HP Telecom IndiaShare price, financial results, shareholding and management
- Market cap
- ₹599 cr
- Stock P/E
- 23.5peers 8.8
- Book value
- ₹84.7
- Price to book
- 5.94
- EV / operating profit
- 17.1
- Market cap to sales
- 0.25
- ROCE · FY26
- 19.9%
- ROE · FY26
- 28.9%
- ROE, 3-year average
- 29.7%
- Operating margin · FY26
- 1.7%peers 6.0%
- Sales growth, 3 years
- 55.4%
- Profit growth, 3 years
- 62.0%
- Debt to equity
- 1.70peers 0.69
- Borrowings
- ₹172 cr
- Interest cover
- 3.5×
- Cash from business / op. profit
- 38%
- Debtor days
- 11
- Pledged
- 0.00%
- Promoter holding
- 73.40%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 445
- 52-week high / low
- ₹517 / ₹239
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
HP Telecom India share price chart
Close on 6 Nov 2026 · +0.77% on the day · Vol 40,200
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +11.4%
- 3 months
- +61.8%
- 6 months
- +91.2%
- 1 year
- +59.4%
- Since IPO
- +365.7%
- Traded a day, 20 days
- ₹1.04 cr
- Taken for delivery
- 96%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +50% | +103% |
| 3 years, a year | +55% | +62% |
| Latest half, H2 FY26 | +41% | +140% |
About HP Telecom India: business, products and customers
HP Telecom India takes Apple phones, tablets, watches and accessories in bulk and passes them on to dealers and shops in parts of western, central and northern India. It makes nothing itself, and its shares trade on NSE Emerge.
HP Telecom India, based in Surat, is a regional distributor of Apple products. It sources iPhones, iPads, Apple Watches, Macs and accessories from Apple's national distributors, Redington and Ingram Micro, keeps them in its warehouses and supplies them on credit to regional dealers and shops. Mobile phones made up 96.26% of product sales in FY26.
It covers the whole of Madhya Pradesh and Chhattisgarh, major cities in Gujarat and western Uttar Pradesh, and since April 2026 parts of Delhi. It also distributes Nothing phones in Gujarat and some Jio products, and has started AppleCare service work as a small new line.
Read more about the business
The business runs on thin margins and on bank credit lines that pay for the stock. The company says it sold one lakh iPhones in a single quarter during FY26 and that its partner base grew by 38% in the year.
From the prospectus (February 2025), the FY26 annual report, the FY26 results filing, CARE Ratings' March 2026 rating note and the company's exchange announcements of December 2025 and February 2026.
Read the deeper study ↓In its favour
- Sales have grown very fast: 55% a year over three years.
- The promoters own a large part of the company: 73.40%.
To watch
- The credit rating revision announced on 6 October 2026, whose new rating and outlook were not in the subject line available (Exchange announcement, 6 Oct 2026).
- Sales from parts of Delhi, where operations began in April 2026 (Exchange announcement, 25 Feb 2026, p.1).
- Any further step on Kabir Technologies, to which the company had lent ₹10.0 cr by March 2026 while talks to acquire its shares were at an early stage (Annual report FY26, p.127; Exchange announcement, 27 Dec 2025, p.1).
- Dealings with RP Distributors, a director's firm, under the ₹217.0 cr limit put to shareholders in July 2026 (Annual report FY26, p.12 and p.44).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
HP Telecom India revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
HP Telecom India half-yearly results
SME companies report every six months · ₹ crore
| H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|
| Sales | 635 | 594 | 1,003 | 979.09 | 1,413 |
| Expenses | 623 | 584 | 985.82 | 963.36 | 1,387 |
| Operating profit | 12 | 9 | 16.84 | 15.73 | 25.21 |
| OPM | 1.9% | 1.6% | 1.7% | 1.6% | 1.8% |
| Interest | 4 | 3 | 7.60 | 6.16 | 7.40 |
| Depreciation | 0 | 0 | 0.05 | 0.04 | 0.04 |
| Profit before tax | 8 | 7 | 10.06 | 10.69 | 23.62 |
| Net profit | 5 | 5 | 7.34 | 7.84 | 17.65 |
HP Telecom India profit and loss
Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 254 | 236 | 292 | 637 | 1,079 | 1,596 | 2,392 |
| Expenses | 253 | 232 | 287 | 625 | 1,060 | 1,570 | 2,351 |
| Operating profit | 1 | 3 | 5 | 12 | 19 | 26.22 | 40.94 |
| OPM | 0.3% | 1.4% | 1.6% | 1.9% | 1.7% | 1.6% | 1.7% |
| Other income | 2 | 0 | 1 | 1 | 1 | 1.56 | 7 |
| Interest | 1 | 2 | 3 | 5 | 8 | 10.59 | 13.56 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0.10 | 0.08 |
| Exceptional and other items | · | 1 | · | · | · | · | · |
| Profit before tax | 2 | 2 | 3 | 8 | 12 | 17.08 | 34.31 |
| Tax rate | 50.0% | 0.0% | 33.3% | 25.0% | 25.0% | 26.3% | 25.7% |
| Net profit | 1 | 2 | 2 | 6 | 9 | 12.58 | 25.49 |
| EPS ₹ | 2.57 | 3.05 | 3.65 | 10.89 | 9.82 | 13.94 | 21.39 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY24 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
HP Telecom India profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 0.3% | 1.4% | 1.6% | 1.9% | 1.7% | 1.6% | 1.7% |
| Tax rate | 50.0% | 0.0% | 33.3% | 25.0% | 25.0% | 26.3% | 25.7% |
| ROCE | · | 11.4% | 15.6% | 21.7% | 19.1% | 16.4% | 19.9% |
| ROE | · | 19.0% | 14.8% | 32.4% | 36.0% | 24.1% | 28.9% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
HP Telecom India debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are now larger than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
HP Telecom India balance sheet
At each 31 March · ₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Equity capital | 5 | 5 | 6 | 6 | 9 | 11.91 | 11.91 |
| Reserves | 5 | 6 | 10 | 15 | 20 | 63.55 | 89.04 |
| Net worth | 10 | 11 | 16 | 21 | 29 | 75.46 | 100.95 |
| Borrowings | 23 | 26 | 24 | 59 | 100 | 132.89 | 172.03 |
| Other liabilities | 1 | 3 | 6 | 14 | 145 | 63.17 | 80.67 |
| Total liabilities | 34 | 40 | 46 | 94 | 274 | 271.52 | 353.65 |
| Fixed assets | 2 | 2 | 2 | 1 | 2 | 1.71 | 1.67 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 2 | 2 | 4 | 9 | 23 | 30.19 | 10.60 |
| Other assets | 30 | 36 | 40 | 84 | 249 | 239.62 | 341.38 |
| Receivables | · | · | · | · | · | 68.61 | 71.85 |
| Inventory | · | · | · | · | · | 83.63 | 137.75 |
| Cash | · | · | · | · | · | 34.37 | 71.47 |
| Trade payables | · | · | · | · | · | 55.71 | 75.86 |
HP Telecom India cash flow
₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | · | 2 | -5 | 7 | -26 | -47.73 | 15.44 |
| Cash from investing | · | 0 | -2 | -5 | -13 | -5.63 | -7.49 |
| Cash from financing | · | 2 | -2 | 30 | 33 | 57.93 | 29.15 |
| Net cash flow | · | 4 | -9 | 32 | -6 | 4.57 | 37.10 |
| Capital spending | · | · | · | · | · | 0.15 | 0.03 |
Working capital
Days
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 18 | 22 | 29 | 13 | 18 | 16 | 11 |
| Inventory days | 12 | 14 | 16 | 13 | 42 | 20 | 22 |
| Days payable | -4 | 0 | 6 | 6 | 49 | 13 | 12 |
| Cash conversion cycle | 33 | 36 | 39 | 20 | 11 | 22 | 21 |
| Working capital days | -3 | -7 | 7 | -15 | -9 | 6 | 2 |
HP Telecom India peers and competitors
Listed SME companies in the same industryBy sales, HP Telecom India is number 2 of the 86 listed SME companies in commercial services & supplies.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| HP Telecom India | 599 | 23.5 | 2,392 | 25.5 | 1.7% | 1.70 |
| Spectrum Talent Management | 133 | 10.9 | 1,450 | 12.3 | 1.0% | 0.18 |
| Clear Secured Services | 183 | 6.1 | 778 | 30.2 | 6.9% | 0.42 |
| Phoenix Overseas | 31 | 9.0 | 610 | 3.4 | 0.9% | 0.62 |
| Vision Infra Equipment Solutions | 862 | 13.1 | 607 | 66 | 25.8% | 1.64 |
| Coreintegra Consulting Services | 122 | 24.3 | 515 | 5 | 1.2% | 0.00 |
| Supreme Facility Management | 49 | 6.3 | 494 | 7.8 | 8.0% | 1.51 |
| Rbm Infracon | 252 | 5.6 | 492 | 45.3 | 14.9% | 0.76 |
| Dynamic Services & Security | 280 | 6.5 | 491 | 43.2 | 15.9% | 0.78 |
| Positron Energy | 170 | 8.5 | 442 | 20 | 5.0% | 0.05 |
| Safa Systems & Technologies | 50 | 10.0 | 433 | 5 | 1.1% | 1.37 |
| Median of the 10 others | 152 | 8.8 | 505 | 16.2 | 6.0% | 0.69 |
HP Telecom India shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
HP Telecom India shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Feb 25 | Mar 25 | Sep 25 | Mar 26 | Sep 26 | |
|---|---|---|---|---|---|
| Promoters | 73.40% | 73.40% | 73.40% | 73.40% | 73.40% |
| Foreign investors (FIIs) | 0.00% | 0.00% | - | - | - |
| Indian institutions (DIIs) | 0.00% | 0.00% | 0.60% | 0.45% | 0.45% |
| HNIs (over ₹2 lakh each) | 8.26% | 16.08% | 16.83% | 17.59% | 17.41% |
| Small holders (up to ₹2 lakh) | 16.00% | 7.68% | 7.69% | 7.81% | 7.69% |
| Companies and others | 2.34% | 2.84% | 1.48% | 0.75% | 1.05% |
| Number of shareholders | 1,434 | 597 | 428 | 418 | 445 |
The named holders are at 30 Sept 2026, beside 31 March 2026, each under the group the pattern files them in.
HP Telecom India study: the business from its own documents
Read from 6 of the company's own documentsHP Telecom India so far
From the company's own record
- 28 Feb 2025Listed on NSE Emerge at ₹108
- 18 Sept 2026An order announced
- 30 Sept 2026Promoters at 73.40%
- 6 Nov 2026Highest close since listing, ₹502.95
HP Telecom India key facts from the filings
Each figure with the document it comes from
- iPhones in sales
- 87%
- Share of FY25 sales that came from iPhones, against 92% in FY24.CARE Ratings rating note, Mar 2026, p.2
- iPhones sold
- 2,06,980
- iPhone units sold in FY25, up 53% from 1,35,000 in FY24.CARE Ratings rating note, Mar 2026, p.2
- Quarterly record
- 1 lakh iPhones
- iPhones sold in a single quarter during FY26, which the company calls a milestone.Annual report FY26, p.3
- Distributors served
- About 500
- Regional distributors ordering from the company across Gujarat, Madhya Pradesh, Chhattisgarh and western Uttar Pradesh.CARE Ratings rating note, Mar 2026, p.4
- New territory
- Delhi
- Commercial operations in Delhi started from April 2026, the first move into the northern capital region.Exchange announcement, 25 Feb 2026, p.1
Show 5 more facts
- Top ten suppliers
- 96.16%
- Share of FY24 purchases from the ten largest suppliers; Apple stock comes through Redington and Ingram Micro.Prospectus, p.93 and p.147
- Credit rating
- CARE BBB- (March 2026)
- Reaffirmed in March 2026 with the outlook raised to positive, from BB+ in December 2024. The company announced a rating revision on 6 October 2026; the new rating is not in the subject line, which was all that was available.CARE Ratings rating note, Mar 2026, p.2 and p.5; Exchange announcement, 6 Oct 2026
- Short term borrowings
- ₹172.0 cr
- Bank loans at 31 March 2026 that fund stock and money owed by dealers, up from ₹132.9 cr a year earlier.FY26 results filing, May 2026, p.7
- Loan to Kabir Technologies
- ₹10.0 cr
- Loan outstanding at March 2026 to a telecom equipment trader whose shares the company said in December 2025 it was in early talks to acquire.Annual report FY26, p.127; Exchange announcement, 27 Dec 2025, p.1 and p.2
- Dealings with a director's firm
- ₹217.0 cr
- Limit on dealings with RP Distributors, whose proprietor is a director, put to shareholders at the July 2026 meeting.Annual report FY26, p.12, p.43 and p.44
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
HP Telecom India earns a small cut on a very large flow of Apple products, which it moves from Apple's national distributors to regional dealers in the states it is appointed to.
Its weak spots are that almost everything depends on one brand and two suppliers, the margin on each sale is wafer thin, and growth needs ever larger bank lines to carry stock.
WatchCan it set its own prices?No. Apple and its national distributors set the terms, and the company works on a very thin spread that has barely moved as sales grew.
AverageHow strong is it against rivals?Its appointment as Apple's distributor for set territories keeps other distributors out of those areas, but the appointment is the whole moat and it comes from Apple.
AverageWho are its customers?Hundreds of regional dealers order from it and no small group dominates, but none of them is bound by a long-term contract.
WatchDoes it need a lot of money?Very little goes into buildings or equipment, but every step up in sales needs more stock and credit to dealers, paid for with short term bank loans.
AverageCan it keep finding new work?New work comes from more Apple sales in its areas, more dealers and new territories such as Delhi, but it has no order book and depends on Apple's launches.
AverageDo good and bad years swing a lot?Sales have risen strongly in recent years, but they follow Apple's launch cycle and consumer spending, and old stock loses value fast when new models arrive.
Who runs HP Telecom India?
Promoters, directors and officers; tap a name for the background
VLVijay Lalsingh YadavPromoter and Managing Director · holds 36.95%
Holds a B.A. from Kurukshetra University (2000). With the company from incorporation until August 2018 and back as an executive director since October 2020; more than 14 years in the telecom industry and a director of HV Connecting Infra (India) Private Limited since June 2011. Runs the day-to-day business.
Prospectus, p.116 and p.117; Annual report FY26, p.4; shareholding pattern, March 2026SVSeemabahen Vijay YadavPromoter and Whole-time Director · holds 31.29%
Holds a B.A. from South Gujarat University (2002). With the company from incorporation until August 2018 and back since October 2020; more than 14 years in the telecom industry. Looks after online business, operations, team co-ordination and project management. The prospectus states that Vijay Lalsingh Yadav and Seemabahen Vijay Yadav are husband and wife.
Prospectus, p.117 and p.118; Annual report FY26, p.4; shareholding pattern, March 2026BLBharatlal Lalsingh SinghPromoter and Non-Executive Director · holds 2.14%
Completed senior secondary school with the Board of School Education, Haryana (1998); over ten years in mobile distribution and a partner in Communication Merchants since 2014. On the board since March 2024, overseeing operations, quality, supply chain and logistics. The prospectus states that Vijay Lalsingh Yadav and Bharatlal Lalsingh Singh are brothers.
Prospectus, p.116 to p.118; Annual report FY26, p.4; shareholding pattern, March 2026DRDinesh Ram Nath YadavIndependent Director
Holds an MBA from Sarvepalli Radhakrishnan University (2018), with over 18 years in business expansion, distribution and retail, including roles at Transsion Holdings, Samsung India, Lava International and Cashify. On the board since January 2024.
Annual report FY26, p.5; Prospectus, p.117CJChirag Jitendra ShethIndependent Director
Holds a bachelor's degree in civil engineering from South Gujarat University (2002), with more than two decades in construction services and project management. On the board since January 2024.
Annual report FY26, p.5; Prospectus, p.117HP Telecom India latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹1,413 cr (+41%), net profit ₹17.7 cr (+140%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters unchanged at 73.40%.
- 18 Sept 2026: an order announced.
HP Telecom India announcements
47 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Credit Rating- RevisionCredit Rating- RevisionPDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- General UpdatesClarification on significant movement in the price of securityPDF ↗
- Price movementSignificant movement in price has been observed in HP Telecom India Limited. The Exchange, in order to ensure that investors have latest relevant information abPDF ↗
- Shareholders meetingSrutinizers report and voting results of Annual General Meeting held on July 22, 2026PDF ↗
- Shareholders meetingProceedings of 15th Annual General Meeting held on July 22, 2026PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Shareholders meetingNotice of 15th Annual General Meeting to be held on July 22, 2026PDF ↗
- AppointmentOf Ms Varsha Gohil as Internal Auditor of the company w.e.f. May 26, 2026PDF ↗
- Outcome of Board Meeting, the financial results for the period ended March 31, 2026PDF ↗
- Resignation of Director/KMP/SMPResignation of Director/KMP/SMPPDF ↗
HP Telecom India annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
HP Telecom India share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on HP Telecom India's data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,19,14,710 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY20 to FY26.
- iPrices run to the close on 13 Oct 2026, from the exchange's daily figures.
Questions people ask about HP Telecom India
What does HP Telecom India do?
HP Telecom India takes Apple phones, tablets, watches and accessories in bulk and passes them on to dealers and shops in parts of western, central and northern India. It makes nothing itself, and its shares trade on NSE Emerge.
What is the share price of HP Telecom India?
₹503 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of HP Telecom India?
₹599 cr at the close on 6 Nov 2026, on 1,19,14,710 shares.
What is the P/E of HP Telecom India?
23.5 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are HP Telecom India's revenue and profit?
Revenue ₹2,392 cr and profit after tax ₹25 cr in FY26.
Who are the promoters of HP Telecom India?
Vijay Lalsingh Yadav, Seemabahen Vijay Yadav, Bharatlal Lalsingh Singh; promoters held 73.40% at 30 Sept 2026.
What was the IPO price of HP Telecom India?
₹108 a share; it listed on 28 Feb 2025.
What is HP Telecom India's website?
www.hvciipl.com
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Built from 2 annual reports, 2 credit rating notes, 1 offer document, 1 result filing, 47 exchange announcements, 5 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.