HFCL Ltd: Intrinsic Value & Share Price Analysis

Q: What is the intrinsic value of HFCL Ltd and is it undervalued?

As of 05 May 2026, HFCL Ltd's intrinsic value is 35.48, which is 71.84% lower than the current market price of 126.00, suggesting the stock is overvalued. Calculated using the PE ratio method factoring in ROE (6.95 %), book value (32.0), dividend yield (0.08 %), and 5-year EPS CAGR.

Q: What is the current share price and 52-week range of HFCL Ltd?

HFCL Ltd is trading at 126.00 as of 05 May 2026, with a FY2026-2027 high of 128 and low of 59.8. The stock is currently near its 52-week high. Market cap stands at 19,290 Cr..

Q: Is HFCL Ltd financially healthy?

Key indicators: ROCE of 10.9 % is moderate. Dividend yield is 0.08 %.

Q: Is HFCL Ltd profitable and how is the profit trend?

HFCL Ltd reported a net profit of 173 Cr in Mar 2025 on revenue of 4,065 Cr. Compared to 326 Cr in Mar 2022, the net profit shows a declining trend.

Fair Value

₹110.22Overvalued by 12.52%vs CMP ₹126.00

P/E (61.9) × ROE (7.0%) × BV (₹32.00) × DY (0.08%)

₹35.48Overvalued by 71.84%vs CMP ₹126.00

MoS: -255.1% (Negative)Confidence: 65/100 (Moderate)Models: All 8: Overvalued

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹74.95	25%	Over (-40.5%)
Graham Number	Earnings	₹15.41	18%	Over (-87.8%)
Earnings Power	Earnings	₹5.86	15%	Over (-95.3%)
Net Asset Value	Assets	₹26.98	8%	Over (-78.6%)
EV/EBITDA	Enterprise	₹18.68	10%	Over (-85.2%)
Earnings Yield	Earnings	₹3.30	8%	Over (-97.4%)
ROCE Capital	Returns	₹72.09	10%	Over (-42.8%)
Revenue Multiple	Revenue	₹26.55	6%	Over (-78.9%)
Consensus (8 models)		₹35.48	100%	Overvalued

Key Drivers: EPS CAGR -32.0% drags value — could be higher if earnings stabilize. | Wide model spread (₹3–₹75) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -32.0%

*Investments are subject to market risks

Analyst Summary

HFCL Ltd operates in the Telecom Equipment segment, current market price is ₹126.00, market cap is 19,290 Cr.. At a glance, stock P/E is 61.9, ROE is 6.95 %, ROCE is 10.9 %, book value is 32.0, dividend yield is 0.08 %. The latest intrinsic value estimate is ₹35.48, around 71.8% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹4,065 Cr versus the prior period change of -9.0%, while latest net profit is about ₹173 Cr with a prior-period change of -48.8%. The 52-week range shown on this page is 128/59.8, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisHFCL Ltd. is a Public Limited Listed company incorporated on 11/05/1987 and has its registered office in the State of Himachal Pradesh, India. Company's Corporate Identification Number(CIN) is L64200H…

This summary is generated from the stock page data available for HFCL Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

HFCL Ltd scores 46/100 (Average)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health61/100 · Moderate

ROCE 10.9% AverageROE 7.0% AverageD/E 0.44 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent

Smart Money35/100 · Weak

FII holding up 0.51% (6mo) Slight increaseDII holding down 4.19% MF sellingPromoter decreased by 1.73% Caution

Earnings Quality40/100 · Moderate

OPM stable around 12% SteadyWorking capital: 179 days Capital intensive

Quarterly Momentum35/100 · Weak

Revenue (4Q): -14% YoY DecliningProfit (4Q): -83% YoY DecliningOPM: 19.0% (up 4.0% YoY) Margin expansion

Industry Rank45/100 · Moderate

P/E 61.9 vs industry 451.1 Cheaper than peersROCE 10.9% vs industry 14.3% AverageROE 7.0% vs industry 15.2% Below peers3Y sales CAGR: -5% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: May 5, 2026, 12:15 am

Market Cap	19,290 Cr.
Current Price	126
Intrinsic Value	₹35.48
High / Low	128/59.8
Stock P/E	61.9
Book Value	32.0
Dividend Yield	0.08 %
ROCE	10.9 %
ROE	6.95 %
Face Value	1.00
PEG Ratio	-1.93

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for HFCL Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
HFCL Ltd	19,290 Cr.	126	128/59.8	61.9	32.0	0.08 %	10.9 %	6.95 %	1.00
ITI Ltd	28,893 Cr.	300	373/233		15.1	0.00 %	1.33 %	16.2 %	10.0
Avantel Ltd	3,967 Cr.	149	215/101	176	13.4	0.13 %	11.4 %	7.44 %	2.00
Optiemus Infracom Ltd	3,817 Cr.	430	713/288	57.8	81.0	0.00 %	14.4 %	11.6 %	10.0
NELCO Ltd	1,587 Cr.	695	1,162/500	3,238	56.5	0.14 %	6.95 %	0.38 %	10.0
Industry Average	16,572.20 Cr	334.58		451.07	52.71	0.18%	14.29%	15.21%	8.17

All Competitor Stocks of HFCL Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	1,086	1,433	995	1,111	1,032	1,326	1,158	1,094	1,012	801	871	1,043	1,211
Expenses	917	1,279	849	979	916	1,130	984	935	860	838	843	853	983
Operating Profit	169	154	146	133	117	196	175	158	152	-37	28	190	228
OPM %	16%	11%	15%	12%	11%	15%	15%	14%	15%	-5%	3%	18%	19%
Other Income	25	14	13	18	47	14	10	15	21	14	15	13	17
Interest	37	38	36	35	37	40	42	45	47	51	56	61	63
Depreciation	20	21	21	21	19	20	24	25	26	30	32	36	44
Profit before tax	137	109	103	94	108	149	119	102	100	-105	-45	106	138
Tax %	26%	28%	26%	25%	24%	27%	7%	28%	28%	-21%	-34%	32%	26%
Net Profit	102	79	76	70	82	109	111	73	73	-83	-29	72	102
EPS in Rs	0.70	0.52	0.49	0.49	0.58	0.76	0.77	0.51	0.51	-0.56	-0.22	0.47	0.64

Last Updated: February 5, 2026, 5:05 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 9:16 am

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,019	2,553	2,872	2,131	3,227	4,738	3,839	4,423	4,727	4,743	4,465	4,065	3,926
Expenses	1,864	2,272	2,600	1,944	2,944	4,320	3,346	3,873	4,077	4,125	3,884	3,616	3,516
Operating Profit	156	281	273	187	283	418	493	550	650	619	582	449	410
OPM %	8%	11%	10%	9%	9%	9%	13%	12%	14%	13%	13%	11%	10%
Other Income	385	110	-29	21	24	40	22	31	37	47	102	58	58
Interest	44	44	62	62	64	92	115	175	166	152	147	185	230
Depreciation	20	34	26	22	23	27	42	69	78	83	82	106	142
Profit before tax	476	312	156	124	220	339	358	337	442	431	454	217	95
Tax %	1%	0%	0%	0%	22%	32%	34%	27%	26%	26%	26%	20%
Net Profit	475	324	156	124	172	232	237	246	326	318	338	173	62
EPS in Rs	3.83	2.61	1.26	0.99	1.35	1.73	1.77	1.86	2.27	2.18	2.29	1.23	0.33
Dividend Payout %	0%	0%	0%	0%	4%	6%	0%	8%	8%	9%	9%	8%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	-31.79%	-51.85%	-20.51%	38.71%	34.88%	2.16%	3.80%	32.52%	-2.45%	6.29%	-48.82%
Change in YoY Net Profit Growth (%)	0.00%	-20.06%	31.34%	59.22%	-3.83%	-32.73%	1.64%	28.72%	-34.97%	8.74%	-55.11%

HFCL Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	5%
5 Years:	1%
3 Years:	-5%
TTM:	-18%

Compounded Profit Growth
10 Years:	-7%
5 Years:	-5%
3 Years:	-18%
TTM:	-91%

Stock Price CAGR
10 Years:	18%
5 Years:	34%
3 Years:	-3%
1 Year:	-56%

Return on Equity
10 Years:	12%
5 Years:	9%
3 Years:	8%
Last Year:	4%

Last Updated: September 5, 2025, 6:05 am

Balance Sheet

Last Updated: December 10, 2025, 2:47 am

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	124	124	124	124	124	127	128	128	137	138	144	144	144
Reserves	430	753	716	840	1,055	1,314	1,540	1,788	2,661	2,970	3,812	3,935	3,987
Borrowings	401	398	544	539	469	590	734	942	783	936	991	1,522	1,580
Other Liabilities	717	572	791	773	941	1,262	1,427	2,358	1,590	1,429	1,540	1,945	2,248
Total Liabilities	1,672	1,847	2,175	2,275	2,588	3,294	3,829	5,216	5,171	5,473	6,487	7,546	7,959
Fixed Assets	230	199	175	188	196	238	504	508	528	548	652	852	1,499
CWIP	1	4	1	2	10	86	34	36	108	268	469	602	112
Investments	313	272	57	50	55	60	58	41	55	70	194	158	178
Other Assets	1,128	1,373	1,943	2,035	2,327	2,911	3,233	4,631	4,480	4,586	5,172	5,935	6,170
Total Assets	1,672	1,847	2,175	2,275	2,588	3,294	3,829	5,216	5,171	5,473	6,487	7,546	7,959

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	129	0	136	207	34	172	145	205	235	-45	396	-378
Cash from Investing Activity +	-45	37	-25	-30	-150	-167	-165	-458	-44	-449	-518	-324
Cash from Financing Activity +	-74	-55	-114	-116	67	-7	25	248	-145	454	170	669
Net Cash Flow	10	-18	-3	61	-49	-1	5	-5	46	-40	47	-33
Free Cash Flow	111	-51	110	166	-143	5	41	23	-105	-454	-12	-723
CFO/OP	54%	12%	103%	102%	15%	53%	30%	41%	54%	13%	89%	-44%

Free Cash Flow

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Free Cash Flow	-245.00	-117.00	-271.00	-352.00	-186.00	-172.00	-241.00	-392.00	-133.00	-317.00	-409.00	448.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	51	52	141	202	134	113	153	215	146	145	181	170
Inventory Days	375	259	192	140	56	41	96	65	98	113	135	145
Days Payable	679	320	307	260	148	134	227	262	173	131	141	174
Cash Conversion Cycle	-252	-9	26	81	42	20	22	18	72	127	175	141
Working Capital Days	28	75	112	134	84	62	91	70	85	124	163	179
ROCE %	33%	36%	24%	13%	18%	24%	21%	20%	19%	15%	13%	8%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	39.24%	39.24%	37.84%	37.84%	37.69%	37.63%	36.24%	35.90%	34.37%	31.58%	30.02%	28.29%
FIIs	6.77%	7.53%	8.35%	8.18%	7.66%	7.02%	6.68%	6.70%	6.97%	7.75%	7.48%	7.48%
DIIs	2.78%	2.95%	4.64%	4.55%	5.68%	7.39%	8.69%	10.96%	13.26%	14.04%	13.57%	9.07%
Public	51.12%	50.19%	49.09%	49.37%	48.91%	47.91%	48.33%	46.40%	45.36%	46.61%	48.89%	55.13%
Others	0.10%	0.09%	0.08%	0.08%	0.06%	0.06%	0.05%	0.04%	0.04%	0.04%	0.04%	0.03%
No. of Shareholders	5,90,692	5,85,647	5,89,482	6,51,786	7,29,536	7,70,791	7,73,276	8,20,639	8,40,219	8,58,638	8,69,442	8,42,209

Shareholding Pattern Chart

No. of Shareholders

HFCL Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
Quant Small Cap Fund	89,972,615	2.25	617.3	80,061,137	2026-01-26 07:53:03	12.38%
Quant Value Fund	3,529,000	1.55	24.21	5,331,724	2025-12-08 08:42:52	-33.81%
Quant Multi Cap Fund	3,463,172	0.32	23.76	N/A	N/A	N/A

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	1.00	1.00	1.00	1.00	1.00
Basic EPS (Rs.)	1.23	2.33	2.18	2.38	1.86
Diluted EPS (Rs.)	1.23	2.33	2.18	2.38	1.86
Cash EPS (Rs.)	1.93	2.90	2.91	2.94	2.45
Book Value[Excl.RevalReserv]/Share (Rs.)	28.29	27.77	22.83	20.50	14.98
Book Value[Incl.RevalReserv]/Share (Rs.)	28.29	27.77	22.83	20.50	14.98
Revenue From Operations / Share (Rs.)	28.18	31.01	34.46	34.38	34.44
PBDIT / Share (Rs.)	3.51	4.74	4.84	5.04	4.56
PBIT / Share (Rs.)	2.78	4.17	4.23	4.47	4.03
PBT / Share (Rs.)	1.50	3.15	3.13	3.21	2.62
Net Profit / Share (Rs.)	1.20	2.34	2.31	2.37	1.92
NP After MI And SOA / Share (Rs.)	1.23	2.29	2.19	2.28	1.86
PBDIT Margin (%)	12.46	15.27	14.03	14.65	13.24
PBIT Margin (%)	9.87	13.44	12.28	13.00	11.69
PBT Margin (%)	5.31	10.14	9.08	9.34	7.61
Net Profit Margin (%)	4.25	7.53	6.69	6.89	5.56
NP After MI And SOA Margin (%)	4.36	7.38	6.34	6.62	5.40
Return on Networth / Equity (%)	4.34	8.33	9.69	11.18	12.47
Return on Capital Employeed (%)	8.61	13.95	17.50	20.53	23.19
Return On Assets (%)	2.35	5.08	5.49	6.05	4.58
Long Term Debt / Equity (X)	0.09	0.04	0.03	0.04	0.14
Total Debt / Equity (X)	0.32	0.24	0.24	0.26	0.44
Asset Turnover Ratio (%)	0.57	0.74	0.89	0.85	0.93
Current Ratio (X)	1.86	2.08	1.91	1.75	1.39
Quick Ratio (X)	1.55	1.72	1.55	1.49	1.24
Inventory Turnover Ratio (X)	4.86	1.04	1.47	1.84	1.51
Dividend Payout Ratio (NP) (%)	16.26	8.66	8.24	6.17	0.00
Dividend Payout Ratio (CP) (%)	10.19	6.94	6.45	4.94	0.00
Earning Retention Ratio (%)	83.74	91.34	91.76	93.83	0.00
Cash Earning Retention Ratio (%)	89.81	93.06	93.55	95.06	0.00
Interest Coverage Ratio (X)	2.74	4.63	4.38	4.16	3.33
Interest Coverage Ratio (Post Tax) (X)	1.93	3.29	3.09	3.00	2.42
Enterprise Value (Cr.)	12285.38	13919.72	8859.74	11041.97	3794.40
EV / Net Operating Revenue (X)	3.02	3.12	1.87	2.34	0.85
EV / EBITDA (X)	24.24	20.41	13.31	15.93	6.48
MarketCap / Net Operating Revenue (X)	2.80	2.96	1.77	2.29	0.73
Retention Ratios (%)	83.73	91.33	91.75	93.82	0.00
Price / BV (X)	2.79	3.35	2.70	3.87	1.69
Price / Net Operating Revenue (X)	2.80	2.96	1.77	2.29	0.73
EarningsYield	0.01	0.02	0.03	0.02	0.07

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

HFCL Ltd. is a Public Limited Listed company incorporated on 11/05/1987 and has its registered office in the State of Himachal Pradesh, India. Company's Corporate Identification Number(CIN) is L64200HP1987PLC007466 and registration number is 007466. Currently Company is involved in the business activities of Construction/erection and maintenance of power, telecommunication and transmission lines. Company's Total Operating Revenue is Rs. 4527.54 Cr. and Equity Capital is Rs. 153.03 Cr. for the Year ended 31/03/2026.

INDUSTRY	ADDRESS	CONTACT
Telecom Equipment	8, Electronics Complex, Solan Himachal Pradesh 173213	Contact not found

Management
Name	Position Held
Mr. Mahendra Nahata	Managing Director
Dr. Ranjeet Mal Kastia	Non Executive Director
Mr. Arvind Kharabanda	Non Executive Director
Mr. Ajai Kumar	Independent Director
Mr. Bharat Pal Singh	Independent Director
Mrs. Bela Banerjee	Independent Director

FAQ

What is the intrinsic value of HFCL Ltd and is it undervalued?

As of 05 May 2026, HFCL Ltd's intrinsic value is ₹35.48, which is 71.84% lower than the current market price of ₹126.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (6.95 %), book value (₹32.0), dividend yield (0.08 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of HFCL Ltd?

HFCL Ltd is trading at ₹126.00 as of 05 May 2026, with a FY2026-2027 high of ₹128 and low of ₹59.8. The stock is currently near its 52-week high. Market cap stands at ₹19,290 Cr..

How does HFCL Ltd's P/E ratio compare to its industry?

HFCL Ltd has a P/E ratio of 61.9, which is below the industry average of 451.07. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is HFCL Ltd financially healthy?

Key indicators for HFCL Ltd: ROCE of 10.9 % is moderate; ROE of 6.95 % is below ideal levels (industry average: 15.21%). Dividend yield is 0.08 %.

Is HFCL Ltd profitable and how is the profit trend?

HFCL Ltd reported a net profit of ₹173 Cr in Mar 2025 on revenue of ₹4,065 Cr. Compared to ₹326 Cr in Mar 2022, the net profit shows a declining trend.

Does HFCL Ltd pay dividends?

HFCL Ltd has a dividend yield of 0.08 % at the current price of ₹126.00. The company pays dividends, though the yield is modest.