Slide 1: Exchange filing cover letter: Earnings Presentation
HFCL/SEC/26-27 April 30, 2026 The BSE Ltd. The National Stock Exchange of India Ltd. 1st Floor, New Trading Wing, Rotunda Building Exchange Plaza, 5th Floor, C – 1, Block G Phiroze Jeejeebhoy Towers, Dalal Street, Fort Bandra – Kurla Complex, Bandra (E) Mumbai – 400001 Mumbai – 400051 corp.relations
Slide 2: Investor Presentation
//APRIL 2026 Investor Presentation HFCL LIMITED
Slide 3: Inside this Presentation
HFCL LIMITED | INVESTOR PRESENTATION 2026 02 05-10 11-20 21-23 24-25 01/ Introduction 02/ Strategy 03/ Opportunity 04/ Our and Focus Size Aspiration 26-33 34-36 37-49 05/ Financial 06/ ESG/CSR 07/ Appendix Highlights Inside this Presentation
Slide 4: Message from The Managing Director
HFCL LIMITED | INVESTOR PRESENTATION 2026 03 Message from The Managing Director FY26 was a year of strong strategic progress for In a significant strategic move, HFCL has entered HFCL, supported by favorable industry tailwinds into a MoU to participate in defence aerospace- and focused execution acr
Slide 5: FY26 – Four Engines. One Direction.
HFCL LIMITED | INVESTOR PRESENTATION 2026 04 FY26 – Four Engines. One Direction. 01 OF, OFC & 02 DEFENCE 03 TELECOM 04 EPC & SYSTEM CONNECTIVITY EQUIPMENT EQUIPMENT INTEGRATION SOLUTIONS OPTICAL FIBER CABLE AT FULL UNIFIED DEFENCE PLATFORM INTEGRATED BROADBAND & QUALITY OVER QUANTITY CAPACITY WIREL
Slide 6: HFCL - A Differentiated Technology-Led Play
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 05 //CHAPTER 01 HFCL - A Differentiated Technology-Led Play 06 HFCL At Inflection Point 07 A Differentiated, Fully Integrated Platform Serving Telecom And D
Slide 7: HFCL At Inflection Point
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 06 HFCL At Inflection Point WHAT HAS CHANGED ₹21,200Cr+ 50%+ ₹1,930Cr** ₹580Cr 1. Order Book Expanded 3x ₹7,010 Cr (FY23) → ₹21,206 Cr in FY26 2. Driving cu
Slide 8: A Differentiated, Fully Integrated Platform Serving Telecom and Defence
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 07 A Differentiated, Fully Integrated Platform Serving Telecom and Defence #1 OPTICAL FIBRE CABLE 6 MANUFACTURING 3 R&D 60+ COUNTRIES 80+ MARQUEE 21200+Cr R
Slide 9: With Presence Across 60+ Countries Supporting 80+ Marquee Customers
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 08 With Presence Across 60+ Countries Supporting 80+ Marquee Customers OVERSEAS OFFICES USA CANADA UK DUBAI POLAND TURKEY GERMANY Export Revenue Supplying t
Slide 10: Driving Product Innovation Through Deep In-house R&D
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 09 Driving Product Innovation Through Deep In-house R&D HFCL’s strengthened R&D capabilities are enabling differentiated, future-ready products and reinforc
Slide 11: State-of-the-art Manufacturing Infrastructure For Scalable Execution
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 10 Complemented By State-of-the-art Manufacturing Infrastructure For Scalable Execution 6 28 34 MANUFACTURING FACILITIES OPTICAL FIBER CAPACITY OPTICAL FIBE
Slide 12: HFCL - Strategic Focus
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 11 //CHAPTER 02 HFCL - Strategic Focus 12 Well-Defined Growth Levers To Accelerate Revenues And Profitability 13 Strategic Focus On High-End Customised Prod
Slide 13: Well-Defined Growth Levers To Accelerate Revenues And Profitability
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 12 Well-Defined Growth Levers To Accelerate Revenues And Profitability STRATEGIC PRIORITIES FOR SUSTAINED AND PROFITABLE GROWTH 01 02 02 Optimising Increase
Slide 14: Strategic Focus On High-End Customised Product Development
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 13 Strategic Focus On High-End Customised Product Development OF/OFC/PCS/DCS TELECOM DEFENCE NEW PRODUCTS Outdoor/ Indoor IBR Cable Optic Fiber Cable Assemb
Slide 15: OFC - Beyond the Commodity Narrative: The Margin Expansion Story
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 14 OFC - Beyond the Commodity SUPPLY CONSTRAINT Narrative: The Margin Supply Constraints Amid AI Demand Surge The supply–demand gap has widened materially.
Slide 16: Defence — A New Growth Engine, Not a Side Story
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 15 Defence — A New Growth Engine, Not a Side Story CREDENTIALS & MOATS DRDO Transfer of Technology ToT from DRDO validates indigenous technology capability
Slide 17: Capacity Expansion And Vertical Integration
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 16 …combined With Capacity Expansion And Vertical Integration Further strengthening of Optical Fiber Cable Advancing vertical Setting up 1,000 acres backwar
Slide 18: Customer Mix Transformation To Drive Growth And Margin Expansion
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 17 …and Customer Mix Transformation To Drive Growth And Margin Expansion We are witnessing continued acceptance We are improving our customer mix through of
Slide 19: Strong & Diversified Order Book Offering Long-Term Growth Visibility
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 18 Strong & Diversified Order Book Offering Long-Term Growth Visibility Al l n umb ers i n Rs. Crore Category Wise Customer Wise Total Order Book (₹ IN CROR
Slide 20: Promoter Warrant: Strong Vote of Confidence Backing Growth
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 19 Promoter Warrant: Strong Vote of Confidence Backing Growth Aligned promoters, funded growth, and a stronger balance sheet — a decisive inflection point ₹
Slide 21: Making HFCL A Differentiated Play Across OFC, Telecom And Defence Products
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 20 Making HFCL A Differentiated Play Across OFC, Telecom And Defence Products New Product Demand Tailwinds Vertically Defence Strong Order Development, and
Slide 22: Favourable Industry Tailwinds
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 21 //CHAPTER 03 Favourable Industry Tailwinds 22 OFC, Telecom and Networking – Global & India TAM 23 Opportunities – EPC
Slide 23: OFC, Telecom and Networking – Global & India TAM
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 22 OFC, Telecom and Networking – Global & India TAM SEGMENT GLOBAL GLOBAL CAGR INDIA TAM INDIA TAM INDIA REVENUE TAM FY25 TAM FY32E FY25 FY32E CAGR RATIONAL
Slide 24: Opportunities – EPC
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 23 Opportunities – EPC FUTURE OPPORTUNITIES Dot/BSNL Optical Data Centre Strategic Focus Fiber Cable • Bharat Net Phase III presents a • Leading telecom ope
Slide 25: Aspiration
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 24 //CHAPTER 04 HFCL - Aspiration 25 Aspiring To Deliver Sustained Growth With Structurally Higher Margins
Slide 26: Aspiring to Deliver Sustained Growth with Structurally Higher Margins
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 25 Aspiring to Deliver Sustained Growth with Structurally Higher Margins POTENTIAL TO REACH ₹ 10,000+ CRORES INCREMENTAL REVENUE POTENTIAL REVENUE REVENUE I
Slide 27: Our Financials
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 26 //CHAPTER 05 Our Financials 27 Q4FY26 Financial Highlights 28 FY26 Financial Highlights 29 Income Statement – Q4FY26 30 Income Statement – FY26 31 Balanc
Slide 28: Q4FY26 Financial Highlights
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 27 Q4FY26 Financial Highlights Al l n umb ers i n Rs. Crore Revenue from Operations EBITDA & EBITDA Margin PAT & PAT Margin 184 1,824 337 20.1% 244 102 18.5
Slide 29: FY26 Financial Highlights
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 28 FY26 Financial Highlights Al l n umb ers i n Rs. Crore Revenue from Operations EBITDA & EBITDA Margin PAT & PAT Margin 827 4,949 338 329 4,465 682 4,065
Slide 30: Income Statement – Q4FY26
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 29 Income Statement – Q4FY26 AL L N U M B E R S I N R S . C R O R E PARTICULARS Q4FY26 Q3FY26 Q-O-Q Q4FY25 Y-O-Y Revenue from Operations 1,824.12 1,210.79 5
Slide 31: Income Statement – FY26
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 30 Income Statement – FY26 AL L N U M B E R S I N R S . C R O R E Particulars FY26 FY25 FY24 Revenue from Operations 4,949.27 4,064.52 4,465.05 Other Income
Slide 32: Balance Sheet
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 31 Balance Sheet AL L N U M B E R S I N R S . C R O R E PARTICULARS FY26 FY25 FY24 TOTAL - SHAREHOLDER FUNDS 4948.59 4,119.32 3,999.82 NON-CURRENT LIABILITI
Slide 33: Our ESG/CSR
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 32 //CHAPTER 06 Our ESG/CSR 33 Environmental Commitment Aligned with Business Strategy 34 Promoting Inclusive Growth
Slide 34: Environmental Commitment Aligned with Business Strategy
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 33 Environmental Commitment Aligned with Business Strategy HFCL has emphasized the adoption of advanced, COMMITTED FOR GREEN ENERGY TRANSITION SOLAR TRANSIT
Slide 35: Promoting Inclusive Growth
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 34 Promoting Inclusive Growth CUMULATIVE IMPACT 55 TOTAL CSR SPEND 1 Mn+ BENEFICIARIES (₹ IN CRORE) IMPACTED FY 2025-26 ~7 SPEND 1.2 Lac+ LIVES (₹ IN CRORE)
Slide 36: Appendix
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 35 //CHAPTER 07 Appendix 36 Board of Directors 37-38 Management Team 39 Shareholders Information 40 Abbreviations / Description 41-46 Market Opportunity- Te
Slide 37: Board of Directors
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 36 Board of Directors MAHENDRA NAHATA AJAI KUMAR Anil Shah PROMOTER AND INDEPENDENT DIRECTOR INDEPENDENT DIRECTOR MANAGING DIRECTOR Law graduate with Master
Slide 38: Management Team
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 37 Management Team VIJAY RAJ JAIN JITENDRA SINGH CHAUDHARY HARSHWARDHAN PAGAY SAMPATHKUMARAN S.T. Group Chief Financial Officer Executive President (Communi
Slide 39: Management Team
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 38 Management Team MANOJ BAID SANJAY VITHALRAO JORAPUR NEELU CHANDRA SUNIL KUMAR PANDEY President & Company Secretary President – (Human Resources) Presiden
Slide 40: Shareholders Information
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 39 Shareholders Information SHAREHOLDING AS ON MARCH 31, 2026 SHARE INFORMATION (AS ON MARCH 31, 2026) NSE TICKER HFCL BSE TICKER 500183 28.3% MARKET CAP (₹
Slide 41: Abbreviations / Description
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 40 Abbreviations / Description ABBREVIATION DESCRIPTION ARP Aramid Reinforced Plastic CAGR Compounded Annual Growth Rate CPE Consumer Premises Equipment DC
Slide 42: Market Opportunity - Telecom and Networking (1/6): Optical Fibre Cables
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 41 MARKET OPPORTUNITY- Telecom and Networking (1/6) GROWTH DRIVERS • 5G network densification and FTTx rollouts, to both suburban and rural OPTICAL FIBRE CA
Slide 43: Market Opportunity - Telecom and Networking (2/6): Switches
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 42 MARKET OPPORTUNITY- Telecom and Networking (2/6) GROWTH DRIVERS • Gen AI clients’ requirement of large scale inter processor communication SWITCHES in an
Slide 44: Market Opportunity - Telecom and Networking (3/6): Routers
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 43 MARKET OPPORTUNITY- Telecom and Networking (3/6) GROWTH DRIVERS • Buildout of 5G transportation network and extension of fiber for mobile ROUTERS towers
Slide 45: Market Opportunity - Telecom and Networking (4/6): Wi-Fi
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 44 MARKET OPPORTUNITY- Telecom and Networking (4/6) GROWTH DRIVERS • Rapid adoption of Wi-Fi 6 and Wi-Fi 6E, with Wi-fi 7 entering commercial WI-FI deployme
Slide 46: Market Opportunity - Telecom and Networking (5/6): Fixed Wireless Access
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 45 MARKET OPPORTUNITY- Telecom and Networking (5/6) GROWTH DRIVERS • Surging demand for broadband connectivity, particularly in areas where FIXED WIRELESS A
Slide 47: Market Opportunity - Telecom and Networking (6/6): UBR
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 46 MARKET OPPORTUNITY- Telecom and Networking (6/6) GROWTH DRIVERS • Complements BharatNet fiber in difficult terrains UNLICENSED BAND RADIO (UBR) • Rising
Slide 48: Market Opportunity - Defence
STRATEGY OPPORTUNITY OUR FINANCIAL HFCL LIMITED | INVESTOR PRESENTATION 2026 INTRODUCTION AND FOCUS SIZE ASPIRATION HIGHLIGHTS ESG/CSR APPENDIX 47 MARKET OPPORTUNITY- Defence OPPORTUNITY- PRODUCT TAM GROWTH DRIVERS HFCL’S COMPETITIVE EDGE FUZES, EO AND EW (IN USD BILLION ) GLOBAL DEFENCE • Geopoliti
Slide 49: Thank You
Thank You CORPORATE OFFICE 8, Commercial Complex, Masjid Moth, Greater Kailash Part 2, New Delhi, Delhi - 110048 AMIT AGARWAL HEAD – INVESTOR RELATIONS HFCL Limited Tel: +91-11-3520 9400 Email: ir@hfcl.com HFCL LIMITED