HFCL bags ₹2,666 cr BharatNet deal; shares up 193% FY27

Why HFCL stock moved on Thursday

HFCL shares rose after the company disclosed an additional work order from Rail Vikas Nigam Limited (RVNL) linked to the BharatNet Phase-III programme. The stock touched an intra-day high of ₹199 on the BSE, up 4.6 percent in Thursday’s trade, before paring gains. At around 10:00 AM, HFCL traded at ₹195.50, up 2.8 percent, with volumes of about 7.5 lakh shares on the BSE. That volume was lower than the two-week average of around 19.80 lakh shares, even as the price momentum stayed strong. The stock extended its winning streak to a fifth straight session and was up 21 percent over the last five trading days.

The new RVNL order: size and geography

In an exchange filing made on Wednesday after market hours, HFCL said it has been awarded a contract of approximately ₹2,666.09 crore by RVNL. The company stated the contract pertains to the BharatNet Phase-III project in the Uttar Pradesh (West) Telecom Circle. HFCL described it as an additional work order, adding to work already secured under the same programme. The order is notable because it combines network build-out with a long maintenance component. The filing positioned the order as part of the government-led broadband infrastructure rollout under BharatNet Phase-III.

What HFCL will deliver under the contract

HFCL said the scope includes supply of telecom equipment and related accessories, along with installation and commissioning. The work also covers the creation of an Optical Fiber Cable (OFC) based telecom network. In addition, the company will undertake maintenance of the project for a period of 10 years, which includes a one-year warranty period. Another update in the provided information indicates the project is expected to be completed in two years, followed by operations and maintenance for 10 years. The mix of execution and long-duration maintenance creates a multi-year contract profile, as described in the disclosures.

Capex and opex split disclosed for the order

HFCL also disclosed a split between capital expenditure and operating expenditure for this contract value. According to the information provided, the total contract value of about ₹2,666.09 crore includes capex of approximately ₹1,192.82 crore and opex of around ₹1,473.27 crore. This indicates a substantial share of the contract is linked to ongoing services after commissioning. The maintenance component is specifically stated to run for 10 years, including the warranty period. Investors typically track this split because it shapes execution timelines and the visibility of service revenues.

Earlier BharatNet wins from RVNL

HFCL stated that this work order is in addition to an earlier contract of ₹2,167.65 crore awarded by RVNL. That earlier order related to BharatNet Phase-III projects in the Uttar Pradesh (East) and Uttar Pradesh (West) telecom circles, and was intimated to stock exchanges on January 23, 2025. The latest contract therefore adds to HFCL’s already-announced BharatNet footprint in Uttar Pradesh. One of the provided updates also said this win adds to HFCL’s order book of ₹21,206 crore. The company’s disclosures and subsequent reports framed the order as strengthening HFCL’s presence in digital connectivity infrastructure.

Where the share price stands versus key levels

HFCL traded close to its 52-week high of ₹208.80, which was hit on June 4, 2026. In the previous session, the stock closed at ₹190.20, up ₹1.25 or 0.66 percent. The 52-week low was ₹59.83, recorded on January 23, 2026, as cited in the provided information. At current levels mentioned in the updates, the stock was described as trading about 8.91 percent below its 52-week high and 217.9 percent above its 52-week low. The rally has also been sharp across time frames cited, including a 165 percent rise in the last three months and more than 194 percent in the last six months.

FY27 performance: a sharp rerating so far

The stock has surged 193 percent in FY27 so far, rising from ₹67.86 at the end of the March 2026 quarter to near ₹195-₹199 levels in the latest trade mentioned. That scale of move has made HFCL a closely watched name among telecom and government-capex linked stocks. The price action also coincided with a broadly steady market session, with the Sensex quoted 0.1 percent higher at around 72,220. Another market snapshot in the provided information also noted the Nifty 50 gaining 39.55 points, or 0.16 percent, to 24,125.25. Against that backdrop, HFCL’s move stood out as company-specific and order-driven.

What this means for BharatNet execution and stakeholders

The order’s scope suggests field execution in the Uttar Pradesh (West) circle, covering supply, installation, commissioning, and OFC network build. The long maintenance term indicates HFCL will remain involved after rollout, supporting operations and upkeep for a decade. For BharatNet, contracts with both build and maintenance components are designed to keep networks running over time, rather than only focusing on initial deployment. For HFCL shareholders, the immediate market reaction reflected the significance of the contract size and its multi-year nature, as reported.

Key facts at a glance

Market impact and what investors tracked

The market response centred on the incremental order win and the clarity on scope and contract value. HFCL’s move came on a day when headline indices were only marginally positive, indicating the stock reaction was primarily driven by the company update. Investors also tracked the stock’s proximity to the 52-week high and the strength of the recent multi-month rally. The reported five-day rise of 21 percent highlighted sustained buying interest, though the session volume cited was below the two-week average on the BSE. The additional context around capex and opex was another data point investors used to interpret the nature of the order.

Conclusion

HFCL’s latest ₹2,666.09 crore order from RVNL for BharatNet Phase-III in Uttar Pradesh (West) adds to its previously disclosed BharatNet contracts and includes a 10-year maintenance obligation. The announcement coincided with a strong run in the stock, which is up 193 percent in FY27 so far and trading close to its 52-week high. The next focus for the market is likely to remain on execution milestones for the two-year project timeline described, and subsequent updates from the company through regulatory filings.