HFCL, MTAR Technologies, Sterlite Tech shares hit 5% lower circuits

Despite the recent correction, thus far in calendar year 2026, the market price of STL (up 664%), MTAR (up 171%) and HFCL (up 151%) have more than doubled, against a 11.6% decline in the BSE Sensex.

HFCL, MTAR Technologies, Sterlite Technologies shares price movement

 

Shares of telecom infrastructure companies HFCL (₹219.75) and Sterlite Technologies (STL) (₹786.25), along with electronic company MTAR Technologies (₹6,495.35) were locked at the 5 per cent lower circuits on the BSE in Monday’s intraday trade in an otherwise firm market. In comparison, the BSE Sensex was up 1.1 per cent at 75,286 at 12:42 PM. 

 

These stocks quoted lower for the second straight day and corrected in the range of 22-25 per cent from their respective 52-week highs touched in October 2026.

 

Despite the recent correction, thus far in calendar year 2026, the market price of STL (up 664 per cent), MTAR Technologies (up 171 per cent) and HFCL (up 151 per cent) have more than doubled, against an 11.6 per cent decline in the BSE Sensex.

 

STL is a global leader in advanced connectivity solutions, providing end-to-end solutions for building AI-ready infrastructure, FTTx, Rural and Enterprise networks.

 

HFCL is a leading technology enterprise with operations in high-end Optical Fiber and Optical Fiber Cables, Optical Connectivity Solutions, Telecom and Defence Equipment. The company is also creating digital networks for Telcos, Enterprises and Defence Forces.

 

MTAR caters to Clean Energy – Civil Nuclear Power, Fuel Cells, Hydel & Others, Aerospace and Defence sectors. The company has a long-standing relationship of over four decades with leading Indian Organizations and global original equipment manufacturers (OEMs). 

Why are HFCL, STL, MTAR Technologies shares in focus?

 

MTAR has reiterated its FY27 guidance of 80 per cent revenue growth. Though management refrained from revising the guidance, given the strong momentum, it remains confident of surpassing the guidance. The company is commissioning the Fuel Cell Phase-2 expansion by November 2026 and a multi-fold Phase-3 expansion by March 2027. Management stated that all current orders will be executed within three years, analysts at Motilal Oswal Financial Services said in the Q2 result update.

 

MTAR has a strong order book of ₹5,980 crore as of September 2026, driven by a healthy pipeline across clean energy (fuel cells), aerospace & defence (A&D), nuclear, and products & others sectors. The commercialization of new products and onboarding of new clients across segments are expected to drive further growth. Incrementally, enhancing wallet share with existing customers will also accelerate growth. MTAR is foraying into new high-growth sectors, which will contribute meaningfully over the coming years, the brokerage firm said and anticipates these initiatives to translate into strong growth and margin expansion.

 

Meanwhile, HFCL in the Q2FY27 earnings conference call said the company’s order book stands at ₹28,900 crore, providing multi-year revenue visibility. Beyond this secured business, HFCL also has a strong pipeline of orders at advanced stages likely to be converted into firm contracts in due course.

 

“Demand continues to accelerate across AI infrastructure, hyperscale data centres and telecom networks. Encouragingly, opportunities with hyperscalers and telecom operators across international markets are steadily converting into firm contracts, strengthening our order pipeline and providing revenue visibility for long term. Our sustained investments in technology, customer relationships and manufacturing capacity position HFCL strongly to capture this long-term growth opportunity,” the company said.

 

Meanwhile, looking ahead, STL said the growth will be increasingly concentrated in North America and Asia Pacific (APAC) ex-China, North America continues to be powered by AI-led data centers, data centre interconnect (DCI) builds and broadband rollouts. While India and Southeast Asia drive incremental growth across APAC ex-China. In fact, CRU expects AI data centers to capture 1/3 of total volume share by 2030 in markets outside of China. 

 

Overall, these points of sustained multi-up cycle in fiber demand with STL focused markets expected to lead demand growth with CRU projecting 15.7 per cent compound annual growth rate (CAGR) in 2030, the company said. Disclaimer: Views and outlook in this report belong to the brokerages and analysts cited. They do not reflect the views of Business Standard. Readers are advised to exercise discretion.