HFCL (HFCL) Q4 2026 earnings summary

Executive summary

• Achieved record annual and quarterly performance in FY26, with consolidated revenue of ₹4,949.27 crore (up 21.77% YoY), EBITDA of ₹826.75 crore (16.7% margin), and PAT of ₹329.44 crore (6.7% margin), reflecting strategic transformation, export growth, and margin expansion initiatives.

• Order book reached an all-time high of ₹21,206 crore, with 41.36% from exports, providing strong multi-year revenue visibility and a strategic shift toward high-margin product revenues.

• Major milestones included a landmark $1.1 billion global optical fiber cable contract, doubling of optical fiber capacity, and entry into the defence aerospace segment with a confirmed export order book of ₹1,930 crore.

• Export revenues surged to ₹2,047 crore (41.36% of total revenue), up from ₹497 crore (12.23%) last year, and product-led revenues rose to 62% of the mix.

• Strategic initiatives included backward integration (preform facility), defence business expansion, and a focus on product innovation and global footprint.

Financial highlights

• FY26 consolidated revenue: ₹4,949.27 crore (up from ₹4,064.52 crore in FY25); EBITDA: ₹826.75 crore (16.7% margin, up from 12.5%); PAT: ₹329.44 crore (6.7% margin, up from 4.3%).

• Q4FY26 revenue: ₹1,824.12 crore (up 128% YoY); EBITDA: ₹336.93 crore (18.47% margin); PAT: ₹184.45 crore (10.11% margin).

• Export revenue surged to ₹2,047 crore (41% of total revenue) in FY26.

• EPS (diluted) for FY26 was ₹2.13, up from ₹1.23 in FY25.

• Recommended dividend of 20% (₹0.20 per share) for FY26.

Outlook and guidance

• Management expects 20%-25% revenue growth for FY27, with 3%-4% blended margin expansion, driven by capacity increases and high-value product mix.

• Data centre interconnect solutions expected to contribute ₹400 crore in FY27 and ₹800 crore in FY28.

• Defence and data centre segments to deliver higher margins (20%-25%) than historical averages.

• Targeting over ₹10,000 crore revenue and 20-21% EBITDA margin by FY29, with product revenue expected to exceed 80% and export share to surpass 50% by FY27.

• Defence segment expected to contribute ₹500-600 crore revenue in FY27.