Centrum Broking notes 2026: HFCL, Tata Power, BSE

What Centrum Broking focused on

Centrum Broking’s recent notes covered a wide set of companies across renewables, market infrastructure, telecom equipment, and metals. A common theme was portfolio evolution: developers moving to hybrid and storage-backed renewables, manufacturers shifting to higher-margin products, and exchanges relying on structurally improving participation rather than incentives. The report also highlighted long-range capacity plans at a major non-ferrous producer and an accelerating clean-energy transition at a large power utility.

While the commentary spans multiple sectors, the data points are specific: HFCL’s Q3 FY26 numbers, its order book and export traction, BSE’s commentary on derivatives growth, ACME Solar’s tilt toward hybrid and FDRE, and clear production and capex roadmaps from Hindustan Zinc and Tata Power.

ACME Solar: tilt toward hybrid and FDRE

Centrum said ACME Solar is increasingly focusing on hybrid and FDRE projects, stating these offer higher realisation and better return profiles compared with standalone solar assets. The firm aims to scale its operational and contracted portfolio through a mix of solar, wind, hybrid, and storage assets. Centrum also pointed to execution as a key differentiator, highlighting management’s emphasis on in-house EPC and project management expertise that helps improve project timelines.

Project location also featured in the assessment. Centrum said Rajasthan and other high-irradiation projects are expected to support superior CUF (capacity utilization factor) and operating efficiency. Beyond generation assets, Centrum said ACME is positioning itself as an integrated clean-energy platform, with exposure to modules, green hydrogen, and green ammonia opportunities.

BSE: derivatives growth without subsidies

Centrum Broking noted that index derivatives continues to be the key structural growth driver for BSE. The exchange’s management, as cited by Centrum, emphasized that the derivatives franchise is only around three years old but has seen structural rather than incentive-led growth. Centrum’s note added that there are no major liquidity enhancement subsidies currently driving volumes.

BSE also highlighted that liquidity is becoming increasingly self-sustaining. According to the commentary, market share gains are now driven more by ecosystem depth and broader participant adoption rather than pricing incentives.

HFCL: FY27 growth guidance and a larger order book

HFCL, described by Centrum as a leading optical fiber cable manufacturer, expects FY27 revenue growth of roughly 20-25%, supported by a strong order book, export momentum, and new product scaling. Centrum said HFCL’s order book has expanded materially to around INR 21,200 crore, which it said provides execution visibility over the next several years.

Centrum also said HFCL is shifting toward a higher-margin products-led model instead of low-margin turnkey contracts. Exports were highlighted as a major growth driver, with management targeting exports to become a significant part of revenue over time. The company is also expanding into defence, aerospace, surveillance, and advanced telecom electronics to diversify beyond optical fiber.

On efficiency and profitability, Centrum said HFCL expects working capital intensity to improve as the revenue mix shifts toward private customers and export. Management guided for further EBITDA margin improvement, driven by better product mix, higher exports, and operating leverage.

HFCL Q3 FY26: revenue, profit and export mix

HFCL reported Q3 FY26 revenue of INR 1,210.79 crore, up 16.8% quarter-on-quarter and 19.6% year-on-year. Profit after tax (PAT) came in at INR 102.37 crore, up 42.3% from the previous quarter. The stock rose 3.08% after the earnings announcement.

Exports contributed 27% of revenue during the quarter, up from 14% in Q3 FY25, indicating a larger overseas share in the mix. The company also disclosed secure export orders exceeding INR 650 crore in the first half of FY26, to be executed by April 2026. In defence, HFCL’s subsidiary HTL Limited secured a contract worth INR 101.82 crore from the Indian Army for tactical optical fiber cable and related accessories.

HFCL also said it is divesting its entire 15.19% stake in NET Systems Private Limited for INR 52.51 crore, with the transaction underway, to sharpen focus on telecom and defence.

Hindustan Zinc: 2030 capacity target and FY27 guidance

Centrum Broking said Hindustan Zinc reiterated its long-term growth strategy, targeting 2 million tonnes of metal production by 2030. This includes 1.6 million tonnes of zinc and 0.4 million tonnes of lead capacity. For FY27, management guided for mined metal production of 1.2 million tonnes and finished metal production of 1.1 million tonnes.

Silver production is expected to inch toward about 700 tonnes in FY27, with further growth to 800 tonnes by FY29, according to Centrum. The 250,000-tonne zinc smelter project is said to be progressing ahead of schedule, with commissioning expected around FY29. Centrum also noted Hindustan Zinc’s plan to diversify into fertilizer manufacturing via phosphoric acid integration, leveraging higher sulphuric acid output from expanded smelting operations.

Another operational initiative cited was India’s first zinc tailings recycling project at Agucha (Rajasthan), with 10 million tonnes of reprocessing capacity. Management indicated technology interventions could potentially contribute INR 2,000 crore annually to profitability over time.

Tata Power: 30 GW by FY30 and capex plan

Centrum Broking said Tata Power is transitioning toward a clean-energy-led portfolio and targets 30 GW generation capacity by FY30. Nearly two-thirds of this capacity is expected from green energy sources. Management plans cumulative capex of nearly INR 125,000 crore between FY26 and FY30, with around 65% allocated toward clean and green energy.

Centrum said Tata Power continues to scale across utility-scale renewables, rooftop solar, storage, EV charging, transmission, and solar manufacturing. The note described the company’s positioning as an integrated energy-transition platform spanning generation, transmission, distribution, storage, manufacturing, and consumer energy solutions. Management also highlighted growth momentum in rooftop solar, solar manufacturing, transmission and distribution, and renewable EPC businesses.

Key data points at a glance

Market impact: what changes investors track

For HFCL, the immediate market signal was the 3.08% stock move post results, alongside strong quarterly growth in revenue and PAT. Operationally, the mix shift toward products and higher export contribution (27% in Q3 FY26) is a concrete indicator investors often track because it can influence margins and working capital intensity, both explicitly referenced by management and Centrum.

For BSE, Centrum’s framing matters because derivative volumes can be volatile, and the exchange’s claim that growth is structural rather than incentive-led is relevant to how investors think about durability. Similarly, for Tata Power and ACME Solar, the emphasis on hybrid, storage, and integrated platforms reflects a broader shift in renewables where project design and execution capability can influence project returns, CUF and timelines.

For Hindustan Zinc, the published capacity targets, project timelines (smelter commissioning expected around FY29), and potential profitability contribution from technology interventions (INR 2,000 crore annually over time) provide measurable reference points for long-cycle investors.

Analysis: why Centrum’s themes are converging

Across sectors, Centrum’s notes reflect a preference for businesses that can defend returns through structural levers rather than one-off tailwinds. In renewables, hybrid and FDRE projects can change the risk-reward profile compared with standalone solar, and execution capability becomes a key differentiator when grid connectivity, commissioning schedules, and CUF drive realised cash flows.

In manufacturing-led stories like HFCL, the focus is on predictable execution from an order book (INR 21,200 crore) and a mix shift toward products and exports. In market infrastructure, BSE’s emphasis on ecosystem depth and participant adoption, instead of pricing incentives, is positioned as a signal of steadier market share gains.

For capital-intensive utilities and metals, the key is roadmap clarity: Tata Power’s capex envelope of INR 125,000 crore through FY30 and Hindustan Zinc’s 2030 production target and FY27 output guidance provide a framework for tracking delivery.

Conclusion

Centrum Broking’s coverage highlighted execution and mix upgrades across ACME Solar, BSE, HFCL, Hindustan Zinc, and Tata Power. The next checkpoints will be visible in HFCL’s order execution and export momentum, BSE’s derivatives market share trend without incentives, and milestone updates on Hindustan Zinc’s smelter and recycling projects and Tata Power’s FY30 capacity build-out.