HFCL Limited delivered one of the most striking turnarounds in its recent history in Q4 FY26, swinging from a consolidated net loss of Rs 81.4 crore in the same quarter last year to a profit of Rs 178.5 crore — a complete reversal driven by a revenue surge of over 128% and an EBITDA that flipped from a loss of Rs 36 crore to a positive Rs 315 crore.
Consolidated Q4 FY26 snapshot
| Metric | Q4 FY26 | Q4 FY25 | Change |
|---|---|---|---|
| Revenue from Operations | Rs 1,824 Cr | Rs 800.7 Cr | +128% YoY |
| EBITDA | Rs 315 Cr | Loss of Rs 36 Cr | Full turnaround |
| EBITDA Margin | 17.3% | Negative | — |
| Net Profit (PAT) | Rs 178.5 Cr | Loss of Rs 81.4 Cr | Full turnaround |
The revenue more than doubling year-on-year — from Rs 800.7 crore to Rs 1,824 crore — is the foundational driver of everything in these results. At this revenue scale, HFCL’s operating cost base, which was insufficient to generate profit a year ago, has been comfortably absorbed, resulting in an EBITDA margin of 17.3% that reflects strong operating leverage in the telecom infrastructure and optical fibre cable business.
The standalone picture
On a standalone basis the turnaround is equally dramatic. Revenue from operations grew from Rs 757.19 crore in Q4 FY25 to Rs 1,511.24 crore in Q4 FY26. Standalone profit after tax came in at Rs 177.58 crore against a loss of Rs 72.59 crore a year ago. Finance costs remained elevated at Rs 54.51 crore on a standalone basis, reflecting the capital-intensive nature of the business, but were comfortably absorbed within the dramatically improved operating profit.
Full year FY26
For the full year, consolidated revenue from operations grew to Rs 4,949.27 crore from Rs 4,064.52 crore — a 21.8% increase. Full-year consolidated PAT attributable to owners came in at Rs 311.74 crore against Rs 177.41 crore in FY25 — a 75.7% year-on-year improvement.
What drove the Q4 surge
The near-doubling of quarterly revenue points to a significant acceleration in order execution, most likely tied to large government and telecom operator projects in optical fibre cable supply and network infrastructure. HFCL has been a key beneficiary of BharatNet and private 5G network rollout contracts, and the Q4 ramp suggests a meaningful batch of these projects moved into revenue recognition during the quarter — converting the order book into reported earnings at a pace that overwhelmed the fixed cost base and delivered the sharpest quarterly EBITDA swing in recent memory.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult a qualified financial advisor before making investment decisions.