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HCL Tech

HCL Technologies Ltd

HCLTECH NSE
₹1,405.00 No trade today
P/E
21.88
View as Markdown
MCP
Close 4 Nov 2026 ₹1,405.00 −121.40 −7.95% 1Y
Start ₹1,526.40

Key Fundamentals

LargecapIT - SoftwareInformation Technology

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
30.40%
Debt to Equity
0.07
EPS (TTM)
₹64.21
Book Value
₹280.40
Market Cap
—
P/E (TTM)
21.88
P/B
5.01
ROE
23.80%
Dividend Yield
3.34%
EBITDA
₹28,282 Cr
52W High
₹1,780.10
52W Low
₹1,030.00
Volume
0

Peer Comparison

Information Technology › Computer Software & Consulting › Computers - Software & Consulting

HCL Tech peer comparison
TCS
₹2,436.0017.08₹8,98,480 Cr7.400.96%51.80%63.00%₹2,83,248 Cr₹51,858 Cr
Infosys
₹1,128.2014.88₹4,63,085 Cr4.862.26%31.90%40.00%₹1,89,336 Cr₹30,788 Cr
HCL Tech (this company)
₹1,405.0021.88₹3,89,601 Cr5.013.34%23.80%30.40%₹1,34,374 Cr₹17,434 Cr
Wipro
₹194.5515.21₹1,94,390 Cr2.441.01%15.50%17.80%₹94,968 Cr₹13,285 Cr
Tech Mahindra
₹1,783.0034.02₹1,76,066 Cr5.880.84%17.50%23.10%₹59,176 Cr₹5,163 Cr
LTM
₹4,204.9023.84₹1,26,067 Cr4.820.59%23.10%29.60%₹44,075 Cr₹5,197 Cr
Persistent Systems
₹6,065.0049.64₹96,188 Cr7.820.66%27.20%34.40%₹15,718 Cr₹1,922 Cr
Median 7 companies₹1,783.0021.88₹1,94,390 Cr5.010.96%23.80%30.40%₹94,968 Cr₹13,285 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

64 Good

Data confidence 100/100

Category scores

Quality
76
Strong
Returns, margins, earnings quality 22% weight
Valuation
58
Good
Cheap vs sector & own history 24% weight
Growth
49
Average
Sales & profit trajectory 9% weight
Financial Health
76
Strong
Solvency, leverage, coverage 9% weight
Momentum
80
Strong
Trend strength, vol-adjusted 12% weight
Ownership
59
Good
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

3
  • Company is almost debt free.
  • Stock is providing a good dividend yield of 4.47%.
  • Company has been maintaining a healthy dividend payout of 90.6%

Weaknesses

1
  • The company has delivered a poor sales growth of 11.5% over past five years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish2512
OscillatorsBullish054
Moving AveragesStrong Bullish208

Key readings

RSI (14)
61.02
Neutral
MACD (12,26,9)
41.94
Bullish
SMA (50)
1,304.26
Bullish
SMA (200)
1,322.00
Bullish

As of

Analyst Rating

Based on 38 analysts
HOLD42%

12 of 38 analysts rate Buy, 16 Hold, 10 Sell.

As of

BUY
12
32%
HOLD
16
42%
SELL
10
26%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10YIrregular period
5Y+11.54%
3Y+8.65%
1Y+11.18%
TTM+12.59%

Net profit

Net profit growth by window
10YIrregular period
5Y+8.32%
3Y+3.90%
1Y−4.29%
TTM+2.65%

Operating cash flow

Operating cash flow growth by window
10YIrregular period
5Y+0.36%
3Y+3.51%
1Y−10.27%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10YIrregular period
5Y−6.04 pp
3Y−1.74 pp
1Y−1.23 pp
TTM−1.08 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹47,568 Cr
Mar 2018₹50,569 Cr
Mar 2019₹60,427 Cr
Mar 2020₹70,676 Cr
Mar 2021₹75,379 Cr
Mar 2022₹85,651 Cr
Mar 2023₹1,01,456 Cr
Mar 2024₹1,09,913 Cr
Mar 2025₹1,17,055 Cr
Mar 2026₹1,30,144 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹8,606 Cr
Mar 2018₹8,722 Cr
Mar 2019₹10,120 Cr
Mar 2020₹11,057 Cr
Mar 2021₹11,169 Cr
Mar 2022₹13,523 Cr
Mar 2023₹14,845 Cr
Mar 2024₹15,710 Cr
Mar 2025₹17,399 Cr
Mar 2026₹16,652 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹8,060 Cr +5.0% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 28 Oct 2026
AI opinion · based on fundamentals
Risk medium

As of 2026-10-28, HCL Technologies trades at ₹1,400.50 with a market cap of ₹3,80,048.8 crore, a P/E (TTM) of 21.81x, and a dividend yield of 3.38%. The stock is down roughly 21% over the past year from its 52-week high of ₹1,780.10, while the company maintains a near debt-free balance sheet (D/E of 0.07) and a consistent ROE averaging 24% over the past decade.

Bull Case 7
  • Near debt-free balance sheet with a debt-to-equity ratio of just 0.07, providing significant financial flexibility and resilience during downturns.
  • Consistently high return on equity — 24% over 3 years, 23% over 5 years, and 24% over 10 years — indicating efficient capital deployment over multiple cycles.
  • Strong ROCE of 27.21% reflects robust operating profitability and effective use of total capital employed.
  • Attractive dividend yield of 3.38% as of 2026-10-28, supported by a healthy dividend payout ratio of 90.6%, offering meaningful income to shareholders.
  • TTM revenue growth of 13% shows an acceleration from the 3-year compounded sales CAGR of 9%, suggesting improving demand momentum.
  • Long-term compounded sales CAGR of 15% over 10 years demonstrates a sustained track record of revenue expansion.
  • 10-year stock CAGR of 11% indicates meaningful long-term wealth creation for patient shareholders despite recent weakness.
Bear Case 7
  • Stock has delivered a negative 1-year return of -21%, significantly underperforming and reflecting weakened near-term sentiment.
  • Compounded profit growth of 7% on a TTM basis lags TTM revenue growth of 13%, suggesting margin compression or rising cost pressures.
  • 5-year compounded sales growth of 12% (approximately 11.5% by alternate calculation) is considered poor relative to IT sector peers, indicating potential competitive or structural headwinds.
  • P/E (TTM) of 21.81x on an EPS of ₹64.21 leaves limited room for re-rating if profit growth continues in the single digits (5-year profit CAGR of 9%).
  • 3-year and 5-year stock CAGR of -2% each show the stock has delivered no capital appreciation over a multi-year period, eroding investor returns in real terms.
  • Price-to-book ratio of 4.99x is elevated, implying the market is pricing in significant future growth that may not materialise if profit growth stays at 6-7% (3-year CAGR).
  • Dividend payout ratio of 90.6% leaves very little earnings retained for organic reinvestment, potentially constraining future growth or requiring external funding for large investments.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

10h ago

TL;DR: HCLTech is on an aggressive AI partnership and product launch spree, signing deals with Anthropic and NVIDIA while rolling out 20 industry AI solutions. The Rapidus semiconductor collaboration and ₹500 crore Lucknow expansion signal long-term capacity and capability building. No material financial headwinds surfaced, though management flagged macro uncertainty and a cautious near-term outlook. The trend is positive on strategic positioning, but execution in an unstable demand environment remains the key watch item.

Headwinds 1
  • Cautious outlook on macro environment Oct 12

    HCLTech executive expressed caution on future outlook due to an unstable environment, even as data center projects are projected to boost revenue in H2 FY28.

Positives 5
  • Anthropic partnership for Agentic AI Oct 12

    HCLTech signed a Global Premier Partnership with Anthropic to scale Agentic AI, creating a dedicated business unit and embedding Claude into HCLSoftware products.

  • Rapidus semiconductor dev centres launched Oct 26

    Inaugurated two development centres in Bengaluru and Hubli to support Japanese chipmaker Rapidus, covering mask design, process design kits, and talent pipeline development for next-gen semiconductors.

  • 20 industry AI solutions launched Oct 08

    Introduced 20 AI solutions targeting banking, healthcare, and manufacturing, claiming measurable outcomes including up to 90% faster response times.

Neutral 4
  • Three investor conferences in Nov Nov 04

    HCL Technologies will attend three investor conferences between November 16-19 in Mumbai and Singapore.

  • AI-powered mainframe operations launched Nov 02

    Launched AI-Powered Operations for mainframe environments integrating AI agents and conversational assistants for proactive management of legacy systems.

  • US hiring focuses on local talent Oct 12

    HCLTech is prioritizing local talent acquisition in its U.S. hiring program and expects no significant impact from U.S. Labor Department suspensions.

Quarterly Results

₹ Cr
HCLTECH quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
26,296
26,672
28,446
28,499
28,057
28,862
29,890
30,246
30,349
31,942
33,872
33,981
34,579
35,620
Expenses
20,931
20,743
21,659
22,382
22,264
22,493
23,030
23,764
24,314
25,397
26,460
27,269
27,709
28,143
Operating Profit
5,365
5,929
6,787
6,117
5,793
6,369
6,860
6,482
6,035
6,545
7,412
6,712
6,870
7,477
OPM %
20%
22%
24%
21%
21%
22%
23%
21%
20%
20%
22%
20%
20%
21%
Other Income
344
365
370
416
1,103
456
477
449
456
415
−571
322
361
—
Interest
86
156
140
171
191
131
166
156
209
215
205
240
84
194
Depreciation
927
1,010
1,143
1,093
998
1,007
1,039
1,040
1,093
1,043
1,127
1,092
1,039
1,012
PBT
4,696
5,128
5,874
5,269
5,707
5,687
6,132
5,735
5,189
5,702
5,509
5,702
6,108
6,467
Tax %
25%
25%
26%
24%
25%
26%
25%
25%
26%
26%
26%
21%
24%
21%
Net Profit
3,531
3,833
4,351
3,995
4,259
4,237
4,594
4,309
3,844
4,236
4,082
4,490
4,626
5,132
EPS (₹)
13.02
14.12
16.03
14.69
15.69
15.61
16.92
15.87
14.16
15.61
15.02
16.54
17.04
—

Sep 2026: from the results filed on 12 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
HCLTECH profit and loss, annual, ₹ crore
Particulars Jun 2015Mar 2016 9mMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
36,701
31,136
47,568
50,569
60,427
70,676
75,379
85,651
1,01,456
1,09,913
1,17,055
1,30,144
1,34,374
Expenses
28,215
24,482
37,178
39,323
46,501
53,360
55,331
65,122
78,828
85,715
91,551
1,03,392
1,06,835
Operating Profit
8,486
6,654
10,390
11,246
13,926
17,316
20,048
20,529
22,628
24,198
25,504
26,752
27,539
OPM %
23%
21%
22%
22%
23%
24%
27%
24%
22%
22%
22%
21%
20%
Other Income
1,126
871
1,069
1,230
943
589
927
1,067
1,358
1,495
2,485
574
527
Interest
91
74
89
69
174
505
511
319
353
553
644
869
744
Depreciation
404
410
828
1,383
2,073
3,420
4,611
4,326
4,145
4,173
4,084
4,355
4,301
PBT
9,117
7,041
10,542
11,024
12,622
13,980
15,853
16,951
19,488
20,967
23,261
22,102
23,021
Tax %
20%
20%
18%
21%
20%
21%
30%
20%
24%
25%
25%
25%
—
Net Profit
7,342
5,602
8,606
8,722
10,120
11,057
11,169
13,523
14,845
15,710
17,399
16,652
17,434
EPS (₹)
26.02
19.86
30.16
31.32
37.31
40.75
41.07
49.74
54.73
57.86
64.08
61.33
64.21
Div. Payout %
58%
40%
40%
19%
11%
25%
24%
84%
88%
90%
94%
88%
—

Balance Sheet

₹ Cr
HCLTECH balance sheet, annual, ₹ crore
Particulars Jun 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
281
282
285
278
271
543
543
543
543
543
543
543
Reserves
23,943
27,109
32,664
36,108
41,095
50,724
59,370
61,371
64,862
67,720
69,112
74,622
Borrowings
648
1,090
582
557
4,195
7,986
6,864
6,343
4,794
5,756
6,276
5,215
Other Liabilities
10,372
10,859
12,231
11,046
12,788
23,566
19,270
20,664
23,051
24,987
28,549
34,732
Total Liabilities
35,245
39,341
45,762
47,989
58,349
82,819
86,047
88,921
93,250
99,006
1,04,480
1,15,112
Fixed Assets
8,275
9,716
15,235
18,753
22,888
37,490
37,145
35,077
34,619
35,063
36,172
37,297
CWIP
552
611
448
320
235
400
312
129
40
108
59
142
Investments
869
698
1,306
2,660
2,305
7,066
6,862
6,351
5,495
7,137
7,564
7,090
Other Assets
25,548
28,315
28,773
26,256
32,921
37,863
41,728
47,364
53,096
56,698
60,685
70,583
Total Assets
35,245
39,341
45,762
47,989
58,349
82,819
86,047
88,921
93,250
99,006
1,04,480
1,15,112

Cash Flow

₹ Cr
HCLTECH cash flow, annual, ₹ crore
Particulars Jun 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
5,539
3,823
8,995
8,328
8,971
13,359
19,618
16,900
18,009
22,448
22,261
19,975
Investing
−2,088
−2,208
−3,890
−2,236
−3,256
−12,332
−5,665
1,597
−3,573
−6,608
−4,896
−656
Financing
−3,140
−2,237
−4,517
−5,714
−1,471
−3,168
−11,192
−14,508
−15,881
−15,464
−18,561
−19,369
Net Cash Flow
311
−623
588
378
4,244
−2,141
2,761
3,989
−1,445
376
−1,196
−50
Free Cash Flow
4,338
3,074
5,184
3,007
5,537
11,530
17,865
15,345
16,565
21,432
21,178
18,576
CFO/OP
86
79
106
95
83
92
115
99
96
110
104
90

Ratios

HCLTECH financial ratios, annual
Particulars Jun 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
65
91
64
70
71
73
85
88
92
85
81
88
Cash Conversion Cycle
65
91
64
70
71
73
85
88
92
85
81
88
Working Capital Days
25
62
38
58
44
14
48
44
43
31
17
23
ROCE %
40%
28%
34%
31%
31%
27%
26%
25%
28%
30%
32%
30%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view HCL Tech insights

69 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 60.88%
  • DIIs 18.94%
  • FIIs 15.33%
  • Public 3.36%
  • Others 1.49%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about HCL Tech

What does HCL Technologies Ltd do?
HCL Tech is a leading global IT services company, which is ranked amongst the top five Indian IT services companies in terms of revenues. Since its inception into the global landscape after its IPO in 1999, HCL Tech has focused on transformational outsourcing, and offers an integrated portfolio of…
Where is HCL Technologies Ltd (HCLTECH) listed?
HCL Technologies Ltd trades as HCLTECH on the NSE and under code 532281 on the BSE.
Which sector does HCL Technologies Ltd belong to?
HCL Technologies Ltd is classified under the Information Technology sector, in the Computer Software & Consulting industry.
What is the PE ratio of HCL Technologies Ltd?
HCL Technologies Ltd trades at a PE ratio of 21.88 as of 4 Nov 2026, on earnings per share of ₹64.21, against a book value of ₹280.4 per share.
What is the 52-week high and low of HCL Technologies Ltd?
Over the last 52 weeks HCL Technologies Ltd has traded between ₹1,030 and ₹1,780.1 as of 4 Nov 2026.
Does HCL Technologies Ltd pay dividends?
HCL Technologies Ltd has a dividend yield of 3.34%.
What is the Return on Equity (ROE) of HCL Technologies Ltd?
HCL Technologies Ltd reported a return on equity of 23.80%. Its debt-to-equity ratio is 0.07.

Company Information

HCL Tech is a leading global IT services company, which is ranked amongst the top five Indian IT services companies in terms of revenues. Since its inception into the global landscape after its IPO in 1999, HCL Tech has focused on transformational outsourcing, and offers an integrated portfolio of services including software-led IT solutions, remote infrastructure management, engineering and R&D services and BPO. The company leverages its extensive global offshore infrastructure and network of offices in 46 countries to provide multi-service delivery in key industry verticals.

Website hcltech.com
CEO Mr. ChinnaSwamy VijayaKumar
Listed 11 Jan 2000
Face Value ₹2

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