HCL Tech logo

HCL Tech

HCLTECH NSE

Key Fundamentals

LargecapComputer Software & ConsultingInformation Technology
Market Cap
3.4L Cr
Volatility
Moderate
P/E Ratio
19.36
EBITDA
₹28,282 Cr
Return on Equity
22.14%
Debt to Equity
0.07
Book Value
₹276.99
EPS
₹60.53
52W High
₹1,780.1
52W Low
₹1,030

Tapetide Score

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

Key Insights

Strengths

3
  • Company is almost debt free.
  • Stock is providing a good dividend yield of 4.34%.
  • 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.

Growth Rate

Revenue Growth
10.15% higher than 3Y
Net Income Growth
-4.29% lower than 3Y
Cash Flow Change
-10.27% higher than 3Y
ROE
-11.33% lower than 3Y
ROCE
-11.77% lower than 3Y
EBITDA Margin (Avg.)
-8.24% lower than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

HCL Technologies has a market capitalisation of about ₹3,40,239 crore and trades at a P/E of 19.4x and a P/B of 4.49x. It has kept ROE steady at roughly 23-24% across the 3, 5 and 10-year periods and is almost debt free. Profit growth has trailed sales growth (TTM sales +13% vs profit +7%; 3-year sales 9% vs profit 6%), and the stock has returned -10% over 1 year, 0% over 3 years and -1% over 5 years.

Bull Case 7
  • ROE has stayed at 23-24% for a decade (10-year 24%, 5-year 23%, 3-year 24%, last year 24%). That points to steady capital efficiency through several IT demand cycles.
  • The company is almost debt free, so its balance sheet has little leverage risk. This backs a dividend payout ratio of 90.6% without borrowing.
  • Dividend yield is 2.89% on the supplied metrics (the pros list says 4.29%, which may include special or interim payouts). Either figure is high for a large-cap Indian IT company, and the 90.6% payout ratio shows most earnings go back to shareholders.
  • TTM sales growth of 13% is faster than the 3-year CAGR of 9% and the 5-year CAGR of 12%. This suggests revenue momentum has picked up recently.
  • The P/E of 19.4x is modest for a company earning 24% ROE. The stock's flat 3-year (0%) and 5-year (-1%) returns mean the valuation has not moved ahead of fundamentals.
  • Over 10 years, sales compounded at 15%, profit at 12% and the stock at 12%. This shows the business has compounded over a full cycle.
  • At ₹3,40,239 crore market cap, HCLTech is one of India's largest IT services firms. Its scale helps it compete for large, multi-year outsourcing deals.
Bear Case 7
  • Profit growth keeps lagging sales growth: TTM profit +7% vs sales +13%, 3-year 6% vs 9%, 5-year 9% vs 12%, 10-year 12% vs 15%. This consistent gap points to margin pressure over time.
  • The stock has not created value in the medium term. Returns are -10% over 1 year, 0% over 3 years and -1% over 5 years, despite ROE of 23-24% over those periods.
  • 5-year sales CAGR of 11.5-12% and 3-year CAGR of 9% are well below the 10-year sales CAGR of 15%. Growth has slowed structurally.
  • 3-year profit CAGR of 6% is low for a stock at 19.4x P/E. On that growth rate, the P/E to growth ratio is above 3.
  • A 90.6% payout ratio leaves under 10% of earnings for reinvestment. That may limit organic investment or acquisitions without drawing down cash reserves.
  • P/B of 4.49x means investors pay about 4.5 times book value. With ROE at 24%, that works out to an earnings yield on book of about 5.3%, which leaves limited margin of safety if ROE weakens.
  • The supplied data is inconsistent on dividend yield (2.89% in the metrics vs 4.29% in the pros list), and ROE, debt-to-equity and EPS are missing from the headline metrics. Yield-based arguments should be checked against current filings.

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

AI News Digest

1d ago
Positives 5
  • AI-led IT deal with M Group Sep 22

    M Group picked HCLTech for an AI-led IT transformation across 200+ locations in the UK and Ireland, run on the AI Force platform. The deal covers infrastructure and end-user operations for its water, energy, transport and defence businesses.

  • Robotiq.ai buy boosts agentic automation Sep 28

    HCLSoftware plans to buy Croatia-based Robotiq.ai for €9 million to strengthen its agentic automation capabilities. It is a small bolt-on deal that adds AI capabilities to the software products division.

  • Pulse unit targets mid-market AI Sep 17

    HCLTech launched HCLTech Pulse, a dedicated business unit for enterprises with $500 million to $5 billion in annual revenue. It aims to speed up AI-led transformation and modernisation for fast-growing companies.

  • ₹185 crore semiconductor lab launched Sep 8

    HCLTech opened a 40,000 sq ft Advanced Semiconductor Lab in Bengaluru with an investment of ₹185 crore, including 25,000 sq ft of Class 10K and 1K cleanrooms. It uses Teradyne, Advantest and Keysight equipment and is targeting ISO 17025, ISO 9001 and AS 9100 certifications.

  • Leader in Everest, ISG assessments Sep 21

    HCLTech was named a Leader in Everest Group's first PLM Services PEAK Matrix 2026 (Sep 21) and a Leader across all three quadrants of the 2026 ISG Provider Lens Procurement study (Sep 15). The ISG recognition is its fifth year in a row.

Neutral 3
  • CrowdStrike AI security partnership expanded Sep 14

    HCLTech is integrating CrowdStrike Falcon Guardian into its AI Security and Resilience services, using its TRIBe framework and VERITY Frontier AI Resilience model. This builds on the Continuous Threat Exposure Management services it launched in March 2026.

  • Transport for NSW AI traffic MoU Sep 3

    HCLTech signed an MoU with Transport for NSW to explore AI analytics for the SCATS traffic system in India, using Sarvam's multilingual models. On-premise private cloud options address data sovereignty, but there is no committed revenue yet.

  • Thought-leadership studies on AI, chips Sep 28

    An AI synthetic study (Sep 28) found that 84% of wealth management firms need operating model resets, but fewer than 10% are prepared. A semiconductor study (Sep 18) found that 98% of enterprises depend more on chips and 71% cite AI as a driver of architecture decisions.

TL;DR: HCLTech is building steady momentum in AI. September brought a multi-site UK deal win, a new mid-market unit, a ₹185 crore semiconductor lab, a small agentic-automation acquisition and repeated Leader ratings from analysts. None of the articles flags a direct headwind. However, the news set has no figures on deal TCV, margins or guidance, so wider IT-sector demand and pricing risks are not covered here. The trend looks gradually improving, and the next quarterly results will show whether these AI initiatives are turning into revenue growth.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
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
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
OPM %
20%
22%
24%
21%
21%
22%
23%
21%
20%
20%
22%
20%
20%
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
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
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
Tax %
25%
25%
26%
24%
25%
26%
25%
25%
26%
26%
26%
21%
24%
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
EPS in Rs
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
Figures in ₹ Crores

Profit & Loss

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 in Rs
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%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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
Figures in ₹ Crores

Ratios

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 + investor summaries across FY12–FY27.

Log in — free

Shareholding Pattern

Others1.72%Promot.60.88%Public3.72%FIIs14.90%DIIs18.78%As ofJun 2026

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 o...
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 market capitalisation of HCL Technologies Ltd?
HCL Technologies Ltd has a market capitalisation of ₹3,37,417 Cr, which places it in the Large Cap band.
What is the PE ratio of HCL Technologies Ltd?
HCL Technologies Ltd trades at a PE ratio of 19.36, on earnings per share of ₹60.53, against a book value of ₹276.99 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.
Does HCL Technologies Ltd pay dividends?
HCL Technologies Ltd has a dividend yield of 2.93%.
What is the Return on Equity (ROE) of HCL Technologies Ltd?
HCL Technologies Ltd reported a return on equity of 22.14%. 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 2000-01-11
Face Value ₹ 2
Issued Size 2,71,36,65,096

For AI agents and developers

Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/HCLTECH.md for HCL Technologies Ltd: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.

Append .md to any Tapetide URL for the same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live, structured queries instead of documents, use our MCP server.

Explore More

More in Information Technology → FII DII Data Stock Screener Nifty 50 Heatmap F&O Ban List