HCL Technologies Ltd logo

HCL Technologies Ltd

HCLTECH NSE

Key Fundamentals

LargecapComputer Software & ConsultingInformation Technology
Market Cap
3.6L Cr
Volatility
Moderate
P/E Ratio
20.24
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

Insights

Beta

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

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41 extracted metrics + investor summaries across FY14–FY26.

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Tapetide Score

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Technical Indicators

Key Insights

Strengths

3
  • Company is almost debt free.
  • Stock is providing a good dividend yield of 4.08%.
  • 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% ↗
Net Income Growth
-4.29% ↘
Cash Flow Change
-10.27% ↘
ROE
-11.33% ↘
ROCE
-11.77% ↘
EBITDA Margin (Avg.)
-8.24% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk medium

HCL Technologies is a ₹3.68 lakh crore IT services company that reported FY25 revenue of ₹1,17,055 crore (up 6.5% YoY) and net profit of ₹17,390 crore (up 10.8% YoY). The stock trades at a PE of 21.2x with a consistent ROE of ~24% and a dividend yield of 2.64%, while its 1-year stock CAGR of -9% reflects near-term market concerns despite stable operational performance.

Bull Case 8
  • Nearly debt-free balance sheet provides financial flexibility and reduces interest rate risk in a volatile macro environment
  • Consistent ROE of 24% maintained over 3, 5, and 10-year periods indicates disciplined capital allocation
  • FY25 net profit grew 10.8% YoY to ₹17,390 crore, outpacing revenue growth and signaling margin expansion
  • Strong deal pipeline with $9.4 billion TCV in new deal wins during FY25, including $3 billion net new bookings in Q4 FY25 alone
  • Dividend yield of 2.64% backed by a healthy payout ratio of 90.6%, offering income visibility to shareholders
  • FY25 EBIT margin improved to 18.3% (up 7 bps YoY), demonstrating operational efficiency despite macro headwinds
  • TTM revenue growth of 13% is ahead of the 5-year compounded sales growth of 12%, indicating recent acceleration
  • Attrition rate stabilized at 12.6-12.8% in FY26, below industry peers, supporting margin stability and delivery continuity
Bear Case 8
  • 1-year stock CAGR of -9% indicates significant recent underperformance and negative market sentiment
  • Compounded profit growth of 7% on a TTM basis is decelerating versus the 10-year CAGR of 12%, suggesting margin pressure
  • FY26 revenue guidance of 3-5% constant currency growth is modest relative to the company's historical 10-year sales CAGR of 15%
  • 5-year compounded sales growth of 12% is flagged as poor relative to sector opportunities, and 3-year sales CAGR is even lower at 9%
  • 3-year stock CAGR of just 5% and 5-year CAGR of 4% significantly lag the 10-year CAGR of 13%, indicating sustained multiple compression
  • Q4 FY25 net profit declined 6% QoQ to ₹4,307 crore, showing sequential earnings volatility
  • Headcount declined by 3,292 in Q1 FY27 to 223,889, raising questions about growth investment versus cost optimization
  • PE of 21.2x offers limited valuation cushion if growth slows further below the guided 3-5% CC range

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

AI News Digest

Anthropic anthropic claude-opus-4.6 18h ago
Positives 8
  • ₹14,257 Cr AI data center deal Jul 26

    HCLTech signed MoU with Sarvam and Odisha government to build an AI data center in Bhubaneswar with ₹14,257 crore capital outlay in the Odisha Sovereign AI Park.

  • HPE Telco acquisition completed Aug 1

    HCLTech completed acquisition of HPE's Telco Solutions Business on August 1, 2026, significantly expanding telecom infrastructure capabilities.

  • Guardian India acquisition closed Aug 1

    HCLTech finalized 100% stake acquisition of Guardian India Operations Private Limited on July 31, 2026.

  • OpenAI Advanced Partner status Aug 6

    HCLTech named OpenAI Advanced Partner, enabling enterprise-scale deployment of AI-native solutions using OpenAI frontier models.

  • Gartner Cloud Leader sixth year Aug 12

    HCLTech retained Leader status in 2026 Gartner Magic Quadrant for Public Cloud Optimization and Transformation Services for the sixth consecutive year.

  • 5,000-seat GTC in Odisha by 2028 Jul 24

    HCLTech signed MoU with Odisha government for a Global Technology Center in Bhubaneswar housing 5,000 staff by 2028.

  • FY26 revenue ₹1.3L Cr, AI $620M Jul 20

    BRSR filing shows ₹130,144 crore revenue for FY 2025-26 with 11.2% YoY growth and $620 million in Advanced AI revenue.

  • South America's first eSIM transfer Jul 22

    HCLTech partnered with TIM Brasil to launch South America's first cross-platform eSIM transfer capability.

Neutral 6
  • NetApp hybrid cloud STaaS partnership Aug 13

    HCLTech expanded NetApp collaboration to offer hybrid cloud storage-as-a-service integrating HCLTech's Utility for Everything framework with NetApp Keystone for AI workloads.

  • ₹346 Cr institutional block trade Jul 24

    BSE block trade of 27.6 lakh shares at ₹1,253.95/share totaling ₹346.16 crore, alongside smaller NSE block trades on Jul 21 (₹31.93 Cr) and Aug 3 (₹29.82 Cr).

  • AI adoption gap research findings Jul 21

    HCLTech-backed reports reveal only 18% of enterprises see revenue impact from AI despite 90% adoption, and only one-third of TMT executives can measure AI's business value.

  • Investor conferences Aug 12-19 Jul 29

    HCLTech will attend three investor conferences in Mumbai from August 12-19, 2026, hosted by Emkay, Equirus, and Motilal Oswal.

  • 50,000 saplings for 50th anniversary Aug 11

    HCLFoundation planted 50,000 native saplings and cleaned 50 beaches across 10 states marking HCL Group's 50th year.

  • TIME sustainability list again Aug 4

    HCLTech included in TIME's World's Most Sustainable Companies 2026 for second consecutive year, ranking highest among India-headquartered firms in professional services.

TL;DR: HCLTech is on a strong offensive with two completed acquisitions (HPE Telco, Guardian India), a massive ₹14,257 crore AI data center MoU, and solid FY26 results showing 11.2% revenue growth and $620M in AI revenue. No material headwinds are visible in recent news flow. The company is aggressively positioning itself across AI, telecom, and cloud with strategic partnerships (OpenAI, NetApp) and infrastructure investments. The trend is clearly improving with execution on both organic growth and inorganic expansion.

Quarterly Results

  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

  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

  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

  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

  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%

Shareholding Pattern

As of Jun 2026
Promoters 60.88%
DIIs 18.78%
FIIs 14.90%
Public 3.72%
Others 1.72%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
60.33%
60.33%
60.33%
60.33%
60.71%
60.71%
60.71%
60.71%
60.81%
60.81%
60.81%
60.81%
60.81%
60.81%
60.81%
60.81%
60.81%
60.81%
60.81%
60.81%
60.86%
60.88%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
18.80%
0.00%
19.65%
18.45%
18.67%
19.38%
19.14%
18.56%
16.64%
16.22%
15.51%
14.90%
DIIs
10.33%
11.18%
12.32%
13.54%
14.56%
15.40%
15.74%
15.89%
15.31%
15.37%
15.65%
14.23%
14.99%
15.80%
15.81%
15.24%
15.48%
16.21%
17.84%
18.41%
18.99%
18.78%
Government
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
3.22%
3.42%
3.23%
3.47%
3.71%
3.92%
4.20%
3.83%
3.68%
3.59%
3.54%
3.46%
3.41%
3.68%
3.49%
3.42%
3.37%
3.24%
3.38%
3.25%
3.12%
3.72%
Others
26.10%
25.05%
24.11%
22.64%
21.01%
19.94%
19.35%
19.57%
20.19%
20.22%
1.20%
21.50%
1.14%
1.25%
1.22%
1.14%
1.19%
1.17%
1.33%
1.31%
1.53%
1.72%
No. of Shareholders
5,17,847
6,35,949
6,53,592
7,78,112
9,08,055
9,95,796
10,89,320
9,91,548
9,40,079
9,09,359
8,79,120
8,52,902
8,55,960
9,50,147
8,75,164
8,68,735
8,80,722
8,85,835
9,29,235
8,82,505
8,77,717
10,23,550

Documents

Frequently Asked Questions about HCL Technologies Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: HCLTECH and BSE: 532281. You can view its live share price, financials, and ratios on Tapetide.
Which sector does HCL Technologies Ltd belong to?
HCL Technologies Ltd operates in the Information Technology sector within the Computer Software & Consulting industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of HCL Technologies Ltd?
HCL Technologies Ltd has a market capitalisation of approximately ₹355788.63 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of HCL Technologies Ltd?
The Price-to-Earnings (PE) ratio of HCL Technologies Ltd is 20.24. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of HCL Technologies Ltd?
Over the past 52 weeks, HCL Technologies Ltd has traded between a low of ₹1,030 and a high of ₹1,780.1. This range helps investors understand the stock's price volatility and recent trading levels.
Does HCL Technologies Ltd pay dividends?
Yes, HCL Technologies Ltd has a dividend yield of 2.72%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of HCL Technologies Ltd?
HCL Technologies Ltd has a Return on Equity (ROE) of 22.14%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research HCL Technologies Ltd on Tapetide?
On Tapetide, you can view HCL Technologies Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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

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