HFCL RESEARCH REPORT FUNDAMENTAL & TECHNICAL ANALYSIS REPORT

HFCL (NSE: HFCL, BSE: 500183; formerly Himachal Futuristic Communications) makes optical fi bre (OF) and optical fi bre cable(OFC) , telecom and Wi-Fi equipment and defence electronics, and builds telecom networks (BharatNet, defence networks) oncontract. Telecom products were 85% of Q1 FY27 revenue and exports 56%. The promoter is the Nahata family (MahendraNahata, MD) through MN Ventures and NextWave Communications, holding 28.29%. There are 153.06 Cr shares of face valueRs 1. The stock has traded in NSE's trade-for-trade "BE" series since 03-Sep-2026 and is in Long-Term ASM Stage IV (5% band,100% margin). Event 1 - the order book and profi ts jumped. The order book went from Rs 11,125 Cr (Dec-25) to Rs 21,206 Cr (Mar-26) to Rs26,665 Cr (Jun-26), 4.4x TTM revenue. The biggest piece is a fi ve-year OFC supply agreement worth ~US$1.10 bn (~Rs 10,159Cr) with a "global multinational" (13-Mar-2026). It is a framework contract: purchase orders are released over time atprevailing prices. Q1 FY27 revenue was Rs 1,915 Cr (+120%), EBITDA Rs 445 Cr (23.3%, including other income) and PAT Rs 246Cr (loss of Rs 29 Cr a year ago). There was no exceptional item. Management raised its FY27 revenue growth estimate from 20-25% (May) to "40% and above" (July).