Hi @shobhit,
Thanks for the question.
I am not sure I am clear on what you mean by hierarchical custom fields but with ACF it is possible to nest fields within other fields.
The parent field should be a flexible content field or a Repeater field.
Please have a look at these pages for more info: http://www.advancedcustomfields.com/resources/repeater/ and http://www.advancedcustomfields.com/resources/flexible-content/
