HFCL Secures ₹2,666.09 Crore BharatNet Phase-III Contract from RVNL

HFCL has secured a contract worth approximately ₹2,666.09 crore from Rail Vikas Nigam Limited (RVNL) for the BharatNet Phase-III project in the Uttar Pradesh (West) Telecom Circle. The agreement strengthens the company's position in the telecom network domain by adding a large-scale digital connectivity project to its order book. The contract involves a capital expenditure component of ₹1,192.82 crore and an operational expenditure component of ₹1,473.27 crore.

Scope of Work

The scope of the contract encompasses the supply of telecom equipment and related accessories, along with their installation and commissioning. Additionally, HFCL is responsible for the creation of an Optical Fiber Cable (OFC) Telecom Network. The company will also provide maintenance services for the project for a period of 10 years, which includes a 1-year warranty period. The project is to be executed over a period of two years for implementation, followed by 10 years of operations and maintenance.

Contract Details

The following table outlines the key parameters of the awarded contract:

Particulars:	Details
Name of Client	Rail Vikas Nigam Limited
Nature of Order	Supply, installation, commissioning, creation of OFC network, and maintenance
Total Value	~₹2,666.09 crore
Capex Component	~₹1,192.82 crore
Opex Component	~₹1,473.27 crore
Execution Period	2 years implementation, 10 years O&M including 1-year warranty
Geography	Domestic (Uttar Pradesh West Telecom Circle)

Prior Order from RVNL

This new award is in addition to a previous contract valued at ₹2,167.65 crore, which RVNL awarded to HFCL for BharatNet Phase-III projects in the Uttar Pradesh (East) and Uttar Pradesh (West) Telecom Circles. The earlier contract was intimated to the stock exchanges on January 23, 2025.

Compliance and Disclosures

The contract was awarded by a domestic entity and falls within the normal course of business for HFCL. There are no interests held by the promoter, promoter group, or group companies in RVNL, and the transaction does not qualify as a related party transaction. The disclosure was made in accordance with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.61%	+6.81%	+28.56%	+190.59%	+124.42%	+260.09%

HFCL has recorded multiple block trades on the National Stock Exchange (NSE) across recent sessions, reflecting sustained institutional-level activity in the stock. The transactions span varying price levels and share volumes, underscoring continued large-participant interest in the counter.

Block Trade Details

The following table summarizes the key parameters of all block trades recorded on the NSE:

Parameter:	Trade 1	Trade 2	Trade 3	Trade 4
Exchange:	NSE	NSE	NSE	NSE
Number of Shares:	~1,373,325	~3,862,220	~1,059,440	~1,103,564
Trade Price:	Rs. 161.14 per share	Rs. 160.66 per share	Rs. 171.86 per share	Rs. 180.45 per share
Total Trade Value:	Rs. 22.13 crores	Rs. 62.05 crores	Rs. 18.21 crores	Rs. 19.91 crores

Nature of Block Trades

Block trades of this scale are typically associated with large institutional investors or high-net-worth participants executing significant positions outside the regular order book. Such transactions are carried out through the block deal window provided by the exchange, ensuring minimal market impact during execution. The latest trade at Rs. 180.45 per share marks the highest price level across all recorded trades in this series, continuing an upward trend from the earlier transactions executed in the Rs. 160–172 range.