Promoter holding
64.27%
HL
Hfcl Limited - Due diligence report
A 360° intelligence report on Hfcl: trust score, financial health, credit view, compliance, directors, growth and distress signals - generat…
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Hfcl — 360° Intelligence Report
Generated from MCA filings & public records74/100
Trust Score
Moderate
Hfcl is assessed as Moderate with a Trust Score of 74/100. Hfcl is an active public limited indian non-government company incorporated in 1987, operating in the Telecom sector. Reported revenue has declined across its recent filed years. It was profitable in its latest filed year. Based on MCA filings and public records, it currently shows a high compliance risk and low financial risk profile.
Report generated on 16 Jul 2026 from the latest processed filings. Hfcl Limited snapshot & full profile →
Automated indicators derived from public MCA / GST / EPFO records - not a credit rating, not investment, legal or financial advice. Spotted an inaccuracy? Report an error.
02
Score Card
Higher is safer · rule-based & explainableTrust ScoreModerate
74/100
Overall counterparty trust - the headline number of this report.
Compliance ScoreCaution Indicated
42/100
Statutory standing - status, filings, auditor, MSME and litigation.
Financial Health ScoreLow Risk
85/100
Profitability, leverage and liquidity from filed statements.
Credit Risk ScoreModerate
60/100
Debt capacity, gearing and security cover for lenders.
Director Stability ScoreLow Risk
95/100
Board strength, DIN status, churn and network.
Growth ScoreModerate
50/100
Revenue, profit, asset and hiring momentum.
Distress ScoreLow Risk
75/100
Early-warning signals - higher means fewer warnings.
03
Financial Intelligence Dashboard
Consolidated · 5 filed year(s)Unlock the full 5-year financial dashboard with charts and year-wise figures.
Get full accessScores and observations on this page are already computed from the real filings - only the underlying figures are locked.
04
Credit & Compliance Intelligence
Why the scores are what they are
Credit Risk Score: 60/100 Moderate
- Liabilities ≈ 38% EBITDA - stretched.
- Open charges exceed net worth - secured lenders rank ahead.
- Moderate gearing (D/E 1.42).
- Working-capital cover adequate.
- Profitable - internal accruals available.
- Externally credit-rated (A).
Charges position: 33 open (7,407.83 cr) · 71 satisfied (4,487.54 cr).
Banking relationships (from registered charges)
| Lender | Charges | Amount |
|---|---|---|
| Others | 48 | 48.0 cr |
| State Bank Of India | 15 | 48.0 cr |
| Yes Bank Limited | 4 | 48.0 cr |
| Idbi Bank Limited | 7 | 48.0 cr |
| The Industrial Development Bank Of India | 1 | 48.0 cr |
| Icici Limited | 1 | 48.0 cr |
Compliance Score: 42/100 Caution Indicated
- Company status is Active as per MCA.
- Annual filings current (balance sheet Mar 2025).
- Flagged by authority: RBI, DSE, BSE.
- Litigation present in 3 court forum(s).
- Delayed payments to MSME suppliers disclosed (105 disclosure(s)).
- 37 active GST registration(s).
Legal cases on record (3)
05
Director Intelligence
Stability score: 95/100| Name | DIN / PAN | Designation | Appointed | Tenure | DIN status |
|---|---|---|---|---|---|
| MAHENDRA NAHATA | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| RANJEET MAL KASTIA | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| AJAI KUMAR | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| Vijay Raj Jain | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| MANOJ BAID | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| BHARAT PAL SINGH | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| BELA BANERJEE | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| ARVIND KHARABANDA | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
- 8 directors on the board.
- No disqualified or deactivated DINs.
- Stable board - no exits in 3 years.
- Average tenure above 5 years.
Director & KMP remuneration (FY 2024)
| Name | Designation | Total remuneration |
|---|---|---|
| A K Sharma | Managing Director | 2.4 cr |
| R Mehta | Whole-time Director | 1.6 cr |
| S Iyer | CFO | 95.0 L |
Remuneration is disclosed in the latest annual return. Unlock full report
06
Ownership & Group Intelligence
As per FY 2024 annual returnPublic / other holding
35.73%
Equity shares
12,45,67,890
Equity paid-up
124.5 cr
Promoters on record
4
Ultimate holding entity
-
Subsidiaries
6
Group entities
8
Capital events
4 allotment(s) · 9 transfer(s)
Promoters hold the largest single block of equity - exact percentages are part of the full report.
| Group entity | Relationship | % held |
|---|---|---|
| Dragonwave Hfcl India Private Limited | Subsidiary Company | 74.00% |
| Hfcl Canada Inc. | Subsidiary Company | 74.00% |
| Hfcl Inc. | Subsidiary Company | 74.00% |
| Hfcl B.v. | Subsidiary Company | 74.00% |
| Hfcl Advance Systems Private Limited | Subsidiary Company | 74.00% |
| Polixel Security Systems Private Limited | Subsidiary Company | 74.00% |
| Hfcl Technologies Private Limited | Subsidiary Company | 74.00% |
| Moneta Finance Private Limited | Subsidiary Company | 74.00% |
| Raddef Private Limited | Subsidiary Company | 74.00% |
| Htl Limited | Subsidiary Company | 74.00% |
Key managerial personnel: MAHENDRA NAHATA (Managing Director) · Vijay Raj Jain (CFO)
Full shareholding pattern, group structure & capital events →
07
Risk Intelligence Center
Growth 50 · Distress 75
Growth signals & trust indicators
Asset base grew 2.1x - capacity expansion.
EPFO headcount growing - hiring signal.
Operating for 39+ years.
Active EPFO - real payroll on record.
Active GST registration(s).
Distress signals & risk flags
Revenue declined year-on-year.
Compliance score is weak (42/100).
33 open charge(s) registered - assets are encumbered.
MSME payment delays disclosed - latest outstanding 2.35 cr.
3 court case(s) on record - see the legal section for details.
08
Stakeholder Verdicts
Vendor · Banker · InvestorVendor due diligence62/100
Review suggested
Suitability as a supplier / customer counterparty.
- Check the compliance flags before onboarding.
- 1 distress signal(s) - see Risk Center.
- Financial filings available for verification.
Banker assessment63/100
Mixed indicators - deeper appraisal suggested
Indicative lending comfort for banks, NBFCs and trade credit.
- Debt capacity assessed from filed statements.
- 33 open charge(s) of 7,407.83 cr already registered.
- Compliance gaps should be priced into terms.
Investor view68/100
Mixed indicators
Growth quality and scalability through an investor lens.
- 2 growth signal(s) detected.
- Margin and return trends computable from filings.
- Management team looks stable.
09
MCA Filings & Events Timeline
Latest 15 events15 Sep 2025
Last AGM held
Annual general meeting
15 Jul 2025
Charge created
Others - 60.00 cr
18 Jun 2025
Charge created
Others - 26.66 Lakh
22 Apr 2025
Charge satisfied
Others
31 Mar 2025
Latest balance sheet
Filed with ROC
26 Mar 2025
Charge created
Others - 50.00 Lakh
18 Feb 2025
Charge satisfied
Others
03 Feb 2025
Charge created
Others - 375.00 cr
28 Jan 2025
Charge created
Others - 270.00 cr
03 Jan 2025
Charge satisfied
Hdfc Bank Limited
24 Dec 2024
Charge satisfied
Others
17 Dec 2024
Director appointed
BELA BANERJEE (Director)
06 Aug 2024
Charge satisfied
Yes Bank Limited
26 Jul 2024
Charge satisfied
State Bank Of India
04 Jul 2024
Charge created
Others - 200.52 cr
10
Key Observations
Auto-generated from the data aboveRevenue declined 24% over the last 4 financial year(s).
Net profit margin moved from 0.86 to 61%.
Debt-to-equity stands at 38% - manageable leverage.
Net worth is positive.
8 active director(s) / partner(s); board looks stable and experienced.
37 active GST registration(s) indicate ongoing business operations.
Operates a group structure with 6 subsidiary(ies) - assess on a consolidated basis.
Carries an external credit rating of A from Care.
EPFO-registered employer - verifiable payroll history exists.
Promoters hold the largest single block of equity as per the FY 2024 annual return.
Director / KMP remuneration is disclosed in the latest annual return - exact figures available in the full report.
Capital has been raised through 4 security allotment(s) - amounts available in the full report.
2 overseas direct investment(s) (ODI) on record - international footprint.
| Company | CIN | Location |
|---|---|---|
| Stl Networks Limited | L72900PN2021PLC199875 | Pune, Maharashtra, India |
| Mahanagar Telephone Nigam | L32101DL1986GOI023501 | Lodhi Road, Delhi, India |
| Hgs | L92199MH1995PLC084610 | Bandra, Maharashtra, India |
| Act | U72900KA2000PLC027290 | Bangalore, Karnataka, India |
| Tata Sky | U92120MH2001PLC130365 | Mumbai, Maharashtra, India |
| Airtel Business | L74899HR1995PLC132187 | Palam Road, Haryana, India |
| Ideacellular | L32100GJ1996PLC030976 | Gandhinagar, Gujarat, India |
| Airtel | L74899HR1995PLC095967 | Gurugram, Haryana, India |
12
Who Uses This Report
CA · CS · Banker · Investor · VendorChartered Accountants (CA)
Verify Hfcl before audits and certifications: compliance score 42/100, filing history, auditor history and charge records in one place - instead of pulling each MCA form separately.
Company Secretaries (CS)
Track statutory health of Hfcl: ACTIVE compliance status, annual-return recency, director DIN status, board churn and the events timeline - the inputs for secretarial audits and due-diligence certificates.
Bankers & NBFCs
Current banker verdict: Mixed indicators - deeper appraisal suggested. Credit risk score 60/100, existing charge position and lender relationships - a first-pass credit memo before formal appraisal.
Investors & Analysts
Investor view: Mixed indicators. Growth score 50/100, margin trends, ownership structure and peer set for Hfcl - screening before a deeper diligence.
Vendors & Procurement Teams
Vendor verdict: Review suggested. Trust score 74/100, distress signals and MSME payment-delay disclosures - know whether Hfcl pays its suppliers before you extend credit terms.
Lawyers & Compliance Teams
Litigation footprint (3 case(s) on record), regulatory flags, charge documents trail and director networks for Hfcl - groundwork for KYC, onboarding and disputes.
13
Frequently Asked Questions
Is Hfcl an active company?
Hfcl has MCA status “Active” with a compliance score of 42/100 (Caution Indicated).
Is Hfcl financially healthy?
Hfcl has a Financial Health Score of 85/100 (Low Risk) based on its filed financial statements.
Should I do business with Hfcl?
Its overall Trust Score is 74/100 (Moderate). Vendor verdict: Review suggested. Review the risk flags in the Risk Intelligence Center before deciding.
Who controls Hfcl?
Promoters hold the largest single block of equity - exact percentages are in the full report. 8 active director(s) are on record.
Does Hfcl have loans or charges against its assets?
33 open charge(s) are registered against its assets, and 71 earlier charge(s) stand satisfied.
Is Hfcl up to date with its ROC filings?
Annual filings current (balance sheet Mar 2025). Overall compliance score: 42/100 (Caution Indicated).
Is it risky to lend to Hfcl?
Its Credit Risk Score is 60/100 (Moderate). Banker verdict: Mixed indicators - deeper appraisal suggested.
Disclaimer: This report is generated automatically from MCA filings and public records as available
in our system at the time of the last update. Scores, bands and verdicts are rule-based derived indicators of the
underlying data - they are opinions generated by an algorithm, not statements of fact about the company, and are
not credit ratings (within the meaning of SEBI regulations), audits, or investment, legal or financial advice.
Verify from official sources and consult a qualified professional before any business, lending or investment decision.
If you represent this company and believe any information is inaccurate or outdated,
report it here and we will review promptly.
