Interim report
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Regd. Office: Plot No. 38, Institutional Area, Sector 32, Gurugram-122001, Haryana, Tel: 91-124-4310000, Fax: +91-124-4310050 Corporate Identity Number: L64200HR1987PLC148689 HFCL/SEC/26-27 October 19, 2026 BSE Ltd. 1st Floor, New Trading Wing, Rotunda Building Phiroze Jeejeebhoy Towers, Dalal Street, Fort Mumbai – 400001 corp.relations@bseindia.com Security Code No.: 500183 National Stock Exchange of India Ltd. Exchange Plaza, 5th Floor, C – 1, Block G Bandra – Kurla Complex, Bandra (E) Mumbai – 400051 cmlist@nse.co.in Security Code No.: HFCL RE: Disclosures under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Subject: Outcome of the meeting of the Board of Directors held on October 19, 2026 Time of commencement: 11:00 A.M. Time of conclusion: 11:40 A.M. Dear Sir(s)/ Madam, This is in continuation to our earlier intimation dated October 13, 2026 , with respect to the meeting of the Board of Directors of the Company, scheduled on October 19, 2026. Pursuant to Regulation 30 rea d with Para A of Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, (“SEBI Listing Regulations ”), we would like to inform all our stakeholders that the Board of Directors of the Company , at its meeting held today, has, inter -alia, considered and approved the Un-audited Financial Results of the Company for the 2 nd Quarter and Half Year ended September 30, 2026, of the Financial Year 2026 -27, both on Standalo ne and Consolidated basis (“Financial Results”), in accordance with Regulation 33 of the SEBI Listing Regulations, together with the Limited Review Report s of the Statutory Auditors’ thereon, duly reviewed and recommended by the Audit Committee in its meeting held today. The copies of the aforesaid Financial Results along with the Limited Review Reports issued by S. Bhandari & Co. LLP, Chartered Accountants and Oswal Sunil & Company, Chartered Accountants, Statutory Auditors of the Company, are enclosed herewith. The Statement of Assets & Liabilities and the Statement of Cash Flow, for the half year ended September 30, 2026, are also enclosed herewith. Arrangements have also been made for publication of the aforesaid financial results in Newspapers, as per the requirements of Regulation 47 of the SEBI Listing Regulations. Please note that aforesaid financial results will also be available on the Company’s website at www.hfcl.com. We hereby also submit a copy of the Press Release on the Un -audited Financial Results of the Company for the 2 nd Quarter and Half Year ended September 30, 2026, of the Financial Year 2026-27, both on Standalone and Consolidated basis. You are requested to take the above information on records and upload the same on your respective websites. Thanking you. Yours faithfully, For HFCL Limited (Manoj Baid) President & Company Secretary Encl.: Un-audited Financial Results and Limited Review Reports Statement of Assets and Liabilities Statement of Cash Flow Press Release
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S Bhandari & Co LLP Chartered Accountants P-7, Tilak Marg, C Scheme, Jaipur - 302 005 Oswal S u nil & Company Chaltered Accountants · 71, Daryaganj New Delhi - 110 002 Independent Auditors ' Review Report on Standalone Unaudit ed Quarter ly and Year to Date Finan cial Results of HFCL Limited ('the Company ') pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of HFCL Limited I. We have reviewed the accompanying Statement of the Unaudited Standalone Financial Results ('the Statement') of HFCL Limited ('the Company') for the quarter ended September 30, 2026 and for the period from April 01, 2026 to September 30, 2026, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBl (Listing Obligations and Disclosure Requirements) Regulations , 2015, as amended (' Listing Regulations'), including relevant circulars issued by the SEBI from time to time. The Statement is the responsibility of the Company 's Management and has been approved by the Company's Board of Directors. Our responsibility is to issue a report on the Statement based on our review of the Statement , which has been prepared in accordance with the recognition and measurement principles laid down in Indian Account ing Standard 34, Interim Financial Reporting ('Ind AS 34'), specified under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder , and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations . 2. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Informat ion Performed by the Independent Auditor of the Entity" , issued by the Institute of Chartered Accountants of India . This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financ ial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures . A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly , we do not express an audit opinion. 3. Based on our review conducted as above , nothing has come to our attention that causes us to believe that the accompanying statement, prepared in accordance with the recognition and measurement principles laid down in the applicable Indian Accounting Standards (' Ind AS') specified under Section 133 of the Companies Act, 2013, read with relevant rules issued there under and other recognised accounting practices and polic ies genera lly accepted in India, has not disclosed the information required to be disclosed in tenns of Regulation 33 of the Listing Regulations , including the manner in which it is to be disclosed , or that it contains any material misstatement. For S Bhandari & Co LLP Chartered Accountants Firm Registration No. 000560C /C400334 ~ J.S.P . Bansal C/) ~ 1 * . "' C), ~ Partner §J ~p..R1&,b 1 f?AJ ~ -~ ~~ Membership No. 070980 'rle,edAcco~~ UDIN: 26070980TY lICA3123 Place : New Delhi Date : October 19, 2026 For Oswal Sunil & Company Chartered Accountants Firm Re • • Partner Membership No. 05693 I UDIN: 2605693IJEVIVG3812 Place: New Delhi Date: October I 9, 2026
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S Bhandari & Co LLP C/1a11ered Accountants P-7, Tilak Marg, C Scheme, Jaipur - 302 005 Oswal Sunil & Company Cha11ered Accountants 71, Oaryaganj New Delhi - 110 002 Independent Auditors' Review Report on Consolidated Unaudited Quart erly and Year to Date Financia l Results of HFCL Limited (the "Pare nt") pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 {as amended) To the Board of Directors of HFCL Limited 1. We have reviewed the accompanying Statement of the Unaudited Consolidated Financial Results ("the Statement") ofHFCL Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), and its share of the net profit after tax and total comprehensive income of its jointly contro lled entities, for the quarter ended September 30, 2026 and for the period from April O l, 2026 to September 30, 2026, being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('the Listing Regulations'). 2. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors , has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder, and other accounting principles generally accepted in India and in comp liance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review of the Statement. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Rev iew of Interim Financial Information Perfonned by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters , and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Compan ies Act 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended , to the extent applicab le. 4. The Statement includes the results of following Subsidiaries and Jointly Controlled Entities: i. Subsidiaries: a. HTL Limited; b. Polixel Security Systems Private Lim ited; c. Moneta Finance Private Limited ; d. HFCL Advance Systems Private Limited ; e. Raddef Private Limited; f. Dragon Wave HFCL India Private Limited; g. HFCL Techno logies Private Limited; h. HFCL Inc. (United State of America); and i. HFCL B.V. (Netherlands) {As per consolidated financial results) ii. Jointly Controlled Entities: a. Nimpaa Telecommunications Private Limited, and b. BigCat Wireless Private Limited 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6, 7 and 8 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recogn ition and measurement principles laid down in the aforesaid Indian Accounting Standard ("Ind AS") "tied under section 133 of the Companies Act 2013, as amended, read with relevant rules issued there ther accounting principles generally accepted in India, has not disclosed the infonnation re ed in terms of Regulat ion 33 of the Listing Regulations , including the manner in which it is to it contains any material misstatement.
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S Bhandari & Co LLP Chartered Accountants P-7, Tilak Marg, C Scheme, Jaipur - 302 005 Oswal Sunil & Company Chartered Accountants 71, Daryaganj New Delhi - 110 002 6. We did not review the interim financial information / financial results of three subsid iaries included in the consolidated unaudited financial results, whose interim financial informat-ion / financial results reflect total assets of Rs. 8.84 Crores as at September 30, 2026 and total revenues of Rs. Nil and Rs. Nil Crores, total net profit after tax of Rs. (0.17) Crores and Rs. (0.18) Crores and total comprehensive income of Rs. (0.17) Crores and Rs. (0.18) Crores for the quarter ended Septembe r 30,2026 and for the period from April 0 I, 2026 to September 30, 2026 respectively , and cash flows (net) of Rs. 0.14 Crores for the period from April O I, 2026 to September 30, 2026, as considered in the Statement. The Statement also includes tbe Group's share of net profit after tax of Rs. (0.32) Crores and Rs. (0.34) Crores for the quarter ended September 30, 2026 and for the period from April O 1, 2026 to September 30, 2026 respectively, as considered in the Statement , in respect of two jointly controlled entities, whose interim financial results have not been reviewed by us. These interim financial information / financial results have been reviewed by other respective auditors whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and jointly contro lled entities, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. 7. The interim financial information / financial results of four subsidiaries included in the unaudited consolidated financial results, whose interim financial information / financial results reflect total assets of Rs. 980.98 Crores as at September 30, 2026 and total revenues of Rs. 841.57 Crores and Rs. 1,390.78 Crores , total net profit after tax of Rs. 123.40 Crores and Rs. 186.19 Crores and total comprehensive income of Rs. 123.36 Crores and Rs. 186.34 Crores for the quarter ended September 30, 2026 and for the period from April 0 I, 2026 to September 30, 2026 respectively , and cash flows (net) of Rs. (0.29) Crores for the period from April 01, 2026 to September 30, 2026 , as considered in the Statement, have been reviewed by one of the joint auditors of the Parent and our opinion on the Statement , in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of such joint auditor. 8. The interim financial information / financial results of two foreign subsidiaries (which includes consolidated financial results/ financial information of one of such foreign subsidiaries incorporating results of its step-down subsidiaries) which reflects total assets of Rs. 1,238.36 Crores as at September 30, 2026 and total revenues of Rs. 1,066.16 Crores and Rs. 1,779.02 Crores , total net profit after tax of Rs. 24.68 Crores and Rs. 46. 14 Crores and total comprehensiv e income of Rs. 24.83 Crores and Rs. 44.39 Crores for the quarter ended September 30, 2026 and for the period from April O 1, 2026 to Septemb er 30, 2026 respectively , and cash flows (net) of Rs. 36.24 Crores for the period from April 0 1, 2026 to Septembe r 30, 2026, as considered in the Statement , have been audited by the independent auditors in accordance with the regulations of such fore ign countries , such reports have been furnished to us by the management. Financial Information/financial results of these subsidiaries have been converted by the Parent 's management as per accounting principles generally accepted in India which has been considered in the consolidated financial results solely based on such conve1ted financial results. Our conclusion on the Statement in respect of matters stated in paragraph s 6, 7 and 8 above is not modified. For S Bhandari & Co LLP Chartered Accountants Finn Registration No. 000560C /C400334 ~~~p..Rl&co ~--/[CA] } t . ~'Ii Partner i'le~d A c<>~<.< Membership No. 070980 c J.S.P. Bansal UDIN: 26070980DKWNZT3736 Place: New Delhi Date: October 19, 2026 For Oswal Sunil & Compa ny Chartered Acco Firm o· • Na, Partner Membership No. 056931 UDLN: 2605693 IPZERZZ7801 Place: New Delhi Date: October 19, 2026
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HFCLUMITED Regd. Off,ee : Plot No. 33, Institutional A.ll!a, Sedor 32, Gurugram, Ha,yana-122001 Tet. : 0124-4310000, Fax : (+91 11) 3520 9525, E-mall:saaetanal@hld.com Website : www.hlcl.com I Corporate Identity Numbcr(CIN) : L64200HR1987PLC148689 STA.TEM.ENT OF UN,AUDITED STANOALONE AND CONSOLIDATED rlNANCIAL RESULTS FOR THE SECOND QUARTilR AND HALI' YEAR ENDED SEPTEMBER J0, 2016 Thru ·months Preceding three onded montt,1 ended SL No, Particulars Septombtlr June 30, 2026 30, 2026 Un-audited Un .. udited I INCOME R8ve:nue from Operatioos 2,1n .1s 1,607.80 Othet Income 25.30 32.54 Total Income 2,203.06 1,640.34 II EXPENSES Cost or materiaJs/services con!iumed 1,366.86 725.17 Purdia!i&.s of stock•in-trade 153.36 365.44 Change In nventorles of finished goods. work"'1n (21.68) (40.93) progre .. and stock-In trade Employee benerit.s expense 86.56 110.80 Finance· costs. 56.33 53.21 I Depredation , lmpatrment and Amortisalion 44.24 43.02 e)(p8nus Other expen se5 158.es 143.51 f otol E•pen•es 1,844.5$ 1,400,22 Ht Pro(rt I 1Loss) before eJ11cepticn1r Hems and tax fl~ 358.51 240.12 ii) IV Share ol net profits I (loss) of jolnlly c:ontroll•d entities acoount@d for using equity method V Profit 1 (Lo:1:s) before exception;al rtem, and tax 358.51 240.12 (llltlV) VI E>ecepUonal items . vu Profit I (Lo•s) belont tu, (V·VIJ 358.51 240.12 VIII Tax.eKpen:se Ourrenl Tax 97.12 65.27 Deferred T&~ / (Benefits) (6.63) (06) IX Pro!il I [LOH) •fter tu for tho period/ year from 268.02 H9 .. 21 continuing operations (VII• VIII) X Other Comprehensive Income/ (Lc;iss) Items lhat will not be redasslfied to profit or loss (13.71) 74.24 Income tax on: abcve item (0.12) (0.69) lteims that will be reclassified ta profit or Ion t0.041 0,29 Other comprehens lva Income I (Loss} for the (13.B7J 73Jl4 period / year .after tax XI Tot:.al comprehensive income I (Lou) ror th@ 254.15 253 .05 period I year {IX+X) XII Profit I Closs) attr1bU1ab~ to: Qwnil!.rs of thei Parenl . Non-con1tomng interests XIII Tot~I comprehenslv-e inc:ome I (Losst attributable ta: Own@rs of the Parent . Non-controlling intl!lrests XIV Paid-up Equity Share Capitill (Face value of Re. 153.04 153.03 1/- HCh) xv Other EquUy XVI Earnings I (Loss) per Share (face value ol Re. 11- each)- Bas,c (Ro/ Rs.) 1.75 1,17 Diltitl>d (Re I Rs. I 1.74 1.17 Standalone Corresponding Year to date th,.. month• figures t·or the ended In the current period prevtous vear ended September September 30, 202.S 30, 2026 Un-audited Un-audited 1,003.13 3,785.56 15.07 57.114 1,018.20 3,843.40 358.58 2,092.03 343.37 518.80 (19.03) (62. 59) 70.30 197.36 52.97 109.54 31.41 87.26 90.89 302.37 928 .49 3,244 .77 89.71 598.63 89.71 598 ,63 89.71 598 .. 63 162.39 28.27 (10.99) 61 .44 4A7,23 (6.33) 60.53 (0.01) (0.81) 0.39 0.25 (5.95) 59.97 55.49 507.20 . . . . 144.21 153.04 0.42 2.92 0.42 2.91 Ynrto date flguros for the prevloue period ended Sep 30, 2025 Un-audited 1,792.41 29.16 1,821.5'7 781.17 578.14 (59.54) 154.46 100.71 59.55 180.26 1,794.75 26.82 2U2 26.82 7.72 19.10 32.72 [0.34) 1.22 33.60 52.70 144.21 0.13 0.13 Previous Flnanclal Yau ended March 31 , 2026 Audited 4,527.54 87.46 4,59 5.00 1,907.10 1,623.03 (406.9'1) 340.91 209.97 137.99 460.80 4,272.86 322,14 322.14 322,14 79,82 (10.55) 252.87 (18.58) [0.49) 1.87 (17.18) 2,35.69 . . . 153.03 4,574.41 1.72 1.72 /!-.RI~ C 0 ~ c.'.'! • ,!? ~ • ~,§f' ~e,BdA~~t'- IR•. in Crore unless ornerwise stared! Consolidated Thrn month ■ Pracedlng thrve Co11"9spcnding Year ta date Vur1od1U: Previous ended months ended three months fipl'fl fore.he l'iaurn for th£ Fln1ne l1t Year ended In the tuJTI!llt period previous period ended prw:vious year ,nded md<d Sept■ mber June Septemt»r Septemt» r Sep Match, 30, 20.26 30, 2026 30, 2025 30, 2026 30, 2025 31, 2026 Un-audited Un-... uditad Un--audit•d Un-audtted Un-audited Audited 2,541.79 1,914.98 1,043.34 4,456.77 1,914.36 4,9'19.27 27.46 31. 15 13.04 S8.61 27.57 65.25 2,569.25 1,946.13 1,056.38 4,515.38 1,941.93 5,014.52 1,377.07 969.22 417.11 2,346.29 884.91 1,903.15 171.13 370.87 388.18 542,00 607.56 1,756.74 21.47 (168.54) (161.02) (1 47.07) (193.11) (457.98) 130.34 147.06 94.24 277.40 199.59 445.26 65.34 62.48 60.90 127.82 116,52 242.06 53.72 51.25 35.93 104.97 66.13 157.38 211.24 182.25 114.50 393,49 216.88 540.60 1,030.31 1,614.59 949.84 3,644 .90 1,880 ,28 4,587 .21 5~8.94 331,54 106.54 870 .48 61.65 427.31 (0,34) (0.02) (0.20) (0.36) (0,01) 0.37 538.60 331.52 106,34 870.12 61.64 427.68 . . 538.60 331.52 106.3-4 870.12 61.64 A27.68 151,87 91.42 S.03 243.29 6.12 10<1,35 (7.49) (5.54) 29.39 (13.03) 12.90 (6.11) 394.22 245 ,64 71.U 639 .86 42.62 329 .44 (13.71) 74.49 (6.23) 60,78 32.50 ( 1 8 .◄ 1) (0.16) (0.75) (0.04) (0,91) (0.31) (0.54) 0.30 (1.58) 11 .52) 11 .28) 11 .061 (10.17) (13.57) 72.16 (7.7'l) 58.59 31.13 12s.n1 380.65 317.80 64.13 69B.45 73.75 300.32 362.91 228.60 67.86 591.51 35.52 311.7-4 31.30 17.04 4.05 4834 7.00 17.70 349.31 300.71 60.05 650.02 86.79 282.58 31.33 17.09 4.07 4SA2 6.97 17.74 153.04 1S3.03 144.21 153.04 144.21 153.00 . 4,795.56 2.37 1.49 0,47 3.86 0.25 2.13 2.31! 1.49 0.47 3.85 0.25 2.13 Conl
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Un•Audited Standalone and Consofld;ated Segment Wl.H Revenue~ Results, ~:sets and LI~bfliUes for the Sec:ood Quaner and Half Year ended September 301 2026 SI. No. 1 Segment Revenue a. Telecom P<Oduets. b. Oerence Product & Serviees c. Turnkey Conllacts and Sefv,ces d. Olhe,s Revenue rrom Operations 2 Segment Re•utu • Proflt /(Loss) befo,.. tax and lnteres.t from each segm•nt ai Telecom Produds b. Defence Product & Services c.. Turnkey Contracts and Servicas d. Others Total Less; i. lnlerest ii, 01her ...,.aJlocable expenditure nel off iii Un-allocable Income Total Profit I (Los•) belore Tax 3 Segment Assets 1 . Telecom Products b. Del•oco Produel & Se,vic .. c. Turnkey Contracts and Service• ci. Others •· Un-aflooaled Total 4. Segment Uabilittl!t: a. Telecom Products b. Defence Product & Set'Viee$ c. Turnkey Contt&et$ and Strvice,s di, Others &. Un-afloe.aled Tot1I Notas : Standalone Three months Prscedlng three Corrnponding ended months ended three months andR lnthtl previau.s year September 30, 2026 Un-audited 2,010.18 31 .51 136.07 2,\77.76 536 .81 (3.82) (122.64) 410 .JS 56.33 4,61 (9.10) 358.51 4,601.41 225.48 3,450.45 943.13 9,22°'47 1,660.86 33,51 902.22 1.280,83 3,Bn ,42 Juno 30, 20U Un-auditod 1,314.0<I 13.44 28032 1,607.80 381.65 (5.87) (87.53) 288.25 53.21 3.18 (6.26) 2.40.12 3,947 .33 213.83 3,587.80 887.13 8.&1M9 , . 152.24 47.13 1,087.40 1,210.07 3,496.84 Septomt>or 30, 2D25 Un-a:udited 474.84 528.29 1,003.13 101,95 (2.86) 36.14 135.23 52.97 0.45 (7.89) 89,71 3.065, 17 123 ,52 3,48 1,73 753 .65 7,4~4.07 1,066 .13 11.25 1,396.29 949.51 3 423.18 Year to d.1\e ngun,1 for the currant period ended Soptemb<or 30, 2026 Un-11udited 3,324.22 44.95 416.39 3,785 .56 918.46 (9.69) (210.17) 698.60 109.54 7.79 (17.36) 598.63 4,601.41 225.48 3,450.45 943.13 1,660.66 33.51 902.22 1,280,83 Year to date Previous figuru for the Ananc-ial Yeu prev ious period ended ended S•p 30, 20·25 960.09 0,32 832 .00 1,792.41 133.01 (5.08) (17.15) 110,78 100.71 0.49 (17.24) 26.82 3,065,17 123,52 3,481,73 753.65 1,066. 13 11.25 1,396.29 949.51 3,423.18 M;arch 31, 2026 Audlte<I 2,865.13 0,76 1,661.63 4,527 .54 634 .57 (i4 ,79) (112.25) 507.53 209.97 7.30 (31.86) 322.14 3,419,79 180 .61 3,767,28 763 .75 a, 131. ◄ 3 961 .54 43,99 1,321 .50 1,076.95 3,403.98 Conoolld oted Three months Preceding thrff Corre.sponding •nded months •ndlld thnttt month& ended l.n tho previous ynr S•piem!>tir 30, 2026 Un..audited 2,321.98 54.94 136.07 28,80 2,541.79 716.24 3.45 (122.58) 3.13 600.24 65.34 4.75 (8.45) 538.60 5,373.04 334 ,11 3,448,38 52,72 966.65 10,174,90 1,997.65 54.20 903.22 16.27 1,448.12 4,419.46 Ju"- 30, 20~ Un-audited 1,589.53 23,74 280.32 21.39 1,9H.98 483 ,92 (6.04) (87,53) 0,68 389.0J 62.48 3. 18 (8.15) 331 .52 5,042.76 306.45 3,565 ,77 40.26 971 ,52 9,926.76 1,942.96 68,53 1,086.47 22.94 1,398 .73 4,521.&3 Sep(•m~r 30, 2025 Un-a ud.tte<I 490.10 29.73 506.77 16,74 1,043.34 122 ,54 1.86 35.92 (0.03} 160.29 60,90 0.45 (7.40) 106.34 3.408,47 224.00 3,483.11 43.79 800.12 1,257,23 49.61 1,397,34 18,41 1,058 .18 3,780.TT Yoarto dote figures for thll current period ended Sopfomh,,r 30, 2026 Un.audited 3,91 1.51 78.68 416.39 50.19 4,456.TT 1.200. 16 (4.59) (210.11) 3,81 989.27 127.82 7.93 (16.60) 870 .12 5,373.04 334.H 3,448.38 52.72 966.65 10,174.90 1,997.65 54.20 90:U2 16,27 1,448.12 4,41!U6 (Rs ln Cron!!· unless otne,wise stated) Yunodo.te figurn for the previous period ended Sop 30, 2025 Un-elldit .ed 1,033.58 53.47 799 .88 27 ,43 1,914.36 178.30 1.56 (17.72) (1 ,().4 161.10_ 116.52 0,49 (17.55) 61 .64 3,408.47 224.00 3,483 .11 43.79 800.12 1,2.57.23 49,61 1,397.34 16,41 1,058 .18 3,780 .TT Previous Ananclal Year ended March 31, 20~6 Audited 3,233.14 76.70 1,572.88 66.55 4,949,27 763.92 (5.05) (113 .01) (2.04} 643 .82 241,06 7.30 (33.22) 427.68 3,977c84 256,95 3,765.J9 33,92 833,57 U67 .57 1,306,06 59,09 1,322.5B 22.06 1.209.19 3,91 8.98 1. The above Un-audtted StandalOne & Consoidal&<I Flnandal Results ol the Company lo, the second quaner and hall year ended September 30, 2026 have been reviewed and re<:ommended by the Audit Comminee and were approved by the Board oJ Oirecto,s ol th& Company at their re•peclive meetings held on 19th Ociober, 2026, 2. The above Results are in compliance wl1h the Indian Aoc.ounting Siandard• (Ind-AS)•• prescribed under Section 133 of the Companies Act, 2013 read with 1he Companies (Indian Accounting Standallfs) Rules, 2015 (as amended). 3. (l)During the previous year, the Company had iuued 8.79,29,651, equity shares or lac:u valuo of Re. 1 u<II at an issue price ot, 62.551- per equity share (inc(uding premium of, 61.551• per equily share). aggregating 10 -f SS0,00 C<ore (indudmg securities premium of ~ 541 .21 Crore). The issue was: made thrcugh eligible Q\ialified lnstitution.s Placement ra1Pj in 1erms of chapter VI of the Securities and Exchang& Board or India (ls.sue of capital and Olsdosure Req,uitements) Regulalions, 2018 as amended, Section 42 & 62 ancl other relevant provisions or tt'le Compan~s Act, 201.J. 01Jt of lhe proceeds from QIP issue. the Company had utilized ,s25 .67 Crore ( inctudlo,g share iS!Ue expenses} towards purposes/objects. .specified fn the placement dooumenL The ba[ance QIP proc:&ed.s amounting lo if 24.33 Crortt remains lnve.!ted in fixed deposit of, 21 .22 Crore (Include interesl eared on FOR or, 0.20 Crore) and f 3.31 Crore is lying in the monitoring account wm, scheduled commercial bank as an interim u.!e cf funds. (ii) The Board of Directors and Shareholders of the Company at their meetings. held on March 25, 2026 and April 24, 2026 respectiv•ely, have i!ipprcved thll! raising o'f funds throogh die issuance cf up to 7,50,00,000 {Seven.aore r,rcy Lakh) warran\s con-Yertible into 7,50,00,000 equity sharei. at a price cf, 741~ per eq~ly share to one of the Promoters. and one or the membea or the Promoter Group of the Company. Amount equivalent to 25% of the Warrant Exe,cise P11Ce (Le~, , 18.50 per warrant) shall l>e payable at lhe time or subH:tiplion and allotm&n.t of each warrant The balance consideration, being 75% or the W.:arrant Exerci.!ie Pric:e (i.e. f 55 ,50 p·er warrant) shall be payable wtthin 18 month5, from the aUolmenl date. al the time of ex:erci$ing the warrants to apply for fully pa'id-u? equity share of Re.1/- each of lhe Company. against ,each w.a,rant held by lh~ warrant holders~ Thl!!l• Company has afre.ady recejyed the 25% of Warran.t e>i:erdse price on May 25, 2026 amounting to , 138.75 Crore. Out of these warrants. proceeds. the Company ha5 utilized f •e. 75 crore towards the purpose5/objects specifiecl in Iha documenls relating to the preferer,tial issue. The lb:ala:nee subscripfion, amount or ;( 90 Crore remains in,,.ested ln fi:ited depo.s~ with .a !iCheduled commen:~I bank as an inlerim use of funds. ~- Thl!!II Con.!io1idated financial results ror the !Second quarter and half ~ar ended September 30, 2026 indudes the results or the following entities: a. HFCL Limited (HFCLJ (Holding Company) b. HTL Limited (Subsidia,y) c. Radde/ Priv•t.e Limited (Subsidia,y) d. l.llonala Finance Private Limited (Wholly owned Sub,ldiary) e, Pon.el Seo.,,ity Systems Private Limited (Wholly owned Sut>sld;aiy) r, HFCL Advance Systems Private UmHed (Wholly ownad Subsidiary) g, DraganWave HFCL India Private Limi1ed (Wholly owned Subsidiaty) r,, HFCL Technologies Private Limited (Wholly owned Subsidiary) I. HFCL Inc. Uniled Stales ol America. (Wholly owned Subsidiary) j. HFCL 9.V. Nethe~;,mt,, (VVllQNy owned Subsidiary) k.. Nirnpaa Terecommunications Priva.le Limited {Jointly Controned Entity) I. BlgCat Wireless Private LlmUed (Jointty Controlled Entity) m. HFCL Canodo l/1c. Canada, (Whclly awned SUbsidlary of HFCL B.V.• Netherlands) n. HFCL UK Limited, United ,Kin!!dom, (Wllol y owned Sub>idlary ol HFCL B.V.• Netherlands) o, HFCL Pty Llmtted, Au>traBa, (Wholly owned Subsidiary o( HFCL B.V.- Netherlands~ The said step down subsidiary has been voluntarily l~uldated and d®iste,eg w,e,I Augu,I 19, 2026 . 5. Earning per share is not annualised lo, the quarter an<11 half y .. , ended Seplom~r 30, 2026, Septemllttr 30, 2025 and quarter anded June 30, 2026 . 6. The r111ures or the prevlcus J)Qfiods have be&n r0agrouped/ re-arranged wherever c:or,sidered necessary. Ptacil : Now Deihl Data : 19th October 2026 ([?< ~-~ --.... Managing Oireelor DIN 00052898
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HFCL LIMITED Statement of Assets and Liabilit ies as at September 30, 2026 (All amounts are in Rs.crore) Standalone Consolidated Particulars As at September 30. As at March 31, As at September As at March 31, 2026 2026 30,2026 2026 Un-audited Audited Un-audited Audited ASSETS (I) Non-current Assets (a) Property, Plant and Equipment 720.63 730.49 941.34 9 L3 .36 (b) Cap.ital work-in-progress 103.88 55.83 138.30 85.01 (c) Right-of-use-assets 25.93 28.37 25.93 28.37 (d) Goodwi.11 ' . - 26.17 26.17 (e) Other Intangible assets 208.79 233.5 1 223.22 247.74 (f) intangible assets under development 407.48 401.24 407.53 401.29 (g) Investment in subsidiaries and joint controlled entities 149.22 144.89 22.88 23.24 (h) Financial Assets (i) Investments 115.13 57.69 127.82 70.38 (ii) Trade receivables 259.55 269.80 259.55 269.80 (iii) Loans 71.76 52.96 5.50 10.00 (iv) Others 71.11 36.62 76.5] 42.26 (i) 0th er non-current assets 292.74 20.54 323.49 46.77 Sub-total 2,426.22 2,031.94 2,578.24 2,164.39 (2) Current Assets (a) Inventories 1,239.53 1, 166.33 1,543.98 I 415.99 (b) Financial Assets (i) investments 41.40 41 .30 41.39 41.29 (ii) Trade receivab les 2,301.96 1,812.60 2,630.03 2,212.18 (iii) Cash and cash equiva lents 128.66 17.44 184.97 37.67 (iv) Bank balances other than (iii) above 310.84 384.24 409.79 430.75 (v) Loans 19.50 21.60 17.50 19.60 (vi) Others 581.97 563.54 597.68 702.31 (c) Current Tax Assets (Net) 13.24 8.61 23.38 12.75 ( d) Other current assets 2,101.13 2,044.48 2,147.96 1,830.65 Sub-total 6,738.23 6,060.14 7,596.68 6,703.19 Assets classified as held for sale 56.03 39.35 - - Total Assets 9,220.48 8,131.43 10,174.92 8,867.58 EQUITY AND LIABILITIES (1) Equity (a) Equity Share capital 153.04 153.03 153.04 153.03 (b) Other Equity 5, 190.00 4,574.42 5,496.14 4,737.72 (c) Non-Controlling interest . - 106.26 57.84 Sub-total 5,343.04 4,727.45 5,755.44 4,948.59 (2) Liabilities Non-cu.rrent Liabilities (a) Financial Liabilities (i) Borrowings 593.94 334.52 651.63 389.88 (ii) Lease liabilities 18.21 18.80 18.21 18.80 (b) Provisions 52.12 57.61 57.14 62.63 (c) Deferred tax liabilities (net) 68.38 78.56 68.77 80.89 Sub-total 732.65 489.49 795.75 552.20 Current Liabilities (a) Financial Liabilities (i) Borrowings 1,103.0] I, 154.50 1,188.50 1,323.49 (ii) Lease liabilities 10,40 12.21 10.40 12.21 (iii) Operational Buyers' Credit 63.40 147.65 69.43 151.95 (iv) Trade Payable 1,260.50 923.96 1,185.95 1,007.44 (v) Other financial liab[lities 352.95 358.98 546.25 502.89 (b) Current Tax liabilities (Net) 154.03 47.05 194.03 59.99 (c) Other current liabilities 170.73 239.56 413.19 295.65 (d) Provisions 15.00 12.47 15.98 13.17 i Sub-total 3,130.02 2,896.38 3,623.73 3,366 .79 Liabilities direct ly associated with the assets held for sale 14.77 18.11 - - Total Equity and Liabilities 9,220.48 8,131.43 10,174.92 8,867.58
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! I ' HFCL LIMITED Statement of Cash Flow for the period ended September 301 2026 (All amounts are in Rs croreJ Particulars l. Cash flow from Operating Activities : Net Profit before taxes and Exceptional items Adjustments for: Depreciat1on, Impairment and Amortization expenses (Gain)/Loss on disposal of property, plant and equipment Financial Guarantee impairment Bad Debts, Warrants forfieted, advances and misce.llaneous balances written back/ o Liquidated Damages recovered on Sales Unrealised Loss / (gain) on foreign ex.change fluctuation (Gain)/Loss on Sale of Investments - Net Share of(protit)/loss of associates Dividend and interest income classified as investing cash flows Finance costs (net) Change in operating assets and liabilities : (Increase}/ Decrease in Trade and other receivables (Increase)/ Decrease in Inventories Increase/ (Decrease) in Trade payables (Increase)/ Decrease in other financial assets Increase/ (Decrease) in other financial liabi'lities (Increase)/ Decrease in other non-current assets (Increase)/ Decrease in other current assets Increase/ (Decrease) in provisions Increase/ (Decrease} in other non-current liabilities Increase/(Decrease) in other current liabilities Cash generated from /(used in) operations Income taxes paid/refund (net) Net cash inflow from /(used in) operating activities II Cash flow from Investing activities Payment for acquisition of subsidiaries & other investments Proceeds from sale oflnvestment Payments for property, plant and equipment including CWIP & Capital Advances Payments for Intangible Assets including CWIP Payment for loan to bodies corporate / subsidiaries Proceeds from sale of property, plant and equipment Bank deposits (placed)/matured (net) Dividends received Interest received Net Cash flow from/ (used in) investing activities m Cash flow from Financing Activities Proceeds from Issue of convertible Warrants Proceeds from issues of Share Capital ( including security premium) Proceeds from borrowings (Repayment) of borrowings Proceeds / (Repayment) under supplier finance arrangement Repayment of lease liabilities Less: Interest paid under supplier finance arrangement Finance Costs paid on other than supplier finance arrangement Dividend paid Net Cash flow from/ (used in) financing activities N Net increase/{decrease) in cash & cash equivalents (I+ Il + III) V Cash and cash equivalents at the beginning of the financial year VI Cash and cash equivalents at end of the period/ year Notes: Standalone For the period For the period ended ended September 30, September 30, 2026 2025 Un-Audited Un-Audited 598.63 26.82 87.26 59.55 (0.15) (0.23) (4.48) (3.46) 11.40 6.58 (0.31) 0.00 (15.57) (3.39) (0.07) (0.04) . - (12.54) (12.99) 109.54 100.71 175.08 146.73 (507.84) 58.15 (55.74) (115.18) 336.51 (251.99) (12.70) (0.95) (82.53) (12.56) (5.18) 0.49 (55.62) (129.89) 2.52 0.95 (2.27) 2.60 (92.74) 218.74 (475.59) (229.64) 298.12 (56.09) (60.05) (16.50) 238.07 (72.59) - (J .00) - 12.78 (381.22) (113.05) (12.60) (63 .45) (16.70) (9.9 I) 0.19 0.49 46.23 105.89 - - 6.91 4.36 (357.19) (63.89) 138.75 - 0.26 0.06 440.75 245.08 (239.68) (45.31) 5.60 19.84 (7.70) (8.58) 337.98 211.09 (8.14) (5.77) (99.50) (86.28) - (14.42) 230.34 104.62 111.22 (31 .86) 17.44 57.80 128.66 25.94 Consolidated For the period For the period ended ended September 30, September 30, 2026 2025 Un-Audited Un-Audited 870.11 61.64 104.97 68.13 (0.15) (0.22) (0.15) (0.15) 10.90 9.32 (0.31) 0.00 (14.58) (1.55) (0.07) (0.04) 0.36 0.01 (14.63) (13.51) 127.82 116.52 214.16 178.51 • (403.61) 13.14 (127.99) (252.56) 178.51 (120.53) 109.43 (10.04) (82.53) ( 12.56) (5.18) 2.62 (317.30) (129.96) 2.81 0.75 (2.02) 2.99 138.77 239.49 (509.11) (266.66) 575.16 (26.5 l) (119.89) (l 7.09) 455.27 (43.60) - (1.00) - 12.89 (436.27) (133.74) (12.88) (63.46) 6.60 0. 15 0.19 0.49 (6.10) 102.84 - - 0.72 2.74 (447.74) (79.09) 138.75 - 0.26 0.06 500.65 253.00 (380.27) (62.24) 6.38 19.84 (7.70) (8.58) 258.07 202.08 (9.15) (7.29) (109.15) (98.77) - (14.42) 139.77 81.60 147.30 (41.09) 37.67 70.52 184.97 29.43 1 The Statement of Cash flow has been prepared under the indirect method as set-out in the lnd AS - 7 "Statement of Cash Flow" as specified in the Companies (Indian Accounting S1andards) Rules, 2015. 2 Figures in brackets indicate cash outflow.
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1 Press Release For Immediate Release HFCL Reports Best -Ever Quarterly Performance in Q2 FY27; Profits Rise Over 5x YoY New Delhi, 19th October 2026: HFCL Limited (HFCL), a leading technology enterprise specialising in optical fiber, optical fiber cable and connectivity solutions, telecom products, Defence and Aerospace products, and digital infrastructure, today announced its best -ever quarterly performance for the second quarter and half year ended September 30, 2026. Q2 FY27 marked a strong improvement in both scale and profitability. Consolidated revenue increased to ₹2,541.79 crore from ₹1,043.34 crore in Q2 FY26, growing 143.62% year-on-year and 32.73% sequentially. The improvement in profitability was even more remarkable, w i t h b o t h p r o f i t b e f o r e t a x a n d p r o f i t a f t e r t a x g r o w i n g m o r e t h a n fivefold year-on-year. Consolidated profit before tax stood at ₹538.60 crore, up 406.49% year-on-year and 62.46% quarter-on-quarter, while consolidated profit after tax reached ₹394.22 crore, registering growth of 448.14% year- on-year and 60.49% quarter-on-quarter. On half yearly basis the PBT grew from ₹61.64 crore to ₹870.12 crore, up by 1311.62% while PAT grew from ₹42.62 crore to ₹639.86 crore, up by 1401.31% The performance reflects increasing scale, operating strength and momentum across HFCL’s businesses. The order book now standing at ₹28,911 crore, together with advanced opportunity pipeline, provides multi -year revenue visibility. Demand across AI infrastructure, hyperscale data centres and telecom networks is accelerating, while international opportunities are steadily converting into firm contracts. Key highlights • Q2 FY27 revenue of ₹2,541.79 crore, up 143.62% YoY and 32.73% QoQ • EBITDA of ₹658.00 crore, up 223.55% YoY and 47.78% QoQ; EBITDA margin of 25.89%, expanding by 640 basis points YoY and 264 basis points QoQ • PBT of ₹538.60 crore, up 406.49% YoY and 62.46% QoQ • PAT of ₹394.22 crore, up 448.14% YoY and 60.49% QoQ; PAT margin of 15.51%, expanding by 862 basis points YoY and 268 basis points QoQ • H1 FY27 PBT grew from ₹61.64 crore to ₹870.12 crore, up by 1311.62% while PAT grew from ₹42.62 crore to ₹639.86 crore, up by 1401.31% • Order book exceeds ₹28, 900 crore, complemented by an advanced pipeline and revenue visibility extending six to seven years and beyond • FY27 revenue growth is now expected to be at least 80% over FY26, supported by current business visibility and momentum
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2 • Planned investment of approximately ₹1,800 crore across optical fiber, cable and preform manufacturing will expand capacity and will further deepen integration. • Defence and Aerospace business remain on track towards its revenue aspiration of approximately ₹500 crore in FY27 Consolidated financial performance Particulars Q2 FY27 Q1 FY27 Q2 FY26 QoQ change YoY change Revenue ₹2,541.79 crore ₹1,914.98 crore ₹1,043.34 crore 32.73% 143.62% EBITDA ₹658.00 crore ₹445.27 crore ₹203.37 crore 47.78% 223.55% EBITDA margin 25.89% 23.25% 19.49% 264 bps 640 bps PBT ₹538.60 crore ₹331.52 crore ₹106.34 crore 62.46% 406.49% PBT margin 21.19% 17.31% 10.19% 388 bps 1100 bps PAT ₹394.22 crore ₹245.64 crore ₹71.92 crore 60.49% 448.14% PAT margin 15.51% 12.83% 6.89% 268 bps 862 bps Particulars H1 FY27 H1 FY26 YoY change Revenue ₹4,456.77 crore ₹1,914.36 crore 132.81% EBITDA ₹1,103.27 crore ₹246.30 crore 347.94% EBITDA margin 24.75% 12.87% 1188 bps PBT ₹870.12 crore ₹61.64 crore 1311.62% PBT margin 19.52% 3.22% 1630 bps PAT ₹639.86 crore ₹42.62 crore 1401.31% PAT margin 14.36% 2.23% 1213 bps Commenting on the performance, Mr. Mahendra Nahata, Managing Director, HFCL, said: “This is the best -ever quarterly performance in HFCL’s history and marks a defining moment in our growth journey. The results reflect the increasing scale, strength and momentum of our business and reinforce our confidence in HFCL’s ability to deliver sustained growth and create enduring value for stakeholders. Our order book exceeds ₹28,900 crore and provides multi-year revenue visibility. Beyond this secured business, we have a strong pipeline of orders at advanced stages. Demand continues to accelerate across AI infrastructure, hyperscale data centres and telecom networks. Opportunities with international hyperscalers and telecom operators are steadily converting into firm contracts. Based on current expectations and business visibility, we now expect revenue growth of at least 80% in FY27 over FY26.
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3 We had envisaged achieving ₹10,000 crore landmark revenue by FY29. Given the momentum we are seeing, we believe this milestone can be achieved much earlier . Our planned investment of approximately ₹1,800 crore across optical fiber, cable and preform manufacturing will expand further capacities and deepen integration. Our advanced optical fiber cable portfolio and data centre connectivity solutions continue to strengthen. He further added that Defence and Aerospace business is HFCL’s next major engine of growth. Our portfolio spans thermal weapon sights, electronic fuzes, surveillance radars , Multi-Mode Hand Grenades and aerostructures . The ongoing acquisition of the aerospace business is expected to be completed during the current quarter, further strengthening our capabilities and presence in this sector. We remain on track towards our aspiration of approximately ₹500 crore of Defence revenue in FY27. Mr. Mahendra Nahata, Managing Director , also said as we look ahead, Optical fiber cable and connectivity solutions, Telecom, Defence & Aerospace business will form the key pillars of HFCL’s growth strategy. The scale and opportunities across these businesses give us confidence that their combined contribution will bring greater diversification, resilience and long term sustainability to the Company’s revenue and profitability, creating a stronger platform for growth over the coming years”. About HFCL HFCL is a leading technology enterprise with operations in high end Optical Fiber and Optical Fiber Cables, Optical Connectivity Solutions, Telecom and Defence Equipment. The Company is also creating digital networks for Telcos, Enterprises and Defence Forces. Over the years, HFCL has emerged as a trusted partner offering sustainable high - tech solutions with a commitment to providing the latest technological products to its customers. Our strong R&D expertise coupled with our system integration services and decades of experience in Fiber optics enable us to deliver innovative digital network solutions required for the most advanced networks. The Company’s in -house R&D Centers located at Gurgaon, Bengaluru and Hyderabad along with invested R&D houses and other R&D collaborators at different locations in India and abroad, innovate a futuristic range of technology products and solutions. HFCL has developed capabilities to provide premium quality Optical Fiber and Optical Fiber Cables, state-of-the-art Telecom Products including IP-MPLS Routers, Backhaul Radios, Wi-Fi Systems and Defence products viz. Thermal Weapon Sights, Electronic Fuzes, High -Capacity Radio Relay and Surveillance Radars of different variants and aerostructures. The Company is now establishing a manufacturing facility in Andhra Pradesh to manufacture different ammunition products for Defence sector as well as a preform manufacturing facility in Madhya Pradesh. HFCL operates advanced manufacturing facilities in Hyderabad, Goa, Chennai (through its subsidiary HTL Limited) and Hosur for defence equipment. HFCL is a partner of choice for its customers across India, Europe, Asia Pacific, Middle East, Africa and USA. HFCL’s commitment to quality and environmental sustainability inspires it to innovate solutions for the ever -evolving customer needs. Visit www.hfcl.com for more information. Media and investor contacts HFCL Limited Manoj Baid | Amit Agarwal | Alok Chander Email:manoj.baid@hfcl.com, amit.agarwal@hfcl.com, alok@hfcl.com Contact: +91 11 35209400 Kommune PR Ruby Sinha | Saurabh Gupta | Saurav Email: hfcl@kommune.in Contact: +91 98180 75578, +91 96542 44050