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HCL Technologies Limited
(HCLTECH)
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Rating:78Outperform
Price Target:
₹1,384.00
▲(6.46% Upside)
Action:Reiterated
Date:08/04/26
The score is led by high financial quality—low leverage, strong ROE, and solid profitability—offset by slower TTM revenue growth and some margin/cash-conversion pressure. Technicals show a strong trend but overbought conditions raise near-term risk, while valuation is supported by a strong dividend yield alongside a moderate P/E.
Positive Factors
Conservative balance sheet and strong returns
Very low leverage limits financial risk and preserves flexibility to invest, return capital, or withstand weaker demand. Strong ROE indicates that HCLTech is generating attractive returns from its equity base, supporting durable financial quality when operational execution remains sound.
Negative Factors
Slowing revenue growth
The slower TTM growth rate points to a more mature or softer demand environment and may limit the pace of scale benefits. Sustained moderation could make it harder to expand earnings, deepen client relationships, and offset wage or investment costs through incremental revenue.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet and strong returns
Very low leverage limits financial risk and preserves flexibility to invest, return capital, or withstand weaker demand. Strong ROE indicates that HCLTech is generating attractive returns from its equity base, supporting durable financial quality when operational execution remains sound.
Read all positive factors
HCL Technologies Limited (HCLTECH) vs. iShares MSCI India ETF (INDA)
Market Cap
₹3.30T
Dividend Yield4.94%
Average Volume (3M)128.94K
Price to Earnings (P/E)18.8
Beta (1Y)0.86
Revenue Growth12.59%
EPS Growth2.65%
CountryIN
Employees223,420
SectorGeneral
Sector StrengthN/A
IndustryInformation Technology Services
Share Statistics
EPS (TTM)64.65
Shares Outstanding2,713,665,000
10 Day Avg. Volume126,538
30 Day Avg. Volume128,944
Financial Highlights & Ratios
PEG Ratio-5.19
Price to Book (P/B)4.83
Price to Sales (P/S)2.79
P/FCF Ratio18.37
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹1,171.00Price Target Upside-9.92% Downside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)72.65
Revenue Forecast (FY)₹1.43T
HCL Technologies Limited Business Overview & Revenue Model
Company Description
HCL Technologies Limited, founded in 1976 and based in Noida, India, is a global technology firm that provides a comprehensive range of services, including software development, business process outsourcing, and infrastructure management. The comp...
How the Company Makes Money
HCLTech primarily makes money by delivering IT services under contract to enterprise customers. Its revenue model is largely services-led and is typically earned through (1) time-and-materials billing (charging clients based on effort/hours and ag...
HCL Technologies Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
88
Very Positive
Cash Flow
74
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.35T | 1.30T | 1.18T | 1.11T | 1.03T | 871.90B |
| Gross Profit | 350.50B | 306.15B | 413.06B | 396.71B | 376.07B | 334.76B |
| EBITDA | 278.13B | 273.26B | 280.22B | 258.16B | 243.20B | 217.92B |
| Net Income | 175.05B | 166.42B | 174.37B | 157.98B | 150.90B | 137.23B |
Balance Sheet | ||||||
| Total Assets | 1.12T | 1.16T | 1.05T | 997.15B | 934.11B | 892.26B |
| Cash, Cash Equivalents and Short-Term Investments | 251.21B | 303.85B | 287.62B | 271.72B | 201.01B | 189.17B |
| Total Debt | 51.84B | 52.15B | 62.79B | 57.66B | 47.81B | 63.56B |
| Total Liabilities | 382.68B | 410.61B | 358.64B | 315.05B | 280.04B | 270.89B |
| Stockholders Equity | 734.69B | 751.65B | 696.10B | 682.02B | 654.05B | 620.46B |
Cash Flow | ||||||
| Free Cash Flow | 180.05B | 197.78B | 224.24B | 214.00B | 163.48B | 152.55B |
| Operating Cash Flow | 194.24B | 213.59B | 235.32B | 224.48B | 180.09B | 169.00B |
| Investing Cash Flow | 19.29B | -29.03B | -49.14B | -67.23B | -39.31B | 14.77B |
| Financing Cash Flow | -212.15B | -193.23B | -185.61B | -154.64B | -158.81B | -145.08B |
HCL Technologies Limited Technical Analysis
Negative
1300.00
Price Trends
1288.05
Negative
1223.72
Negative
1320.69
Negative
Market Momentum
-21.82
Positive
44.14
Neutral
21.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:HCLTECH, the sentiment is Negative. The current price of 1300 is above the 20-day moving average (MA) of 1232.46, above the 50-day MA of 1288.05, and below the 200-day MA of 1320.69, indicating a bearish trend. The MACD of -21.82 indicates Positive momentum. The RSI at 44.14 is Neutral, neither overbought nor oversold. The STOCH value of 21.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:HCLTECH.
HCL Technologies Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ₹3.30T | 18.82 | ― | 4.94% | 12.59% | 2.65% | |
78 Outperform | ₹1.61T | 12.87 | ― | 1.23% | 6.40% | -1.86% | |
75 Outperform | ₹1.21T | 26.78 | ― | 2.65% | 13.87% | 10.72% | |
74 Outperform | ₹4.16T | 13.80 | ― | 4.69% | 5.76% | 12.64% | |
73 Outperform | ₹7.83T | 15.11 | ― | 5.13% | 9.92% | 4.39% | |
70 Outperform | ₹1.49T | 26.13 | ― | 3.36% | 10.95% | 12.97% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:HCLTECH
HCL Technologies Limited
1,214.30
-215.64
-15.08%
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HCL Technologies Limited Corporate Events
HCL Technologies to Engage Investors at Upcoming AI-Focused and India Summit Conferences
Aug 31, 2026
HCL Technologies Limited has announced that it will participate in upcoming investor conferences, including the BofA India IT Call Series focused on AI strategy and the UBS India Summit 2026, to engage in group meetings and investor interactions. ...
HCLTech Plays Down Impact of Reported Employee Data Exposure
Aug 10, 2026
HCL Technologies Limited has addressed recent media reports about a claimed data breach involving employee information, stating that initial investigations indicate any exposed data is limited and dates back several years. The company emphasized t...
HCL Technologies Posts Q1 FY27 Results Call Audio for Investors
Jul 13, 2026
HCL Technologies Limited has notified the stock exchanges that it has uploaded the audio recording of its July 13, 2026 conference call, held after the release of its financial results for the quarter ended June 30, 2026, on its investor-relations...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.