HFCL’s Q4 revenue fell to ₹801 Cr (Q3: ₹1,012 Cr), with EBITDA at a loss of ₹22 Cr and PAT loss of ₹83 Cr. FY25 revenue dropped to ₹4,064 Cr from ₹4,465 Cr, with EBITDA down to ₹507 Cr and PAT halved to ₹173 Cr. Telecom products made up 76% of Q4 revenue. Strong order book at ₹9,967 Cr supports growth in optical fiber cables (OFC), defense, data centers, and telecom equipment. OFC capacity hit full utilization in Q1 FY26, with revenue expected to double. Defense segment gearing up with product launches from Q2. Exports and new contracts are rising, while EPC orders are cautious but improving. Capex includes ₹138 Cr for OFC and ₹50 Cr for defense. Margins should stabilize as growth picks up, with 25–30% revenue growth projected for FY26, led by OFC, defense, and telecom equipment. Management remains confident on long-term growth fueled by innovation and global expansion.