HFCL shares fell over 4% on Tuesday even as the company announced a fresh ₹2,329 crore optical fibre cable supply deal with a global client.

The drop came despite the company disclosing a large new order, which shows the market wasn’t reacting to this specific news the way one might expect.

Here’s what the deal actually involves. HFCL has signed a three year agreement with an undisclosed global multinational company to supply high fibre count optical fibre cables.

The company did not name the client in its exchange filing. The deal is worth about $244 million, which works out to roughly ₹2,329 crore. The supply itself will happen in phases.

HFCL will deliver these cables every calendar year from 2027 through 2029, with the entire order to be executed by December 2029.

The company said it will ship what it called multi million fibre kilometres each year, though it hasn’t shared the exact volumes involved.

Delivery will happen through HFCL’s overseas subsidiary, a structure the company has used for its other export orders in the past. The cables will also be built to the customer’s own specifications rather than as an off-the-shelf product.

This isn’t HFCL’s first big export win either. The company has disclosed several similar international orders in recent months, including one worth close to ₹523 crore and another worth about ₹442 crore.

It had also previously announced its largest ever long term OFC agreement, valued at around ₹10,159 crore, with deliveries running from 2026 through 2030.

At 13:40 pm, HFCL was trading at ₹236.90 on the NSE, down 4.89% for the day.

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