NSE: HCLTECH · BSE: 532281
HCL TECHNOLOGIES LTD
Delivers IT and business services, engineering and R&D services, and proprietary software products to enterprise clients globally. The IT and Business Services segment reported ₹96,095 cr in FY26, the Engineering and R&D Services segment reported ₹22,063 cr, and the HCL Software segment reported ₹12,397 cr. Total FY26 revenue stood at ₹130,144 cr, up 11.18% YoY, with net profit of ₹16,652 cr. The largest cost is people — employee cost of ₹74,143 cr was 57% of FY26 revenue — followed by other operating expenses of ₹26,640 cr (20.5%) and depreciation of ₹4,355 cr (3.3%). Q1 FY27 saw Advanced AI revenue grow 62% YoY to $171 million, AI Force deployed across 92 client accounts, and record Q1 net new TCV bookings of $2.4 billion. The board approved a new AI datacenter business with up to ₹3,500 crore initial investment and a long-term 50MW capacity plan, including a ₹14,257 crore AI Data Center announced in Bhubaneswar. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. IT and Business Services, Engineering and R&D Services, HCL Software. Asset-light, people-driven IT services with growing AI and data-center build-out
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 85,651 | 1,01,456 | 1,09,913 | 1,17,055 | 1,30,144 |
| EBITDA (ex other income) | 20,529 | 22,628 | 24,198 | 25,504 | 25,796 |
| margin % | 24.0 | 22.3 | 22.0 | 21.8 | 19.8 |
| Owners' profit | 13,499 | 14,851 | 0 | 17,390 | 16,642 |
| EPS, as reported (₹) | 49.77 | 54.85 | 57.99 | 64.16 | 61.46 |
| ROE % · ROCE % | 21.8 · 24.6 | 22.7 · 27.6 | 23.0 · 27.9 | 25.0 · 30.8 | 22.1 · 27.2 |
| Debt / equity (x) | 0.06 | 0.03 | 0.03 | 0.03 | 0.00 |
| Cash from operations | 16,900 | 18,009 | 22,448 | 22,261 | 19,975 |
| Capex | (1,645) | (1,661) | (1,048) | (1,108) | (1,422) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 28,862 | 29,890 | 30,246 | 30,349 | 31,942 | 33,872 | 33,981 | 34,579 |
| Profit before tax | 5,687 | 6,132 | 5,735 | 5,189 | 5,702 | 5,509 | 5,702 | 6,108 |
| Net profit | 4,237 | 4,594 | 4,309 | 3,844 | 4,236 | 4,082 | 4,490 | 4,626 |
| EPS (₹) | 15.62 | 16.94 | 15.90 | 14.18 | 15.63 | 15.06 | 16.59 | 17.09 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| IT and Business Services | 96,095 | 73.6 |
| Engineering and R&D Services | 5,787 | 4.4 |
| HCL Software | 12,397 | 9.5 |
| Engineering and R&D services | 11,102 | 8.5 |
| Engineering and R&D Services | 5,174 | 4.0 |
| Total, before eliminations | 1,30,555 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSULTANCY SERV LT | 8,87,298 | 17.8 | 8.18 | 12.2 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED | 4,55,550 | 15.2 | 4.88 | 9.6 | 31.6 | 38.6 | 12.2 | 25.7 |
| HCL TECHNOLOGIES LTD ◆ | 3,78,281 | 21.6 | 5.03 | 13.6 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD | 1,82,720 | 14.6 | 2.07 | 8.7 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED | 1,74,293 | 30.7 | 5.79 | 19.5 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED | 1,21,357 | 23.2 | 5.03 | 14.7 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 91,811 | 47.3 | 11.71 | 31.4 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED | 86,606 | 39.8 | 8.95 | 30.9 | 18.0 | 17.2 | 28.6 | 18.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.6 | 15.0 | 38 of 65 | 42% |
| P/B | 5.0 | 2.6 | 47 of 65 | 27% |
| ROCE | 26.2 | 14.2 | 7 of 76 | 92% |
| ROE | 22.1 | 11.5 | 7 of 64 | 91% |
| Debt / Equity | 0.0 | 0.0 | 25 of 65 | 63% |
| EBITDA margin | 20.9 | 18.4 | 24 of 65 | 64% |
| Revenue growth | 13.9 | 10.6 | 27 of 63 | 58% |
| Profit growth | 20.3 | 6.7 | 19 of 62 | 71% |
| Market cap | 378281 | 419 | 3 of 76 | 97% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · HCLTech launches AI-powered nano delivery hubs on AWS | business updates | medium | — | — |
| 26 Oct 2026 · HCL completes acquisition of 100% stake in Robotiq.ai | strategic transactions | high | — | — |
| 26 Oct 2026 · HCLTech expands Climate Action Grant to 24 countries | compliance | low | — | — |
| 26 Oct 2026 · HCLTech opens two India centers for Rapidus semiconductor partnership | compliance | low | — | — |
| 21 Oct 2026 · HCLTech launches NVIDIA-powered V&V solution for auto sector | business updates | medium | — | — |
| 16 Oct 2026 · Grant of 56,504 RSUs to 72 employees under RSU Plan 2021 | capital market events | low | — | — |
| 15 Oct 2026 · HCLTech Q2 FY27: Revenue up 2.6% YoY, Bookings at $3.3B, Margin at 18.2% | investor communications | medium | — | — |
| 12 Oct 2026 · HCL Tech shares link to Q2 FY27 earnings call audio recording | investor communications | medium | — | — |
| 12 Oct 2026 · HCL Tech Q2 FY27 results approved; Rs 12 interim dividend declared | results | high | — | — |
| 12 Oct 2026 · HCL Tech Q2 FY26 IFRS Results: Revenue Up 2.2%, PAT Up 10.7% | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.