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Earnings Presentation HFCL LIMITED //October 2026
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02 HFCL LIMITED | INVESTOR PRESENTATION 2026 Inside this Presentation 01/ Message From the MD 03- 04 02/ Financials 05- 10 03/ HFCL – A Differentiated Play 11- 16 04/ Strategic Focus 17- 19 05/ Appendix 20- 22
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//CHAPTER 04 04 Message from The Managing Director HFCL LIMITED | INVESTOR PRESENTATION 2026 3 Message From the MD APPENDIXAbout HFCL Message From The MD STRATEGIC FOCUSFinancials
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04 Message from The Managing Director Mahendra Nahata PROMOTER AND MANAGING DIRECTOR REVENUE (₹ IN CRORE) EBITDA & EBITDA MARGIN (₹ IN CRORE & %) PAT & PAT MARGIN (₹ IN CRORE & %) KEY PERFORMANCE METRICS FOR Q2FY27 HFCL LIMITED | INVESTOR PRESENTATION 2026 APPENDIXAbout HFCL Message From The MD STRATEGIC FOCUSFinancials HFCL has delivered the best quarterly performance in its history. Our outstanding growth in profitability and stronger margins demonstrate the increasing scale and strength of our business. We are confident of sustaining the growth trajectory in revenue and profitability, supported by strong business visibility and continued execution. Based on our current expectations, we now expect revenue growth of at least 80% in FY27. The momentum we see gives us confidence that our ₹10,000 crore revenue aspiration can be achieved much earlier than the FY29 horizon originally envisaged. Our order book exceeds ₹28,900 crore, with a strong pipeline at advanced stages of conversion. Demand from AI infrastructure, hyperscale data centres and international telecom networks is translating into firm contracts, supporting our growth outlook for the next six to seven years and beyond. Our planned investment of approximately ₹1,800 crore in optical fibre, cable and preform manufacturing will expand capacity and deepen integration. Secured raw materials and advanced cable capabilities strengthen our ability to capture this long-term opportunity. Defence and Aerospace is emerging as our next major growth engine. Our indigenous technology, successful deliveries and strong pipeline support our FY27 Defence revenue aspiration of approximately ₹500 crore. At the same time, as HFCL’s business mix continues to evolve, we are reviewing how best to position our different businesses for their next phase of growth. While our product businesses are scaling rapidly, each business vertical has a distinct operating, profitability and working capital profile. Against this backdrop, we are evaluating various strategic options with the objective of sharpening business focus, improving capital allocation and enabling each business to pursue its growth opportunities more effectively. We are moving ahead with conviction to convert these opportunities into sustained growth, stronger profitability and lasting shareholder value. STRONG GROWTH VISIBILITY ₹28,911 Cr CONFIRMED ORDER BOOK ≥80% GROWTH EXPECTED OVER FY2 6 REVENUE WITH FURTHER SCOPE TO EXCEED ₹10,000 Cr REVENUE AMBITION MUCH EARLIER BEFORE FY29 ₹2,541.79 Cr ₹658.00 Cr, 25.89 % ₹394.22 Cr, 15.51 %
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//CHAPTER 05 6 Q2FY27 Financial Highlights 7 Consolidated Income Statement – Q2FY27 8 Consolidated Income Statement – H1FY27 9 Consolidated Balance Sheet - H1FY27 10 Strong & Diversified Order Book Our Financials HFCL LIMITED | INVESTOR PRESENTATION 2026 APPENDIXAbout HFCL STRATEGIC FOCUSFINANCIALS Message From The MD
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Q2FY27 Consolidated Financial Highlights HFCL LIMITED | INVESTOR PRESENTATION 2026 6 Revenue from Operations 1,043 1,915 2,542 Q2FY26 Q1FY27 Q2FY27 EBITDA & EBITDA Margin 203 445 658 19.5% 23.3% 25.9% Q2FY26 Q1FY27 Q2FY27 PAT & PAT Margin 72 246 394 6.9% 12.8% 15.5% Q2FY26 Q1FY27 Q2FY27 All numbers in Rs. Crore APPENDIXAbout HFCL STRATEGIC FOCUSFINANCIALS Message From The MD
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Consolidated Income Statement – Q2FY27 PARTICULARS Q2FY27 Q1FY27 Q-O-Q Q2FY26 Y-O-Y Revenue from Operations 2,541.79 1,914.98 32.73% 1,043.34 143.62% Other Income 27.46 31.15 13.04 TOTAL INCOME 2,569.25 1,946.13 32.02% 1,056.38 143.21% Total Expenses 1,911.25 1,500.86 853.01 EBITDA 658.00 445.27 47.78% 203.37 223.55% EBITDA MARGIN (%) 25.89% 23.25% 264 Bps 19.49% 640 Bps Depreciation 53.72 51.25 35.93 Finance Cost 65.34 62.48 60.90 Share of net profits/(loss) of Jointly Controlled Entities accounted using equity method (0.34) (0.02) (0.20) Exceptional Items - - - PBT 538.60 331.52 62.46% 106.34 406.49% PBT MARGIN (%) 21.19% 17.31% 388 Bps 10.19% 1100 Bps Tax 144.38 85.88 34.42 PROFIT AFTER TAX 394.22 245.64 60.49% 71.92 448.14% PAT MARGIN (%) 15.51% 12.83% 268 Bps 6.89% 862 Bps Other Comprehensive Income (13.57) 72.16 (7.79) TOTAL COMPREHENSIVE INCOME 380.65 317.80 19.78% 64.13 493.56% EPS (Diluted ₹) 2.36 1.49 0.47 HFCL LIMITED | INVESTOR PRESENTATION 2026 7 ALL NUMBERS IN RS. CRORE APPENDIXAbout HFCL STRATEGIC FOCUSFINANCIALS Message From The MD
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Consolidated Income Statement – H1FY27 PARTICULARS H1FY27 H1FY26 Change Y -O-Y Revenue from Operations 4,456.77 1,914.36 132.81% Other Income 58.61 27.57 TOTAL INCOME 4,515.38 1,941.93 132.52% Total Expenses 3,412.11 1,695.63 EBITDA 1,103.27 246.30 347.94% EBITDA MARGIN (%) 24.75% 12.87% 1188 Bps Depreciation 104.97 68.13 Finance Cost 127.82 116.52 Share of net profits/(loss) of JV's accounted using equity method (0.36) (0.01) Exceptional Items - - PBT 870.12 61.64 1311.62% PBT MARGIN (%) 19.52% 3.22% 1630 Bps Tax 230.26 19.02 PROFIT AFTER TAX 639.86 42.62 1401.31% PAT MARGIN (%) 14.36% 2.23% 1213 Bps Other Comprehensive Income 58.59 31.13 TOTAL COMPREHENSIVE INCOME 698.45 73.75 847.05% EPS (Diluted ₹) 3.85 0.25 HFCL LIMITED | INVESTOR PRESENTATION 2026 8 ALL NUMBERS IN RS. CRORE APPENDIXAbout HFCL STRATEGIC FOCUSFINANCIALS Message From The MD
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Consolidated Balance Sheet – H1FY27 HFCL LIMITED | INVESTOR PRESENTATION 2026 9 ALL NUMBERS IN RS. CRORE APPENDIXAbout HFCL STRATEGIC FOCUSFINANCIALS Message From The MD PARTICULARS H1FY27 FY26 FY25 FY24 TOTAL - SHAREHOLDER FUNDS 5,755.44 4,948.59 4,119.32 3,999.82 NON- CURRENT LIABILITIES (A) Financial Liabilities (i) Borrowings 651.63 389.88 389.90 169.22 (ii) Other Liabilities 18.21 18.80 9.73 9.07 (B) Other Non- Current Liabilities 125.91 143.52 139.47 124.77 TOTAL - NON – CURRENT LIABILITIES 795.75 552.20 539.10 303.06 CURRENT LIABILITIES (i) Borrowings 1,188.50 1,323.49 951.16 808.06 (ii) Other Liabilities 2,435.23 2,043.30 1,936.71 1,375.91 TOTAL – CURRENT LIABILITIES 3,623.73 3,366.79 2,887.87 2,183.97 GRAND TOTAL - EQUITIES & LIABILITES 10,174.92 8,867.58 7,546.29 6,486.85 PARTICULARS H1FY27 FY26 FY25 FY24 (A) Tangible Assets 1,105.57 1,026.74 846.90 661.76 (B) Goodwill 26.17 26.17 26.17 26.17 (C) Other Intangible Assets 630.75 649.03 580.40 433.00 (D) Investment in Associates / JV 22.88 23.24 19.86 19.50 (E) Financial Assets (i) Trade receivables 259.55 269.80 409.86 520.31 (ii)Other Financial Assets 209.83 122.64 220.84 232.48 (F) Other Non-Current Assets 323.49 46.77 71.58 78.53 TOTAL – NON-CURRENT ASSETS 2,578.24 2,164.39 2,175.61 1,971.75 (A) Inventories 1,543.98 1,415.99 898.84 774.43 (B) Financial Assets (i) Trade Receivables 2,630.03 2,212.18 1,891.73 2,215.48 (ii) Cash & Bank Balances 594.76 468.42 491.32 336.33 (iii) Others 656.57 763.20 608.34 198.95 (C) Other Current Assets 2,171.34 1,843.40 1,480.45 989.91 TOTAL – CURRENT ASSETS 7,596.68 6,703.19 5,370.68 4,515.10 GRAND TOTAL – ASSETS 10,174.92 8,867.58 7,546.29 6,486.85
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Strong & Diversified Order Book – Q2FY27 Category Wise Customer Wise Total Order Book 21,206 26,665 28,911 Q4FY26 Q1FY27 Q2FY27 Diversified and growing Order book provides strong revenue visibility across telecom and defence Order book values in Rs. Crore HFCL LIMITED | INVESTOR PRESENTATION 2026 10APPENDIXAbout HFCL STRATEGIC FOCUSFINANCIALS Message From The MD 4090 5070 19751 Networks O&M Products 10105 18806 Government Private 64% of total order book comes from OFC / DCI 57% of the total Order book comes from export
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//CHAPTER 01 12 A Differentiated, Fully Integrated Platform Serving Telecom And Defence 13 With Presence Across 60+ Countries Supporting 80+ Marquee Customers 14 Driving Product Innovation Through Deep In- house R&D 15 Complemented By State -of-the-art Manufacturing Infrastructure For Scalable Execution 16 High -End Customised Product Portfolio HFCL LIMITED | INVESTOR PRESENTATION 2026 11 HFCL - A Differentiated Technology-Led Play APPENDIXSTRATEGIC FOCUSAbout HFCL Message From The MD Financials
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A Differentiated, Fully Integrated Platform Serving Telecom and Defence PRESENCE IN HIGH GROWTH SEGMENTS OF, OFC, PCS OF/OFC • Optic Fiber • Armoured & Unarmoured Cable • Micro Cable • Micro Module Cable • Ribbon Cable • FTTH Cable • IBR Cable • Data Centre Products Telecom & Networking Defence • Electronic FUZE • High-capacity Radio Relay • Variants of Surveillance Radar • Thermal Imaging Core (TI Core) • Thermal Weapon Sights (TWS) • Multi Mode Hand Grenade • Tactical Cables for defence • Aerostructure Solutions through proposed aerospace business being acquired System Integration/ EPC Projects Public Telecommunication Established telecom integrator with proven expertise in large- scale BharatNet , OTN, rural GSM, FTTH, in- building solutions, mobile backhaul, nationwide optical networks, and advanced Wi- Fi deployments. Product Categories PCS • Cable Assemblies • High Density Cabinets • Fiber Termination Box • PLC Splitters • Joint Closures • Aerial/ FTTH Accessories • FTTA Solution • Installation Material Kitting for 4G/5G Sites • Point to Point and Point to Multipoint UBR • Indoor & Outdoor Wi -Fi 5, 6 and 7 Access Points • AI powered Cloud Network Management System • Ethernet L2 /L3 Switches • 5G Indoor & Outdoor FWA CPE • IP/ MPLS Routers Defence Communication A fully dedicated nationwide MPLS network delivering end -to-end connectivity via hybrid microwave broadband links for remote areas, supported by an exclusive DWDM optical backbone and GSM -based fiber monitoring & management system. #1 OPTICAL FIBER CABLE SUPPLIER IN INDIA 6 MANUFACTURING FACILITIES 3 R&D CENTRES 60+ COUNTRIES PRESENCE 80+ MARQUEE CUSTOMERS 28,911Cr ROBUST ORDER BOOK HFCL LIMITED | INVESTOR PRESENTATION 2026 12APPENDIXSTRATEGIC FOCUSAbout HFCL Message From The MD Financials
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With Presence Across 60+ Countries Supporting 80+ Marquee Customers OVERSEAS OFFICES USA UK POLAND GERMANY HFCL LIMITED | INVESTOR PRESENTATION 2026 13 Map not to Scale only for illustration purpose Supplying to majority of Global Tier 1 Telecom Customer Supplying to majority of Hyper- scalers Largest supplier of Optical Fiber Cable to Oil & Gas Companies in India Supplied for nation-wide OFC connectivity projects in multiple countries CANADA DUBAI APPENDIXSTRATEGIC FOCUSAbout HFCL Message From The MD Financials
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Driving Product Innovation Through Deep In-house R&D HFCL’s strengthened R&D capabilities are enabling differentiated, future -ready products and reinforcing its transition into a technology -led enterprise. STRENGTHENED IN- HOUSE R&D TEAM Head Count 127 TELECOM & NETWORKING PRODUCTS 73 OPTIC FIBER & OPTICAL FIBER CABLE/ DC 53 253 TOTAL 3 DEDICATED R&D CENTRES IN BENGALURU, HYDERABAD AND GURUGRAM DRIVING INNOVATION HFCL LIMITED | INVESTOR PRESENTATION 2026 14 APPENDIXSTRATEGIC FOCUSAbout HFCL Message From The MD Financials DEFENCE PRODUCTS
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Complemented By State-of-the-art Manufacturing Infrastructure For Scalable Execution HFCL LIMITED | INVESTOR PRESENTATION 2026 15 6 MANUFACTURING FACILITIES IN INDIA 43.1 mn fkm OPTICAL FIBER (OF) Expanding by July 2028 Current: 28 mn fkm/annum 62 mn fkm OPTICAL FIBER CABLE (OFC) Expanding by July 2028 Current: 39 mn fkm/annum 600 MT/annum PREFORM EXPANSION Capex: ₹1,250 crore By October 2028 ₹230 Cr As Phase1 for creating facility for MMHG in upcoming 1000 Acre Andhra Ammunition Complex APPENDIXSTRATEGIC FOCUSAbout HFCL Message From The MD Financials
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High-End Customised Product Portfolio OF/OFC/PCS/DCS Optic Fiber Cable Assemblies HD & UHD Fiber patch panels Fiber Pathway Systems (FPS) Micro Cable FTTH Cable Ribbon Cable 5G Indoor & Outdoor FWA CPE Ethernet L2 Switches Indoor & Outdoor Wi-Fi 5, 6 and 7 Access Points IP/ MPLS Routers Electronic Fuzes High-capacity Radio Relay Thermal Weapon Sights Drone Detection Radar Foliage Penetration Radar Aerospace and Defence Cable Assemblies Coastal Surveillance Radar Outdoor/ Indoor IBR Cable HFCL Eka Fiber HFCL A2 - 180 Fiber HFCL LIMITED | INVESTOR PRESENTATION 2026 16 Optical Fiber & Optical Fiber Cable Emphasis on high -end, customized solutions enables stronger customer engagement and higher value realization amid a structural demand upcycle. Passive Connectivity & Data Center Solutions Emerging as a high- growth adjacency to the OFC business, driven by exports and hyper -scalers/ data centers Defence - Emerging Growth Engine with Strong Visibility • ~₹1850 Cr total Defence order book ( ~INR 1600 crs through an entity proposed to be acquired) • HAL – Preferred Supplier status • DRDO Technology Transfer ( ToT) • Strong Own -IPR portfolio • Shift from L1 supplier to strategic partner Multi Mode Hand Grenade TELECOM DEFENCE NEW PRODUCTS UNDER DEVELOPMENT Maritime Patrol Radar Hollow Core Optical FiberLoitering Munition Fuel Tank & Pylon Tank (Aerospace Products through Proposed Acquisitions) APPENDIXSTRATEGIC FOCUSAbout HFCL Message From The MD Financials
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//CHAPTER 02 HFCL - Strategic Focus HFCL LIMITED | INVESTOR PRESENTATION 2026 17 18 Well-Defined Growth Levers To Accelerate Revenues And Profitability 19 Making HFCL A Differentiated Play Across Telecom And Defence Products APPENDIXSTRATEGIC FOCUS Message From The MD Financials About HFCL
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Well-Defined Growth Levers To Accelerate Revenues And Profitability STRATEGIC PRIORITIES FOR SUSTAINED AND PROFITABLE GROWTH Increased Focus on Higher Margin Product Revenue Expanding Manufacturing Capacities Optimising Revenue Mix • Expanding global reach for greater customer diversification with exports at 63% of revenues with a target to reach 65%+ from FY27 onwards • Revenue from private sector has increased to 92%, reflecting a strategic shift from Government to Private customers • Pivoting to a product -led revenue mix while deliberately shifting from low -profit turnkey work • Diversified Product Portfolio – OFC, PCS, Defence, Telecom Focus on higher value -added products on the back of continued R&D driven innovation to aid margins and ease working capital OFC • Develop high end Optical Fiber Cable & Interconnect Solutions customised for hyperscalers Defence • Develop and move towards higher value-added offerings in defence and aerospace value chain Increasing Optical Fiber Cable and Optical Fiber capacity to ~62 mn fkm p.a. and ~43.1 mn fkm p.a. respectively and creating preform manufacturing capacity to 600 MT p.a. as backward integration Backward integration into preform manufacturing – will strengthen supply chain and also help in margin expansion EBITDA margin is expected to expand from ~16.7% in FY26 to >27% by FY29 Targeting ~90% Revenue from Product and more than 7 0% Revenue from Export by FY27 HFCL LIMITED | INVESTOR PRESENTATION 2026 18 01 02 02 APPENDIXSTRATEGIC FOCUS Message From The MD Financials About HFCL
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Making HFCL A Differentiated Play Across OFC, Telecom And Defence Products New Product Development, Export Focus for Greater Scale and Higher Margins Products segment now ~ 91% of revenues, improving revenue stability and margin profile Exports at ~ 63% of revenues positioning HFCL as a global player Private customers contribute ~ 92% of revenues lowering working -capital intensity Demand Tailwinds and Market Leadership #1 in OFC and strong market share in Wifi and UBR Hyperscaler , AI and DC -driving demand for HFCL’s high- fiber- count cables Actively catering to Domestic telcos and Bharatnet for rapid roll out Defence segment is ready to serve worldwide with ongoing rebuilding of global defence inventories Vertically Integrated Company R&D, manufacturing and connectivity solutions under one roof Backward integration into preform manufacturing for strengthening supply chain resilience Vertically integrated EPC & system integration provider with single-point accountability from design to deployment and lifecycle operations Integrated O&M ensuring uptime through proactive monitoring and preventive maintenance. Defence Monetisation Entering Inflection Phase Defence platform expected to gain global scale with a confirmed unexecuted export order book of Rs.~1,600 crores through proposed aerospace business being acquired Domestic Defence segment expected to meaningfully enhance operating performance as serial production commences on the back of receipt of multiple Indian defence contracts Strong Order Book Strong, diversified order book of more than Rs. 28,900 crore provides multi -year revenue visibility across Telecom, Defence and Connectivity solutions HFCL LIMITED | INVESTOR PRESENTATION 2026 19APPENDIXSTRATEGIC FOCUS Message From The MD Financials About HFCL
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//CHAPTER 07 21 Shareholders Information 22 Emmission reduction commitment for FY30 22 Abbreviations / Description Appendix HFCL LIMITED | INVESTOR PRESENTATION 2026 20Strategic Focus Appendix Message From The MD Financials About HFCL
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Shareholders Information 28.29% 17.24% 10.38% 44.09% Promoter FII's & FPI's DII/MF Others SHARE INFORMATION (AS ON SEP 30, 2026) NSE TICKER HFCL BSE TICKER 500183 MARKET CAP (₹ CRORES) 34,691.10 % FREE-FLOAT 71.69% FREE-FLOAT MARKET CAP (₹ CRORES) 24,871.37 SHARES OUTSTANDING 1,53,06,02,463 3M ADTV (SHARES) 19026590 3M ADTV (₹ CRORES) 411.46 INDUSTRY Telecommunications – Equipment & Solutions HFCL LIMITED | INVESTOR PRESENTATION 2026 21Strategic Focus Appendix Message From The MD Financials About HFCL SHAREHOLDING AS ON SEPTEMBER 30, 2026 (IN %)
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SBTi validates HFCL’s near-term climate targets Science-based emissions reduction commitments for FY2030 42% Scope 1 & 2 Reduction in absolute GHG emissions from HFCL’s operations and purchased energy 25% Specified Scope 3 categories Reduction in absolute GHG emissions across the covered value-chain categories* 51.1% Supplier engagement Suppliers by emissions covering purchased goods and services and capital goods to have science-based targets Reduction targets: FY2024 base year / Target year: FY2030 / Approval: 15 September 2026 *Covered Scope 3 categories: fuel and energy-related activities, upstream and downstream transportation and distribution, operational waste, business travel, employee commuting, upstream leased assets, processing, use and end-of-life treatment of sold products, and investments. HFCL LIMITED | INVESTOR PRESENTATION 2026 22 Strategic Focus Appendix Message From The MD Financials About HFCL
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Abbreviations / Description ABBREVIATION DESCRIPTION ARP Aramid Reinforced Plastic CAGR Compounded Annual Growth Rate CPE Consumer Premises Equipment DC Data Centers MFKM Million Fiber kilometres FRP Fiber Reinforced Plastic FTTH Fiber To The Home FWA Fixed Wireless Access IGFR Impregnated Glass Fiber Reinforcement HASPL HFCL Advance Systems Private Limited IBR Intermittent Bonded Ribbon Cable MMHG Multi -Mode Hand Grenades MPLS Multi -Protocol Label Switching O&M Operating & Maintenance OFC Optical Fiber Cable PtMP Point to Multipoint PtP Point to Point TWS Thermal Weapon Sight UBR Unlicensed Band Radio HFCL LIMITED | INVESTOR PRESENTATION 2026 23 Strategic Focus Appendix Message From The MD Financials About HFCL
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Thank You HFCL LIMITED AMIT AGARWAL HEAD – INVESTOR RELATIONS HFCL Limited Tel: +91 -11-3520 9400 Email: ir@hfcl.com REGISTERED OFFICE PLOT NO.38, INSTITUTIONAL AREA, SECTOR 32, GURUGRAM - 122001