HCL Tech shares fall 3% after Q1 results. What Nomura, Motilal Oswal & other brokerages suggest now

HCL Tech shares fell 3 percent after its Q1FY27 results, despite revenue of Rs 34,579 crore (up 13 percent YoY) and dollar revenue of $3.65 billion beating some brokerage estimates. The company retained its FY27 constant currency revenue growth guidance of 1-4 percent, noted that a $1 billion mega deal would ramp up only in Q1FY28, and reported net new deal bookings of $2.4 billion with advanced AI revenue rising 10.6 percent sequentially to $171 million. Brokerages were split, with Nomura and Motilal Oswal maintaining Buy calls (target prices Rs 1,290 and Rs 1,450), Emkay at Add (Rs 1,250), Nuvama and 360 One at Hold, while JM Financial retained a Reduce with a Rs 1,100 target citing valuation premium concerns.