HFCL Ltd, formerly known as Himachal Futuristic Communications Limited, is a leading Indian technology company established in 1987, with a strong presence in the telecommunications and defense sectors. Headquartered in Gurugram, Haryana, the company has become a prominent player in the design, development, and manufacturing of advanced telecommunications equipment, optical fiber cables, and cutting-edge defense communication systems. HFCL operates state-of-the-art manufacturing facilities and research and development centers, driving innovation across its diverse product portfolio, which includes optical fiber cables, WiFi solutions, 5G network components, and security systems. Listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), HFCL has cultivated a robust domestic and international footprint, serving clients in over 30 countries. Beyond telecommunications, the company has expanded its involvement into sectors such as railways, security, and textiles, further diversifying its expertise. HFCL’s consistent investment in R&D underpins its commitment to delivering innovative, high-quality solutions that meet the evolving demands of its customers. Its dedication to excellence and sustainability has cemented HFCL’s reputation as a trusted name in the global technology landscape.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | |
| Promoters + | 37.84% | 37.69% | 37.63% | 36.24% | 35.90% |
| FIIs + | 8.18% | 7.66% | 7.02% | 6.68% | 6.70% |
| DIIs + | 4.55% | 5.68% | 7.39% | 8.69% | 10.96% |
| Public + | 49.37% | 48.91% | 47.91% | 48.33% | 46.40% |
| Others + | 0.08% | 0.06% | 0.06% | 0.05% | 0.04% |
| No. of Shareholders | 6,51,786 | 7,29,536 | 7,70,791 | 7,73,276 | 8,20,639 |
The shareholding pattern of HFCL Ltd in 2024 reflects notable changes across investor categories, showcasing shifts in confidence and investment dynamics. Promoters held a significant stake, reducing their holdings from 37.84% in December 2023 to 35.90% by December 2024, indicating a slight dilution of control. Foreign Institutional Investors (FIIs) also decreased their stake from 8.18% to 6.70% during the year, suggesting cautious sentiment. In contrast, Domestic Institutional Investors (DIIs) demonstrated growing confidence in HFCL, significantly increasing their holdings from 4.55% to 10.96%. Public shareholding saw a decline from 49.37% to 46.40%, while the “Others” category maintained a minimal and steadily decreasing presence. The number of shareholders rose consistently, from 6,51,786 in December 2023 to 8,20,639 by December 2024, reflecting heightened retail participation and broader investor interest. These changes highlight the growing institutional support, particularly from DIIs, as well as the increasing attractiveness of HFCL to a diverse investor base.
Latest News on HFCL
HFCL Ltd recently achieved a significant milestone by becoming the first company to sign an agreement with Bharat Sanchar Nigam Limited (BSNL) as the Project Implementation Agency for the BharatNet Phase-III Programme. This landmark project, valued at approximately ₹2,501.3 crore, is aimed at enhancing rural connectivity by expanding the optical fiber network infrastructure. Under this agreement, HFCL will oversee the implementation of the project in the Punjab Telecom Circle, playing a pivotal role in improving broadband connectivity across rural and underserved areas in the region. The BharatNet initiative is a flagship government program focused on creating a robust digital infrastructure, and HFCL’s involvement highlights its technical expertise and commitment to driving India’s digital transformation. This agreement further solidifies HFCL’s position as a leading player in the telecommunications sector and a trusted partner in executing large-scale government initiatives.
Below are the trading platforms that you can use to purchase HFCL shares:
- Zerodha
- Upstox
- Groww
- AngelOne
- ICICIDirect
| When | Maximum Price | Minimum Price |
| March 2025 | 109.77 | 84.44 |
| April 2025 | 108.68 | 83.60 |
| May 2025 | 105.52 | 81.17 |
| June 2025 | 110.26 | 84.82 |
| July 2025 | 108.10 | 83.16 |
| August 2025 | 111.45 | 85.73 |
| September 2025 | 112.78 | 86.76 |
| October 2025 | 115.72 | 89.01 |
| November 2025 | 118.61 | 91.24 |
| December 2025 | 123.95 | 95.34 |
The share prices of HFCL are projected to exhibit a range of values throughout the year. As we step into March, the maximum share price is expected to reach ₹109.77, with a minimum of ₹84.44. Moving forward, as we step into December, the share price is anticipated to peak at ₹123.95, while the minimum is likely to stand at ₹95.34.
| When | Maximum Price | Minimum Price |
| January 2026 | 127.66 | 98.20 |
| February 2026 | 124.47 | 95.75 |
| March 2026 | 126.96 | 97.66 |
| April 2026 | 129.55 | 99.66 |
| May 2026 | 128.27 | 98.67 |
| June 2026 | 131.48 | 101.14 |
| July 2026 | 128.90 | 99.15 |
| August 2026 | 132.89 | 102.22 |
| September 2026 | 135.54 | 104.26 |
| October 2026 | 139.07 | 106.98 |
| November 2026 | 142.54 | 109.65 |
| December 2026 | 146.11 | 112.39 |
As we move into January, the maximum share price of HFCL is expected to reach ₹127.66, with a minimum of ₹98.20. Progressing further, as we move into December, the share price is anticipated to peak at ₹146.11, while the minimum is likely to stand at ₹112.39.
| When | Maximum Price | Minimum Price |
| January 2027 | 147.57 | 113.52 |
| February 2027 | 151.35 | 116.43 |
| March 2027 | 157.26 | 120.97 |
| April 2027 | 154.17 | 118.59 |
| May 2027 | 149.68 | 115.14 |
| June 2027 | 156.42 | 120.32 |
| July 2027 | 153.35 | 117.96 |
| August 2027 | 158.09 | 121.61 |
| September 2027 | 163.63 | 125.87 |
| October 2027 | 167.88 | 129.14 |
| November 2027 | 172.08 | 132.37 |
| December 2027 | 176.38 | 135.68 |
| When | Maximum Price | Minimum Price |
| January 2028 | 179.91 | 138.39 |
| February 2028 | 184.52 | 141.94 |
| March 2028 | 191.72 | 147.47 |
| April 2028 | 187.96 | 144.58 |
| May 2028 | 182.48 | 140.37 |
| June 2028 | 190.70 | 146.69 |
| July 2028 | 186.96 | 143.81 |
| August 2028 | 192.74 | 148.26 |
| September 2028 | 199.48 | 153.45 |
| October 2028 | 204.67 | 157.44 |
| November 2028 | 209.79 | 161.38 |
| December 2028 | 215.03 | 165.41 |
| When | Maximum Price | Minimum Price |
| January 2029 | 219.33 | 168.72 |
| February 2029 | 224.96 | 173.04 |
| March 2029 | 233.73 | 179.79 |
| April 2029 | 229.15 | 176.27 |
| May 2029 | 222.47 | 171.13 |
| June 2029 | 232.48 | 178.83 |
| July 2029 | 227.93 | 175.33 |
| August 2029 | 234.98 | 180.75 |
| September 2029 | 243.20 | 187.08 |
| October 2029 | 249.52 | 191.94 |
| November 2029 | 255.76 | 196.74 |
| December 2029 | 262.15 | 201.66 |
| When | Maximum Price | Minimum Price |
| January 2030 | 267.40 | 205.69 |
| February 2030 | 274.25 | 210.96 |
| March 2030 | 284.95 | 219.19 |
| April 2030 | 279.36 | 214.89 |
| May 2030 | 271.23 | 208.64 |
| June 2030 | 283.43 | 218.02 |
| July 2030 | 277.87 | 213.75 |
| August 2030 | 286.47 | 220.36 |
| September 2030 | 296.49 | 228.07 |
| October 2030 | 304.20 | 234.00 |
| November 2030 | 311.81 | 239.85 |
| December 2030 | 319.60 | 245.85 |
In 2030, the share prices of HFCL are projected to showcase significant growth throughout the year. As we progress into January, the maximum share price is expected to reach ₹267.40, with a minimum of ₹205.69. Continuing this upward trajectory, as we progress into December, the share price is anticipated to peak at ₹319.60, while the minimum is likely to stand at ₹245.85.
Financial Condition of HFCL
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
| Sales + | 3,839 | 4,423 | 4,727 | 4,743 | 4,465 | 4,590 |
| Expenses + | 3,346 | 3,873 | 4,077 | 4,125 | 3,884 | 3,909 |
| Operating Profit | 493 | 550 | 650 | 619 | 582 | 680 |
| OPM % | 13% | 12% | 14% | 13% | 13% | 15% |
| Other Income + | 22 | 31 | 37 | 47 | 102 | 59 |
| Interest | 115 | 175 | 166 | 152 | 147 | 174 |
| Depreciation | 42 | 69 | 78 | 83 | 82 | 95 |
| Profit before tax | 358 | 337 | 442 | 431 | 454 | 471 |
| Tax % | 34% | 27% | 26% | 26% | 26% | |
| Net Profit + | 237 | 246 | 326 | 318 | 338 | 366 |
| EPS in Rs | 1.77 | 1.86 | 2.27 | 2.18 | 2.29 | 2.55 |
| Dividend Payout % | 0% | 8% | 8% | 9% | 9% |
HFCL’s financial performance over the years highlights its steady growth and resilience in the competitive telecommunications and defense sectors. Between March 2020 and March 2024, HFCL’s sales figures have shown consistency, peaking at ₹4,743 crore in March 2023 before stabilizing at ₹4,465 crore in March 2024. The trailing twelve months (TTM) reflect a slight recovery with sales at ₹4,590 crore.
Operating profit has remained robust, with HFCL maintaining an Operating Profit Margin (OPM) of around 13%-15%. The TTM period showcases an impressive OPM of 15%, with operating profits reaching ₹680 crore, the highest in the review period. Additionally, the company has benefited from growing other income, which surged to ₹102 crore in March 2024, contributing positively to its financial health.
HFCL has effectively managed its interest and depreciation expenses, ensuring that its profit before tax steadily increased from ₹358 crore in March 2020 to ₹454 crore in March 2024, reaching ₹471 crore in the TTM period. Tax rates have stabilized at 26%, enabling net profit to grow from ₹237 crore in March 2020 to ₹338 crore in March 2024, with the TTM period recording ₹366 crore.
Earnings per share (EPS) have risen steadily, reflecting value generation for shareholders, increasing from ₹1.77 in March 2020 to ₹2.29 in March 2024, and further improving to ₹2.55 in the TTM. While dividend payouts started modestly at 8% in March 2021, they have gradually increased to 9% by March 2024, indicating HFCL’s growing commitment to shareholder returns. Overall, HFCL’s financial trajectory underscores its stability and capacity for sustained growth.
FAQS
As of February 23rd, 2025, the current share price of HFCL is ₹89.4.
According to our analysis, HFCL could reach a maximum of ₹123.95 by the end of 2025.
The share price target for HFCL in 2030 is projected to range between ₹205.69 and ₹319.60.
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Conclusion
HFCL Limited has shown consistent financial growth, with sales rising from ₹4,743 crore in FY 2023 to ₹4,590 crore in the TTM period. Operating profits reached ₹680 crore, with the OPM improving to 15%, and net profits grew to ₹366 crore in the TTM, reflecting strong operational efficiency. The company’s EPS has increased to ₹2.55, enhancing shareholder value. Notably, HFCL recently partnered with BSNL for a ₹2,501.3 crore project under BharatNet Phase-III to boost rural connectivity, solidifying its position as a leader in digital infrastructure and aligning with India’s connectivity goals.
What did we learn?
