date performance of 52.23%. The share price also saw a 34.7% increase over the last six months, despite a 4.75% decline over the past three months and an 8.22% decrease in the past month.

HFCL LIMITED Share Price

HFCL Limited 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 governments. HFCL's state-of-the-art manufacturing facilities located in Hyderabad, Goa, Manesar, Hosur, and Solan are central to its ability to serve the diverse clientele. These units specialize in the production of optical fiber cables, optical fiber, telecom networking products, and defence-grade equipment.

HFCL Limited initially incorporated as a Limited Company on May 11, 1987 as 'Himachal Futuristic Communications Limited' and later on was changed to 'HFCL Limited' on May 15, 2019. Thereafter, Company started with manufacturing transmission Equipment and soon expanded their product portfolio to manufacture Access Equipment, Optical Fibre Cable, Accessories and Terminal Equipment.

Promoted by Mahendra Nahata, the Company entered into a technical collaboration agreement with Seiscor Technologies Inc, USA, for the manufacture of 1+1 and 1+7 Analog Subscriber Carrier Systems and signed a Memorandum of Undertaking with Philips Kommunikation Industries AG of Germany for the manufacture of the Digital Subscriber Carrier System.

In the year 1991, the company promoted two new companies namely, Himachal Telematics Ltd, at Solan for the manufacture of digital microwave radio transmission equipments and fax machines and Microwave Communication Ltd, for establishing radio paging network in certain important cities of the country.

During the year 1993-94, the company acquired existing investment companies know as Kaldev Trader & Investment Ltd, which was changed to HFCL-Trade-Invest Ltd and Coubndge Construction (Delhi) Ltd. Also, they entered into agreements with telecom giants namely, Kong Song Communication & Electronics Co Ltd, Korea to manufacture radio pagers and satellite video receivers, Dalcons Corporation of Korea for managing credit card information services and Wireless Telecom Ltd of USA to implement V-sat services.

During the year 1995-96, Himachal Telematics Ltd was merged with the company. In the year 1997, the company bagged a contract to set up an information super highway for the basic telephone project of Essar Commvision Ltd in Punjab circle. During the year 1996-97, the company's Optical Fibre Cable Plant in Goa commenced their commercial production. In the year 1998, the company entered the information technology business by offering software solutions to the telecom industry.

During the year 1998-99, the company has received Purchase Orders worth Rs 22 crore for the supply of STM-1 Optical Line Terminal Equipment and advance Purchase Order of another Rs 100 crore for STM-16 Systems. In the year 1999, the company forayed into software exports and developed a state-of-the-art facility at Delhi for that purpose. They bagged a contract from Reliance WorldTel for setting up Internet backbone in Tamil Nadu.

During the year 1999-2000, the company entered a strategic tie-up with the Kerry Packer Group of Australia and formed two joint ventures namely, Consolidated Futuristic Solutions Ltd and Excel Netcommerce Ltd in the field of Software and B2B E-commerce respectively. HFCL Infotel Ltd and Consolidated Futuristic Solutions Ltd became the subsidiaries of the company during the year 2000-01.

During the year 2001-02, the company acquired 74% of equity of HTL Ltd, a public sector undertaking, which is the largest switching equipment maker in the country for Rs 55 crore. HTL Ltd became the subsidiary of the company with effect from October 16, 2001. Also, the company divested part of their shareholdings in Consolidated Futuristic Solutions Ltd, consequently Consolidated Futuristic Solutions Ltd ceased to be subsidiary of the company with effect from December 6, 2001.

During the year 2002-03, the wholly owned subsidiary company, namely HFCL Trade-Invest Ltd merged with the company with effect from March 31, 2003. HFCL Infotel Ltd merged with the Investment Trust of India Ltd, a Chennai based company and was renamed as HFCL Infotel Ltd with effect from September 1, 2002. Also, Rajam Finance and Investments (India) Ltd, which was renamed, as The Investment Trust of India Ltd became the subsidiary of the company by virtue of their subsidiary relationship with HFCL Infotel Ltd. The Investment Trust of India Ltd ceased to be the subsidiary of the Company with effect from September 30, 2003.

During the year 2003-04, the cable division of the company entered into Cable TV market and they emerged as a dominant player in that segment. Also, they received the order valuing of about Rs 220 from MTNL. During the year 2004-05, the company completed the biggest ever order of 200 K Lines of WLL CorDect and 60% of CDMA Infrastructure order of MTNL.

Moneta Finance (P) Ltd has become the wholly owned subsidiary of the company with effect from July 11, 2006.

During the year ended 31 March 2014, HFCL successfully bid and won certain contracts to supply its products as well as services.

HFCL voluntarily sought the delisting of its GDRs from London Stock Exchange and Luxembourg Stock Exchange. The GDRs listing have been cancelled from London Stock Exchange and Luxembourg Stock Exchange w.e.f. 21 March 2014 and 23 December 2013 respectively consequent upon resignation by the Depository i.e. Bank of New York (BNY Mellon). HFCL has not appointed any Successor Depository and has terminated the Deposit Agreement due to lack of liquidity with virtually no trading taking place and investors' decreasing interest in depositary receipts.

During the year ended 31 March 2015, HFCL accelerated its performance in both of its manufacturing and turnkey business segments. In manufacturing of OFC, the company achieved record revenue and profits coupled with full capacity utilisation of the facility in Goa. Exports of OFC was another breakthrough during FY 2015. Equipment manufacturing saw production of GSM products.

In turnkey projects execution, HFCL has successfully completed high capacity optical transport network for Railtel by deploying 80 channel DWDM system at over 60 sites, along two connecting routes between Delhi - Mumbai. The project is under annual maintenance contract and based on excellent execution, the customer has gone ahead with 75% expansion order on the company. Another success was the winning of a turnkey contract for laying OFC network in one of the largest states of the country from BSNL. Further, the company was awarded large project for setting up of GSM network at extremely remote standalone sites and connecting each site to the national network.M/s HFCL Advance Systems Private Limited became the wholly owned subsidiary of the company w.e.f. 23rd February, 2015.

HFCL achieved its highest ever revenue of Rs 2570 crore in financial year ended 31 March 2016. It performed well on all the business verticals. The company has also established itself as a global supplier of OFC products with exports to over 25 countries in FY 2016 (16 countries in FY 2015). HFCL achieved highest ever export revenue of Rs 75.27 Crore in FY 2016 (Rs 34.88 Crore in FY 2015) despite tough market competition from local as well as foreign competitors.

In telecom equipment manufacturing, HFCL in FY 2016 started manufacturing low capacity GSM system for rural deployment which has large business potential in India for next 2-3 years.

The company during FY 2015 and FY 2016 participated in four large tenders aggregating to approx. Rs 5,000 Crore floated by BSNL for setting up of countrywide Defence Telecom network. The company has already received an advance order of Rs 1,245 Crore in one tender and the techno-commercial evaluation of one more tender valued at approx. Rs 2,500 Crore has been completed. The company has stood as lowest bidder in that tender also.

HFCL's debts were earlier restructured under Corporate Debt Restructuring (CDR) mechanism and as stipulated therein, the lenders had the right to claim recompense from the company at the time of its exit from CDR on account of various sacrifices & waivers made by them in the CDR Package. With the improved financial performance, the company submitted its proposal for exit from CDR mechanism to Monitoring Institution (MI) i.e. IDBI Bank Limited. The MI has recommended recompense amount of Rs 148.47 Crore on term and working capital loans. The same has been approved by CDR - Empowered Group vide their order dated 22 March 2016 subject to the approval from company's lenders. Subsequent to CDR-EG's approval, the recompense amount has been approved by some of the lenders and approval from remaining lenders is expected soon. Accordingly, the Board of Directors of HFCL at their meeting held on 10 May 2016 approved the recompense amount of Rs 148.47 Crore to exit from CDR mechanism.

HFCL acquired 1,60,000 equity shares of Polixel Security Systems Private Limited (Polixel), thereby the total equity holding of the company reached upto 94% and Polixel became the subsidiary of the company w.e.f 9 August 2016. The company further acquired additional 10,856 equity shares of the Polixel, thereby the total equity holding of the company in Polixel has reached to 100% and accordingly Polixel has become the wholly owned subsidiary of the company w.e.f. 31 March 2017.

During the year ended 31 March 2017, HFCL's Goa plant underwent a wholesome modernisation. The annual capacity also was raised from 5 MFkm to 7.2 MFkm, adding some new cable variants in the process. The year also marked the first full year of operations for the recently commissioned Chennai facility of HTL, a subsidiary company. Consequently, the capacity of Spiral Wire Armoured cable was doubled and the annual capacity for traditional Armoured Cables was raised from 3 MFkm to 4.5 MFkm. Moving up the value chain, the company also added FTTH cable in its Chennai facility during the year.

In Turnkey business, HFCL accomplished a challenging feat of developing and commissioning a GSM network in Left Wing Extremist (LWE) region. The mammoth exercise involved the deployment of more than 500 sites across 6 states. The company also won a Wifi network turnkey project worth Rs.200 crore from BSNL for roll out of Wifi services across 16 states in the Northern and Eastern India.

In order to increase its network's backhaul capacity, BSNL Mobile Network floated two separate tenders for microwave backhaul radios. HFCL bagged both these tenders involving supply, commissioning and maintenance of about 10,000 radios to be deployed across India. The order value is Rs.180 crore.The company made significant progress in new business verticals of Railways, Smart Cities and Defence during the year.

In Railways business vertical, the company bagged certain orders for a variety of railway signalling linked applications during the year. The company signed two contracts totalling Rs.113 crore to execute Trenching & Laying of Signalling Cables and also for Design, Manufacture, Supply, Installation, Testing, Commissioning and incidental services of telecommunication System for the Bhaupur-Khurja section of the Eastern Dedicated Freight Corridor covering route length of 343 km as a sub-contractor to Alstom Systems India Pvt. Ltd.

In another success, the company signed a contract worth Rs.95 crore with Larsen & Toubro Limited for Design, Manufacture, Supply, FAT, Installation, Testing & Commissioning, Training and DLP at site of the Telecommunication System comprising of various sub-systems viz. OFC, SDH, Data Networking, Dispatch Telephone, EPABX, Master Clock System and Power Supply for STP-17 of the Western Dedicated Freight Corridor Phase 2.

In Smart Cities business vertical, HFCL bagged two projects in FY 2017 one for Ludhiana Smart Surveillance & Intelligent Traffic Management Systems and the other for Jaipur regarding Provisioning & Integration of Wi Fi Hotspots, Interactive Information Kiosks, Surveillance Cameras, Environmental Sensors, Structural Sensors, Smart Lighting Solutions and Remote Kiosks along with the Facility Management Services.

In Defence Business vertical, HFCL signed an MOU with a French MNC, as its Technology Partner, for Portable Opto Electronics during the year for manufacturing wide range of Portable Night Vision Devices. During the year, the company submitted RFIs for Weapon Night Sights for various weapons,

Electronic Fuses for Artillery Ammunition, Manufacture of Mini UAVs. During the year ended 31 March 2018, HFCL issued and allotted 4,50,00,000 Warrants convertible into equity shares on preferential basis at a price of Rs16/- per warrant to Promoters/Promoter Group of the companies and Non Promoter persons/entity. The Warrant holders have already paid 25% of the issue price and balance 75% of the issue price shall be paid at the time of exercising of Warrants. The Warrants shall be exercised within a period of 18 months from the date of their allotment i.e. 30th October, 2017 in one or more tranches.

During FY 2018, HFCL's Goa plant developed new compact designs for micro optical fibre cables with lesser diameters and new dry-dry optical fibre cables. These new variants are extremely popular in FTTx networks. Many product certifications were received including CPR (Construction Products Regulations) for different product variants. The CPR Certification demands stringent product performance in the event of fire and is mandatory now for supplies to European countries. The Chennai plant of HFCL's subsidiary, HTL Limited got several product & process approvals including TL-9000 certification. HTL Limited also implemented SAP ERP system in order to have better monitoring & control on manufacturing activities. New machines were added for manufacturing of Steel Wire Armored Cables which is popular in many European countries. Also, various alterations and renovations were carried out in the overall infrastructure to enhance efficiency and productivity of HTL Limited's manufacturing plant at Chennai. Consistent efforts to have better control on value chain culminated in addition of FRP and GFR manufacturing facilities at the Chennai premises of HTL Limited.In FY2018, HFCL secured a 3-year contract from Nokia for supply of optical fibre cables for Digital Poland Project funded by EU.

During the year under review, against the Advance Purchase Order worth Rs1,245 crore approx (including AMC of Rs298 crore), the company has received a Purchase Order worth Rs 935 crore approx from BSNL for DWDM equipment to be installed on pan India basis for the Defence Forces under Network for Spectrum Program (NFS).

In Smart Cities business vertical, HFCL has received Letter of Intent from RajComp Info Services Ltd (RISL) for supply, Installation and Commissioning of edge networking equipment under surveillance and Incident response project in the state of Rajasthan.

During the year 2019, the Company redeemed entire 60,37,500, CRPS of Rs 100/- each, amounting to Rs 60.38 crores.

The Company had 1,00,00,000 Warrants outstanding as on 31st March, 2019, which have also been converted into equal nos. of 1,00,00,000 equity shares and the Paid-up Equity Share Capital of the Company stands at Rs 128.44 Crores comprising of 1,28,43,77,194 equity shares of face value of Rs 1/- each.

The Company acquired controlling stake of 90% in Raddef Private Limited, thereby making it a subsidiary of the Company, w.e.f. 15th May 2019.

In FY 2019, the Company has given Corporate Guarantees to Corning Finolex Optical Private Ltd. on behalf of HTL Ltd., a Subsidiary of the Company for the supply of material; Punjab National Bank on behalf of Exicom Tele - System Ltd., for Working Capital. Further, Owens Corning India Private Ltd. on behalf of HTL Ltd., a Subsidiary of the Company for the supply of material and Yes Bank Ltd on behalf of HTL Ltd., a Subsidiary of the Company for various credit facilities sanctioned to HTL Ltd.

During the year 2019, production capacity in Chennai Plant in subsidiary was increased from 3.5m fkm to 7m fkm, thus making overall capacity of 15m fkm. During the current fiscal year, the Chennai Plant's capacity has reached to 10.5m fkm, which has taken its consolidated OFC capacity to 18.5m fkm. With an intension to offer more value to own telecom turnkey vertical and other customers by offering all passive products, Chennai Plant started its OFC Accessories Division and received various product approvals from Government and non- Government Customers. The subsidiary company has received orders to the tune of Rs 90.82 crore for such new products.

In FY 2018-19, the Company started a Greenfield project for manufacturing of Optical Fiber with 6.4m fkm capacity in Hyderabad. Besides, it developed, marketed and sold its products to more than 50 countries worldwide.

During the year 2019-20, the Company had mutually terminated the Joint Venture Agreement which was entered with DragonWave Inc. (now known as DragonWave-X Canada Inc.) and the Company on October 18, 2010 and acquired the balance stake of 50.10% equity shares held in DHIPL, from DragonWave Pte. Ltd., Singapore thereby making DHIPL, a wholly-owned subsidiary of the Company, effective from December 17, 2019. It launched its first in-house designed Wi-Fi and Unlicensed Band Radio product range, which saw
great success in its debut year of commercial shipments.

During the year 2020, Company acquired a majority stake in Raddef Private Limited, making it an HFCL subsidiary. It executed two separate share purchase agreements, with Nivetti Systems Private Limited and another with BigCat Wireless Private Limited. It undertook various line balancing and debottlenecking measures at its Goa plant and Chennai facilities. The unit at Goa upgraded its ribbon OFC manufacturing infrastructure to over 2000 Fiber count cables during the year. The Goa Plant also received ISO 22001 for the Information Technology Service Management system and an ISO 27001 for Information Security Management systems. In its Chennai plant of HTL Limited, a subsidiary company, HFCL expanded its capacity from 7m FKM to 10.5m FKM. It achieved a further reduction in cable diameters by using special raw materials and innovative processes in OFC manufacturing. It started commercial production of manufacturing optical fiber unit at Hyderabad from 23rd of January, 2020. It commissioned the turnkey solution project for Bharat Broadband Network under BharatNet Phase-II in Punjab. It launched next-gen WiFi Technology product and established an R&D Centre for specialized radio frequency (RF) and Microwave Systems, Surveillance Radar, Sensor Systems, Antenna etc. in Bangalore. It executed the carried forward orders of Eastern and Western Dedicated Freight Corridors, which are expected to become operational by the year 2022. As on 31st March, 2020, Company had 6 subsidiaries. It launched its first in-house designed, developed and manufactured Wi-Fi and Unlicensed Band Radio product range in 2019.

As of March 31, 2021, 157 5G commercial networks in 62 markets have been launched globally. On January 15, 2021, India and Japan signed an MoU to enhance cooperation in the field of Information and Communications Technologies. During the year 2020-21, the Company commenced production of optical fiber cables for Fiber-to-the-Home (FTTH) applications from its Hyderabad Facility. A new product line of highly flexible micro module cables was also developed for cables up to 576F counts. It completed international certifications and technical trials with a number of customers for new and more advanced Wi-Fi 6 Indoor and Outdoor products. It set up a model PM-Wani Village in Baslambi (Haryana), to offer high speed broadband connectivity to the unconnected. As on March 31, 2021, the Company had six subsidiaries. In FY21, the Company shipped over 150K units of Wi-Fi and UBR products to select large customers in India.

During the year 2022, the Company completed the laying of optical fibre cable in Jharkhand under BharatNet Project, where a total of 7,765 kilometers of cable network has been laid down to connect 1,789 gram panchayats through the GPON network. It started shipping new generation Wi-Fi 6 products. It increased customer based in India and also started shipping to Africa. It started shipping PoE and non-PoE L2 switches to customers. It launched more variants in UBR product line to cater to a larger customer segment. It brought out a full end-to-end connectivity solution for rural markets. Product line was expanded to 18 product models under Wi-Fi and 6 models under UBR category. It formed strategic partnerships to drive product development, integrating capacities and accelerating growth from industrial collaborations.

In 2023, the Company launched 5G Lab-as-a-service, unlicensed band radios, switches and the world's first open-source WiFi 7 access point to offer an automated test environment to the private sector, government and academia to work on 5G solutions and services. It established 3 R&D centres in Bengaluru, Gurugram and Hyderabad; commissioned a facility for the manufacture of
wire harnesses (automotive and aerospace) and polymer compounds at HTL Limited, a subsidiary. Further, it expanded the optical fiber cable capacities from 18.5 million fkm to 25.08 million fkm. It commissioned optical fiber Phase-II capacity.

In 2024, Company set up a new manufacturing facility to manufacture telecom and networking products. It developed ultra-thin micro cables and pioneering high-density ultra-light aerial cables. Further, it developed newer types of optical fiber cables for overseas markets, required for data centers, 5G & 6G networks, etc. HFCL introduced a suite of new high-performance cable solutions at ISE EXPO 2024 in Dallas, Texas, USA., it introduced a product line of high-density single-jacket single-armor Intermittently Bonded Ribbon (IBR) cables with 144-1728 fibers. It progressed in wireless technology by designing new generation Point to Point Unlicensed Band Backhaul Radios. It launched radios that can transmit data much faster, reaching speed of up to 2 Gbps.

In FY 2025, Company has started supplying optical fiber cables and networking equipment to emerging data centre clients, particularly in support of India's expanding digital infrastructure. It commissioned two new manufacturing facilities: one in Manesar (NCR) for telecom and networking products and another in Hosur for defence production. In telecom, HFCL became the first Indian company to develop and commercialise 5G Fixed Wireless Access Customer Premises Equipment (FWA CPE), shipping over four lakh units in its launch year. It also developed MPLS Routers for broadband, and enterprise networks in 2025.

Parent organization HFCL
NSE symbol HFCL
Founded 1987
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Board Of Directors

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Mahendra Nahata

ED / MD / Promoter

Arvind Kharabanda

Non Executive Director

Ranjeet Mal Kastia

Non Executive Director

Ajay Kumar

Independent Non Exe. Director

Bharat Pal Singh

Independent Non Exe. Director

Bela Banerjee

Independent Non Exe. Director

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Frequently Asked Questions

What is the Current Share Price of HFCL Ltd?

Answer Field

HFCL Ltd share price is for NSE ₹ 69.31 & for BSE ₹ 69.40 as on Jan 05 2026 09:18 AM.

What is the Market Cap of HFCL Ltd Share?

Answer Field

The market cap of HFCL Ltd for NSE ₹ 9,995.02 & for BSE ₹ 10,008.00 as on Jan 05 2026 09:18 AM.

What is the 52 Week High and Low of HFCL Ltd?

Answer Field

The 52 Week High and Low of HFCL Ltd for NSE is ₹ 116.40 and ₹ 60.72 and for BSE is ₹ 116.35 and ₹ 60.73.

What is 1 year return for HFCL Ltd?

Answer Field

The 1 year returns on the stock has been -40.86%.

What is the P/E Ratio of HFCL Ltd Share?

Answer Field

As on Jan 05 2026 09:18 AM the price-to-earnings (PE) ratio for HFCL Ltd share is 423.56.

What is the PB ratio of HFCL Ltd Share?

Answer Field

As on Jan 05 2026 09:18 AM, the price-to-book (PB) ratio for HFCL Ltd share is 29.73.

How to Buy HFCL Ltd Share?

Answer Field

You can trade in HFCL Ltd shares with Bajaj Broking by opening a demat account.

How to Buy HFCL Ltd Share on Bajaj Broking App?

Answer Field

To buy HFCL Ltd shares on the Bajaj Broking app, follow these steps:

• Login to the Bajaj Broking App

• Click on the Search Icon

• Search “HFCL Ltd”

• Click on the BUY icon

• Place a buy order specifying the desired quantity of shares.

• Click BUY again to complete the purchase

Who is the CEO of HFCL Limited?

Answer Field

Mahendra Nahata is the founder and managing director (MD) of HFCL Limited (Himachal Futuristic Communications Limited).

When was HFCL Limited established?

Answer Field

HFCL Limited was incorporated as a public limited company on May 11, 1987. The company changed its name to HFCL Limited on May 15, 2019.

What factors influence the HFCL Share Price?

Answer Field

Several factors influence the HFCL share price, including shareholding structure (with promoter holding decreasing from 37.84% in December 2023 to 36.24% in September 2024), company performance (with flat Q2 FY25 results and a 1.50% decrease in net sales over the past five years), supply and demand dynamics in the market and the company’s involvement in projects such as its successful bid for the BharatNet Phase III Project.

Is HFCL Limited debt free?

Answer Field

No, HFCL Limited is not debt-free. The company has a debt/equity ratio of 0.21, indicating it carries some debt.

What is the CAGR of HFCL Share?

Answer Field

HFCL has shown a compounded profit growth rate (CAGR) of 4% over 10 years, 8% over 5 years, 11% over 3 years, and 23% for the trailing twelve months (TTM).

How has the HFCL Share Price performed over the past year?

Answer Field

The HFCL share price has increased by 92.1% over the past year, with a year-to-date performance of 52.23%. The share price also saw a 34.7% increase over the last six months, despite a 4.75% decline over the past three months and an 8.22% decrease in the past month.

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Bajaj Financial Securities Limited is not a registered broker-dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In addition, Bajaj Financial Securities Limited is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by Bajaj Financial Securities Limited, including the products and services described herein are not available to or intended for U.S. persons. This email message does not constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services and/or shall not be considered as an advertisement tool. "U.S. Persons" are generally defined as a natural person, residing in the United States or any entity organized or incorporated under the laws of the United States. US Citizens living abroad may also be deemed "US Persons" under certain rules.  

ADDITIONAL DISCLAIMER FOR CANADIAN PERSONS

Bajaj Financial Securities Limited is not a registered adviser or dealer under applicable Canadian securities laws nor has it obtained an exemption from the adviser and/or dealer registration requirements under such law. Accordingly, any brokerage and investment services provided by Bajaj Financial Securities Limited, including the products and services described herein are not available to or intended for Canadian persons.  

This mailer and its respective contents do not constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services.  

DISCLAIMER FOR REPORT

DISCLOSURES UNDER THE PROVISIONS OF SEBI (RESEARCH ANALYSTS) REGULATIONS 2014 (REGULATIONS)

Bajaj Financial Securities Limited ("Bajaj Broking" or "Research Entity") is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of broking, depository services and related activities.  

This Report has been prepared by Bajaj Financial Securities Limited in the capacity of a Research Analyst having SEBI Registration No. INH000010043 and distributed as per SEBI (Research Analysts) Regulations 2014. This report does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information contained herein is from publicly available data or other sources believed to be reliable. This report is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this report should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult his own advisors to determine the merits and risks of such investment. The investment discussed or views expressed may not be suitable for all investors.  

This information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject Bajaj Financial Securities Limited and associates / group companies to any registration or licensing requirements within such jurisdiction. The distribution of this report in certain jurisdictions may be restricted by law, and persons in whose possession this report comes, should observe, any such restrictions. The information given in this report is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. This information is subject to change without any prior notice. Bajaj Financial Securities Limited reserves the right to make modifications and alterations to this statement as may be required from time to time. Bajaj Financial Securities Limited or any of its associates / group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Bajaj Financial Securities Limited is committed to providing independent and transparent recommendation to its clients. Neither Bajaj Financial Securities Limited nor any of its associates, group companies, directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including loss of revenue or lost profits that may arise from or in connection with the use of the information. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein. Past performance is not necessarily a guide to future performance .The disclosures of interest statements incorporated in this report are provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. The information provided in these reports remains, unless otherwise stated, the copyright of Bajaj Financial Securities Limited. All layout, design, original artwork, concepts and other Intellectual Properties, remains the property and copyright of Bajaj Financial Securities Limited and may not be used in any form or for any purpose whatsoever by any party without the express written permission of the copyright holders.  

We offer our research services to clients as well as our prospects. Though this report is disseminated to all the customers simultaneously, not all customers may receive this report at the same time. We will not treat recipients as customers by virtue of their receiving this report.  

Bajaj Financial Securities Limited and its associates, officer, directors, and employees, research analyst (including relatives) worldwide may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company(ies), mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the subject company/company(ies) discussed herein or act as advisor or lender/borrower to such company(ies) or have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance. Bajaj Financial Securities Limited may have proprietary long/short position in the above-mentioned scrip(s) and therefore should be considered as interested. The views provided herein are general in nature and do not consider risk appetite or investment objective of any particular investor; readers are requested to take independent professional advice before investing. This should not be construed as invitation or solicitation to do business with Bajaj Financial Securities Limited.  

Bajaj Financial Securities Limited or its associates may have received compensation from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have managed or co-managed public offering of securities for the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report. Research analyst or his/her relative or Bajaj Financial Securities Limited’s associates may have financial interest in the subject company. Bajaj Financial Securities Limited, its associates, research analyst and his/her relative may have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance.  

Research analyst has served as an officer, director or employee of subject Company: No  

Bajaj Financial Securities Limited has financial interest in the subject companies: No  

Bajaj Financial Securities Limited’s Associates may have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report.  

Research analyst or his/her relative has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No  

Bajaj Financial Securities Limited has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No  

Subject company may have been client during twelve months preceding the date of distribution of the research report.  

There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. A graph of daily closing prices of the securities is also available at NSE

ANALYST CERTIFICATION

The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.  

RISK DISCLOSURE ON DERIVATIVES

  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to ₹ 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.

SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.

BROKERAGE DISCLAIMER

All leveraged intraday positions will be squared off on the same day. There is no restriction on the withdrawal of the unutilised margin amount. Brokerage will not exceed the SEBI prescribed limit. Visit : Pricing

MTF 

As subject to the provisions of SEBI Circular CIR/MRD/DP/54/2017 dated June 13, 2017, and the terms and conditions mentioned in the lights and obligations statement issued by the TM (if applicable).  

US INVESTING

International investment is not supervised by any regulatory body in India. Thus, any claim or dispute relating to such investment or enforcement of any agreement/contract /claim will not be under laws and regulations of the recognized stock exchanges and investor protection under Indian Securities Law. The account opening process will be carried out on Vested platform and Bajaj Financial Securities Limited will not have any role in it.  

IPO 

This should not be construed as soliciting investment. Investors’ discretion is required. Kindly consult your financial expert before investing. No need to issue cheques by investors while subscribing to IPO. Investments in securities markets are subject to market risks, read all the related documents carefully before investing.  

SCREENERS 

Screeners is not Exchange-approved products and any disputes related to the same will not be dealt on the Exchange platform. 

SECURITIES 

Securities quoted are exemplary and not recommendatory. 

IPV 

Account would be open after all procedure relating to IPV and client due diligence is completed. 

IMAGES 

The images used are only for representation purpose. Proper due diligence has been done for the images and the image is not of any artist. The same is captured from royalty free sites.

THIRD PARTY PRODUCT DISCLAIMER

Bajaj Financial Securities Limited is a distributor for Non-Broking Products/Services such as Mutual Funds, Mutual Funds SIP, IPO, Bonds, Insurance, PMS, Global Investing, any other third-party products/services. These are not Exchange Traded Products, and we are only acting as distributors. All disputes with respect to the distribution activity, would not have access to SCORES/ODR, Exchange investor redressal forum or Arbitration mechanism. Please refer to the detailed disclaimer for Third-Party Products.

DISCLOSURE TO CLIENTS REGARDING PAYOUT OF FUNDS

As per SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, Stockbrokers are required to upstream the entire client funds lying with them to the Clearing Corporation. Based on client’s request the funds’ release request must be placed with the Clearing Corporation. Based on the internal process and cut-off timelines of the Clearing Corporation the funds will be released to the Stock Broker. In view of this new process, as specified by the regulatory and the cut-off time of Clearing Corporation/Banks processing the funds, Bajaj Financial Securities Limited cannot commit the exact time for releasing funds payout to its client. Clients are requested to note that, Bajaj Financial Securities Limited will not be responsible for any inconvenience caused to clients due to delay in release of funds payout, including fines, delayed charges, defaults, etc.